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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

26 July 2018

powered by Land-FX

ECB decision: Thursday, 11:45, press conference at 12:30. The European Central Bank sent EUR/USD plunging in its previous decision on June 14th. While they announced the beginning of the end of the bond-buying scheme, they added many conditions to any tightening move and pledged to leave interest rates unchanged “through the summer of 2019”. Since then, various reports about the meaning of this phrase have floated. Any clarification or lack thereof will move the euro. Comments about trade will also be watched very closely.

 

US Durable Goods Orders: Thursday, 12:30. Orders of durable goods reflect investment and are eyed by the Fed. This specific publication is for the month of June, concluding the second quarter and feeding into the GDP report the following day. Headline orders dropped by 0.4% and this volatile figure may bounce back in June: a jump of 2.7% is on the cards. Core orders, which carry more weight, remained flat in the final read. Also here, we could see a small advance: an increase of 0.5% is on the cards.

 

EUR
ECB decision

USD
US Durable Goods Orders

  • EURUSD

 

Update: The pair is traded in a very tight range but it is still traded above the uptrend line. As could be seen on the daily chart that the pair is traded above an uptrend line shown in red. Also, the last part of the chart shows that the pair is ranging between two strong levels: 1.1846 (resistance) and 1.1530 (support). The expected scenario of the week is that as long as the pair is traded above the support mentioned above along with the uptrend line, it is highly recommended to go long targeting the level of 1.1846 during the week. On the other hand, breaching the level of 1.1530 along with the uptrend line can open the door for further downward movement during the week that it may reach the level of 1.13.

 

Resistance levels: Support levels: Recommended:
 1.21
1.20
▪ --
▪ 1.17
 1.1530
 1.15

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

  • GBPUSD

 

Update: Still traded below the resistance level of 1.32 also we can find that the pair is forming a bearish candles pattern that is called (bearish engulfing) which supports our scenario. The daily chart shows very strong levels that may help the GBP to gain value against the American dollar. To begin with, the golden Fibonacci level of 0.618 (1.29) of the wave that started in the 16th of Jan 2017 which has extended upwards to the level of 1.4378 (in the 16th of April 2018), acts as a strong support level which in turn will push the price to retest the broken uptrend line (in red). So, the pair might find a strong resistance at 1.32. Therefore, we believe that as long as the pair is traded above the support level mentioned above, it is highly recommended to go long targeting the level of 1.32 during the week.

 

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 1.29.

  • GOLD

 

Update: On its way to its first target. As could be seen on the 4h timeframe that the pair is traded right below two strong resistance levels: 1235 and the downtrend line shown on the chart in red. So, we believe that as long as the pair is traded below them, it is highly recommended to go short targeting the level of 1210 during the week.

 

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

We are bearish as long as the pair is traded below the level of 1235.

  • AUDUSD

 

Update: On its way to its first target. The daily timeframe shows that the pair is traded above a strong support level that could be found at 0.73. So, we believe that as long as the pair is traded above this level, it is highly recommended to go long targeting the level of 0.74 during the week.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ --

▪ 0.7300
▪ 0.7100
▪ 

We are bullish as long as the pair is traded above the uptrend line along with the level of 0.73.

  • GBPJPY

 

Update: The pair has started moving upwards. As could be seen on the daily chart that the pair is traded within an ascending channel and right above the downside of it which is very positive for the pair. We believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 151 during the week. This is conditioned by the continuation of trading above the downside of the channel.

 

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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