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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

20 November 2019

powered by Land-FX

FOMC Meeting Minutes: Wednesday, 19:00. The Federal Reserve releases its minutes from its meeting in late October. In that decision, the Fed cut rates but signaled a pause – at least for now. Jerome Powell, Chair of the Federal Reserve, later indicated that the bar for raising rates is higher than for cutting them, weighing on the dollar. The minutes will provide a closer look at the tendency among central bankers – and help markets assess the next moves in 2020. The Fed’s thoughts on trade relations, inflation, and employment are of interest.

 

 

USD
FOMC Meeting Minutes

  • EURUSD

 

As could be seen on the chart above that the pair is traded below a downtrend line shown on the chart in red. In case the pair reaches this level and shows up some bearish evidence, we can go short targeting the level of 1.0999 during the week. On the other hand, breaching the downtrend line to the upside, can open the door for further upward movements that it might reach the level of 1.13 followed by 1.14.

 

Resistance levels: Support levels: Recommended:
 1.1500
1.1400
▪ 1.1300
▪ 1.0999
 1.0900
 1.0850

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

  • GBPUSD

 

As could be seen on the chart above that the pair is traded below a strong resistance level that is 1.3010. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1.2780. On the other hand, breaching the level of 1.3010 to the upside, can open the door for further upward movement that it might reach the level of 1.3240.

 

Resistance levels: Support levels: Recommended:
▪ 1.3240
 1.3100
▪ 1.3010
 1.2780
 1.2700
 1.2660

We are bearish as long as the pair is traded below the level of 1.3010.

  • GOLD

 

The chart above shows that the pair is traded within a bearish channel. We also find that the pair is traded below a strong resistance level that is 1478. Therefore, our overview is bearish as long as the pair is traded below the level of 1478. Our first target is 1454. On the other hand, if the level of 1478 is broken, this opens the door for further upward movement that it might reach the level of 1490.

 

Resistance levels: Support levels: Recommended:
 1490
 1478
 1454
 1450
 1430
We are bearish as long as the pair is traded below the level of 1478.

  • AUDUSD

 

The pair is traded below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6700.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
0.7600
▪ 0.
7000

▪ 0.6700
0.6600
▪ -

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

  • GBPJPY

 

The chart above shows that the pair is traded below a strong resistance level which meets the (PRZ) of the Harmonic pattern shown on the chart above. Therefore, we are bearish as long as the pair is traded below the level of 141.50. Our first target is 138.95.

 

Resistance levels: Support levels: Recommended:
142.30
 142
 141.50

 138.95
138
 137

Follow the scenarios


 

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