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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

27 August 2021

powered by Land-FX

Today we are waiting for:

 

USD related events:

Prelim GDP q/q: GDP is a primary gauge for economic health. The number is expected to slightly rise to 6.6% against the previous quarter’s reading at 6.5%. Upbeat figures will strengthen the odds of tapering/rate hikes.

Unemployment claims: The weekly unemployment claims are likely to decrease to 345k against the previous week’s reading at 348k.

Core PCE price index m/m: This is one of the most observed indicators to gauge the inflation and economic health of the US. The previous reading was quite dismal that had sent the dollar down. Coming reading for July is expected to slide further to 0.3%. However, any surprise (upbeat figures) can provide further support to the rising Greenback.

Fed Chair Powell speaks: Investors will look for further clues about tapering and rate hikes on Friday.

Jackson Hole Symposium (Aug 26-28): The three-day event is the most important release next week. Fed is likely to outline the plan for tapering in the symposium.

  • EURUSD

 

Update: Target was hit. The chart above shows that the pair is trading above a strong support level that is 1.1660. Therefore, we are bullish as long as the pair is trading above it with targets: 1.1750 followed by 1.1800. On the other hand, if the level of 1.1660 is broken, the pair might continue going downwards to reach 1.1600 followed by 1.1550.

 

Resistance levels: Support levels: Recommended:
 1.1850
1.1800
▪ 1.1750
▪ 1.1660
 1.1600
 1.1550

We are bullish as long as the pair is trading above 1.1660.

  • GBPUSD

 

Update: Target was hit. The chart above shows that the pair is trading above a strong support level that is 1.3600. Therefore, we are bullish as long as the pair is trading above it with targets: 1.3700 followed by 1.3750.

 

Resistance levels: Support levels: Recommended:
▪ 1.4100
 1.4000
▪ 1.3950
 1.3600
 1.3500
 1.3450

We are bullish as long as the pair is trading above 1.3600.

  • GOLD

 

Update: Upside Target was hit. The chart above shows that the pair is trading below a strong resistance level that is 1794. Therefore, we are bearish as long as the pair is trading below it with targets: 1780 followed by 1750. On the other hand, if the level of 1794  is broken, the pair might continue going upwards to reach 1800 followed by 1820.

 

Resistance levels: Support levels: Recommended:
 1830
 1800
 1794
 1780
 1750
 1730
We are bearish as long as the pair is trading above 1780.

  • AUDUSD

 

Update: Target was hit. The chart above shows that the pair is trading above 0.7100. Therefore, we are bullish as long as the pair is trading above it with targets: 0.7200 followed by 0.7250. On the other hand, if the level of 0.7100 is broken, the pair might continue going downwards to reach 0.7050 followed by 0.7000.

 

Resistance levels: Support levels: Recommended:

▪ 0.7400
0.7300
0.7250

▪ 0.7100
0.7050
▪ 0.7000

We are bullish as long as the pair is trading above 0.7100.

  • GBPJPY

 

Update: Target was hit. The chart above shows that the pair is trading above 149.22. Therefore, we are bullish as long as the pair is trading above it with targets: 151.20 followed by 152.

 

Resistance levels: Support levels: Recommended:
152.50
 152.00
 151.20

 149.22
148.50
 148.00

We are bullish as long as the pair is trading below 149.22.


 

 

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