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Market Research & Info

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

31 October 2019

powered by Land-FX

Japan rate decision: Thursday, early in the morning. The Bank of Japan has been contemplating another rate cut within the negative territory as other central banks have taken steps to ease monetary policy. However, the -0.10% rate has been hurting banks without pushing inflation higher. Governor Haruhiko Kuroda and his colleagues will likely leave interest rates unchanged.

Euro-zone inflation figures: Thursday, 10:00. Weak CPI is set to justify President Mario Draghi’s loose monetary policy on his last day at the job. The headline is set to decelerate from 0.9% to 0.7%, far from the bank’s 2% target. Core CPI is set to remain unchanged at 1%. If inflation further falls, the euro may struggle.

 

 

EUR
Euro-zone inflation figures

JPY
Japan rate decision

  • EURUSD

 

Update: We remain the same. The pair has been traded below the downtrend line for a long time which confirms the strength of the downtrend. Therefore, we are bearish as long as the pair is traded below the downtrend line. First target: 1.1000.

 

Resistance levels: Support levels: Recommended:
 1.1200
1.1180
▪ 1.1150
▪ -
 -
 1.1060

We are bearish as long as the pair is traded below the downtrend line.

  • GBPUSD

 

Update: We remain the same. The chart above shows that the pair is traded above a strong support level that is 1.2735. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.2900 followed by 1.3000. Conditioned by the continuation of trading above the level of 1.2735.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
 1.3310
▪ 1.30
 -
 -
 1.2735

We are bullish as long as the pair is traded above the level of 1.2735.

  • GOLD

 

Update: The pair broke through the upside, so our first target is 1520. Last week, we had a false breakout to the upside of the downward channel shown on the chart above. Therefore, we are bearish as long as the pair is traded below the upside of the channel. Our first target is: 1475.

 

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

  • AUDUSD

 

Update: We should wait for the pair to confirm the breakout of the resistance level of 0.6885. The pair is traded below a strong resistance level that is 0.6885. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.68 followed by 0.67.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7000

▪ 0.68
0.67
▪ -

We are bearish as long as the pair is traded below the level of 0.6885

  • GBPJPY

 

Update: No changes so we remain the same. The chart above shows the pair is traded above a strong support level that is 138. Therefore, we are bullish as long as the pair is traded above it. Our first target is 141.20.

 

Resistance levels: Support levels: Recommended:
142
 141
 140

 132
131
 130

We are bullish as long as the pair is traded above the level of 138


 

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