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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

17 October 2017

powered by Land Prime

 

 

UK inflation data: While a rate hike by the BOE in November seems like a done deal, we still do not know if it is a “one-off” or the beginning of tightening cycle. A lot depends on the developments in inflation. The data for August showed an annual rise of 2.9%, which is quite rapid. A rise to 3% is expected.

GBP
UK inflation data
 

  • EURUSD



Update: we remain the same. The pair has been bullish for 10 days now that it reached the level of 1.1834 (a strong resistance level) before sliding 34 pips into today's low. As we mentioned last week that the pair could be carving a head and shoulders pattern. It will take a daily close below the level of 1.1660 to confirm the breakout of the neckline of the formation.

 

 

 

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

Waiting for the pair to confirm the head and shoulders formation.
  • GBPUSD



Update: we remain the same. The bulls have been in control for 10 days now. As we stated last week that the pair found a strong bullish base where it started its bullish rally. As for this week we believe that the pair is rangebound so there is nowhere to enter the market now. The pair may find a good entry at the resistance level of 1.3450 (this is where we can go short targeting the level of 1.3200 during the week). On the other hand, we would recommend going long in case the pair reaches the level of 1.2990 along with the uptrend line shown on red on the chart (see the chart above).



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

 ▪ 1.2990
▪ 1.2900
▪ 1.2800

Waiting for the pair to reach one the levels mentioned in the report
  • GOLD



The pair was not able to hold above the level of 1300 and it went down so we expect the as long as the pair is traded below the level of 1305 we may go short targeting the level of 1267 during the week.

 


Resistance levels: Support levels: Recommended:

▪ 1350
▪ 1305
▪ 1300

 ▪ 1267
▪ 1260

We remain bearish as long as the pair is traded below the level of 1267.
  • AUDUSD



Update: We remain the same. A daily close back above the level of 0.7800 has opened the door for the pair for further upward movement that it may reach the level of 0.7940 during the week. This is conditioned by the continuation of trading above the level of 0.7800.

 

 

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060
▪ 0.7940

 ▪ 0.7600
▪ 0.7500

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



Update: Breaching the uptrend line opens the door for the pair to reach the level of 146.92. As we mentioned last week that the pair may reach the short-term uptrend line shown on the chart above. Early this week the pair could reach the uptrend line. So, will it be able to establish a base where we can go long? We will be waiting for some signals to show up above the uptrend line. 

 

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

▪ 148
▪ 147

Expected to show more bearish pressures.