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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 October 2018

powered by Land Prime

EU Summit on Brexit: Thursday. The leaders of the European Union, which still includes the UK are convening for a planned summit, with Brexit being the main issue. Reaching a Brexit deal by this date was marked as a deadline, but that may slip. Both sides are reporting progress in talks after the Conservative Party Conference ended. The most thorny issue is that of the Irish Border, which is related to the customs arrangements. One option is to place Northern Ireland in a separate customs regime, thus creating a customs border in the Irish Sea. However, the idea is vehemently opposed by the DUP which props up the UK government in a “confidence and supply” deal. A Brexit deal would send the pound higher and the euro would also enjoy it. However, a more likely scenario is that the EU and the UK set a new deadline in November. The option of a second referendum and a no-deal Brexit are also on the cards. High volatility is likely.

Retail Sales: Thursday, 8:30. Consumers beat expectations in August, making it two months in a row. The warm weather helped shoppers go out and spend. After a drop of 0.3% in August, a decline of 0.3% is on the cards for September.

EUR
EU Summit on Brexit

Retail Sales

  • EURUSD

 

Update: We suggest more of the bearish movement. As could be seen on the daily chart that the pair is traded below a strong resistance level that is the down trendline shown on the chart in blue. We believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1315 during the week. This is conditioned by the continuation of trading below the down trendline.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.1850
▪ 1.18		 ▪ -
▪ 1.13
▪ 1.1250

We are bearish as long as the pair is traded below the down trendline.
  • GBPUSD

 

Update: On its way to its final target. As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1.3350 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.30. So we will be waiting for the pair is reach the area located between 1.33 – 1.3350. Our first target is 1.30.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.3350
▪ 1.33		 ▪ -
▪ 1.2650
▪ 1.2550

We are bearish as long as the pair is traded below the level of 1.33.

  • GOLD

 

Update: We remain the same. The four-hour chart shows that the pair is traded below a strong resistance level that is 1235. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1215 during the week. This is conditioned by the continuation of trading below the level of 1235.

 

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1235
▪ -		 ▪ 
▪ 1180
▪ 1170

We are bearish as long as the pair is traded below the level of 1235.

  • AUDUSD

 

Update: Waiting for some bearish evidence below the downtrend line. The daily chart shows that the pair is traded below a strong resistance level that is the down trend line shown on the chart in blue. We will be waiting for the pair to reach the down trendline and in case it shows up some bearish evidence, we can go short targeting the level of 0.70 during the week.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ 0.7260

▪ 0.7000
▪ -
▪ -

Waiting for the pair to reach the downtrend line.

  • GBPJPY

 

Update: Started going down. As could be seen on the chart above that the pair is traded below a strong resistance level that is 149.30 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 146 during the week. This is conditioned by the continuation of trading below the resistance level of 149.30.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 149

▪ --
▪ 145
▪ 140

We are bearish as long as the pair is traded below the level of 149.30.

 

 

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