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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

07 November 2017

powered by Land Prime

 

 

Australian rate decision: Tuesday, 3:30. The Reserve Bank of Australia recently made some dovish voices and opened the door to rate cut, albeit not in the near future. Since then, the inflation report came out below expectations and weighed heavily on the Aussie dollar. Will they send a more dovish message? Or are they pleased with the downfall of the A$? 

US JOLTS Job Openings: Tuesday, 15:00. Just after the Non-Farm Payrolls report, we get a belated, yet meaningful figure for the Fed. The number of job openings and quits serves as a gauge of the wider jobs market. Back in August, the number of opening stood at 6.08 million, maintaining the high ground above 6 million. A similar figure is likely now: 5.98 million.

AUD
Australian rate decision

USD
US JOLTS Job Opening
 

  • EURUSD



As could be seen on the daily chart that the pair is traded below a strong resistance level (1.1660). So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1500 followed by 1.1300 during the week.

 

 

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.2100
▪ 1.1660		 ▪ 1.1500
▪ 1.1300

We remain bearish as long as the pair is traded below the level of 1.1660.

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  • GBPUSD



As could be seen on the chart above that the pair is traded above an uptrend line shown in red on the chart. This is where we can go long. So, if the price goes down to reach that level, and in case it shows up some positive factors we can go long targeting the level of 1.3250 followed by 1.3450.



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



The pair managed to form a head and shoulders patter shown on the chart above and it also managed to break through the nick line of the pattern so this has opened the door for the pair for further downward movement that it may reach the level of 0.7500 followed by 0.7400.

 

 

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060
▪ 0.7940		 ▪ 0.7400
▪ 0.7500

We remain bearish as long as the pair is traded below the nick line of the pattern.
  • GBPJPY



The pair managed to form a bullish harmonic pattern that it may go down to reach the uptrend line shown on the chart that is where we can go long (PRZ) so we will be waiting for the pair to reach that level  

 

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

▪ 148
▪ 147

Waiting for the pair to reach the uptrend line.