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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

04 September 2018

powered by Land Prime

Australian rate decision: Tuesday, 4:30. The Reserve Bank of Australia has not changed the interest rate in the past two years. This time will unlikely be different. Phillip Lowe and his colleagues are set to maintain the rate at 1.50%. The Australian economy is doing well, despite the risks to growth coming from trade. Housing in Sydney may be a worry and could be mentioned in the statement.

 

US ISM Manufacturing PMI: Tuesday, 14:00. The forward-looking purchasing managers’ dropped last month. Trade worries weighed on sentiment in July. The 58.1 still represents robust growth, but weaker than beforehand. A modest drop to 57.6 is on the cards. Apart from the headline, it is important to note the Prices component. The Fed watches inflationary pressures.

 

AUD
Australian rate decision

USD
US ISM Manufacturing PMI:

  • EURUSD

 

The daily chart shows that there is a potential that the pair could be forming a head and shoulders pattern. To be specific, the second shoulder is being formed and it is traded now just above the same price level of the first shoulder around 1.15. So, we will wait for the pair to show up some bullish evidence above the support level of 1.15 which in turn will help the Euro to gain value against the American dollar. According to this scenario, the pair might reach the level of 1.17 during the week conditioned by the continuation of trading above the level of 1.15.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.1850
▪ 1.1780		 ▪ 1.15
▪ 1.1450
▪ 1.14

Waiting for the pair to show up some bullish evidence above the level of 1.15.
  • GBPUSD

 

As could be seen on the daily time frame that the pair is traded below a strong resistance level that is the down trend line shown on the chart in blue. Therefore, we are short as long as the pair is traded below the downtrend line. Our first target is 1.2650.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.35
▪ 1.31		 ▪ 
▪ 1.2650
▪ 1.2550

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

  • GOLD

 

As we mentioned last week the importance of the level of 1220 as a strong resistance level. The pair is still traded below that level and since it is traded below it, it is highly recommended to go short targeting the level of 1190 followed by 1180 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1320
▪ 1220		 ▪ 1200
▪ 1190
▪ 1180

We are bearish as long as the pair is traded below the level of 1220.

  • AUDUSD

 

The daily timeframe shows that the pair is traded bearishly. The pair is traded now above a strong support level that is 0.7160 so we find it a good opportunity to go short in case the pair goes up to be traded around the level of 0.7240. Will keep updating you regarding the pair's movement.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ 0.7260

 ▪ 0.7160
▪ 0.71
▪ 

We are bearish as long as the pair is traded below the level of 0.7240.

  • GBPJPY

 

Having the pair traded within the descending channel is considered to be bearish. We think that it would be a good opportunity if we wait for the pair to reach the upside of the channel. This is where we can go short targeting the other side of the channel (the downside) in case the pair reaches the upside and shows up some bearish evidence.

 

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

▪ --
▪ --
▪ 140

Waiting for the pair to reach upside of the channel.

 

 

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