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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

23 May 2017

powered by Land Prime

 

 

US New Home Sales: Tuesday, 14:00. Sales of new homes trigger wider economic activity and are correlated with the economic cycle. The data for March showed a rise to 621K in annualized sales. A level of 611K is on the cards now.

USD 
US NEW Home Sales
  • EURUSD


As could be seen on the chart above that the pair is traded right below a strong resistance level that can be found around 1.1272. Therefore, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1200. On the other hand, if the pair breaks through the level of 1.1272 (a daily close above it) then we may go long targeting the level of 1.1300 followed by 1.1350.


Resistance levels: Support levels: Recommended:
1.1272
-1.1300
 1.1350
1.0620
-1.1150
1.1100
We remain bearish as long as the pair is traded below the level of 1.1272
  • GBPUSD


The pair is traded right below the upside of the ascending channel shown on the chart above. This is actually a bearish sign. Therefore, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2950 followed by 1.2900 during the day. This is conditioned by the continuation of trading below the upside of the ascending channel shown on the chart.


Resistance levels: Support levels: Recommended:
1.3100
-1.3000
--
1.2850
▪ 1.2800
--
We remain bearish as long as the pair is traded below the upside of the ascending channel
  • GOLD


The pair is traded right below a very strong resistance level that could be found around 1265. If the pair respects this level, then the pair may go down to reach the level of 1260 followed by 1255.


Resistance levels: Support levels: Recommended:
1265
1260
 1270
1230
1220
 1200
We remain bearish as long as the pair is traded below the level of 1265
  • AUDUSD


The pair managed to break through a very strong resistance level of 0.7450. Therefore, the pair may continue going up to reach the level of 0.7500 followed by 0.7600. This is conditioned by the continuation of trading above the level of 0.7450.


Resistance levels: Support levels: Recommended:
0.7500
▪ 0.7600
-0.7700
0.7450
▪ 0.7400
 0.7300
We remain bullish as long as the pair is traded below the level of 0.7450
  • GBPJPY


The pair is traded above a strong support level that can be found at 143.20. So, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 144 followed by 145 during the day. On the other hand, if the level of 143 is breached, then the way would be open for the pair to reach the level of 142 followed by 141.


Resistance levels: Support levels: Recommended:
144
145
 146

142
 141
--

We remain bullish as long as the pair is traded above the level of 143.20