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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

24 July 2020

powered by Land-FX

UK Manufacturing PMI: Friday, 8:30. Manufacturing PMI came in at 50.1 in June, just above the 50.0 mark, which separates contraction from expansion. The initial estimate for July stands at 52.0.

Eurozone PMIs: Friday, 7:15 in France, 7:30 in Germany, and 8:00 for the whole eurozone. In Germany and the eurozone, manufacturing PMIs rose sharply in May, but remain in contraction territory. The German PMI rose from 36.6 to 45.2, while the eurozone indicator climbed from 39.4 to 47.4. French Manufacturing PMI improved to 52.3, which indicates expansion. In Germany and the eurozone, initial readings for July are projected to improve but remain in contraction territory, with estimates of 48.0 and 49.6, respectively. In the services sector, German PMI is expected to rise to 50.1 just above the 50.0 threshold, which separates contraction from expansion. The eurozone index is expected to improve to 51.0 and the French indicator to 52.3.

UK Services PMI: Friday, 8:30. After showing deep contraction in April, with a read of just 12.3, the index has recovered. In June, the index improved to 47.0 and the initial estimate for July stands at 51.1, which indicates slight expansion.

US Manufacturing PMI: Friday, 13:45. The PMI has not posted a reading showing expansion (above 50.0) since February. The index improved to 49.8 in June, up sharply from 39.8 beforehand. The upward trend is expected to continue, with an estimate of 52.0.

US Services PMI: Friday, 13:45. In June, the PMI climbed from 36.9 to 47.9. The estimate for July stands at 51.0.

 

 

USD
US Manufacturing PMI
US Services PMI

EUR
Eurozone PMIs

GBP
UK Manufacturing PMI
UK Services PMI

  • EURUSD

 

Update: Targets have been hit. The chart above shows that the pair is trading above a strong support level that is 1.1500. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.1630.

 

Resistance levels: Support levels: Recommended:
 1.1630
1.1600
▪ 1.1590
▪ 1.1500
 1.1480
 1.1450

We are bullish as long as the pair is trading above the level of 1.1500.

  • GBPUSD

 

Update: Targets have been hit. The chart above shows that the pair is trading above a strong support level that is 1.2650. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.2750 followed by 1.2800.

 

Resistance levels: Support levels: Recommended:
▪ 1.2800
 1.2750
▪ 1.2725
 1.2650
 1.2620
 1.2600

We are bullish as long as the pair is trading above 1.2650.

  • GOLD

 

Update: Targets have been hit. As could be seen on the chart above that the pair is trading above the level of 1850. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1890 followed by 1905.

 

Resistance levels: Support levels: Recommended:
 1910
 1905
 1890
 1850
 1830
 1815
We are bullish as long as the pair is trading above the level of 1850.

  • AUDUSD

 

Update: Targets have been hit. The chart above shows that the pair is trading in a very tight range between 0.7034 (resistance) and 0.6770 (Support). If the pair breaks through the level of 0.7034, it might continue going upwards to reach the level of 0.7150.

 

Resistance levels: Support levels: Recommended:

▪ 0.7150
0.7100
0.7034

▪ 0.6770
0.6740
▪ 0.6700

We are bearish as long as the pair is trading below the level of 0.7034.

  • GBPJPY

 

Update: No changes. The chart above shows that the pair is trading below a strong resistance level that is 136.30. Therefore, we are bearish as long as the pair is trading below it. Our first target is 135.00 followed by 134.50.

 

Resistance levels: Support levels: Recommended:
137.00
 136.50
 136.30

 135.30
135.00
 134.50

We are bearish as long as the pair is trading below the level of 136.30


 

 

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