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The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to prepare for its fourth consecutive weekly gains against the US dollar before the economic developments and data expected on Friday by the euro area economies, which include the meeting of the European Union leaders and before the developments and economic data expected by The American economy is the largest economy in the world.

At 05:20 am GMT, the euro pair rose against the US dollar by 0.01% to 1.1385 levels, compared to the opening levels at 1.1384 after the pair achieved its highest level during the trading session at 1.1394, while achieving the lowest at 1.1378.

The markets are looking ahead to the eurozone economies to disclose inflation data with the release of the annual final reading of the consumer price index, which may confirm the growth of 0.3%, little changed from the initial reading of the past month and compared to 0.1% growth last May, as the annual reading may confirm The intrinsic index of the same index also showed a growth of 0.8%, little changed from the initial reading and a growth of 0.9% in May.

This comes hours after the European Central Bank meeting ended on Thursday, during which the monetary policy makers of the European Central kept short-term reference interest rates at zero levels, in addition to fixing the marginal lending rate at 0.25% and maintaining the interest rate on negative deposits -0.50% Which came in line with expectations.

Yesterday, we also followed the European Central’s assertion that it is pushing ahead with its bond-buying program to combat the economic repercussions of the Coronavirus, known as “PEPP,” which is estimated at 1,350 billion euros until the end of the first half of next year at least 2021 and that it is ready to expand its purchases until it decides that a crisis Corona pandemic has been eliminated.

The European Central stated that it also continues in its program to buy assets "APP" by 20 billion euros per month alongside with temporary purchases of 120 billion euros until the end of 2020, explaining that the purchases continue in a flexible manner and across different asset classes, as part of his work to provide support For the economies of the euro area and achieving the inflation target, which is expected to decrease broadly in the coming months before rising at the beginning of 2021.

In the same vein, we also followed yesterday, the European Central Governor Christine Lagarde expressed during the press conference after the meeting the importance of the eurozone members to make more efforts to support the European economy, which was strongly affected by the repercussions of the Corona pandemic, with her reporting that the European Central has slowed PEPP program purchases are a little slow, due to market stability.

Lagarde reported that the European Central does not see a reason for changing zero interest levels at the moment and that it is assumed that the funding expected by the European Union will be a mixture of loans and grants, and that comes hours before the European Union leaders meeting later on Friday, which is expected to take place Discuss the details of the recovery fund, which is estimated at 750 billion euros.

On the other hand, investors are currently awaiting the release of the housing market data by the US economy, with the release of both the beginning construction index and the building permit index, and amid expectations that the reading of building permits will reflect an increase to about 1.17 million permits compared to about 0.97 million permits in May. , And the reading of homes that were built could also reflect an increase to about 1.30 million homes compared to about 1.22 million homes in May.

This comes before we witness the disclosure of the preliminary reading of the University of Michigan index of consumer confidence, which may show a widening to 79.0 compared to 78.1 in the previous reading last June, otherwise, according to the latest figures issued by the World Health Organization, the number of cases infected with Coronavirus has increased. For nearly 13.38 million, 580,045 people were killed in 216 countries.

Technical analysis

The euro against the dollar pair resumed its negative trading after testing the 1.1420 level in the previous sessions, awaiting a further decline to head towards 1.1270, which is our next main goal, to continue to suggest the bearish trend over the intraday basis.

We point out that the continuation of the descending wave depends on holding below 1.1420, as its breach will push the price to continue the main bullish trend whose next target is located at 1.1500.

The expected trading range for today is between 1.1270 support and 1.1460 resistance

Expected trend for today: bearish

The gold price fluctuated in a narrow range tilted to the upside during the Asian session while still in the first weekly losses in six weeks, with the US dollar index resumed the decline marches that stopped yesterday for the first time in five sessions according to the inverse relationship between them on the threshold of developments and economic data expected today, Friday, by the American economy, the largest economy in the world.

