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Market Research & Info

Land Prime 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

19 March 2019

powered by Land Prime

UK 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 m ay impact the Fed’s “patience”.

 

 

GBP
UK GDP
UK votes on Brexit

USD
US inflation

  • EURUSD

 

As could be seen on the chart above that the pair is about to reach the down trendline shown on the chart in blue. In case the pair reaches this level and shows up some bearish evidence, we can go short targeting the level of 1.1250 during the week. This will be conditioned by the continuation of trading below the downtrend line.

 

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

 

The daily timeframe shows that the pair is traded below a strong resistance level that is 1.33 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2970 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

 

The chart above shows that the pair is traded below a strong resistance level that is 1310. We are not sure yet what to do so it is better to wait for some bearish evidence to show up below this level, then we can go short targeting the level of 1290 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 1310.

  • AUDUSD

 

The chart above shows that the pair is traded above a strong support level that is 0.70. So we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 0.74 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

 

As could be seen on the chart above that the pair is traded below a strong resistance level that is 149.70. Therefore, we can go short targeting the level of 145 during the week. This is conditioned by the continuation of trading below the mentioned above level.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 149

▪ 140
▪ 139
▪ 138

Nothing to be done for now.

 

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