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Market Research & Info

Land-FX 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

30 October 2018

powered by Land-FX

Euro-zone GDP: Tuesday, 10:00. The initial read of GDP tends to have the most significant impact, even though it does not include data from Germany. Back in Q2, the first read showed a growth rate of 0.3% but this was later upgraded to 0.4% and the 19-country economic bloc grew by 2.1% y/y. Similar growth rates, which are OK but not exciting, are likely now. +0.4% is on the cards once again.

CB Consumer Confidence: Tuesday, 14:00. The Conference Board’s gauge of consumer sentiment broke yet another record in September, hitting 138.4 points, the best in 18 years. Will it continue rising? The parallel University of Michigan gauge has not been that robust. Consumer confidence is correlated to retail sales. A small drop to 136.3 is expected.

USD
CB Consumer Confidence

EUR
Euro-zone GDP

  • EURUSD

 

The daily chart shows that the pair is about to reach a strong support level that could be found at 1.1315. In case the pair shows up some bullish evidence above this level, we can go long targeting the level of 1.15 during the week. This is conditioned by the continuation of trading above the level of 1.1315.

 

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

We are bullish as long as the pair is traded above the level of 1.1315.

  • GBPUSD

 

As could be seen on the daily chart that the pair is about to reach a strong support level that is 1.2679 so we believe that in case the pair shows up some bullish evidence above this level, we can go long targeting the level of 1.2800 during the week. This is conditioned by the continuation of trading above the level of 1.2679.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.3350
▪ 1.29
 1.2679
 1.2650
 1.2550

We are bullish as long as the pair is traded above the level of 1.2679.

  • GOLD

 

As could be seen on the 4-hour-chart that the pair is traded above a strong support level that is 1218 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1230 during the week. This is conditioned by the continuation of trading above the level of 1218.

 

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

We are bullish as long as the pair is traded above the level of 1218

  • AUDUSD

 

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

 

The daily timeframe shows that there is a potential that the pair could be forming a head and shoulders pattern. If this is true, then we expect that the pair might continue going up to reach the level of 145 during the week which is conditioned by the continuation of trading above the level of 142.59.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 --
143.73
 140

We are bullish as long as the pair is traded above the level of 142.59.

 

 

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