Analytic reviews

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness its bounce back for the third session in four sessions from the lowest since June 3 against the US dollar on the cusp of developments and economic data expected today Thursday by the economies of the euro area and the US economy and amid market pricing The possibility of a trade war between the United States of America and the European Union.

At 05:40 am GMT, the euro pair rose against the US dollar by 0.01% to 1.1252 levels, compared to the opening levels at 1.1251 after the pair achieved its highest level during the trading session at 1.1260, while achieving the lowest at 1.1240.

Markets are looking for Germany, the largest economy in the eurozone, to issue a statistical reading of the GFK consumer confidence index, which may reflect the contraction in contraction to 11.7 compared to 18.9 last May, before we witness the European Central Bank revealed the minutes of its last meeting, which decided to stay on prices Interest at zero levels and the increase in the size of the Emergency Bond Purchase Package (PEPP) by 100 billion euros to 1.35 trillion euros.

Otherwise, we followed yesterday. The chief European Union negotiator told Britain’s exit file, Michel Barnier, that the imposition of a trade agreement between Brussels and London after Britain’s exit from the union is still in place, in the event that Britain clearly shows its willingness to reach the agreement, explaining that the current crisis It does not lie in the available time or timing, but rather in the essence of the agreement as London continues to withdraw from its previous obligations.

On the other hand, investors are currently awaiting by the US economy the disclosure of the GDP reading, which may confirm the contraction of the largest economy in the world 5.0%, little changed from the previous initial reading for the first quarter and against a growth of 2.1% in the previous reading for the fourth quarter last, as may A reading of the same index, measured in prices, confirms a growth of 1.4%, little change from the previous initial reading, and a growth of 1.3% in the fourth quarter.

This comes in conjunction with the disclosure of the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States of America, which may reflect a rise of 10.3% compared to a decline of 17.7% last April, when it reflected the largest decline In decades, the core reading of the same index may also show a 2.1% increase compared to a 7.7% decline in April.

This also comes in conjunction with the release of the aid claims index for the last week on June 20, which may reflect a decline of 188 thousand requests to 1,320 thousand applications compared to 1,508 thousand requests in the previous reading, as reading of the continuing benefit requests for the past week may appear in 13 From this month, a decrease of 576 thousand requests to 19,968 thousand requests, compared to 20,544 thousand requests.

Also, in conjunction with the release of the merchandise trade balance index, which may explain the deficit shrinking to $ 68.0 billion compared to $ 69.7 billion in April, and the release of the initial reading of the Wholesale Stocks Index, which may reflect the acceleration of growth to 0.4% compared to 0.3% in April , To the Federal Reserve's disclosure of test scores for the solvency and stress tests of the 34 largest banks in the United States of America.

Other than that, we followed yesterday the report that touched upon the fact that the White House is considering imposing new customs duties on exports worth $ 3.1 billion from France, Germany, Spain and the United Kingdom, and that the American trade representative wants to impose new tariffs and increase the fees on European products that his country imports from the European Union And this came in conjunction with the Federation's discussion of whether to close the door to American travelers this summer due to the Corona outbreak in America.

Technical analysis

The euro against the dollar achieved a break of the level of 1.1270 and closed the daily candle below it, which stops the positive scenario suggested in our recent reports and returns the price to the corrective correctional path once again, on its way to visit the 1.1175 level initially.

Consequently, a bearish bias will be likely for today unless the price breaks through 1.1270 and holds above it, noting that breaching the target level will extend the descending wave to reach 1.1100 as the next station.

The expected trading range for today is between 1.1150 support and 1.1320 resistance

Expected trend for today: bearish

Gold price futures fluctuated in a narrow range that tilted higher, disregarding the dollar index rebound for the third session from the lowest since 11 June, according to the inverse relationship between them on the threshold of developments and economic data expected today Thursday by the US economy and amid market pricing of the possibility of a trade war Between the United States and the European Union in conjunction with continuing concern about the repercussions of the outbreak of the Coronavirus.

At exactly 04:53 AM GMT, gold futures contracts for next August delivery rose 0.08% to trade at $ 1,773.80 per ounce compared to the opening at $ 1,772.30 per ounce, knowing that the contracts started the trading session on a falling price gap after it concluded trading Yesterday at $ 1,775.10 an ounce, while the US dollar index rose 0.05% to 97.28 compared to the opening at 97.24.

