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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

27 February 2017

powered by Land Prime

 

 

US Durable Goods Orders: Orders for long lasting products fell unexpectedly 0.4% in December amid a drop in military aircraft category. However demand for non-military equipment such as machinery, electrical gear and communications equipment jumped 0.8% after rising 1.5% in November, indicating businesses were preparing for stronger economic growth in 2017. Excluding transportation equipment the number of orders edged up 0.5% in December. Furthermore, unfilled orders for non-defense capital goods excluding aircraft also rose 0.5%. Durable Goods Orders are expected to climb 1.6% while core orders are expected to gain 0.5%.

USD 
US durable good orders
  • EURUSD

The pair may continue going down to reach the level of 1.0450 during the week then a pullback is expected that it may go up to reach the level of 1.0500 followed by 1.0600 during the week. On the other hand, breaching the level of 1.0450 can open the door for the pair to reach the level of 1.0350 during the week.

Resistance levels: Support levels: Recommended:
▪ 1.0500
▪-1.0600
▪ --		 ▪ 1.0450
▪-1.0350
▪ --		 We remain bullish as long as the pair is traded above the level of 1.0450
  • GBPUSD

The pair is traded above a strong support level around 1.2370 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2650 during the day. If the pair breaks through the level of 1.2370 then the way would be open for the pair to reach the level of 1.2400.

Resistance levels: Support levels: Recommended:
▪ 1.2650
▪-1.2700 
▪ --		 ▪ 1.2370
▪ 1.2300
▪ --		 We remain bullish as long as the pair is traded above the level of 1.2370
  • GOLD

The technical condition of the Gold is somehow critical. As could be seen on the chart that the Gold has formed what we can call an inverted head and shoulders pattern (that is in our case is a continuation pattern) and its neck-line has been broken. In accordance to this movement, the way has been opened for the Gold to gain value against the American dollar that it had reached the level of $1260. It may find a resistance level around 1280 followed by 1300. We also can find a good entry around the level of 1244 (a strong support level).

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1280
▪ 1300		 ▪ 1244
▪ 1240
▪ --		 We remain bullish as long as the pair is traded above the level of $1244
  • AUDUSD

The pair is going to be traded near to very strong resistance levels around 0.7770 – 0.7730 so if the pair shows some negative factors below them, we may go short targeting the level of 0.7600 during the day.

Resistance levels: Support levels: Recommended:
▪ 0.7770
▪0.7730
▪--		 ▪ 0.7600
▪0.7530
▪ --		 We remain bearish as long as the pair is traded below the level of 0.7770
  • GBPJPY

The pair managed to form a symmetrical triangle (that is a price pattern) the downside of the pattern has been broken so the pair may continue going down to reach the level of 136.80 as its first target. The continuation of trading below the broken side of the pattern confirms the bearish signal.

Resistance levels: Support levels: Recommended:
▪ 140
▪ 141
▪ --

▪ 138.50
▪ 136.85
▪ --

 We remain bearish as long as the pair is traded below the downside of the pattern.