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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

07 August 2018

powered by Land Prime

Australian rate decision: Tuesday, 4:30. The Reserve Bank of Australia last changed the interest rate in August 2016, two years ago. No change is likely in this decision, in August 2018. The economy is doing OK and inflation stable. The team led by RBA Governor Phillip Lowe will likely maintain the neutral bias. Any comments about trade will be of interest to markets.

US JOLTS Job Openings: Tuesday, 14:00. The Job Openings and Labor Turnover publication lags the Non-Farm Payrolls but provides the Fed with broader labor market information that it is interested in. Job openings dropped to 6.64 million annualized in May. We will now get the data for June. A level of 6.74 million is expected in June.

 

USD
US JOLTS Job Openings

AUD
Australian rate decision

  • EURUSD

 

As we can see on the daily chart that the pair managed to breakthrough the downside of the symmetrical triangle shown on that chart. This is considered to be a bearish signal but it is not the time to go short yet. We still have a strong support level at 1.1515 so after this level is broken, we can go short targeting the level of 1.14 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.20
▪ --		 ▪ 1.1515
▪ 1.14
▪ 1.135

Waiting for the pair to break the level of 1.1515

  • GBPUSD

 

As we can see on the daily chart that the pair is traded below a broken uptrend line and it may continue going down to reach the level of 1.29 during the week. Depending on the evidence that will show up there, we can decide what should be done at that time.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.35
▪ 1.34		 ▪ 
▪ 1.29
▪ 1.28

Waiting for the pair to show up some evidence above the level of 1.29.

  • GOLD

 

As could be seen on the four hours timeframe that the pair is traded below a strong resistance level that is the downtrend line shown on the chart in red. As a result of the consistent trading below it, the pair might continue going down to reach the level of 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 ranging between two strong levels: The support level of 0.7324 and the resistance level of 0.7480 so if the pair shows up bearish evidence below the resistance level, we can go short targeting the level of 0.7324 during the week.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ 0.7480

 ▪ 0.7324
▪ 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 above a strong support level that is 143 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 146 during the week. This is conditioned by the continuation of trading above the level of 143.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 146

▪ --
▪ --
▪ 143

We are bullish as long as the pair is traded above the level of 143.

 

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