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Market Research & Info

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

07 December 2017

powered by Land Prime

 

 

Mario Draghi talks Thursday, 16:00. The President of the ECB will hold a press conference in front of the Bank of International Settlements. This comes one week before the central bank makes its decision and also publishes new forecasts. Draghi may react to the upbeat growth figures, but also to the latest disappointment in inflation developments. He usually moves the euro.

Japanese GDP: Thursday, 23:50. Revisions to Japan’s GDP can be quite significant. The initial report for Q3 showed a worse-than-expected growth rate of 0.3%. If growth is confirmed, it will complete 7 consecutive quarters of growth, the longest streak in a decade. An upgrade to 0.4% q/q is on the cards.

EUR

Mario Draghi talks

JPY

Japanese GDP

 

  • EURUSD

 

Update: Today's candle is a very short candle. Movement is very tight. The pair is traded below a strong resistance level that could be found at 1.1960. Therefore, we remain bearish as long as the pair is traded below the level of 1.1960. This does not mean that we can go short but we will be waiting for the pair to reach the uptrend line shown on the chart in blue. This is where we expect that the pair may build a bullish base where we can go long.

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.2100
▪ 1.1960		 ▪ 1.1500
▪ 1.1300

We remain bearish as long as the pair is traded below the level of 1.1960.
  • GBPUSD

 

Update: No changes. As could be seen on the chart above that the pair is traded in a very neutral area where we cannot determine where it is heading to. So, we want to wait for it to either break the resistance level of 1.3540 or to continue going down to reach the uptrend line. Either way, we just want to follow the uptrend. So, waiting for the pair to reach one of the two levels mentioned above is the best decision for now.

 

Resistance levels: Support levels: Recommended:
▪ 1.3700
▪ 1.3650
▪ 1.3540		 ▪ 1.2990
▪ 1.2900
▪ 1.2800

Waiting for the pair to either reach the uptrend line or break through the resistance level of 1.3540.
  • GOLD

 

Update: If the pair closes today below the level of 1260 then the breakout if it is confirmed. The pair is traded above two strong support levels that are the uptrend line and the support level of 1260. So, we have to scenarios: The pair breaches the uptrend line along with the support level of 1260. In case they are broken, we can go short targeting the level of 1240. Keep in mind that both levels must be breached so we can go short. On the other hand, having the pair traded above the two support levels mentioned above, would open the door for further upward movement during the week that it can reach the level of 1290 followed by 1300.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ 1305
▪ 1300		 ▪ 1260
▪ 1240

Breaching the uptrend line along with the support level of 1260 would open the door for further downward movement during the week.
  • AUDUSD

 

Update: Started going down. The pair is still traded below the broken neck-line of the head and shoulders pattern detected a few weeks ago. Therefore, we will remain bearish. Our target for this week is 0.7400.

 

Resistance levels: Support levels: Recommended:

▪ 0.8100
▪ 0.8060
▪ 0.7940

 ▪ 0.7400
▪ 0.7500

We remain bearish as long as the pair is traded below the nick line of the pattern.
  • GBPJPY

 

Update: We remain the same as it is still traded below the level of 152.80. The pair managed to reach the resistance level of 152.80. Therefore, we are bearish for this week as long as the pair is traded below the level of 152.80. Our expected target for the week is 150.

 

Resistance levels: Support levels: Recommended:
▪ 152.80
▪ 152

▪ 148
▪ 147

We remain bearish as long as the pair is traded below the level of 152.80.

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