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Land Prime analyst Shadi Abdo

  • Member of The Egyptian Society of Technical Analyst
  • Head of Education department, Market Strategist, Chief Technical Analyst of Global Leading Forex Brokerage companies
  • Trained over 5000 professional trainers more than 10 years
  • BSc in Economics from Mansoura University

08 March 2017

powered by Land Prime

 

 

US ADP Non-Farm Employment Change: US employers increased the pace of hiring in January, adding the highest number of jobs since June. ADP reported a job growth of 246,000 jobs, in January compared to 151,000 in December. The figures indicate that job gains have accelerated after a lukewarm period in the second half of 2016. The low unemployment rate forces employers to increase pay to attract workers, which could raise household income.

US Crude Oil Inventories: U.S. crude oil stocks increased in the week to Feb. 24 despite higher output from refineries and a decline in gasoline inventories. Crude stocks grew 1.5 million, in line with analysts’ forecast. U.S. crude imports increased by 793,000 bpd while exports fell sharply to 721,000 bpd, compared with 1.21 million the previous week.

GBP 
Annual Budget Realease
USD
ADP Non-Farm Employment Change
Crude Oil Inventories
  • EURUSD

The pair is on its way to reach the downtrend line shown on the chart. So it may act as a strong resistance level that the pair may find a strong wall that can push the prices downward to reach again the level of 1.0500 during the week. On the other hand, breaching the level the uptrend line opens the door for further upward movement during the week. We will follow the pair's movement on daily biases.

Resistance levels: Support levels: Recommended:
▪ 1.0680
▪-1.0700
▪ 1.0800		 ▪ 1.0500
▪-1.0400
▪ 1.0375		 We remain bearish as long as the pair is traded below the downtrend line.
  • GBPUSD

Yesterday's scenario is still active. The pair is traded below a strong resistance level around 1.2400 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2200 followed by 1.2070 during the day. The pair may also find a strong resistance level around 1.2500 – 1.2600 in case the level of 1.2400 is broken.

Resistance levels: Support levels: Recommended:
▪ 1.2400
▪-1.2500 
▪ 1.2600		 ▪ 1.2200
▪ 1.2100
▪ 1.2070		 We remain bearish as long as the pair is traded below the level of 1.2400
  • GOLD

The pair managed to break through the level of 1220 so it may continue going down to reach the level of 1210 followed by 1200 during the week.

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1240
▪ 1220		 ▪ 1210
▪ 1200
▪ --		 We remain bearish as long as the pair is traded below the level of 1220
  • AUDUSD

Update: The pair may continue going up to reach the level of 0.7650 during the day. Yesterday's scenario is still active.  The pair has made a strong bearish engulfing pattern (that is very negative) it may continue going down to reach the level of 0.7510 (that is the first strong support level we can find) so there are two scenarios: If the pair respects the level of 0.7510 – 0.7500 then a rebound is expected during the week that it may go up to reach the level of 0.7600 – 0.7700 during the week. On the other hand, breaching the level of 0.7500 opens the door for further downward movement during the week.

Resistance levels: Support levels: Recommended:
▪ 0.7600
▪ 0.7700
▪ 0.7800		 ▪ 0.7500
▪ 0.7400
▪ --		 We remain bullish as long as the pair is traded above the level of 0.7500
  • GBPJPY

We are so close to the target. Yesterday's scenario is still active. The pair is traded below a strong resistance level around 140.50 (and the broken side of the symmetrical triangle shown on the chart) so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 139 followed by 138.60 during the week. On the other hand, breaching the level of 140.50 opens the door for the pair to reach the level of 142. Having the pair traded below the broken downside of the symmetrical triangle support our view.

Resistance levels: Support levels: Recommended:
▪ 140.50
▪ 141
▪ --

▪ 139
▪ 138.60
▪ --

 We remain bearish as long as the pair is traded below the level of 140.50