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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

16 October 2019

powered by Land-FX

UK inflation: Wednesday, 8:30. The Bank of England has seen the headline Consumer Price Index hover around the bank’s target of 2% in the past few months. However, annual inflation slipped to 1.7% in August. Governor Mark Carney and his colleagues may reconsider their intention to raise rates – based on assumptions for a smooth Brexit – if CPI continues falling.

US retail sales: Wednesday, 12:30. The US economy is centered around consumption which holds up the economy while investment and manufacturing are struggling. Back in August, headline sales rose by 0.4% core sales remained flat, and the all-important control group increased by 0.3%. Any signs of fatigue from the consumer – as expressed in some consumer sentiment surveys – may weigh on the dollar.

 

 

GBP
UK inflation

USD
US retail sales

  • EURUSD

 

As could be seen on the chart above that the pair is heading towards the level of 1.1100. So, we will be waiting for the pair to reach this level, then in case it shows up some bearish evidence, we can go short. Let us see what will happen.

 

Resistance levels: Support levels: Recommended:
 1.1242
1.1180
▪ 1.1100
▪ -
 -
 1.0838

We are bearish as long as the pair is traded below the level of 1.1100.

  • GBPUSD

 

As could be seen on the chart above that the pair managed to breakthrough a strong resistance level that is 1.2760. Therefore, we are bullish as long as the pair is traded above it. Our first target is: 1.29.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.3310
▪ 1.29
 -
 -
 1.2760

We are bullish as long as the pair is traded above the level of 1.2760

  • GOLD

 

As could be seen on the chart above that the pair is traded within a bearish channel and exactly, below the upside of the channel. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1478.

 

Resistance levels: Support levels: Recommended:
 1550
 1515
 1478
 1430
 1425
e are bearish as long as the pair is traded below the upside.

  • AUDUSD

 

We are waiting for the pair to reach the support level of 0.6680. We can go long in case the pair shows up some bullish evidence above this level. Our first target is: 0.6900.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7000

▪ 0.6680
0.6650
▪ -

We are bullish.

  • GBPJPY

 

As could be seen on the chart above that the pair is about to reach a strong resistance level that is 140. Therefore, we will be waiting for the pair to reach it, then will decide the next step based on how the price reacts below it.

 

Resistance levels: Support levels: Recommended:
142
 141
 140

 132
131
 130

Waiting for the pair to reach the resistance level.


 

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