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Land Prime 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 Prime

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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