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

02 August 2018

powered by Land Prime

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.

 

USD
US Durable Goods Orders
 

EUR
ECB decision

  • EURUSD

 

Update: We remain the same. 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

 

Update: We remain the same. 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

 

Update: Still traded below the downtrend line. 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

 

Update: We remain the same. 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

 

Update: We remain the same. 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.

 

Disclaimer: The information contained in this publication is produced by Land Prime and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Land Prime current judgment and may change without notice. This message is for information purposes only and is not intended as an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation or warranty is made that this information is complete or accurate. Any views or opinions expressed do not necessarily represent that Land Prime. This email and the information it contains may be confidential, proprietary or legally privileged. You must not, directly or indirectly, use, disclose, distribute, copy or store this message or any part of it if you are not the intended recipient. Unless otherwise stated, any pricing information given in this email is indicative only, is subject to changes and does not constitute an offer to deal at any price quoted.