Analytic reviews

The euro currency fluctuated in a narrow range slanting back down during the Asian session to witness its rebound from its top since March 10 for the second session in three sessions against the US dollar on the cusp of developments and economic data expected on Tuesday by the euro area and the US economy, which includes Euro Ecovin meeting and launch of the Federal Open Market Committee meeting.

At 05:17 am GMT, the euro against the US dollar fell 0.07% to 1.1286 levels, compared to the opening levels at 1.1294, after the pair achieved its lowest level during the trading session at 1.1284, while achieving the highest at 1.1315.

Markets are looking for Germany, the largest economy in the eurozone, to disclose the reading of the current account index for April, in conjunction with the disclosure of the reading of the trade balance index also for Germany, which may show a shrinking surplus to the value of 11.9 billion euros against 12.8 billion euros in March. And amid expectations, the seasonally adjusted reading of exports and imports showed a widening decline in April.

This comes before we witnessed by France, the second largest economy in the region, the release of the Trade Balance Index reading, which may explain the widening deficit to 3.4 billion euros against 3.3 billion euros in March, until the disclosure of labor market data for the economies of the euro area as a whole with the release of The end reading of the change in employment, which may confirm a 0.2% decline without a significant change from the first reading for the first quarter and against a rise of 0.3% in the fourth quarter.

This also comes in conjunction with the disclosure of the seasonally adjusted final reading of the euro area gross domestic product index as a whole, which may confirm a contraction of 3.8%, with little change from the initial reading and against a 0.1% growth in the fourth quarter, as the annual reading of the same indicator may confirm a contraction of 3.2% against Growth of 0.9%, and this coincides with the actual meetings of the finance ministers of the euro area Ecovin via satellite in Brussels.

On the other hand, investors are currently awaiting by the US economy the release of the final reading of the wholesale stocks index, which may confirm an increase of 0.4%, unchanged from the previous initial reading for the month of April, and against a decline of 0.8% last March, in conjunction with the disclosure of data The labor market with the release of a job read and a turnover statistic that may reflect a decrease to 5.75 million compared to 6.19 million in March.

Other than that, the markets are looking at a later time for the launching of the FOMC meeting that takes place today and tomorrow Wednesday via satellite in Washington, which is expected to keep the short-term benchmark interest rates for the second meeting at between zero and 0.25% in conjunction With the disclosure of the expectations of members of the Committee to the rates of growth, inflation and unemployment in addition to the future interest rates for the next three years.

Up to the press conference that Federal Reserve Governor Jerome Powell will hold tomorrow, specifically, half an hour after the FOMC meeting ends, to comment on the decisions of the Federal Committee, which recently adopted many stimulus programs until the economy showed signs of recovery, led by the Treasury bond purchase program at $ 500 One billion monthly and mortgage bonds, at least $ 200 a month.

Technical analysis

The euro against the dollar continues to fluctuate around the level of 1.1295, and as long as the daily close is above this level, the positive scenario will remain in place for the next period, supported by the moving average 50, which continues to carry the price from below, waiting for the direction towards 1.1418 as the next main station.

We recall that breaking 1.1295 and holding below it will pressure the price to shift towards the downside and head towards 1.1170 initially, before any new attempt to rise.

The expected trading range for today is between 1.1220 support and 1.1390 ​​resistance.

Expected trend for today: bullish.

Gold prices fluctuated in a narrow range tilted towards the decline during the Asian session, with the US dollar index resuming its rebound from the lowest since 12 March for the second session in three sessions according to the inverse relationship between them on the cusp of developments and economic data expected today Tuesday by the American economy, the largest economy In the world, which includes launching the activities of the Federal Open Market Committee meeting today and tomorrow, Wednesday.

At exactly 03:51 AM GMT, gold futures contracts for next August delivery fell 0.12% to trade at $ 1,701.90 per ounce compared to the opening at $ 1,703.90 per ounce, knowing that the contracts started the session’s trading on a falling price gap after it concluded trading Yesterday at $ 1,705.10 an ounce, with the US dollar index rising 0.09% to 96.72 compared to the opening at 96.63.

Investors are currently awaiting by the American economy the release of the final reading of the wholesale stocks index, which may confirm an increase of 0.4%, unchanged from the previous initial reading for the month of April, and against a decline of 0.8% last March, in conjunction with the disclosure of labor market data with A reading of the job opportunities and employment turnover figures, which may reflect a decrease to 5.75 million, compared to 6.19 million in March.

