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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

20 October 2017

powered by Land Prime

 

 

Australian jobs report: Thursday, 00:30. Australia enjoyed a big leap in jobs: a rise of 54.2K in August. The land down under enjoyed significant gains in employment during 2017. This time a modest rise of 15.2K is expected. The unemployment rate stood at 5.6% and no change is on the cards now. 

Chinese GDP: Thursday, 2:00. The world’s second-largest economy releases its GDP estimate for Q3. A better-than-expected annualized growth rate of 6.9% in Q2 and perhaps it will be more moderate this time: 6.8% is expected. The publication comes as the Chinese Communist Party convenes for its twice a decade Congress. In addition, the country will publish industrial output, retail sales, and other figures.

AUD
Australian Jobs Report
 

  • EURUSD



Update: still traded below the resistance level of 1.1834. As could be seen on the chart above that the pair is traded below a strong resistance level that could be found at 1.1834 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1660.

 

 

 

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: Nothing new. On its way to the uptrend line. 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



Update: On its way to the level of 1267. 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 bullish as long as the pair is traded above the level of 1267.
  • AUDUSD



Update: Still traded above the level of 0.7800. 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 bearish as long as the pair is traded below the level of 0.7800.
  • GBPJPY



Update: Still traded above the uptrend line. 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 bullish pressures.