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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

24 April 2019

powered by Land-FX

German Ifo Business Climate: Wednesday, 8:00. After ZEW’s survey of businesses rose back up to positive territory, the real test comes from Germany’s No. 1 Think Tank. Has the old continent’s largest economy bottomed out? A score of 99.6 points was seen in March. The data for April is due now. A level of 99.9 is forecast.

Canadian rate decision: Wednesday, 14:00. The Bank of Canada recently made a dovish tilt, following the lead of other central banks. Officials see a potential of growth without inflation. In addition, the fresh BOC Business Survey showed a deterioration in economic conditions. The BOC is not expected to cut interest rates at this juncture, but Governor Stephen Poloz may provide further comments on the next policy moves in his press conference. The Ottawa-based institution also releases new forecasts.

 

 

EUR
German Ifo Business Climate

CAD
Canadian rate decision

  • EURUSD

 

The daily timeframe shows that the pair is traded above a strong support area that is 1.12 – 1.1150 which is where we can look for some bullish evidence, then we can go long targeting the level of 1.13 followed by 1.14.

 

Resistance levels: Support levels: Recommended:
 1.21
1.1850
▪ 1.18
▪ -
 1.12
 1.1150

We are bullish as long as the pair is traded above the level of 1.1150.

  • GBPUSD

 

The chart above shows that the pair is traded in the middle of two strong levels. The first level is the support level of 1.2750 and the 2nd level is the resistance level of 1.32 – 1.33. We will be waiting for the pair to reach one of these levels then we can enter the market. The analysis will be updated if the pair reaches one of these levels.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.3310
▪ 1.33
 -
 1.27
 1.26

Waiting for the pair to reach one of the levels mentioned in the analysis.

  • GOLD

 

As could be seen on the chart above that the pair is about to reach a strong support level that is the uptrend line shown on the chart in blue. We have to scenarios: The first one, if the pair shows up some bullish evidence above the uptrend line, then we can go long targeting the level of 1330 during the week. On the other hand, if the uptrend line is broken, we can go short targeting the level of 1245.

 

Resistance levels: Support levels: Recommended:
 1350
 1365
 1245
 1180
 1170
Waiting for the pair to confirm its upcoming movement.

  • AUDUSD

 

The daily timeframe shows that the pair is about to reach a strong support level that is 0.70 which is where we can go long targeting the level of 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 chart above shows that the pair is making lower highs and lower lows which is considered to be a bearish movement. We expect that the pair might continue going down to reach the level of 143.50 conditioned by the continuation of trading below the level of 149.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 140
139
 138

Nothing to be done for now.


 

 

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