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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

06 December 2017

powered by Land-FX

 

 

Australian GDP: Wednesday, 00:30. The land down under publishes its GDP report relatively late: over two months after the quarter ends. Nevertheless, they do it only once, and with no revisions. giving it a bigger impact. The economy expanded by 0.8% in Q2 2017, up from only 0.3% in Q1. We may get a slower growth rate for Q3: 0.7% according to the projections.

ADP Non-Farm Payrolls: Wednesday, 13:15. ADP’s private sector jobs report is not always correlated with the official BLS report on Friday, but it always moves markets. The firm reported a gain of 235K jobs in October, better than expected and in line with the private sector section of the official NFP. A more moderate gain of 191K jobs is estimated.

Canadian rate decision: Wednesday, 15:00. The Bank of Canada signaled a long pause after raising rates twice in a row. Stephen Poloz and his colleagues are not expected to change course this time. In the previous meeting, they were quite dovish, expressing worries about a slowdown. Since then, the economic figures have not been that convincing. Will they be even more dovish? Markets still expect the BOC to hike in 2018, but nothing is certain.

USD

ADP Non-Farm Payrolls

AUD

Australian GDP

CAD

Canadian rate decision

 

  • EURUSD

 

Update: On its way to the uptrend line. The pair is traded below a strong resistance level that could be found at 1.1960. Therefore, we remain bearish as long as the pair is traded below the level of 1.1960. This does not mean that we can go short but we will be waiting for the pair to reach the uptrend line shown on the chart in blue. This is where we expect that the pair may build a bullish base where we can go long.

 

Resistance levels: Support levels: Recommended:
 1.2000
 1.2100
 1.1960
 1.1500
 1.1300

We remain bearish as long as the pair is traded below the level of 1.1960.

  • GBPUSD

 

Update: We remain the same. As could be seen on the chart above that the pair is traded in a very neutral area where we cannot determine where it is heading to. So, we want to wait for it to either break the resistance level of 1.3540 or to continue going down to reach the uptrend line. Either way, we just want to follow the uptrend. So, waiting for the pair to reach one of the two levels mentioned above is the best decision for now.

 

Resistance levels: Support levels: Recommended:
1.3700
▪ 1.3650
▪ 1.3540
▪ 1.2990
 1.2900
 1.2800

Waiting for the pair to either reach the uptrend line or break through the resistance level of 1.3540.

  • GOLD

 

Update: Still traded above the level of 1260. The pair is traded above two strong support levels that are the uptrend line and the support level of 1260. So, we have to scenarios: The pair breaches the uptrend line along with the support level of 1260. In case they are broken, we can go short targeting the level of 1240. Keep in mind that both levels must be breached so we can go short. On the other hand, having the pair traded above the two support levels mentioned above, would open the door for further upward movement during the week that it can reach the level of 1290 followed by 1300.

 

Resistance levels: Support levels: Recommended:
1350
 1305
 1300
 1260
 1240

Breaching the uptrend line along with the support level of 1260 would open the door for further downward movement during the week.

  • AUDUSD

 

Update: No changes. The pair is still traded below the broken neck-line of the head and shoulders pattern detected a few weeks ago. Therefore, we will remain bearish. Our target for this week is 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: Started going down. The pair managed to reach the resistance level of 152.80. Therefore, we are bearish for this week as long as the pair is traded below the level of 152.80. Our expected target for the week is 150.

 

Resistance levels: Support levels: Recommended:
152.80
 152

148
 147

We remain bearish as long as the pair is traded below the level of 152.80.

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