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

05 June 2020

powered by Land Prime

US Employment Report: Friday, 12:30. Investors are braced for another month of soft data. The economy is expected to shed another 8.0 million jobs, after last the previous reading which indicated the loss of some 20.5 million jobs. Wage growth is expected to slip to 1.0%, down from 3.0% a month earlier. As well, the unemployment rate is expected to jump to 19.5%, compared to 14.7% in April.

Canadian Employment Report: Friday, 12:30. Job losses have hit staggering levels – the economy shed some 1.99 million jobs in April, reflective of poor economic conditions due to Covid-19.  However, this figure was far better than the estimate of a loss of 4.0 million jobs. Another huge decline is expected in May. The unemployment rate soared to 13.8% in April, up from 7.8% a month earlier. Another double-digit reading is expected for May.

 

CAD
Canadian Employment Report

USD
US Employment Report

  • EURUSD

 

Update: First target was hit. The pair is on its way to hit its final target. The chart above shows that the pair is trading below a strong resistance level that is 1.1350. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.1300 followed by 1.1280.

 

Resistance levels: Support levels: Recommended:
 1.1400
1.1380
▪ 1.1350
▪ 1.1300
 1.1280
 1.1240

We are bearish as long as the pair is trading below the level of 1.1350.

  • GBPUSD

 

Update: The target of the upside was hit. As could be seen on the chart above that the pair is trading below a strong resistance level 1.2600. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2170. On the other hand, if the level of 1.2600 is broken, we can go long targeting the level of 1.2650

 

Resistance levels: Support levels: Recommended:
▪ 1.2750
 1.2700
▪ 1.2650
 1.2550
 1.2500
 1.2480

We are bearish as long as the pair is trading below the level of 1.2600.

  • GOLD

 

Update: Still trading above the support level. As could be seen on the chart above that the pair is trading above a strong support level that is 1669. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1750 followed by 1760. We still have a chance if the pair goes downwards again to the support level of 1669.

 

Resistance levels: Support levels: Recommended:
 1735
 1730
 1715
 1669
 1655
 1640
We are bullish as long as the pair is trading above the level of 1669.

  • AUDUSD

 

Update: We remain the same. As could be seen on the chart above that the pair is trading below a strong resistance level that is 0.7000. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.6880 followed by 0.6820

 

Resistance levels: Support levels: Recommended:

▪ 0.7500
0.7300
0.7000

▪ 0.6880
0.6820
▪ 0.6800

We are bearish as long as the pair is trading below the level of 0.7000

  • GBPJPY

 

Update: Out targets were hit. As could be seen on the chart above that the pair is trading above a strong support level that 137.00. Therefore, we are bullish as long as the pair is trading above it. Our first target is 138.00 followed by 139.00.

 

Resistance levels: Support levels: Recommended:
139.00
 138.50
 138.00

 137.00
136.50
 136.20

We are bullish as long as the pair is traded above the level of 137.00.


 

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