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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

21 September 2021

powered by Land-FX

The Federal Open Market Committee, led by dovish Governor Jerome Powell, meets on Wednesday as well.  Before Powell spoke at the Jackson Hole Symposium, in which he gave no indication that the Fed was ready to taper, hawk after hawk spoke. This seemed as a chance for Powell to announce that the Fed will begin tapering.  Alas, it was not to be, as Powell said that there is still much ground to cover in terms of maximizing employment.  What did we learn that morning?  We learned that Powell’s voice is the only one that matters.  August’s Non-Farm Payroll report was the only one since Jackson Hole.  The print was much weaker than the +750,000 expected, with the actual figure at +235,000.  It appears the Fed will taper by the end of the year; however, the question remains one of timing.  Will it be announced at the meeting this week?  Not if Powell is as dovish as he was at Jackson Hole!

 

  • EURUSD

 

As could be seen on the chart above that the pair is trading above a strong support level that is 1.1700 – 1.1670. Therefore, we are bullish as long as the pair is trading above it with targets: 1.1800 followed by 1.1850. On the other hand, if the level of 1.1668 is broken, the pair might contuine going downwards to reach 1.1600 followed by 1.1550.

 

Resistance levels: Support levels: Recommended:
 1.1950
1.1850
▪ 1.1800
▪ 1.1700
 1.1668
 1.1600

We are bullish as long as the pair is trading above 1.1668.

  • GBPUSD

 

The chart above shows that the pair could be heading towards the level of 1.3600 – 1.3570. Therefore, we will be waiting for the pair to reach this area and in case it shows up bullish evidence above it, we might go long to target 1.3725. On the other hand, if the level of 1.3570 is broken, the pair might continue going downwards to reach 1.3500.

 

Resistance levels: Support levels: Recommended:
▪ 1.3850
 1.3800
▪ 1.3725
 1.3600
 1.3570
 1.3500

Waiting for the pair to reach 1.3600 – 1.3570.

  • GOLD

 

For the third week, the chart above shows that the pair is trading below a strong resistance level that is 1835 besides the upside of the bearish channel. Therefore, we are bearish as long as the pair is trading below it with targets: 1730 followed by 1700. On the other hand, if the level of 1835 is broken, the pair might continue going upwards to reach 1860 followed by 1900.

 

Resistance levels: Support levels: Recommended:
 1900
 1860
 1835
 1730
 1700
 1685
We are bearish as long as the pair is trading above 1835.

  • AUDUSD

 

As could be seen on the chart above that the pair is trading below 0.7300. Therefore, we are bearish as long as the pair is trading below it with targets: 0.7100 followed by 0.7030.

 

Resistance levels: Support levels: Recommended:

▪ 0.7600
0.7400
0.7300

▪ 0.7200
0.7100
▪ 0.7030

We are bearish as long as the pair is trading below 0.7300.

  • GBPJPY

 

As could be seen on the chart above that the pair is heading towards a strong area of support (148.50 – 148) Therefore, we will be waiting for the pair to reach that area and in case is shows up bullish evidence above it, we might go long to target: 151. On the other hand, of the level of 148 is broken, the pair might continue going downwards to reach 147.

 

Resistance levels: Support levels: Recommended:
153.00
 152.00
 151.00

 148.50
148.00
 147.00

waiting for the pair to reach 148.50


 

 

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