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Market Research & Info

Land-FX 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

10 November 2017

powered by Land-FX

 

 

US consumer confidence: Friday, 15:00. The University of Michigan consumer confidence measure topped the 100 level after a few months beneath it. Will this continue? In theory, higher consumer confidence implies enhanced consumer spending. A score of 101 is projected.

USD
US consumer confidence
 

  • EURUSD



Update: the pair is still traded below the neck line of the head and shoulders pattern.
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



Update: the pair is still traded above the uptrend line shown on the chart in red.
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 1300. The pair is traded above a strong support level at 1267 and it managed to hold above it 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 followed by 1300 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: the pair is still traded below the broken neckline of the head and shoulders pattern.
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



Update: Still traded below the {C} area so we remain bearish.
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.