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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

01 August 2018

powered by Land Prime

US ADP Non-Farm Payrolls: Wednesday, 12:15. Automated Data Processing is the biggest provider of payrolls in the US. Its jobs report for the private sector precedes the official one and provides some guidance. Back in June, the ADP NFP came out slightly below expectations at 177K, but still in line with the broader trend. A slightly faster pace of gains is on the cards for July: 186K.

 

US ISM Manufacturing PMI: Wednesday, 14:00. The forward-looking gauge for the manufacturing sector topped the 60 level in June, reaching 60.2 points, a superb level indicating robust growth. The Prices component also remained high at 76.8 points, albeit below the peak. A small drop to 59.4 is predicted.

 

US Fed decision: Wednesday, 18:00. The Federal Reserve raises rates in June and also took the hawkish path, indicating two additional raises in 2018. Since then, Fed Chair Jerome Powell has been very upbeat on the economy while also warning that trade tariffs are not good. President Donald Trump lashed out at the Fed for raising rates while he was stimulating the economy. At this meeting, no change is projected. Nevertheless, any change in wording about inflation, employment, or any comments about trade in the statement, can make a difference. Powell and his colleagues will likely leave the door wide open for a rate hike in September when he will also hold a press conference.

 

USD
US ADP Non-Farm Payrolls
US ISM Manufacturing PMI
US Fed decision

  • EURUSD

 

As could be seen on the daily chart that the pair is traded above an uptrend line and also within a symmetrical triangle. From the downside, we can find a strong support level at 1.1517. The expected scenario is that if the pair breaks the upside of the symmetrical triangle then we would go long targeting the level of 1.1850 during the week. This is conditioned by the continuation of trading above the level of 1.1517.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.20
▪ --		 ▪ 1.16
▪ 1.1530
▪ 1.15

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

  • GBPUSD

 

As could be seen on the daily timeframe that the pair is retesting the broken trend line shown on the chart in red. Therefore, we are bearish as long as the pair is traded below the broken uptrend line besides the resistance level of 1.32. Our targets: 1.30 followed by 1.28.

 

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

We are bearish as long as the pair is traded below the level of 1.28.

  • GOLD

 

The pair is traded below a strong resistance level which is $1235 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1205 followed by 1200 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

 

The daily timeframe shows that the pair is traded below a strong resistance level that could be found at 0.7480 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.73 during the week.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ 0.7480

 ▪ 0.7300
▪ 0.7100
▪ 

We are bearish as long as the pair is traded below the level of 0.7480.

  • GBPJPY

 

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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