Investors are currently awaiting by the US economy the disclosure of the GDP reading, which may confirm the contraction of the largest economy in the world 5.0%, little changed from the previous initial reading for the first quarter and against a growth of 2.1% in the previous reading of the fourth quarter, as the reading of the index may confirm The same is measured by prices, growing at 1.4%, little changed from the previous initial reading, and against a growth of 1.3% in the fourth quarter.

This comes in conjunction with the disclosure of the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product in the United States of America, which may reflect a rise of 10.3% compared to a decline of 17.7% in April, when it reflected the largest decline in Decades of time, as the substantial reading of the same index may show, up 2.1%, compared to a decline of 7.7% in April.

This also comes in conjunction with the release of the aid claims index for the last week on June 20, which may reflect a decline of 188 thousand requests to 1,320 thousand applications compared to 1,508 thousand requests in the previous reading, as reading of the continuing benefit requests for the past week may appear in 13 From this month, a decrease of 576 thousand requests to 19,968 thousand requests, compared to 20,544 thousand requests.

Also, in conjunction with the release of the merchandise trade balance index, which may explain the deficit shrinking to $ 68.0 billion compared to $ 69.7 billion in April, and the release of the initial reading of the Wholesale Stocks Index, which may reflect the acceleration of growth to 0.4% compared to 0.3% in April , To the Federal Reserve's disclosure of test scores for the solvency and stress tests of the 34 largest banks in the United States of America.

Other than that, we followed yesterday the report that touched upon the fact that the White House is considering imposing new customs duties on exports worth $ 3.1 billion from France, Germany, Spain and the United Kingdom, and that the American trade representative wants to impose new tariffs and increase the fees on European products that his country imports from the European Union And this came in conjunction with the Federation's discussion of whether to close the door to American travelers this summer due to the Corona outbreak in America.

Technical analysis

The gold price hovers around the level of 1765.00 and is putting pressure negatively on it, but we notice that the stochastic has cleared its negative momentum and is entering the oversold areas in the sale, while the EMA50 provides positive support for the price.

Thus, we believe that opportunities are available to resume the main bullish trend, whose next targets are located at 1800.00 then 1840.00, noting that the continuation of the bullish wave requires stability above 1741.00 and most importantly above 1725.00.

The expected trading range for today is between 1750.00 support and 1790.00 resistance.

Expected trend for today: Overall bullish.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its rebound to the third session from the lowest since May 7 against the Japanese yen, following the developments and economic data that it had reported on the Japanese economy and on the cusp of developments and economic data expected Thursday by the largest US economy Economy of the world.

At exactly 06:16 am GMT, the US dollar pair rose against the Japanese yen by 0.13% to 107.18 levels compared to the opening levels at 107.04 after the pair achieved its highest level during the trading session at 107.26, while achieving the lowest at 106.99.

We have followed about the Japanese economy, the second-largest economy in Asia, the third-largest economy in the world and the third-largest industrialized country globally, the disclosure of industrial sector data with the release of the index of the overall industrial activities, which showed the widening of the decline to 6.4% compared to 3.4%, which was modified from a decline of 3.8% in Last March, beating the forecasts for a 6.5% decline.

Otherwise, yesterday we followed the warning of the governor of the Japanese capital, Tokyo, from the high numbers of people infected with the Coronavirus again, with his discussion that the gatherings that occur in the workplace are a current crisis that may increase the rise in infections, and this came hours after the Japanese government updated its assessment of the Japanese economy for the first Once since the beginning of 2018, during which it reported that the economy is in a generally dangerous situation.

On the other hand, investors are currently awaiting by the US economy the disclosure of the GDP reading, which may confirm the contraction of the largest economy in the world 5.0%, little changed from the previous initial reading for the first quarter and against a growth of 2.1% in the previous reading for the fourth quarter last, as may A reading of the same index, measured in prices, confirms a growth of 1.4%, little change from the previous initial reading, and a growth of 1.3% in the fourth quarter.

