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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 May 2017

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German GDP: Friday, 6:00. The biggest economy in the eurozone posted a weaker than expected growth level in Q4 2016: 0.4%. An acceleration is expected now: 0.6%. This will impact the assessment of the euro-zone GDP, which came out at 0.5% in the preliminary read.

US retail sales: Friday, 12:30. The US economy leans heavily towards consumption, making the publication a top-tier one. March was a bit disappointing with a headline drop of 0.2%. A bounce back with 0.6% is on the cards. Core retail sales were flat and now carry expectations for a rise of 0.5%.

US CPI: Friday, 12:30. Inflation in the US is not going anywhere fast. Headline CPI that was fueled by fuel, surprised with a drop of 0.2% in March. A rise of the same scale is forecast now. Core CPI which is even more important dropped by 0.1%. A rise of 0.2% is estimated now. The Fed’s preferred measure of inflation fell to 1.6%.

US Consumer Sentiment: Friday, 14:00. Last but not least, this early assessment of the mood of the consumer has the last word for the week. The final score for April stood at 97 points and markets are expecting a repeat of this number now. Note that the actual correlation between confidence and consumption is not always too good.

EUR 
Crude Oil Inventories
USD
US retail sales
US Consumer Sentiment
US CPI
  • EURUSD

Update: The pair is FACING a strong support level that is the SMA 200 (Daily) that could push the prices to show some positive movements during the day. Above the current price of the pair we can find two strong resistance levels which are: The upside of the ascending channel and the downtrend line (that acts as a resistance level in our case). It is a good catch if the pair manages to go up again to reach those two levels then if it shows some negative factors, we may go short targeting the level of 1.0800. There are no exact prices to enter the market in this scenario. But rather we have areas that are very bearish (two levels mentioned above). We believe that these levels can take traders' attention so let's keep an eye on them and see what will happen?

Resistance levels: Support levels: Recommended:
▪ 1.0900
▪-1.0950
▪ --		 ▪ 1.0800
▪-1.0700
▪ 1.0680		 We remain bearish as long as the pair is traded below the upside of the ascending channel
  • GBPUSD

For two days, the pair have been very bearish, that is the result of continuation of trading below the upside of the ascending channel shown on the chart. The upside of the ascending channel was broken, so this may cause the pair to rise to the level of 1.3000 followed by 1.3100. This is conditioned by the continuation of trading above the level of 1.2700.

Resistance levels: Support levels: Recommended:
▪ 1.3100
▪-1.3000
▪ --		 ▪ 1.2700
▪ 1.2600
▪ --		 We remain bullish as long as the pair is traded above the level of 1.2700
  • GOLD

Update: The pair is still traded below the level of 1240 so we remain bearish.. A retest is expected for the level of 1240. As could be seen on the chart above that the pair may continue going up to reach the level of 1240 then a rebound is expected in case it shows some negative factors that it may go down again to reach the level of 1210.

Resistance levels: Support levels: Recommended:
▪ 1280
▪ 1300
▪ 1220		 ▪ 1215
▪ 1210
▪ 1200		 We remain bearish as long as the pair is traded below the level of 1240.
  • AUDUSD

Update: Today's candle could be bullish, so this may be a good reason for a bullish day to retest the broken support level (now it is a resistance level) around 0. 7400. The pair managed to break through the level of 0.7400 so this would open the door for the pair for further downward movement during the day that it may reach the level of 0.7300. This is conditioned by the continuation of trading below the level of 0.7400.

Resistance levels: Support levels: Recommended:
▪ 0.7600
▪ 0.7550
▪-0.7400		 ▪ 0.7600
▪0.7530
▪ --		 We remain bearish as long as the pair is traded below the level of 0.7400
  • USDCAD

Update: A very tight movement since yesterday, so we remain the same. As we mentioned last week that the pair has been traded below a strong resistance level around 1.3840 and this helped the CAD to gain value against the American Dollar that it reached the level of 1.3600. So we believe that the level of 1.3600 is a good bullish area where we can go long targeting the level of 1.3840 again.

Resistance levels: Support levels: Recommended:
▪ 1.3800
▪ 1.3840
▪ 1.3700

▪ 1.3600
▪ 1.3530
▪ 1.3455

 We remain bullish as long as the pair is traded below the level of 1.3600