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

15 August 2018

powered by Land Prime

UK inflation report: Wednesday, 8:30. The headline Consumer Price Index rose by 2.4% y/y in June, below expectations. The Bank of England still raised rates, but the relatively low level of inflation contributed to the dovish nature of the hike. Core CPI stood at 1.9% y/y and the Retail Price Index (RPI) was at 3.4%. We will now get the figures for July which are forecast to show CPI at 2.5%, Core CPI at 1.9% and the RPI at 3.4%.

 

US Retail Sales: Wednesday, 12:30. The US consumer is key to the US economy. The headline volume of sales increased by 0.5% in June and is now projected to rise by 0.2%. Core sales rose by 0.4% and carry expectations of rising by the same scale in July. The Retail Sales Control Group, or “core of the core”, remained flat back then and is now expected to advance by 0.4%.

 

GBP
UK inflation report

USD
US Retail Sales

  • EURUSD

 

Update: First target was hit. Breaching the level of 1.1315 opens the door for further downward movement during the week that it may reach 1.1260. The pair managed to break through the downside of the symmetrical triangle shown on the chart. Also, the level of 1.1515 was broken which opens the door for further downward movement during the week that is can reach the level of 1.1315. This is conditioned by the continuation of trading below the level of 1.1515.

 

Resistance levels: Support levels: Recommended:
 1.21
1.20
▪ --
▪ 1.1315
 1.13
 1.1250

We are bearish as long as the pair is traded below the level of 1.1515.

  • GBPUSD

 

Update: Still traded below the downside of the broken channel. The pair managed to break through the downside of the downward channel shown on the chart above. Since the pair is traded below it, we can go short targeting the level of 1.26 followed by 1.2550. This is conditioned by the continuation of trading below the downside of the channel. 

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.35
▪ 1.34
▪ 
 1.26
 1.2550

We are bearish as long as the pair is traded below the downside of the broken channel.

  • GOLD

 

Update: We remain the same. The pair is traded below a strong support level that is shown on the chart in blue. There is no way to enter the market now so we will wait for the pair to reach the downtrend line then we can go short in case is shows up some bearish evidence.

 

Resistance levels: Support levels: Recommended:
 1330
 1320
 1235
 --
 --
 1200

We are bearish as long as the pair is traded below the level of 1218.

  • AUDUSD

 

Update: First target was hit. Breaching the level of 1.1315 opens the door for further downward movement during the week that it may reach 1.1260. On the chart above we can find a very tight range between the level of 0.7460 (resistance) and 0.7310 (was a support level). The support level was broken and as a result the pair might continue going down to reach the support level of 0.7160. This is conditioned by the continuation of trading below the level of 0.7310 targeting the level of 0.7160.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7480

▪ 0.7160
▪ 0.71
▪ 

We are bearish as long as the pair is traded below the level of 0.7160.

  • GBPJPY

 

Update: We remain the same. As could be seen on the daily chart that the pair is traded within a downward channel. The pair now is traded right above the downside so if the pair shows up some bullish evidence, we can go long targeting the level of 143.

 

Resistance levels: Support levels: Recommended:
156
 155
 146

 --
▪ --
 140

We are bullish as long as the pair is traded above the level of 140.

 

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