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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 March 2019

powered by Land-FX

Australian rate decision: Tuesday, 3:30. The Reserve Bank of Australia left its interest rate unchanged at 1.50% in the past two and a half year or so. In the previous decision in February, the Bank also left the statement unchanged. However, consequent appearances by Governor Phillip Lowe and the Statement of Monetary Policy showed a shift from a slightly hawkish bias to a neutral one due to worsening global conditions. Will this be reflected in the fresh statement? Every word will be scrutinized.

UK Services PMI: Tuesday, 9:30. Markit’s series of purchasing managers’ indices culminates in the report for the services sector, the largest in the UK. It dropped to only 50.1 points in January, touching the 50-point threshold that separates expansion from contraction. Will it fall lower? A contraction in the sector could reflect growing fears of Brexit.

US ISM Non-Manufacturing PMI: Tuesday, 15:00. The services sector report disappointed in January with a slide to 56.7 points, partly reflecting the government shutdown. It may return to higher levels now. Apart from being a forward-looking gauge for the largest sectors, the figure serves as a hint towards Friday’s Non-Farm Payrolls report.

US New Home Sales: Tuesday, 15:00. The housing sector is struggling, as seen in the recent existing home sales report and in housing starts. Back in November, new home sales provided relief with a leap to 657K annualized. We will finally receive the data for December, which may be weaker.

 

 

AUD
Australian rate decision

GBP
UK Services PMI

USD
US New Home Sales
US ISM Non-Manufacturing PMI

  • EURUSD

 

As we reported last week that the daily timeframe shows that the pair has been traded above a strong support level that is 1.13 and it is still traded above it, so we still recommend to go long targeting the level of 1.15. This is conditioned by the continuation of trading above the level of 1.12.

 

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

We are bullish as long as the pair is traded above the level of 1.1217

  • GBPUSD

 

As could be seen on the daily timeframe that the pair is traded below a strong resistance level that is 1.32. So, we are bearish as long as the pair is traded below it. Our first target is: 1.29. This is conditioned by the continuation of trading below the level of 1.33.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.33
▪ 1.32
 1.2730
 1.27
 1.26

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

  • GOLD

 

The daily timeframe shows that the pair managed to break through a strong support level that is the uptrend line shown on the chart in blue. As a result, the pair might continue going down to reach the level of 1276 during the ween then there will be another scenario.

 

Resistance levels: Support levels: Recommended:
 1350
 1365
 1298
 1180
 1170

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

  • AUDUSD

 

The daily timeframe shows that the pair is traded above a strong support level that is 0.70. So, we are bullish as long as the pair is traded above that level. Our first target is 0.72. This is conditioned by the continuation of trading above the level of 0.70.

 

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

 

As we reported last week that the pair managed to break through the neckline of the head and shoulder patter and continued going up too much. The pair now could be developing like a retest scenario to test the broken level (the neckline). In this case, we will be waiting for the pair to retest this area then we will decide if it is time to enter the market. Nothing to be done for now.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 140
139
 138

Nothing to be done for now.

 

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