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Market Research & Info

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

09 August 2017

powered by Land Prime

 

 

Chinese inflation figures: Wednesday, 2:00. The world’s second largest economy is seeing rising costs for producers, with the PPI advancing at 5.5% y/y and 5.6% is expected now. CPI is lagging behind with 1.5% and a repeat of the same score is projected. China often “exports” inflation or deflation. The recent rises imply higher inflation in other countries, especially in the US.

US Unit Labor Costs: Wednesday, 12:30. This quarterly measure serves as another indicator for wages or inflation. Higher costs of labor could trigger an earlier rate hike. In Q1 2017, costs rose by 2.2% in the final read after an initially strong read for of 3%. An increase of 1.2% is forecast.

Crude Oil Inventories: Wednesday, 14:30. The weekly report has a significant impact on oil prices, the Canadian dollar and also the US dollar, with an inverse correlation on the latter. The recent rise in oil prices goes hand in hand with the fall of the US dollar. The smaller–expected draw of 1.5 million weighed oil prices. 

New Zealand rate decision: Wednesday, 21:00. The Reserve Bank of New Zealand has maintained the interest rate at 1.75% since the cut last November. The recent disappointing jobs report means no imminent rate hike is on the cards. The RBNZ and Governor Graeme Wheeler have tried to talk down the kiwi. Will they succeed this time as well? The jobs report provides a justification.


USD
US Unit Labor Costs
Crude Oil Inventories

NZD
New Zealand rate decision


  • EURUSD



Update: The pair is on its way to reach the level of 1.1650. The pair is traded right below a strong resistance level that could be found at 1.1900 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1600. On the other hand, breaching the level of 1.1600 would open the door for further downward movements during the week that the pair may reach the level of 1.1500.



Resistance levels: Support levels: Recommended:
▪ 1.1900
▪ 1.1800		 ▪ 1.1540
▪-1.1250
▪ 1.1200

We remain bullish as long as the pair is traded above the level of 1.1600.
  • GBPUSD


Update: Yesterday's close was not enough to confirm the breakout of the level of 1.3000 so we will be waiting for today's close. The pair is traded within an ascending channel as could be seen on the chart above. So it may continue going down a little to the level of 1.3000 then a pullback is expected that it may reach the level of 1.3100 followed by 1.3300 during the week. On the other hand, breaching the level of 1.3000 can open the door for further downward movements during the day.

  

Resistance levels: Support levels: Recommended:
▪ 1.3200
▪ 1.3300

 ▪ 1.2900
▪ 1.2800
▪ 1.3000

We remain bullish as long as the pair is traded above the level of 1.3000
  • GOLD



Update: The pair may continue going up to reach the level of 1273 but still traded in the bearish zone. Last week, the pair manage to form a bearish candle that is (bearish engulfing). It is also traded right below a strong resistance level at 1273. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1245.


Resistance levels: Support levels: Recommended:
▪ 1270
▪ 1265		 ▪ 1245
▪ 1210
▪ 1200

We remain bearish as long as the pair is traded below the level of 1273
  • AUDUSD



Update: the pair is 29 pips away from its first target (so close). The pair is traded right below a strong resistance level that could be found at of 0.8000. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7800 followed by 0.7700. This is conditioned by the continuation of trading below the level of 0.8000.

Resistance levels: Support levels: Recommended:
▪ 0.8000
▪ 		 ▪ 0.7700
▪ 0.7600
▪ 0.7500

We remain short as long as the pair is traded below the level of 0.8000.
  • GBPJPY



Update: the pair has successfully reached the uptrend line so we are waiting for some postivie sings. This is the only confirmation we can rely on to go long. The level of 148 remains solid and we also have a strong support level that is the uptrend line shown on the chart in red. The pair may continue going down to reach the uptrend line, then a pullback is expected if it shows some positive factors to reach again the level of 148.

 

Resistance levels: Support levels: Recommended:
▪ 148
▪ 147.95
▪ 

▪ 145
▪ 142
▪ 140

Waiting for the pair to reach the up trendline.