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Market Research & Info

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

05 February 2019

powered by Land-FX

Australian rate decision: Tuesday, 3:30. The Reserve Bank of Australia makes its first rate decision of the year after enjoying a summer vacation in January. The Canberra-based institution has not changed since mid-2016. Officials have said that the next move will likely be up rather than down, but they are firmly neutral. No change is expected now, but since the last meeting, the global picture has worsened. It will be interesting to hear the opinions of Phillip Lowe and his colleagues about Chinese demand, the stuttering housing sector, and the local job market, which is doing quite well. Any hints about changes in rates may impact the Aussie.

ISM Non-Manufacturing PMI: Tuesday, 15:00. The services sector report, like the manufacturing one, is published after the Non-Farm Payrolls and has its own time in the sun. The figure came out at 57.6 points in December, below expectations. The worsening global picture and the US government shutdown may drag it down this time. The indicator is a forward-looking one. A score of 57 is expected.

 

 

USD
ISM Non-Manufacturing PMI

AUD
Australian rate decision

  • EURUSD

 

As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1.1535 so we believe that the pair might continue going down in case it shows up some bearish evidence below the level of 1.1535. Our first target is: 1.13.

 

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 below the level of 1.1535

  • GBPUSD

 

As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1.32. Therefore, we are bearish as long as the pair is traded below the resistance level of 1.32. Our first target: 1.27.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.33
▪ 1.32
 1.2550
 1.2370
 1.23

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

  • GOLD

 

As could be seen on the 4 hours chart that the pair is traded above a strong support level that is 1308 so we are bullish as long as the pair is traded above it. Our first target is: 1330

 

Resistance levels: Support levels: Recommended:
 1330
 1310
 1298
 1180
 1170

We are bullish as long as the pair is traded above the level of 1308.

  • AUDUSD

 

The daily timeframe shows that the pair is traded above a strong support level that is 0.70. In case the pair reaches this level and shows up some bullish evidence, we can go long targeting the level of 0.71 followed by 0.72 during the week.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7260

▪ 0.7000
-
▪ -

We are bullish as long as the pair is traded above the level of 0.70.

  • GBPJPY

 

The daily timeframe shows that there is a strong crossover that was formed by the downtrend line (in red) and the up trendline (in blue). This makes a very strong resistance level. Therefore, we will be waiting for the pair to reach this area, then we can go short targeting the level of 141 followed by 140 during the week.

 

Resistance levels: Support levels: Recommended:
156
 155
 141.34

 136
135
 134

Waiting for the pair to reach the crossover area.

 

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