Analytic reviews

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session to witness its stability near its top since April 2019 against the US dollar after the economic developments and data released by the Australian economy before the developments and economic data expected today Wednesday by the American economy, the largest economy in the world.

At exactly 02:34 AM GMT, the Australian dollar pair rose against the US dollar 0.11% to 0.7136 levels compared to the opening levels at 0.7128, after the pair achieved its highest level during the trading session at 0.7145, while the pair achieved its lowest at 0.7123.

The Australian economy released a reading of the leading indicators, which showed a 0.4% decline to 107.1 compared to a 0.9% increase at 107.5 in the previous reading last April, while the reading of the confidence index in the economy showed that the decline widened to 0.5% to a value of 104.0 Against 2.6% at 104.5 in April.

This came before the release of the leading indicators reading by the Melbourne Institute, which showed the acceleration of growth to 0.4% compared to 0.2% in the previous reading last May, leading to the disclosure of the seasonally adjusted initial reading of the retail sales index, which reflected the slowdown in the growth rate to 2.4% against 16.9% in May, worse than expectations for a slowdown in growth to 7.1%.

On the other hand, investors are currently awaiting the release of the housing market data by the US economy with the release of the house price index, which may explain the acceleration of growth to 0.3% compared to 0.2% in the previous reading in April, before the release of the existing home sales index, which It may reflect a rise of 24.5% to about 4.77 million homes compared to a decline of 9.7% at about 3.91 million homes in the previous reading for the month of May.

Technical analysis

The Australian dollar against the US dollar pair managed to breach the 0.7064 level and hold above it, which supports the continuation of our effective expectations for the bullish direction during the coming period, and the way is open to achieving our next target which is at 0.7200.

Consequently, we are awaiting further rise today, supported by the EMA50 that protects trades within the main ascending channel, noting that the continuation of the ascending wave requires stability above 0.7000.

The expected trading range for today is between 0.7080 support and 0.7200 resistance

Expected trend for today: bullish

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness the highest since January 10, 2019, when it tested the highest since October 17, 2018 against the US dollar and amid the scarcity of economic data on the economies of the euro area and before developments The economic data expected today by the US economy, the largest economy in the world.

At 05:28 am GMT, the euro pair rose against the US dollar by 0.12% to 1.1541 levels, compared to the opening levels at 1.1527 after the pair achieved the highest level in a year and a half at 1.1547, while achieving the lowest during the trading session at 1.1524.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of the housing price index, which may explain the acceleration of growth to 0.3% compared to 0.2% last April, before the release of the existing home sales index, which may reflect a rise of 24.5% To about 4.77 million homes, compared to a decline of 9.7% at about 3.91 million homes last May.

Technical analysis

The euro against the dollar pair begins trading today with a further increase to achieve our second expected goal at 1.1550, and we see that the path is open to achieving more expected gains during the coming period, as the price moves inside bullish channels that support the chances of the continuation of the upward trend in the immediate and short term, with reference to Our next stop is 1.1715.

Thus, we await more bullish bias during the upcoming sessions, taking into consideration that the continuation of the bullish wave requires stability above 1.1420 and the most important above 1.1365.

The expected trading range for today is between 1.1470 support and 1.1650 resistance

Expected trend for today: bullish

Gold prices rose during the Asian session to witness its highest since September 9, 2011, when it tested its highest ever on the sixth of that month, and that happened in the decline in the US dollar index for the fourth consecutive session, indicating its stability near its lowest since March, according to The inverse relationship between them before the expected economic developments and data today, Wednesday, by the US economy, the largest economy in the world.

At exactly 03:59 AM GMT, gold price futures for next August delivery rose 0.87% to trade at $ 1,858.90 per ounce compared to the opening at $ 1,842.80 per ounce, as the contracts started trading the session on a falling price gap after yesterday's trades concluded at $ 1,843.90 an ounce, with the US dollar index down 0.01% to 95.10 compared to the opening at 95.11

Investors are currently awaiting the release of the housing market data by the US economy, with the release of the housing price index, which may explain the acceleration of growth to 0.3% compared to 0.2% last April, before the release of the existing home sales index, which may reflect a rise of 24.5% To about 4.77 million homes, compared to a decline of 9.7% at about 3.91 million homes last May.