At exactly 03:43 am GMT, gold futures contracts for next August delivery rose 0.06% to trade at $ 1,797.90 per ounce compared to the opening at $ 1,796.90 per ounce, knowing that the contracts started the trading session on a falling price gap after it concluded trading Yesterday at $ 1,800.30 an ounce, with the US dollar index down 0.01% to 96.26 compared to the opening at 96.27.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of both the beginning construction index and the building permit index, and amid expectations that the reading of building permits will reflect a rise to about 1.17 million permits, compared to about 0.97 million permits last May. Construction readings may reflect an increase to about 1.30 million homes compared to about 1.22 million homes in May.

This comes before we witness the disclosure of the initial reading of the University of Michigan's index of consumer confidence, which may show a widening to 79.0 compared to 78.1 in the previous reading last June. Otherwise, we followed yesterday that Johnson & Johnson announced that it will start next week the stage The first of her experimental vaccines for the Coronavirus.

Technical analysis

Gold price provided negative trades to move without supporting the bullish intraday channel, and we notice that SMA 50 is trying to protect the price from incurring more losses, while the stochastic gained positive momentum over the intraday timeframes.

Consequently, these factors support the chances of resuming the main bullish trend, whose next targets are located at 1850.00 then 1865.00, taking into consideration that breaking the 1787.00 level will stop the expected rise and press the price to start a descending correction wave in the intraday basis.

The expected trading range for today is between 1787.00 support and 1830.00 resistance.

Expected trend for today: bullish.

The fluctuation of the US dollar in a narrow range slanted toward decline during the Asian session, to watch its bounce for the ninth session in thirteen sessions from its top since the ninth of June amid the scarcity of economic data by the Japanese economy in the last sessions of the week and before the developments and economic data expected on Friday from Before the American economy the largest economy in the world.

At exactly 06:07 AM GMT, the US dollar pair fell against the Japanese yen by 0.07% to 107.19 levels compared to the opening levels at 107.27 after the pair achieved its lowest level during the trading session at 107.17, while it achieved its highest at 107.36.

Investors are currently awaiting the release of the housing market data by the American economy, with the release of both the index of start-up homes and the construction permit index and amid expectations that the reading of building permits will give rise to about 1.17 million permits compared to about 0.97 million permits in May, as may The start-up reading gives rise to about 1.30 million homes compared to about 1.22 million homes in May.

This comes before the preliminary reading of the University of Michigan index of consumer confidence appears, which may indicate a widening value of 79.0 compared to 78.1 in the previous reading last June.

Technical analysis

The dollar versus the yen provided more positive trading to the moving average above 50, but we notice that the stochastic starts providing clear negative signals on the four-hour time frame, waiting for the price to stimulate the resumption of the main bearish trend, which aims to test the 106.44 level as a next station.

Therefore, the bearish trend scenario will remain intraday, whose targets extend to 105.20 after exceeding the first target, noting the importance of holding below 107.68 for the continuation of the suggested decline.

The expected trading range for today is between 106.40 support and 107.80 resistance.

Expected trend for today: bearish.

#GAZPROM

Gazprom is a major company, strategically important for the country. The company carries out very important projects such as Nord Stream, Power of Siberiam and others. The company is also increasing the production rates. One example is the Kovykta field in the Irkutsk Oblast. Currently, seven drilling rigs are in operation, and next year their number will increase to 18.

A dividend gap has formed on the chart, which makes the share price very attractive. The support level of 180.75 and the resistance level of 184.18 have formed.

#GAZPROM rate online: monitor the price movement in real.

Trading recommendations:

Buy above 184.18.

Stop Loss: 180.75.

Target levels: 192.50 (gap closed); 201.44; 206.12.

Gold Spot

Gold is trading at the lower end of 1794.70–1813.00 after reaching the local maximum. If the market sentiment today shifts to positive, the price of gold may decrease.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Movings averages suggest selling. RSI is located below the level of 50% and is growing. Stoch are in the oversold zone.

Gold Spot rate online: monitor the price movement in real time.

Trading recommendations:

A breakout of the level 1794.70 amid a wave of optimism will lead to a decrease in the price to 1784.50.

GBPJPY

The overall trend is upward. The level of 133.94 (50% Fibo) is holding back sellers. The pair is trading in the range of 365 and 135 moving averages. A breakout of 134.90 will result in the formation of an ascending wave pattern within the overall uptrend.