Other than that, the markets are looking at a later time for the launching of the FOMC meeting that takes place today and tomorrow Wednesday via satellite in Washington, which is expected to keep the short-term benchmark interest rates for the second meeting at between zero and 0.25% in conjunction With the disclosure of the expectations of members of the Committee to the rates of growth, inflation, and unemployment in addition to the future interest rates for the next three years.

Up to the press conference that Federal Reserve Governor Jerome Powell will hold tomorrow, specifically, half an hour after the FOMC meeting ends, to comment on the decisions of the Federal Committee, which recently adopted many stimulus programs until the economy showed signs of recovery, led by the Treasury bond purchase program at $ 500 One billion monthly and mortgage bonds, at least $ 200 a month.

On the other hand, we followed this weekend the World Bank revealed its forecasts for the global economy 2020, which included the contraction of the global economy 5.2% in 2020 due to the Coronavirus compared to previous expectations of growth of 2.5%, with the indication that the global economic recession will be the largest since 1945 in the wake of World War II, depending on the per capita gross domestic product.

The World Bank’s forecast also included that the major economies may shrink 7% in 2020, amid expectations that the US economy will shrink 6.1%, the Japanese economy 6.1%, and the eurozone economies 9.1% during this year, but it may recover next year 2021 and achieve 3.9% growth, and the bank favored the province of China On a positive growth of 1% this year, while the Indian economy may shrink 3.2% in 2020 and the Brazilian economy shrink 8% this year.

Technical analysis

Gold price confirmed the breach of the level of 1691.10 after ending yesterday's trading above it, to reactivate the bullish trend scenario in the intraday and short term, on its way to achieving positive goals that start at 1764.00.

Thus, the bullish trend will be likely for today, and the price needs to breach the 1710.00 level to facilitate the task of heading towards the expected targets, taking into consideration that breaking the level of 1691.10 will stop the expected rise and press the price to test the pivotal support 1670.80 initially.

The expected trading range for today is between 1680.00 support and 1725.00 resistance.

Expected trend for today: bullish.

The US dollar fell during the Asian session to witness its rebound for the third session from its top since March 26 against the Japanese yen after the developments and economic data that is reported on the Japanese economy and on the cusp of developments and economic data expected today by the American economy, the largest economy in the world, which includes the launch The FOMC meeting today and tomorrow, Wednesday.

At exactly 06:03 AM GMT, the US dollar pair fell against the Japanese yen by 0.35% to 108.05 levels compared to the opening levels at 108.43 after the pair achieved its lowest level during the trading session at 107.92, while achieving the highest at 108.54.

We have followed the Japanese economy on the release of the annual reading of the average wage index, which showed a 0.6% decline compared to a 0.1% rise last March, outperforming the expectations that indicated a 1.0% decline, and that came before we witnessed the annual reading of the bank lending index showed that growth accelerated to 5.1% versus 3.7% last April, beating forecasts of 4.0%, to reveal the annual preliminary reading of the machinery rates index, which reflected the widening of the decline to 52.8% compared to 48.3% in April.

On the other hand, investors are currently awaiting by the US economy the release of the final reading of the wholesale stocks index, which may confirm an increase of 0.4%, unchanged from the previous initial reading for the month of April, and against a decline of 0.8% last March, in conjunction with the disclosure of data, The labor market with the release of a job read and turnover statistic that may reflect a decrease to 5.75 million compared to 6.19 million in March.

Other than that, the markets are looking at a later time for the launching of the FOMC meeting that takes place today and tomorrow Wednesday via satellite in Washington, which is expected to keep the short-term benchmark interest rates for the second meeting at between zero and 0.25% in conjunction With the disclosure of the expectations of members of the Committee to the rates of growth, inflation and unemployment in addition to the future interest rates for the next three years.

Up to the press conference that Federal Reserve Governor Jerome Powell will hold tomorrow, specifically, half an hour after the FOMC meeting ends, to comment on the decisions of the Federal Committee, which recently adopted many stimulus programs until the economy showed signs of recovery, led by the Treasury bond purchase program at $ 500 One billion monthly and mortgage bonds, at least $ 200 a month.

Technical analysis

Yesterday the dollar versus the yen traded with a strong negative to breach the 109.22 level and approached the pivotal support 107.68, noting that the bullish intraday channel support meets with this level, which represents the 38.2% Fibonacci correction, in conjunction with the appearance of significant oversaturations in the selling through the stochastic indicator.

