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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

10 March 2017

powered by Land Prime

Canadian employment data: Friday, 13:30. Canadian labor market expanded by 53,700 jobs in December missing forecast for a 5,100 job contraction. The majority of gains were full time positions contrary to previous reports. Full-time jobs increased by 81,300, while part-time jobs dropped by 27,600. The unemployment rate inched up to 6.9% from 6.8% in the previous month, as anticipated. And the labor-force participation rate rose to 65.8%, up from 65.6%. US Prelim UoM Consumer Sentiment: Friday, 15:00. Consumer confidence edged up in January to a 13-year high of 98.5, showing ongoing optimism about post-election financial policies. 44% of respondents expect the economy will improve this year, while 33% anticipate the unemployment rate will continue to decline. Current conditions remained elevated at 111.3 due to wage gains and household wealth. The six-month outlook also improved form 89.5 in December to 90.3 in January. However US allies have to prepare for the worst in regard to their relations with the US, in light of Trump’s recent attacks against Mexico, Australia and Japan. The new US president is willing to tear up the rule book that has guided relations with the U.S. since World War II, raising fear and uncertainty in the global market.

GBP 
Manufacturing Production m/m
CAD
Employment Change
Unemployment Rate
USD
Average Hourly Earnings m/m
Non-Farm Employment Change
Unemployment Rate

  • EURUSD

The pair is on its way to reach the level of 1.0600 during the day. It is our strong resistance level for today so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.0500 during the day. On the other hand, breaching the level of 1.0600 opens the door for further upward movement that the pair may reach the level of 1.0700.

Resistance levels: Support levels: Recommended:
▪ 1.0600
▪-1.0700
▪ 1.0800		 ▪ 1.0500
▪ 1.0400
▪ 1.0375

We remain bearish as long as the pair is traded below the level of 1.0600.
  • GBPUSD

First target (1.2200) is done). 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 1.2070 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 1200 so it may continue going down to reach the level of 1190 followed by 1180 during the day.

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1240
▪ 1220		 ▪ 1190
▪ 1180
▪ --

We remain bearish as long as the pair is traded below the level of 1200.
  • AUDUSD

As we can see on the chart the pair managed to form a head and shoulders pattern (a reversal pattern). The neck line of the pattern is almost around the level of 0.7500 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7410 followed by 0.7400 (as our final target) that is during the day.

Resistance levels: Support levels: Recommended:
▪ 0.7600
▪ 0.7730
▪-0.7550		 ▪ 0.7400
▪ 0.7400
▪ --

We remain bearish as long as the pair is traded below the level of 0.7500.
  • GBPJPY

The pair is on its way to reach its main resistance levels around 140.75 – 141 during the day. This is where it may resume its downtrend – in case is shows some negative factors below them – then we may go short targeting the level of 140 followed by 139.50 during the day.

Resistance levels: Support levels: Recommended:
▪ 140.75
▪ 141
▪ --

▪ 139
▪ 138.60
▪ --

We remain bearish as long as the pair is traded below the level of 141.