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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

14 March 2017

powered by Land Prime

US Producer Prices: Tuesday, 12:30.  US producer prices edged up 0.6%, recording their largest gain in four years due to increases in the cost of energy products, However, the strength of the dollar kept inflation tame. Economists expected a 0.3% rise. Despite this sharp gain, the PPI yearly growth remained unchanged at 1.6% as in the 12 months through December. Core PPI, a more reliable measure of underlying producer price pressures excluding food, energy and trade services increased 0.2% after gaining 0.1% in December. Producer prices are expected to rise 0.1% this time.

CNY
Industrial Production y/y
USD
PPI m/m

  • EURUSD

Update: Before going to the level of 1.0770 we may witness some bearish movement to the level of 1.0600. The pair is on its way to reach the level of 1.0770 during the week. It is our strong resistance level for the week so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.0650 during the week. On the other hand, breaching the level of 1.0770 opens the door for further upward movement that the pair may reach the level of 1.0850.

Resistance levels: Support levels: Recommended:
▪ 1.0770
▪ 1.0800
▪ 1.0850		 ▪ 1.0650
▪-1.0600
▪ 1.0500		 We remain bearish as long as the pair is traded below the level of 1.0770
  • GBPUSD

Update: The weekly scenario is still active, but the question now is: will the level of 1.2040 remain solid? As could be seen on the chart that the pair is traded above a strong support area around: (1.2080 – 1.2040) so as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2400 during the week.

Resistance levels: Support levels: Recommended:
▪ 1.2400
▪ 1.2500 
▪ 1.2600		 ▪ 1.2080
▪ 1.2040
▪ 1.2000		 We remain bullish as long as the pair is traded above the level of 1.2040
  • GOLD

Update: very narrow movement, nothing new for today. The pair may continue going up to find its first strong resistance level that is located around 1216. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1190 during the week. On the other hand, breaching the level of 1216 can open the door for further upward movement that the pair may reach the level of 1230 followed by 1240 during the week.

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1240
▪ 1230
▪ 1216		 ▪ 1190
▪ 1180
▪ --		 We remain bearish as long as the pair is traded below the level of 1216
  • AUDUSD

Update: There is a strong relationship between Gold and the AUD. This can be very obvious on the chart. Therefore, we remain the same. The pair may continue going up to reach its first resistance level around 0.7600 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7500 during the week. On the other hand, breaching the level of 0.7600 can open the door for further upward movement that the pair may reach the level of 0.7700 during the week.

Resistance levels: Support levels: Recommended:
▪ 0.7600
▪ 0.7700
▪ 1.7550		 ▪ 0.7410
▪ 0.7400
▪ --		 We remain bearish as long as the pair is traded below the level of 0.7600
  • GBPJPY

Update: a slight weakness could be noted on the pairs of GBP. Today's bearish candle doesn't have that much effect on the pair, it is just the beginning of the day. The pair is traded right above a very strong support level around 138.70 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 142 during the week. On the other hand, breaching the level of 138.70 opens the door for further downward movement that the pair may reach the level of 137 during the week.

Resistance levels: Support levels: Recommended:
▪ 142
▪ 142.70
▪ --

▪ 138.70
▪ 138
▪ 137

 We remain bullish as long as the pair is traded above the level of 138.70