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Market Research & Info

Land Prime 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

27 November 2019

powered by Land Prime

US GDP: Wednesday, 13:30. According to the first release of third-quarter Gross Domestic Product, the economy grew by 1.9% annualized. That expansion rate is unimpressive in absolute terms but above the levels seen in the euro-zone and in other developed economies. An upgrade to levels above 2% would push the dollar higher, while a downgrade toward 1.5% may weigh on it.

US Durable Goods Orders: Wednesday, 13:30. While the GDP report refers to the three months that ended in September, the orders statistics are for October – thus more recent. Investment has been on the back foot and weighed on the US economy. Back in September, headline durable goods orders fell by 1.2% and core orders slipped by 0.4%. A bounce is on the cards for this publication.

 

 

USD
US GDP
US Durable Goods Orders

  • EURUSD

 

The pair has been traded below a strong resistance level for a few weeks which reflects how strong the downtrend is. The pair is also traded above a support level (1.0993 – on the short run). We believe that it is better to wait until the support level is broken then we can go short targeting the level of 1.0926.

 

Resistance levels: Support levels: Recommended:
▪ 1.1500
▪ 1.1400
▪ 1.1300		 ▪ 1.0993
▪ 1.0900
▪ 1.0850

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

 

The pair is traded in a very tight range between: Resistance: 1.30 and Support: 1.2773. Therefore, we can wait for the pair to reach the support level then we can go long targeting the resistance level. On the other hand, if the support level is broken, we can go short targeting the level of 1.2680.

 

Resistance levels: Support levels: Recommended:
▪ 1.3240
▪ 1.3100
▪ 1.3010		 ▪ 1.2773
▪ 1.2700
▪ 1.2660

Waiting for the pair to reach on of the levels mentioned in the report.

  • GOLD

 

As could be seen on the chart above that the pair is traded below a strong resistance level that is 1478. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1445.

 

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

 

As could be seen on the chart above that the pair is traded above a strong support level that is 0.6769. Therefore, we are bullish as long as the pair is traded above it. Our first target is 0.6850. On the other hand, if the level of 0.6769 is breached, we can go short targeting the level of 0.6701.

 

Resistance levels: Support levels: Recommended:

▪ 0.7550
▪ 0.7600
▪ 0.7000

▪ 0.6769
▪ 0.6701
▪ -

Follow the report.
  • GBPJPY

 

The Harmonic pattern that was mentioned before is still active. We can use the short-term movements to make some PIPS. Therefore, we can go short of the pair shows up bearish evidence below the level of 141.46 targeting the level of 139.

 

Resistance levels: Support levels: Recommended:
▪ 142.30
▪ 142
▪ 141.50

▪ 138.95
▪ 138
▪ 137

Follow the scenarios

 

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