This comes in conjunction with the disclosure of the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States of America, which may reflect a rise of 10.3% compared to a decline of 17.7% last April when it reflected the largest decline In decades, the core reading of the same index may also show a 2.1% increase compared to a 7.7% decline in April.

This also comes in conjunction with the release of the aid claims index for the last week on June 20, which may reflect a decline of 188 thousand requests to 1,320 thousand applications compared to 1,508 thousand requests in the previous reading, as reading of the continuing benefit requests for the past week may appear in 13 From this month, a decrease of 576 thousand requests to 19,968 thousand requests, compared to 20,544 thousand requests.

Also, in conjunction with the release of the merchandise trade balance index, which may explain the deficit shrinking to $ 68.0 billion compared to $ 69.7 billion in April, and the release of the initial reading of the Wholesale Stocks Index, which may reflect the acceleration of growth to 0.4% compared to 0.3% in April, To the Federal Reserve's disclosure of test scores for the solvency and stress tests of the 34 largest banks in the United States of America.

Technical analysis

The dollar versus yen presented noticeable positive trading yesterday after finding strong support at 106.44, to head towards a possible test of the pivotal resistance 107.68, noting that the stochastic indicator is losing its positive momentum and entering overbought areas, which supports the chances of bouncing back to resume the main bearish trend.

From here, we expect the continuation of the overall bearish trend to continue in the coming period unless the 107.68 level is breached and stability above it, noting that the descending wave targets start at 106.44 and extend to 105.20 after breaking the previous level.

The expected trading range for today is between 106.44 support and 107.80 resistance.

Expected trend for today: bearish.

#AXP

The overall trend is upward. The stock continues to decline, while the downward pattern remains truncated. A bullish divergence has formed on Awesome Oscillator indicator, and Stochastic Oscillator indicator signals oversoldness. 

Trading recommendations:

Buy while an ascending wave pattern is forming, where the wave (A) breaks through the inclined channel of the descending truncated pattern of the H1 level.

Stop loss: 94.70.

Target levels: 108.00; 113.50.

The #AXP rate online: monitor the movement of the pair in real time.

EURCAD

The ascending pattern of the H1 level is truncated. A bearish divergence has formed on Awesome Oscillator indicator, and Stochastic Oscillator indicator signals overboughtness. Probably the ascending pattern is a wave (B) of the descending pattern of the H4 level. 

Trading recommendations:

Buy while a descending pattern is forming, where the wave (as) breaks through the inclined channel of the ascending truncated pattern of the H1 level, completing it.

Stop loss for the local maximum (1.5354).

Target levels: 1.5200; 1.5115.

The EURCAD rate online: monitor the movement of the pair in real time.

AUDUSD

The pair continues trading in the range of 0.6800-0.6975 amid falling demand for risky assets due to the aggravation of the situation in the US around COVID-19, despite the continuation of the gradual recovery of the country's economy.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Movings give a sell signal. RSI is below the 50% level and indicates a weakening of the price decline. Stoch entered the oversold zone.

Trading recommendations:

A decline below 0.6860 may lead it to further drop to 0.6800.

The AUDUSD rate online: monitor the movement of the pair in real time

AUDUSD

The pair remains in the range in due to the controversial factors, which on the one hand, support the demand for commodity assets, which is beneficial for the Australian currency, but on the other hand, the theme of the pandemic doesn't allow it to break out of this range.

Technical side:

The price is above the middle Bollinger indicator, below SMA 50, but above SMA 14. RSI is above the 50% level and moves horizontally. Stoch are falling steadily.

Trading recommendations:

A decline below 0.6925 may lead to a price correction to 0.6800.

The AUDUSD rate online: monitor the movement of the pair in real time.

 
The Sber Bank share is moving within an ascending channel that appears in our chart, where we notice the current movement or a correction of the bullish path.
The current price movement occurs between the 202.40 support level and the resistance level 210.20.

While the main targets will be at the support level 196.00 and the resistance level 210.20 where the moving averages are located (50 at the support level and the moving average 20 near the resistance level).

The stochastic index presses the price to rise after exiting the oversold zone in an upward path. Thus, it will increase the pressure on the price to try to test the resistance and return to the bullish track again.
The general direction of the movement: upward path