News & Research

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

05 June 2018

powered by Land Prime

Australian Rate Decision: Tuesday, 4:30. The Reserve Bank of Australia has not changed its interest rate since mid-2016. This time is unlikely to be different with Phillip Lowe and his colleagues expected to hold the Cash Rate at 1.50%. The RBA has recently raised its growth forecasts but remains in rush to increase rates. It will be interesting to see if the Bank mentions global trade tensions in its statement.

UK Services PMI: Tuesday, 8:30. The last purchasing managers’ index published in the UK is also the most important one, for the services sector, Britain’s largest. The score disappointed in April with 52.8 points, still reflecting a modest growth rate that spills into the second quarter. The figure for May is published now. A drop to 52.9 is on the cards.

US ISM Non-Manufacturing PMI: Tuesday, 14:00. This forward-looking gauge of the US economy dropped in April by 2 points to 56.8, but this is still an upbeat level. This time, the publication will get its own attention and will not serve as a hint to the Non-Farm Payrolls report which is already out. A rise to 57.9 is projected.

US JOLTS Job Openings: Tuesday, 14:00. The report is lagging: only now will we receive the data for April while the jobs report was for May. Nevertheless, the Federal Reserve shows a lot of interest in this publication. In March, the annualized level of job openings jumped to 6.55 million, a multi-year high. Apart from the headline, any change in the number of quits is eyed as it reflects the level of confidence that workers have in finding a new job. Job openings are projected to stand at 6.49 million.

USD

US ISM Non-Manufacturing PMI
US JOLTS Job Openings

AUD
Australian Rate Decision

GBP
UK Services PMI

  • EURUSD

 

As we mentioned last week that the pair has been traded above an uptrend line. Now we can say that it has showed up some bullish evidence which means that we can go long targeting the level of 1.18 followed by 1.19 during the week. This is conditioned by the continuation of trading above the uptrend line.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.20
▪ --		 ▪ 1.17
▪ 1.1650
▪ 1.1600

We are bullish as long as the pair is traded above the uptrend line.

  • GBPUSD

 

We mentioned last week that the pair has been traded above an uptrend line. This week the pair also continues to be traded above it so we remain bullish as long as the pair is traded above the uptrend line. This is conditioned by the continuation of trading above the uptrend line. Our targets: 1.34 – 1.35 – 1.36.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.35
▪ 1.34		 ▪ 1.3200
▪ 1.3150
▪ 1.3000

We are bullish as long as the pair is traded above the up trendline.

  • GOLD

 

Having the pair traded above the uptrend line, opens the door for further upward movements during the week that it may reach the level of 1300 followed by 1310. This is conditioned by the continuation of trading above the uptrend line along with the level of 1270.

 

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1320
▪ --		 ▪ 1280
▪ 1275
▪ 1270

We are bullish as long as the pair is traded above the level of 1270.

  • AUDUSD

 

Having the pair traded above the uptrend line, opens the door for further upward movements during the week that it may reach the level of 0.77 followed by 0.78.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ --

 ▪ 0.7370
▪ 0.7300
▪ 

We are bullish as long as the pair is traded above the uptrend line.

  • GBPJPY

 

As could be seen on the daily chart that the pair is traded within a descending channel shown in black in the chart. The pair is traded at the moment above the downside of the channel so this means that we can go long targeting the level of 150 during the week. This is conditioned by the continuation of trading above the downside of the descending channel.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 150.50

▪ 144.50
▪ 144
▪ 143

We are bullish as long as the pair is traded above the downside of the bearish channel.

 

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