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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

06 May 2020

powered by Land-FX

Eurozone Services PMIs: Wednesday, 7:15 for Spain, 7:45 for Italy, final French figure at 7:50, final German one at 7:55, and final euro-zone number at 8:00. March was an absolute disaster, as the services sector contracted sharply. The German PMI slipped to 31.7, down from 52.5. This was the first reading below the 50-threshold since 2012. The eurozone indicator slid to 26.4, down from 52.6 points. The Spanish, Italian and French numbers were also sharply lower. The April numbers are expected to be even worse – 10.0 in Spain, 10.4 in France, 15.9 in Germany and 11.7 in the eurozone.

 

 

EUR
Eurozone Services PMIs

  • EURUSD

 

As could be seen on the chart above that the pair is traded above a strong support level that is 1.0800. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.0875. On the other hand, if the pair breached the level 1.0800. We can go short targeting the level of 1.0730.

 

Resistance levels: Support levels: Recommended:
 1.0950
1.0900
▪ 1.0875
▪ 1.0800
 1.0730
 1.0700

We are bullish as long as the pair is trading above the level of 1.0800.

  • GBPUSD

 

The chart above shows that the pair is about reaching a strong support level that is 1.2320. If the pair shows up bullish evidence above it, we can go long targeting the level of 1.2400. On the other hand, if the level of 1.2320 is broken, then the pair might continue going downwards to reach the level of 1.2220.

 

Resistance levels: Support levels: Recommended:
▪ 1.2450
 1.2430
▪ 1.2400
 1.2320
 1.2300
 1.2220

Waiting for the pair to confirm its next movement.

  • GOLD

 

The chart above shows that the pair is trading within a symmetrical triangle. Therefore, we will be waiting for the pair to reach the downside. In case it shows up bullish evidence above it, we can go long targeting the level of 1700.

 

Resistance levels: Support levels: Recommended:
 1720
 1710
 1700
 1700
 1690
 1680
We are bullish as long as the pair is trading above the downside of the pattern.

  • AUDUSD

 

The chart above shows that the pair is trading below a strong resistance level that is 0.6500. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.64. On the other hand, if the level of 0.65 is broken, we can go long targeting the level of 0.6640

 

Resistance levels: Support levels: Recommended:

▪ 0.6600
0.6550
0.6500

▪ 0.6200
0.6150
▪ 0.6100

We are bearish as long as the pair is trading below the level of 0.65.

  • GBPJPY

 

As could be seen on the chart above that the pair is trading below a strong resistance level that is 132.30. Therefore, we are bearish as long as the pair is trading below it. Our first target is 129.00

 

Resistance levels: Support levels: Recommended:
133.00
 132.30
 132.00

 129.00
128.50
 128.00

We are bearish as long as the pair is traded below the level of 132.30


 

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