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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

04 October 2017

powered by Land Prime

 

 

UK Services PMI: Wednesday, 8:30. The services sector is the largest in the UK, and this purchasing managers’ index has the biggest influence on the pound. The score dropped to the 53 handle in May and hasn’t really recovered since then. At 53.2 in August, the number reflects modest growth. It is now projected to tick up to 53.3. 

ADP Non-Farm Payrolls: Wednesday, 12:15. ADP is the largest software provider of payrolls in the US, and its report always moves markets, even if the report is not always echoed in the official jobs report the following Friday. In August, ADP reported a robust gain in jobs: 237K, beating expectations. A much lower number is forecast now: only 151K. 

ISM Non-Manufacturing PMI: Wednesday, 14:00. The services sector dwarfs the manufacturing one and this survey provides another significant hint towards Friday’s report. The indicator has been quite volatile in recent months but reflects OK growth at 55.3 points in August. A similar figure is estimated for September: 55.5 points. The employment component is specifically eyed as a hint towards the NFP. 

Janet Yellen talks: Wednesday, 19:15. The Chair of the Fed delivers opening remarks at a conference in Saint Louis. She is not set to address monetary policy but any reflection on the latest data such as the drop in the core PCE, could move markets. In her latest speech in Cleveland, Yellen managed to strike a fine balance and did not add much onto what she said in the recent rate decision.

USD
Janet Yellen Talks
 

  • EURUSD



Update: We remain the same. The pair managed to breakthrough a strong support level that could be found at 1.1840 so this may open the door for the pair for further downward movement during the week that it may reach the level of 1.1650.

 

 

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.2100
▪ 1.1840		 ▪ 1.1700
▪-1.1650
▪ 1.1600

The breakout for the level of 1.1840 is confirmed so the way is open for the pair to reach 1.1650.
  • GBPUSD



The pair confirmed the breakout of the level of 1.3450 so this may help the USD to gain value against the GBP that is may reach the level of 1.3150 followed by 1.3100.



Resistance levels: Support levels: Recommended:
▪ 1.3700
▪ 1.3650

 ▪ 1.3300
▪ 1.3200
▪ 1.2700

The breakout of the level of 1.3450 is confirmed. Therefore, we may go short targeting the level of 1.3300 followed by 1.3200.

  • GOLD



Update: We remain bullish. The pair is traded above a strong support level that can be found at 1267 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1290 during the week. On the other hand, if the level of 1267 is breached then we can go short targeting the level of 1260 followed by 1250.

 


Resistance levels: Support levels: Recommended:

▪ 1350
▪ 1340
▪ 1290

 ▪ 1267
▪ 1265
▪ 1260

We remain bullish as long as the pair is traded above the level of 1267.
  • AUDUSD



Update: We remain bullish. The pair successfully reached the level of 0.7800.  The pair is now traded above the level of 0.7800 so this is considered to be bullish that the pair may continue going up to reach the level of 0.8000 during the week. On the other hand, if the pair managed to break through the level of 0.7800 then it may continue going down to reach the level of 0.7600.

 

 

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060		 ▪ 0.7800
▪ 0.7600
▪ 0.7500

We remain bullish as long as the pair is traded above the level of 0.7800.
  • GBPJPY



Update: We remain bullish. As could be seen on the weekly chart that the pair is traded above a strong support level that could be found at 150 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 154 followed by 155 during the week.

 

 

Resistance levels: Support levels: Recommended:
▪ 152
▪ 151
▪ 155

▪ 148
▪ 147

Expected to show more bearish pressures.