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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

18 December 2018

powered by Land-FX

US housing figures: Tuesday, 13:30. Building Permits stood at 1.26 million annualized in October and are projected to advance to 1.27 million in November. Housing Starts stood at 1.23 million and are projected to remain at the same level. They will have a meaningful impact if they both go in the same direction. The sometimes cancel offset each other with one number beating expectations and the other missing them.

 

USD

US housing figures

  • EURUSD

 

As could be seen on the daily chart that the pair is about to reach the downtrend line shown on the chart in blue. In case the pair reached this level and shows up some bearish evidence, we can go short targeting the level of 1.13 followed by 1.1220 during the week. This will be conditioned by the continuation of trading below the down trendline. 

 

Resistance levels: Support levels: Recommended:
 1.21
1.1850
▪ 1.18
▪ -
 1.1217
 1.10

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

  • GBPUSD

 

The daily timeframe shows that the pair is traded below a strong resistance level so we can go short targeting the level of 1.26 as long as the pair is traded below the level of 1.28.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.3350
▪ 1.29
 1.2550
 1.2370
 1.23

We are bearish as long as the pair is traded below the level of 1.28.

  • GOLD

 

The pair successfully managed to break through a strong resistance level that is 1250. The breakout should be confirmed by at least a daily close. So we are waiting for the pair to confirm the breakout then we can go long targeting the level of 1260 during the week.

 

Resistance levels: Support levels: Recommended:
 1330
 1245
 1250
 
 1180
 1170

Waiting for the pair to confirm the breakout.

  • AUDUSD

 

As could be seen on the daily chart that the pair is about to reach a support area around 0.7030 so we believe if the pair goes down to reach this area and shows up some bullish evidence, we can go long targeting the level of 0.7350.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7260

▪ 0.7000
-
▪ -

Waiting for the pair to reach the level of 0.7030.

  • GBPJPY

 

The pair successfully retested the broken up trendline and formed a bearish candlestick pattern below it (bearish engulfing pattern). This simply means that we can go short targeting the level of 140.20 during the week.. This will be conditioned by the continuation of trading below the broken up-trendline. 

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 140.50
140
 139

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

 

 

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