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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

05 July 2018

powered by Land Prime

ADP Non-Farm Payrolls: Thursday, 12:15. This jobs report for the private sector has been postponed to Thursday due to the 4th of July holiday on Wednesday. ADP reported a relatively low level of job gains in May: 178K, yet within the normal ranges for the past few years. A slightly stronger growth is on the cards now: 190K. Any significant deviation will not only move the dollar but will also shape expectations for Friday’s Non-Farm Payrolls report.

ISM Non-Manufacturing PMI: Thursday, 14:00. Similar to the services sector report, the publication for the services sector showed a similar level of growth in May: 58.6 points. And also here, a small slide to 58.3 is on the cards. The headline and the employment component are the last hints before the all-important Non-Farm Payrolls.

FOMC Meeting Minutes: Thursday, 18:00. The Fed releases the minutes from the June decision which delivered a hawkish hike. In addition to raising interest rates, the Fed was bullish on the economy and signaled two additional interest rate raises this year. It will be interesting to see how optimistic the Fed is and how concerned they are about trade. Fed Chair Jerome Powell briefly commented on trade in the press conference, saying that business contacts are worried. The minutes may reveal more on that. Another topic is wages, that are “puzzling” according to the Fed Chair.

 

USD
ADP Non-Farm Payrolls
ISM Non-Manufacturing PMI
FOMC Meeting Minutes

 

  • EURUSD

 

Update: We remain the same. The daily chart shows that the pair is traded above an uptrend line shown on the chart in red. The expected scenario for this week is that if the pair continues to be traded above the uptrend line, this opens the door for further upward movements during the week that it may reach the level of 1.1950 followed by 1.20.

 

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: We remain the same. As could be seen on the daily chart that the pair managed to breach an uptrend line shown on the chart in red but we believe that the breakout of the trendline is not confirmed yet. To be confirmed, the pair must breach the level of 1.3050 with at least a daily close, otherwise the pair may continue going up to reach the level of 1.34 followed by 1.35 during the week. This is conditioned by the continuation of trading above the level of 1.3050.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.35
▪ 1.34		 ▪ 
▪ 1.3150
▪ 1.3050

We are bullish as long as the pair is traded above the level of 1.3050.

  • GOLD

 

Update: We remain the same. As we can see on the daily chart that the pair is traded above a strong support level that is 1235 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1280 during the week. An alternative scenario: If the level of 1235 is broken, the way is open for the pair to reach the level of 1220 followed by 1210.

 

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1320
▪ --		 ▪ 1235
▪ 1220
▪ 1210

We are bullish as long as the pair is traded above the level of 1235.

  • AUDUSD

 

Update: We remain the same. As we can see on the daily timeframe that the pair is traded above an uptrend line. This is a very bullish indicator that bullish bias may continue but this is not everything as the Gold is bearish which could lead the AUD to a strong bearish movement very soon. Let's wait for some bullish evidence to show up above the uptrend line.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ --

 ▪ 0.7370
▪ 0.7300
▪ 

Waiting for the pair to show up some bullish evidence above the uptrend line.

  • GBPJPY

 

Update: We remain the same. As could be seen on the daily timeframe that the pair is traded within an ascending channel. To be exact, the pair is traded right above the downside of the channel which means that there is a high potential that the pair may continue going up to reach the level of 150 during the week.

 

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

▪ 144
▪ 144
▪ 143

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

 

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