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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

3 September 2021

powered by Land-FX

we are waiting for: NFP

However, if the NFP data is strong, that could mean that tapering of bond purchases may happen as soon as September, given that he said that the “substantial further progress” test had been met as far as inflation goes.

Although the Fed’s test for inflation of 2% or moderately higher for an extended period having been met in Powell view, any possible hawkish interpretation was balanced by his comments on sequencing of tapering and rate hikes, where he indicated that the timing of tapering and any increase in the federal funds rate were not connected.

Instead, Powell strongly reiterated that an interest rate liftoff would be dependent on the extent to which the economy the “maximum employment” goal.

“We have said that we will continue to hold the target range for the federal funds rate at its current level until the economy reaches conditions consistent with maximum employment, and inflation has reached 2% and is on track to moderately exceed 2% for some time,” Powell said.

He added: “We have much ground to cover to reach maximum employment, and time will tell whether we have reached 2% inflation on a sustainable basis.”

  • EURUSD

 

Update: The pair broke through the upside and hit our targets. As could be seen on the chart above that the pair is trading below a strong resistance level that is the upside of the bearish channel. Therefore, we are bearish as long as the pair is trading below it with targets: 1.1750 followed by 1.1700. On the other hand, if the level of resistance level is broken, the pair might continue going upwards to reach 1.1900 followed by 1.1950.

 

Resistance levels: Support levels: Recommended:
 1.1950
1.1900
▪ 1.1870
▪ 1.1750
 1.1700
 1.1685

We are bearish as long as the pair is trading below the upside of the bearish channel

  • GBPUSD

 

Update: The pair broke through the upside and hit our targets. The chart above shows that the pair is trading below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is trading below it with targets: 1.3680 followed by 1.3600. On the other hand, if the downtrend line is broken, the pair might continue going upwards to reach 1.3878

 

Resistance levels: Support levels: Recommended:
▪ 1.4000
 1.3950
▪ 1.3878
 1.3680
 1.3600
 1.3526

We are bearish as long as the pair is trading below the downtrend line.

  • GOLD

 

Update: No changes. The chart above shows that the pair is trading below a strong resistance level that is 1835. Therefore, we are bearish as long as the pair is trading below it with targets: 1730 followed by 1700. On the other hand, if the level of 1835 is broken, the pair might continue going upwards to reach 1860 followed by 1900.

 

Resistance levels: Support levels: Recommended:
 1900
 1860
 1835
 1730
 1700
 1685
Weare bearish as long as the pair is trading above 1835.

  • AUDUSD

 

Update: Targets were hit. The chart above shows that the pair is trading above 0.7280. Therefore, we are bullish as long as the pair is trading above it with targets: 0.7400 followed by 0.0.7450. On the other hand, if the level of 0.7280 is broken, the pair might continue going downwards to reach 0.7230 followed by 0.7200.

 

Resistance levels: Support levels: Recommended:

▪ 0.7500
0.7450
0.7400

▪ 0.7280
0.7230
▪ 0.7200

We are bullish as long as the pair is trading above 0.7280.

  • GBPJPY

 

Update: Targets were hit. The chart above shows that the pair is trading above 151. Therefore, we are bullish as long as the pair is trading above it with targets: 152 followed by 152.30.

 

Resistance levels: Support levels: Recommended:
153.00
 152.30
 152.00

 151.00
150.50
 150.00

We are bullish as long as the pair is trading below 151.00


 

 

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