Technical analysis

The price of gold provided additional positive trades with the opening of the day to reach the outskirts of the awaited target at 1870.00, and we suggest the continuation of the bullish trend in the short and medium-term, noting that exceeding the mentioned level will extend the upside wave to reach the historical high recorded at 1920.80 as the next main station.

SMA 50 continues to support the expected bullish wave, noting that failure to breach 1870.00 will pressure the price to rebound downward to initially test 1820.00 zones before any new attempt to rise.

The expected trading range for today is between 1830.00 support and 1900.00 resistance

Expected trend for today: bullish

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session against the Japanese yen, following the developments and economic data released by the Japanese economy and before the economic developments and data expected today by the US economy, the largest economy in the world.

At exactly 05:52 AM GMT, the US dollar pair rose against the Japanese yen by 0.03% to 106.83 levels compared to the opening levels at 106.80 after the pair achieved its highest level during the trading session at 106.89, while achieving the lowest at 106.71.

Markit revealed the initial reading of the PMI for Japan, Asia's second largest economy, the third largest economy in the world and the third largest industrialized country globally, which showed contraction shrinking to 42.6 compared to 40.1 in the previous reading of last June, unlike Expectations for deflation widening to 39.6.

On the other hand, investors are currently awaiting by the US economy the disclosure of housing market data with the release of the house price index, which may indicate accelerated growth to 0.3% compared to 0.2% last April, before the release of the existing home sales index, which may reflect An increase of 24.5% to about 4.77 million homes compared to a decline of 9.7% at about 3.91 million homes last May.

Technical analysis

The dollar versus yen resumed its negative trading yesterday noticeably to approach our waited target at 106.44, to keep the downside scenario valid and effective, supported by the negative pressure formed by the EMA50, noting that breaching the mentioned level will extend the downside wave to reach 105.20 as the next station.

On the other hand, it should be noted that a breach of 107.68 will stop the expected decline and lead the price to turn bullish.

The expected trading range for today is between 105.90 support and 107.20 resistance.

Expected trend for today: bearish.

The Sber Bank share continues to move within the ascending channel, as it attempts to test the resistance (215.70) as seen on the graph.

 In the medium term, the Speer Bank share is moving within a sideways path between the support levels (202.20) and resistance (215.70) within the upside channel, after the price ended the upward correction movement to return the price to rise again.

The current price movement occurs between the support level 202.23 and the resistance level 229.06 over the medium term.

While the main targets will be at the support level 185.80 and the resistance level 239.00.

 Moving averages are below the price (50 near the support level 202.63 and moving average 20 near level 209.40) and increase the possibility of a further price increase.

The general direction of the movement: upward path.

EURNZD
The overall trend is upward. Stochastic Oscillator indicates oversoldness. A breakout of 1.7432 will result in the formation of an ascending wave pattern within the wave (C H4) of the ascending pattern.
EURNZD rate online: monitor the price movement in real time.

Trading recommendations:

Buy above 1.7432.

Stop Loss: 1.7388.

Target levels: 1.7486 (close ½ of the order and transfer to breakeven); 1.7550.

EURUSD

The pair is trading above 1.1415 following the agreement of the EU leaders on the economic recovery fund. The deal, as well as the optimism over an early release of COVID-19 vaccine, will support the pair in the near future.

Technical side:

The price is above the middle Bollinger band, below SMA 5 and SMA 14. RSI is located above the 50% level and moves horizontally. Stoch are uninformative.

EURUSD rate online: monitor price movement in real time.

Trading recommendations:

If the pair holds above 1.1415, expect it to resume its growth towards 1.1500

#ROSNEFT

The inclined channel of the descending pattern is breached by the assumed wave 1 of the 1-2-3 pattern. A breakout of the price pivot zone of 363.00 will result in the formation of a 1-2-3 ascending pattern. Stochastic Oscillator indicates an oversold condition, and Awesome Oscillator shows a bullish divergence. The support level of 355.80 has formed.

#ROSNEFT rate online: monitor price movement in real time.

Trading recommendations:

Buy on the breakout of the price pivot zone of 363.00.

Stop Loss below the support level of 355.80.

Target levels: 383.00; 406.00.

Move to breakeven at the pivot zone price of 370.0.