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

20 June 2018

powered by Land Prime

Central bankers panel: Wednesday, 1:30. Fed Chair Jerome Powell, ECB President Mario Draghi, Bank of Japan Governor Haruhiko Kuroda, and RBA Governor Phillip Lowe will all participate in a panel discussion in Portugal, at the ECB’s conference. It will be interesting to hear if any of them and especially Powell, express concern over the deteriorating trade relations in the world. The Fed Chair only mentioned that some business contacts are worried but did not provide his own opinion.

 

US Existing Home Sales: Wednesday, 14:00. The US housing sector is doing quite well, with a steady level of 5.46 million annualized units sold in April. May is expected to see 5.55 million. Most transactions are of existing, second-hand homes.

 

New Zealand GDP: Wednesday, 22:45. New Zealand publishes only a final version of GDP growth, without any revisions. Back in Q4 2017, the nation reported a growth rate of 0.6%. A slowdown to 0.5% is on the cards now. Any deviation could have a significant impact on NZD/USD with some potential effects on AUD/USD.

 

EUR
Central bankers panel

USD
US Existing Home Sales

NZD
New Zealand GDP

 

  • EURUSD

Update: the pair is still traded above the uptrend line. As we can see on the daily time frame that the bias remains bullish. As we stated last week that the pair has been traded above an uptrend line which opens the door for further upward movement during the week with targets at: 1.18 and 1.20 in extension. 

 

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

Update: The trendline has been broken so we will be waiting for the pair to confirm the breakout with a daily close below the uptrend line. The pair managed to move through the uptrend line shown on the chart in red. The breakout is not confirmed yet so we will be waiting for the pair to confirm the breakout of the uptrend line. Breaching the uptrend line can open the door for further downward movement during the week with targets at: 1.31 and 1.30 in extension.

 

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

Waiting for the pair to confirm the breakout of the uptrend line.

  • GOLD

Update: The pair managed to break through the uptrend line so the way is open for the pair to reach the level of 1260. As could be seen on the daily chart that the pair is traded above the uptrend line shown on the chart in red. The continuation of trading above the uptrend line opens the door for further upward movement during the week. An alternative scenario that is also expected: If the pair managed to breach the uptrend line, then the way would be open for the pair to reach the level of 1260 during the week.

 

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

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

  • AUDUSD

Update: The breakout is not confirmed yet. As could be seen on the weekly chart that the pair is still traded above the uptrend line shown on the chart in red. This supports the bullish scenario with targets at: 0.74 followed by 0.76. An alternative scenario: If the uptrend line is breached with a weekly close, this would be very bearish for the pair that it may slide down to the level of 0.71.

 

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

Update: Waiting for some bullish evidence to show up above the level of 144. As we mentioned last week that the pair would continue going down to reach the level of 144 as a result of the breakout to the downside of the symmetrical triangle that targets the level of 140 (as a final target). The pair is to very close to the level of 144 (80 pips remain). So, the pair may continue going down to reach the level of 144 and there we can look for some evidence whether to go short or long.

 

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

▪ 144
▪ 144
▪ 143

We are bearish as long as the pair is traded below the downside of the pattern.

 

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