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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

13 April 2018

powered by Land Prime

US Non-Farm Payrolls: Friday, 12:30. The “King of forex indicators” is again the wages component. After a strong start to the year, wage growth decelerated to 2.6% in February. This time, a small rise to 2.8% is expected. Month over month, an increase of 0.3% is projected after 0.1% last time. Topline job growth is expected to rise by 190K after a whopping gain of 313K in February. There may be significant revisions after such a strong outcome. The unemployment rate, already at a low of 4.1%, is estimated to have slipped to 4%. The participation rate stood at 63% back in February and a significant change there may skew the unemployment rate. Unless the change in jobs is extreme, wages remain in the forefront.

 

Canadian jobs report Friday, 12:30. Canada finally had a “normal” jobs report in February, a gain of 15.4K jobs after a crash in January and two huge jumps beforehand. Expectations for March stand at a gain of 20.3K, another healthy and normal rise. The unemployment rate is expected to remain unchanged at 5.8%. Note that the composition of jobs, between full-time and part-time, also moves markets, which want to see more full-time positions.

 

Mark Carney talks Friday, 15:15. The Governor of the Bank of England will address the International Climate Risk Conference for Supervisors and the focus is on climate change. However, any comments about the global or British economy in his Amsterdam speech may move the pound.

 

Jerome Powell talks Friday, 17:30. As markets will be winding down towards the weekend, Fed Chair Powell will talk in Chicago and will have a chance to respond to the Non-Farm Payrolls report. The topic is the economic outlook, certainly related to monetary policy. Powell was somewhat cautious in his post-rate decision press conference, playing down the dot-plot and expressing some concern about wage growth and trade topics. His words will set the tone for the close and also the open for the following week.

USD
US Non-Farm Payrolls
Jerome Powell talks

CAD
Canadian jobs report

GBP
Mark Carney talks

  • EURUSD

 

Update: Due to the lack of volatility, today's candle is very small but we remain the same. As could be seen on the daily chart that the pair is on its way to reach the resistance levels of 1.2440 – 1.25 so we believe that if the pair reaches one of those levels, we can go short targeting the level of 1.24 followed by 1.2350 during the week. This is conditioned by the continuation of trading below the level of 1.2550.

 

Resistance levels: Support levels: Recommended:
▪ 1.2550
▪ 1.2440
▪ --		 ▪ 1.22
▪ 1.21
▪ 1.1550

We are bearish as long as the pair is traded below the level of 1.2550.

  • GBPUSD

 

Update: The pair reached our first resistance level; a bearish sign is needed to confirm the next movement. As could be seen on the daily chart that the pair is on its way to reach the resistance levels of 1.4270 – 1.4340. This is where we can go short if the pair shows some negative factors below them. If this happens, we can go short targeting the level of 1.40 followed by 1.3950 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.4340
▪ 1.4200
▪ --		 ▪ 1.3800
▪ 1.3700
▪ 1.3600

We are bearish as long as the pair is traded below the level of 1.4340..

  • GOLD

 

Update: We remain bearish. For the fifth time, the pair is traded below strong resistance levels that could be found at 1365 to 1350. So, we are bearish as long as the pair is traded below them. Our first target is: 1330 followed by 1320.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ 1365
▪ --		 ▪ 1310
▪ 1300
▪ 1290

We are bearish as long as the pair is traded below the level of 1365.

  • AUDUSD

 

Update: The pair touched the upside of the descending channel and went down so we remain bearish. As could be seen on the daily chart that the pair is traded within a descending channel. Having the pair traded below the upside of the channel can open the door for further downward movements during the week that it can reach the level of 0.7671.

 

 

Resistance levels: Support levels: Recommended:

▪ 0.8000
▪ 0.7900
▪ --

 ▪ 0.7700
▪ 0.7600
▪ 0.7500

We are bearish as long as the pair is traded below the upside of the channel.

  • GBPJPY

 

Update: First target was hit! On its way to its 2nd target. The pair successfully formed a head and shoulders pattern as could be seen on the daily chart. The neck-line of the pattern is broken (150.30) so we are bullish as long as the pair is traded above it. Our first target is 153 followed by 154.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155

▪ 147
▪ 146

We are bullish as long as the pair is traded above the level of 150.30.

 

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