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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

10 May 2019

powered by Land-FX

UK GDP: Friday, 8:30. Britain releases GDP data on a frequent, monthly basis. However, this time it releases the data for March, thus the full data for the past quarter. The economy grew at a meager pace of 0.2% in Q4 and signs of a slowdown have been seen in Q1. Despite signs of recovery in other places, the ongoing Brexit uncertainty probably left the British economy behind. A better figure is likely now.

US inflation: Friday, 12:30. US inflation is slowing down, as seen in both the Core CPI that dropped to 2% y/y and in the Fed’s preferred gauge, the Core PCE, which slipped to 1.6%. The focus in April’s report remains on the yearly core number. A drop below 1.9% will further limit any chances for a rate hike this year.

Canadian jobs data: Friday, 12:30. Canada’s winning streak of jobs reports came to a halt in March with a loss of 7.2K positions. The unemployment rate stood at 5.8%. A rise is likely now. The Canadian dollar is very sensitive to the data and past experience shows that the moves are slow, allowing retail traders to jump in.

 

 

GBP
UK GDP

USD
US inflation

CAD
Canadian jobs data

  • EURUSD

 

Update: The pair started going up as expected. As could be seen on the chart above that the pair is traded within a bearish channel. The pair is traded now above the downside of the channel which means that the pair might go up as long as it is traded above the downside of the channel. Out first target is 1.15.

 

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 downside of the bearish channel.

  • GBPUSD

 

Update: Still waiting for the pair to reach one of the levels mentioned below. As could be seen on the chart above that the pair is about to reach a strong resistance level that is located between 1.32 – 1.33. We need some bearish evidence to show up below this area so we can go short targeting the level of 1.29 during the week.

 

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

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

  • GOLD

 

Update: The pair started going up as expected. The chart above shows that the pair is traded above a strong support level that is the uptrend line. We are bullish as long as the pair is traded above it. Out first target is 1310.

 

Resistance levels: Support levels: Recommended:
 1350
 1365
 1245
 1180
 1170
We are bullish as long as the pair is traded above the uptrend line.

  • AUDUSD

 

Update: Still traded above the downside of the channel>> We remain the same. The chart above shows that the pair is traded above a strong support level that is the downside of the bearish channel. This opens the door for further upward movement during the week that it may reach the level of 0.71.

 

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

 

Update: The pair might retest the broken level>> The support level of 143.77 is broken so the pair might continue going down to reach the level of 140. The chart above shows that the pair is traded above a strong support level that is 143.77 so we are bullish as long as the pair is traded above it. Out first target is 148. On the other hand, if the pair breaks the level of 143.77 then the way is open for the pair to reach 140.

 

Resistance levels: Support levels: Recommended:
156
 155
 149

 140
139
 138

Nothing to be done for now.


 

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