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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

18 September 2018

powered by Land Prime

UK inflation: Tuesday, 8:30. The Bank of England raised rates in August after inflation had picked up. However, prices are not going anywhere fast. Headline CPI stood at 2.5% y/y in July and the figure for August is expected to be slightly lower, at 2.4% The recent rise in the pound will only be felt later on in inflation figures. Core CPI stood at 1.9% and 1.8% is expected now The Retail Price Index (RPI) was at .3.2% and the same level is predicted now. PPI Input advanced by 0.5% MoM and an increase of 0.4% is expected.

 

GBP
UK inflation

  • EURUSD

 

As we mentioned last week that the pair formed a head and shoulders pattern. The second was perfectly formed. We will wait for the pair to break the neck-line of the pattern. It will be confirmed with a daily close above the neck-line. In case the neck-line is broken, it is expected that the pair might continue going up to reach the level of 1.1850.

 

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

Waiting for the pair to break the neck-line of the head and shoulders pattern.

  • GBPUSD

 

The daily chart shows that the pair is traded below a strong resistance that is 1.32. In case the pair shows up some bearish evidence below it, we can go short targeting the level of 1.28 during the week. This is conditioned by the continuation of trading below the level of 1.32. 

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.32
▪ 1.31
▪ 
 1.2650
 1.2550

We are bearish as long as the pair is traded below the level of 1.32.

  • GOLD

 

As we mentioned last week that the pair has been traded below a strong resistance level that is 1218 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1190 during the week. This is conditioned by the continuation of trading below the level of 1220.

 

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

 

As could be seen on the four hours chart that the pair is on its way to reach the down trendline shown on the chart in blue. If the pair reaches the downtrend line and shows up some bearish evidence, we can go short targeting the level of 0.71. In case the downtrend line is broken, then there will be another scenario.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7260

▪ 0.7160
▪ 0.71
▪ 

Waiting for the pair to reach the downtrend line.

  • GBPJPY

 

As could be seen on the daily chart that the pair managed to break the upside of the descending channel shown on the chart. Therefore, we are bullish as long as the pair is traded above the broken upside along with the support level of 146. First target is 149. Conditioned by the continuation of trading above the level of 146.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 --
145
 140

We are bullish as long as the pair is traded above the upside of the pattern.

 

 

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