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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

12 March 2019

powered by Land-FX

K GDP: Tuesday, 9:30. The UK will now release the monthly GDP figure for January, the first look into 2019. The economy shrank by 0.4% in December, a disappointed that kept Q4 growth depressed. However, the UK economy is still expanding and an increase in monthly GDP is likely now. Manufacturing output is also likely to show a rise after a drop of 0.7% at the end of 2018.

UK votes on Brexit: Tuesday, Wednesday, and Thursday. The UK government is set to bring an amended Brexit deal to vote on March 12th, and it is expected to fail once again. It will be then followed by a vote on a no deal Brexit on March 13th, which is expected to result in Parliament rejecting an exit without an accord. The last vote comes on March 15th, when Parliament is due to instruct the government to seek an extension, probably of three months. The expected delay of Brexit sent the pound higher, but it then retreated as nothing is certain. May may announce that she has no new deal to offer. In addition, the House of Commons could also surprise with a vote in favor of leaving without a deal, a move that will likely devastate the pound. It is going to be a dramatic week.

US inflation: Tuesday, 12:30. Inflation in the US was quite steady in January with the headline rising by 1.6% Year over Year and Core CPI remaining at 2.2%, a healthy rate. A minor slide to 2.1% is on the cards in the report for February. Any deviation may impact the Fed’s “patience”.

 

USD
US inflation

GBP
K GDP
UK votes on Brexit

  • EURUSD

 

The daily timeframe shows that the pair is heading towards the downtrend line shown on the chart in red. We will be waiting for the pair to reach this level, then in case it shows up some bearish evidence, we can go short targeting the level of 1.12 during the week.

 

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 down trendline.

  • GBPUSD

 

Here comes the opportunity again to go short. The pair is very close to the level where we started our trade last week. As could be seen on the chart above that the pair is traded between two strong resistance levels: 1.33 – 1.32 so we will be waiting for some bearish evidence to show up below this level then we can go short targeting the level of 1.29 during the week.

 

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

 

As could be seen on the chart above that the pair is traded below a strong resistance level that is 1302 so we will wait for some bearish evidence then we can go short targeting the level of 1282 during the week.

 

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

We are bearish as long as the pair is traded below the level of 1302.

  • AUDUSD

 

As could be seen on the chart above that the pair is traded above a strong support level that is 0.70. So we will be waiting for some bullish evidence to show up then we can go long targeting the level of 0.7160 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 the pair is on its way to reach the resistance level of 148.50 – 149 so this is where we can look for some bearish evidence. In case this happens, we can go short targeting the level of 144 during the week.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 140
139
 138

Nothing to be done for now.

 

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