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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

23 September 2020

powered by Land-FX

Eurozone PMIs: Wednesday, 7:15 in France, 7:30 in Germany, and 8:00 for the whole eurozone. In August, German and eurozone manufacturing PMIs pointed to very slight expansion, with readings of 52.2 and 51.7, respectively. The French index came in at 49.8, just below the 50-level, which separates contraction from expansion. The Services PMIs for all three countries were in the low 50’s pointing to slight expansion. Little change is expected in the September releases.

UK Flash Manufacturing PMI: Wednesday, 8:30. The PMI has hovered just above the 55-level for the past two months. This is well above the 50-level, which separates contraction from expansion. The August estimate is 54.3 points.

UK Flash Services PMI: Wednesday, 8:30. The index has rebounded in impressive fashion, with a reading of 60.1 in August. Back in April, the index came in at just 12,3, pointing to sharp contraction. The forecast for August stands at 57.1 points.

US Manufacturing PMI: Wednesday, 13:45. The PMI has been showing slight expansion, with readings slightly above the 50 level, which separates contraction from expansion. The forecast for September stands at 52.5 points.

US Services PMI: Wednesday, 13:45. The index pushed into expansion territory in August with a reading of 54.8. This was its first reading above 50 in seven months. The estimate for September is 54.5 points.

 

 

EUR
Eurozone PMIs

GBP
UK Flash Manufacturing PMI

UK Flash Services PMI

USD
US Manufacturing PMI

  • EURUSD

 

Update: First target was hit. The chart above shows that the pair is trading below a strong resistance level that is 1.1700. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.1655.

 

Resistance levels: Support levels: Recommended:
 1.1800
1.1750
▪ 1.1700
▪ 1.1655
 1.1600
 1.1580

We are bearish as long as the pair is trading below the level of 1.1700.

  • GBPUSD

 

Update: First target was hit. The chart above shows that the pair is trading below a strong resistance level that is 1.2775. Therefore, we are bearish as long as the pair is trading below it. First target is 1.2700.

 

Resistance levels: Support levels: Recommended:
▪ 1.2800
 1.2775
▪ 1.2750
 1.2700
 1.2680
 1.2640

We are bearish as long as the pair is trading below the level of 1.2775.

  • GOLD

 

Update: First target was hit. As could be seen on the chart above that the pair is trading below a strong resistance level that is 1885. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1866.

 

Resistance levels: Support levels: Recommended:
 1980
 1950
 1885
 1866
 1840
 1820
We are bearish as long as the pair is trading below the level of 1885.

  • AUDUSD

 

Update: First target was hit. As could be seen on the chart above that the pair is trading below a strong resistance level that is 0.7120. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.7070.

 

Resistance levels: Support levels: Recommended:

▪ 0.7160
0.7130
0.7120

▪ 0.7070
0.7040
▪ 0.7020

We are bearish as long as the pair is trading below the level of 0.7120.

  • GBPJPY

 

Update: First target was hit. The chart above shows that the pair is trading below a strong resistance level that is 134.70. Therefore, we are bearish as long as the pair is trading below it. Our first target is 132.50.

 

Resistance levels: Support levels: Recommended:
134.70
 134.50
 134.20

 133.00
132.80
 132.50

We are bearish as long as the pair is trading below the level of 134.70.


 

 

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