News & Research

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

24 January 2020

powered by Land Prime

Eurozone flash PMIs: Friday, 8:15 in France, 8:30 in Germany, and 9:00 for the whole eurozone. Markit’s forward-looking guidance figures for December mostly showed growth – apart from in German manufacturing, the most important sector. That Purchasing Managers’ Index dropped to 43.7 points, well below the 50-point threshold separating expansion from contraction. Investors will want to see if manufacturing is dragging the economies down or if consumers can continue driving it forward. Apart from the German Manufacturing PMI, the composite figure for the whole eurozone is of interest.

UK flash PMIs: Friday, 9:30. Similar to the continent, Britain’s manufacturing is suffering from a slump. However, the revised services sector figure for December hit 50 points, a perfect balance between expansion and contraction. Is the UK’s largest sector recovering? Or will it slip back down? Given the recent negative GDP read, a disappointment cannot be ruled out.

 

 

GBP
Canada rate decision

EUR
Canada rate decision

  • EURUSD

 

Update: Still traded above the support level 1.1040. The chart above shows that the pair is about reaching a strong support level that is the uptrend line shown on the chart in green. Therefore, we will be waiting for some bullish evidence to show up above it then we can go long targeting the level of 1.1160. On the other hand, breaching the level of 1.1040 can open the door for further downward movement during the week that it might reach 1.0980.

 

Resistance levels: Support levels: Recommended:
▪ 1.1350
▪ 1.1300
▪ 1.1250		 ▪ 1.1040
▪ 1.1000
▪ 1.0980

We are bullish as long as the pair is traded above the uptrend line.

  • GBPUSD

 

Update: We remain the same. As could be seen on the daily chart that the pair is traded above a strong support level that is 1.2900. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.3250.

 

Resistance levels: Support levels: Recommended:
▪ 1.3400
▪ 1.3350
▪ 1.3300		 ▪ 1.2900
▪ 1.3000
▪ 1.2850

We are bullish as long as the pair is traded above the level of 1.2900.

  • GOLD

 

Update: No core changes to be mentioned. As could be seen on the chart above that the pair is traded above a strong support level that is 1540. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1590. On the other hand, breaching the level of 1540, opens the door for further downward movement during the week that it might reach the level of 1526.

 

Resistance levels: Support levels: Recommended:
▪ 1579
▪ 1575		 ▪ 1540
▪ 1526
▪ 1515		 We are bullish as long as the pair is traded above the level of 1540.

  • AUDUSD

 

Update: We remain the same. The chart above shows that the pair is traded below a strong resistance level that is 0.6930. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6755.

 

Resistance levels: Support levels: Recommended:

▪ 0.7123
▪ 0.6988
▪ 0.6930

▪ 0.6755
▪ 0.6685
▪ 0.6650

We are bearish as long as the pair is traded below the level of 0.6930.
  • GBPJPY

 

Update: Still traded below the support level. As could be seen on the chart above that the pair is traded below a strong resistance level that is 144.20. Therefore, we are bearish as long as the pair is traded below it. Our first target in this case is 142.00.

 

Resistance levels: Support levels: Recommended:
▪ 146.50
▪ 146.00
▪ 144.20

▪ 142.00
▪ 140.50
▪ 140.00

We are bearish as long as the pair is traded below the level of 144.20

 

Disclaimer: The information contained in this publication is produced by Land Prime and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Land Prime current judgment and may change without notice. This message is for information purposes only and is not intended as an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation or warranty is made that this information is complete or accurate. Any views or opinions expressed do not necessarily represent that Land Prime. This email and the information it contains may be confidential, proprietary or legally privileged. You must not, directly or indirectly, use, disclose, distribute, copy or store this message or any part of it if you are not the intended recipient. Unless otherwise stated, any pricing information given in this email is indicative only, is subject to changes and does not constitute an offer to deal at any price quoted.