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 March 2020

powered by Land Prime

Eurozone PMIs: Tuesday, 8:15 in France, 8:30 in Germany, and 9:00 for the whole Eurozone. The February PMIs showed growth in the services sector, but pointed to contraction in the manufacturing sector. Analysts are braced for very soft readings in March as the COVID-19 outbreak has paralyzed the Eurozone economy. Eurozone PMIs are forecast to come in around 40.0 with the French PMI are projected to fall to around 39.5 points. German services PMI is expected in at 43.0 and the manufacturing PMI at 40.1 points.

UK Manufacturing PMI: Tuesday, 9:30. The PMI came in 51.7 in February, indicative of slight expansion. However, with the CORVID-19 outbreak intensifying, analysts are braced for a contraction in March. The estimate for the initial reading for March stands at 45.7 points.

UK Services PMI: Tuesday, 9:30. In February, the PMI pointed to expansion, with a reading of 53.2. March is likely to be much weaker as the estimate for the initial reading is 45.0 points. 

U.S. Manufacturing PMI: Tuesday, 13:45. After a string of readings above 50, which separates contraction and expansion, analysts are braced for a sharp slowdown in March, with an estimate of 45.1 points for the initial reading.

 

 

EUR
Eurozone PMIs

GBP
UK Manufacturing PMI

USD
U.S. Manufacturing PMI

  • EURUSD

 

The chart above shows that the pair might continue going upwards to reach the level of 1.1000. This is conditioned by the continuation of trading above the level of 1.0650.

 

Resistance levels: Support levels: Recommended:
▪ 1.1080
▪ 1.1050
▪ 1.1000		 ▪ 1.0650
▪ 1.0600
▪ 1.0550

We are bearish as long as the pair is traded below the level of 1.1.1050
  • GBPUSD

As could be seen on the chart above that the pair is traded above a strong support level that is 1.1510 Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.1900 followed by 1.2000

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.1950
▪ 1.1900		 ▪ 1.1510
▪ 1.1450
▪ 1.1400

Waiting for the pair to confirm its next movement.

  • GOLD

 

The chart above shows that the pair is trading above a strong support level that is 1450. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1600.

 

Resistance levels: Support levels: Recommended:
▪ 1600
▪ 1550
▪ 1530		 ▪ 1450
▪ 1420
▪ 1400		 We are bullish as long as the pair is trading above the level of 1450.

  • AUDUSD

 

The chart above shows that the pair is traded below a strong resistance level that is 0.6100. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.5800.

 

Resistance levels: Support levels: Recommended:

▪ 0.6300
▪ 0.6250
▪ 0.6200

▪ 0.5800
▪ 0.5750
▪ 0.5700

We are bearish as long as the pair is traded below the level of 0.6100
  • GBPJPY

 

The chart above shows that the pair is trading above a strong support level that is 126.60. Therefore, we are bullish as long as the pair is traded above it. Our first target is 135.

 

Resistance levels: Support levels: Recommended:
▪ 137
▪ 136
▪ 135

▪ 126.60
▪ 126.00
▪ 125.50

We are bullish as long as the pair is traded above the level of 126.60

 

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