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Market Research & Info

Land-FX 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

24 January 2018

powered by Land-FX

 

 

US existing home sales: Wednesday, 15:00. Sales of existing homes consist of the lion’s share of transactions of real estate. The figures beat expectations in the past three months and reached an annualized level of 5.81 million in November. We will now get the data for December. A small slide to 5.72 million is expected.

New Zealand inflation report:  Wednesday, 21:45. New Zealand releases its inflation report only once per quarter, making every publication have an outsized impact. The impact is strong on the RBNZ and on NZD/USD. In Q3, prices advanced by 0.5% q/q, slightly above expectations. Nevertheless, inflation does not seem to get out of control. We will receive the data for Q4 and for the whole of 2017. A more moderate increase of 0.4% is forecast.

USD
US existing home sales

NZD
New Zealand inflation report

  • EURUSD

 

Update: we remain the same. As could be seen on the daily chart that the pair is traded above a strong support level that could be found at 1.2100. So, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2400 during the week. This is conditioned by the continuation of trading above the level of 1.2100.

 

Resistance levels: Support levels: Recommended:
 1.25
▪ 1.24
▪ 1.23
▪ 1.21
 1.1600
 1.1550

We are bullish as long as the pair is traded above the level of 1.21.

  • GBPUSD

 

Update: the pair managed to break the level of 1.40 so the way is open for the pair to reach the level of 1.44. As could be seen on the daily chart that the pair is about to reach a strong resistance level that could be found at 1.40. So, we will be waiting for the pair to reach that level, then in case it shows some negtive factors we can go short targeting the level of 1.3800 followed by 1.3600 during the week. On the other hand, breaching the level of 1.40 can open the door for further upward movements during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.44
 1.43
 1.42
▪ 1.3650
 1.3250
 1.3200

We remain bullish as long as the pair is traded above the level of 1.3650.

  • GOLD

 

Update: the pair reached the level of 1350. In case it is broken, the pair may continue going up to reach the level of 1355. As could be seen on the daily chart that the pair is about to reach a strong resistance level that could be found at 1350. So, we see that in case that the pair breaks this level, we can go long targeting the level of 1360 followed by 1380 during the week.

 

Resistance levels: Support levels: Recommended:
 1350
 --
 --
 1330
 1240
 1210

Waiting for the pair to reach the level of 1350.

  • AUDUSD

 

Update: the pair reached the weekly resistance level at 0.8060. Let's see either it will be broken or not. As could be seen on the daily chart that the pair is about to reach a strong resistance level that could be found at 0.8060. In case the pair reaches this level, we will monitor the price behavior so we can decide if we can enter the market or not.

 

Resistance levels: Support levels: Recommended:

▪ 0.8100
0.8060
▪ --

▪ 0.7900
▪ 0.7740
▪ 0.7500

Waiting for the pair to reach the level of 0.8060

  • GBPJPY

 

Update: we remain the same. As could be seen on the daily chart that the pair has reached a strong resistance level that is the upside of the ascending channel. So, we are waiting for the pair to show up some factors to decide either we will be long or short.

 

Resistance levels: Support levels: Recommended:
152.90
 152

148
 147

The pair is traded below the upside of the ascending channel shown on the chart.


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