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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

14 September 2017

powered by Land Prime

 

 

Australian jobs report: Thursday, 1:30. Australia enjoyed a healthy jobs market so far in 2017. The gain of 27.9K jobs in July is forecast to be followed by a gain of 19.2K in August. The unemployment rate is expected to remain unchanged at 5.6%. The Australian economy’s situation also provides some insight into the Chinese one. 

Swiss rate decision: Thursday, 7:30. The Swiss National Bank convenes only once per quarter to make its Libor Rate Decision. The SNB left its rate at -0.75% since removing the peg to the euro in a shock move in January 2015. No change is on the cards now. While the 1.20 floor under EUR/CHF has been removed, the SNB occasionally intervenes to weaken the franc and they are likely to stick to their pledge now. 

UK rate decision: Thursday, 11:00. The post-Brexit interest rate of 0.25% is highly likely to remain unchanged. However, it will be interesting to see if there are any shifts in the voting patterns. Two out of eight members voted for a rate hike in August. That did not convince the pound at the time. Has anybody changed their minds? The fresh strengthening of sterling will likely alleviate pressures to hike rates. 

US CPI: Thursday, 12:30. Jobs are aplenty but inflationary pressures are nowhere to be seen. That has left the Federal Reserve quite puzzled and markets to lower expectations. CPI is expected to rise by 0.3% m/m in August and core CPI by 0.2%. Both advanced by 0.1% in July. Year over year, core inflation has been stuck at 1.7% for several months. Will move now?

USD
US CPI

AUD
Australian jobs report

CHF
Swiss rate decision

GBP
UK rate decision

 

  • EURUSD



Update: We remain the same.
As could be seen on the chart above that the pair is traded within an ascending channel. The pair is traded right now above the downside of the pattern.  Also, the pair is traded above a strong support level that could be found at 1.1900. We believe that as long as the pair is traded above these levels, it is highly recommended to go long targeting the level of 1.2000 followed by 1.2100. On the other hand, breaching the level of 1.1850 can open the door for further downward movement during the week.

 

 

Resistance levels: Support levels: Recommended:
1.2000
 1.2100
1.1900
-1.1850
1.1800

We remain bullish as long as the pair is traded above the level of 1.1850.

  • GBPUSD



Update: On its way to its first target at 1. 3400.
The level of 1.3250 has been broken so this may help the GBP to gain value against the USD that it may reach the level of 1. 3400. On the other hand, if the level of 1.3250 is broken, then the way would be open for the pair for further upward movement during the week.

 



Resistance levels: Support levels: Recommended:
1.3300
▪ 1.3400

▪ 1.3000
 1.2800
 1.2700

We remain bullish as long as the pair is traded above the level of 1.3250.

  • GOLD

Update: On its way to reach the level of 1320. Bearish pressures are expected as long as the pair is traded below the level of 1375. The pair may continue going down to reach the level of 1320 followed by 1300 during the week. This is conditioned by the continuation of trading below the level of 1375.

 


Resistance levels: Support levels: Recommended:

1350
 1340
 1375

 1300
 1210
 1200

We remain bearish as long as the pair is traded below the level of 1375.

  • AUDUSD



Update: The pair is on its way to its final target at 0.7950.
The pair showed a bearish candle (shooting star) below the level of 0.8060. This could cause further downward movement during the week as long as the pair is traded below 0.8060. Our targets: 0.8000 followed by 0.7950.

 

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060
0.8000
 0.7600
 0.7500

Expected to show bullish pressures

  • GBPJPY



Update: The pair managed to reach the level of 147.90 so let's see if the pair will show up some negative signs below that level so we can go short.
The pair is traded below a strong resistance level that is the broken uptrend line. We believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 140 followed by 139 during the week.

Resistance levels: Support levels: Recommended:
148
147.95
 

139
 138

Expected to show more bearish pressures.