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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

12 October 2021

powered by Land-FX

This week, in the US, Democrats and Republicans reached an agreement to raise the US government’s debt ceiling

through to early December. The ISM non-manufacturing index rose to 61.9 in September as new COVID-19 cases

declined. German industrial production for August fell by 4.0% mom and new orders fell by 7.7% mom. Energy prices rose strongly after OPEC+ decided to maintain current production plans but subsequently retreated somewhat when Russia said it would act to stabilize prices. A spike in energy prices pushed measures of inflation compensation up and lifted 10Y Bund and UST yields to four-month highs. Equity markets were volatile but are set to end the week higher. Corporate credit spreads widened across euro credit-market segments, with high yield and hybrids underperforming. The EUR showed broad-based weakness and slid to a 15-month low of 1.1530 versus the USD.

 

  • EURUSD

 

For the second week, the pair has been trading below a strong resistance level that is the 1.1665. Therefore, we are bearish as long as the pair is trading below it with targets: 1.1500 followed by 1.1450. On the other hand, if the resistance level of 1.1665 is broken, the pair might continue going upwards to reach 1.1760 followed by 1.1900.

 

Resistance levels: Support levels: Recommended:
 1.1900
1.1760
▪ 1.1665
▪ 1.1500
 1.1450
 1.1400

We are bearish as long as the pair is trading below 1.1665.

  • GBPUSD

 

As could be seen on the chart above that the pair is trading below a strong resistance level that is 1.3760. Therefore, we are bearish as long as the pair is trading below it with targets: 1.3570 followed by 1.3500. On the other hand, if the level of 1.3760 is broken, the pair could be heading towards 1.3900 followed by 1.3977.

 

Resistance levels: Support levels: Recommended:
▪ 1.3977
 1.3900
▪ 1.3760
 1.3570
 1.3500
 1.3450

We are bearish as long as the pair is trading below 1.3760.

  • GOLD

 

Again, the pair is trading below a strong resistance level that is 1786. Therefore, we are bearish as long as the pair is trading below it with targets: 1748 followed by 1720. On the other hand, if the level of 1786 is broken, the pair might continue going upwards to reach 1800 followed by 1850.

 

Resistance levels: Support levels: Recommended:
 1850
 1800
 1786
 1748
 1720
 1700
We are bearish as long as the pair is trading below 1786.

  • AUDUSD

 

We will be waiting for the pair to reach the level of 0.7420 – 0.7475. So, we can go short when the pair reaches it with targets: 0.7300.

 

Resistance levels: Support levels: Recommended:

▪ 0.7500
0.7450
0.7400

▪ 0.7100
0.7050
▪ 0.7000

We will be waiting for the pair to reach the level of 0.7420 – 0.7475.

  • GBPJPY

 

As could be seen on the chart above that the pair is trading above a strong support level that is 153.37 – 152.80. Therefore, we are bullish as long as the pair is trading above it with targets: 155 followed by 156.

 

Resistance levels: Support levels: Recommended:
156.00
 155.50
 155.00

 153.37
152.84
 152.00

We are bullish as long as the pair is trading above 153.


 

 

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