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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

24 August 2018

powered by Land Prime

US Durable Goods Orders: Friday, 12:30. This important economic indicator provides information for the Fed about investment and long-term moves in the economy. Headline orders rose by only 0.8% in June according to the final read. Core orders ticked up by 0.2%. We will now get the initial estimate for July, the first month of Q3. The figures also feed into GDP. Headline orders are expected to drop by 0.3% while core orders carry expectations for +0.5%.

 

USD
US Durable Goods Orders

  • EURUSD

 

Update: The pair managed to break the level of 1.1520 and on its way to our target at 1.1650. As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1.1520 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1350 during the week. On the other hand, if the pair breaks the level of 1.1520, then this is considered to be a bullish sign that it might continue going up to reach the level of 1.1650 during the week.

 

Resistance levels: Support levels: Recommended:
 1.21
1.20
▪ 1.1520
▪ 1.1315
 1.13
 1.1250

We are bearish as long as the pair is traded below the level of 1.1520.

  • GBPUSD

 

Update: The pair is still traded below the level of 1.29. The pair is traded below the broken downside of the downward channel shown on the chart besides the resistance level of 1.29. We believe that as long as the pair is traded below them, it is highly recommended to go short targeting the level of 1.26 during the week. This is conditioned by the continuation of trading below the level of 1.29

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.35
▪ 1.29
▪ 
 1.26
 1.2550

We are bearish as long as the pair is traded below the level of 1.29.

  • GOLD

 

Update: Still traded below the downtrend line. It went down as expected that it reached the level of 1183. As could be seen on the 4hours chart that the pair is traded below a strong resistance level that is the downtrend line shown on the chart in blue. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1180 during the week.

 

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

We are bearish as long as the pair is traded below the downtrend line.

  • AUDUSD

 

Update: The pair managed to close above the level of 0.73 and it went up to touch the level of 0.7380 which could be enough for this week. As could be seen on the daily chart that the pair managed to breakthrough a strong resistance level that is 0.73 so we believe that as long as the pair is traded above it, 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.
7480

▪ 0.7160
▪ 0.71
▪ 

We are BULLISH as long as the pair is traded above the level of 0.73.

  • GBPJPY

 

Update: First target 143 was hit. 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 besides the level of 140 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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