GBPJPY rate online: monitor the price movement in real.

Trading recommendations:

Buy above 134.90.

Stop Loss: 133.94.

Target levels: 135.16; 135.83; 137.39.

The Australian dollar fluctuated in a narrow range tilted toward the backdrop during the Asian session, to witness its bounce for the second session from the top since June 10, when it tested its highest since July 19, 2019, against the US dollar, following the developments and economic data that it followed on the Australian economy and on The Chinese economy is Australia's largest trading partner and on the cusp of developments and economic data expected on Thursday by the US economy.

At exactly 02:09 AM GMT, the Australian dollar pair declined against the US dollar 0.23% to 0.6992 levels compared to the opening levels at 0.7008, after the pair achieved its lowest level during the trading session at 0.6989, while the pair achieved its highest at 0.7016.

We have followed on from the Australian economy the publication of the Weissbach Consumer Confidence Index, which showed a slowdown in growth to 3.2% compared to 3.3% last June, and this came before the disclosure of labor market data with the release of the unemployment rates, which showed an increase to 7.4% compared to 7.1 In May, worse than expectations, which indicated an increase to 7.2%, in conjunction with a reading of change in employment showed a rise of 210.8 thousand compared to a decline of 264.1 thousand, outperforming expectations that indicated a rise of 106.0 thousand.

Other than that, we have followed the National Bureau of Statistics revealed to China the seasonally adjusted reading of GDP, which showed growth of 11.5% against a contraction of 9.8% during the first quarter, surpassing expectations that indicated growth of 9.6%, as the annual reading of the same index showed growth of 3.2% against A contraction of 6.8% in the prior annual reading for the first quarter, also beating expectations for 2.2% growth.

We also followed up on the Chinese economy to reveal the annual reading of the retail sales index, which reflected the shrinkage of the decline to 1.8% compared to 2.8% last May, worse than the expectations that indicated a growth of 0.5%, while the annual reading of the index of industrial production showed that the growth accelerated to 4.8% compatible With expectations compared to 4.4% in May, the reading of the unemployment rate index showed a decline to 5.7%, also in line with expectations, compared to 5.9% in May.

On the other hand, investors are currently awaiting by the US economy, the largest economy in the world, to reveal a retail sales reading that represents about half of consumer spending, which represents more than two-thirds of the gross domestic product of the United States, which may reflect slowing growth to 5.0% compared to 17.7% in May. May, as the core reading of the same indicator, may show, growth slowed to 5.0% compared to 12.4% in May.

This comes in conjunction with the issuance of the aid claims index for the last week on July 11, which may reflect a decline of 64 thousand requests to 1,250 thousand applications compared to 1,314 thousand requests in the previous reading, as the reading of the continuous benefit applications for the past week may appear on the fourth of this Month decreased by 462 thousand requests to 17,600 thousand requests compared to 18,062 thousand requests in the previous reading.

This also comes in conjunction with the disclosure by the largest industrialized country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect the widening of the contraction to 20.0 compared to 27.5 in June, before we witness the release of the final reading of the wholesale inventory index That may show the decline widening to 2.3%, compared to 1.3% last April.

Up to the disclosure of housing market data with the release of the housing index reading by the National Association of Home Builders, which may reflect a rise to $ 60 compared to 58 in May, before we witness the speech of a member of the Federal Open Market Committee and President of the New York Federal Reserve Bank John Williams At an online seminar hosted by the Financial Research Advisory Committee.

Technical analysis

The Australian dollar versus the US dollar presented positive trades yesterday, to approach our expected target at 0.7064, and return to volatility near the EMA50 now, as it is affected by the negativity of the stochastic indicator that gets rid of its negative intention to approach the oversold areas in the sale, waiting for the price stimulus to resume positive trades To overcome the mentioned level and open the way for more gains in the short term.

From here, we continue to suggest the bullish trend for the next period unless 0.6890 level is broken and stability below it.

The expected trading range for today is between 0.6940 support and 0.7064 resistance.

Expected trend for today: bullish.