Consequently, these factors encourage us to favor a bullish bounce to resume the main bullish trend, and targets start with testing the level of 109.22, taking into consideration that breaking 107.68 will pressure the price to incur more losses and heading towards 106.44 as a next negative station.

The expected trading range for today is between 107.70 support and 109.00 resistance.

Expected trend for today: bullish.

USDJPY

The pair is at a strong support level of 108.00 in anticipation of the Fed’s monetary policy decision, as it is possible that Jerome Powell will hint at the easing of stimulus measures amid the quick recovery of the US economy from the coronavirus pandemic.

Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and indicates a slower decline. Stoch are in the oversold zone and uninformative.

Trading recommendations:

If the pair does not hold above 108.00, it is likely to continue correcting down to 107.00.

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

EURJPY
The currency pair is trading in the range of the round important level 122.00, near the 365 moving average. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy when the M30 candle closes above the round secondary level of 122.20.

Stop loss under the round secondary level of 121.80.

Target levels: 122.50; 123.20; 124.20.

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

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session to promise to end its longest daily gains march since late 2017 and early 2018 against the US dollar amid the scarcity of economic data on Monday by the Australian economy and its US economy the largest economy in the world and in the wake of economic developments and data It was adopted earlier this week by the Chinese economy as Australia's largest trading partner.

At 02:04 am GMT, the Australian dollar pair fell against the US dollar by 0.10% to 0.6972 levels compared to the opening levels at 0.6979, after the pair achieved its lowest level during the trading session at 0.6964, while the pair achieved its highest at 0.7003, with Knowing that the pair started the trading session on an upward price gap after it concluded the trading last week at 0.6969.

We have just followed up on the Chinese economy, the largest economy in Asia and the second largest in the world, the release of the Trade Balance Index reading, which showed the widening of the surplus to 443 billion yuan, equivalent to $ 62.9 billion, compared to a surplus of 318 billion yuan, equivalent to $ 45.3 billion in April / Last April, contrary to expectations that the surplus will shrink to 283 billion yuan, equivalent to $ 41.4 billion, with the decrease in exports and the decline in imports.

On the other hand, the markets are looking for tomorrow, Tuesday, for the launching of the activities of the Federal Open Market Committee meeting that will be held tomorrow and after tomorrow, Wednesday, via satellites in Washington, through which the short-term benchmark interest rates for the second meeting are expected to remain between zero and 0.25% in conjunction With the disclosure of the expectations of members of the Committee to the rates of growth, inflation and unemployment in addition to the future interest rates for the next three years.

Up to the press conference to be held by Federal Reserve Governor Jerome Powell on Wednesday, exactly half an hour after the FOMC meeting ended, to comment on the decisions of the Federal Committee, which recently adopted many stimulus programs until the economy showed signs of recovery, led by the Treasury bond purchase program at $ 500 One billion monthly and mortgage bonds, at least $ 200 a month.

Technical analysis

The Australian dollar versus the US dollar continues to try to breach the 0.7000 level but finds a strong resistance barrier there, waiting for a positive incentive enough to push the price to confirm the breach of the mentioned level and open the way for heading towards our next main target at 0.7200.

In general, we continue to suggest the bullish trend for the next period unless 0.6884 level is broken and stability below it.

The expected trading range for today is between 0.6900 support and 0.7050 resistance

Expected trend for today: bullish

The euro fluctuated in a narrow range slanting back down during the Asian session to witness its rebound from above since March 10 against the US dollar on the eve of developments and economic data expected on Monday by the euro zone economies, which includes the certificate of the European Central Bank Governor Christine Lagarde before the Affairs Committee Economic and monetary in the European Parliament via satellite and amid the scarcity of economic data on the US economy early this week, which carries with it the meeting of the Federal Open Market Committee.

At 05:53 am GMT, the euro against the US dollar fell 0.03% to 1.12.87 levels, compared to the opening levels at 1.1290, after the pair achieved its lowest level during the trading session at 1.1283, while achieving the highest at 1.1320.

Markets are looking for Germany, the euro zone’s largest economy, to release the Industrial Production Index reading, which may reflect a widening decline to 16.0% compared to 9.2% in March, before seeing the Eurozone economies as a whole release of the Sentix index of consumer confidence, which shows contraction shrinking to 22.0 compared to 41.8 last May, before we witness the testimony of the European Central Governor Christine Lagarde before the European Parliament.

On the other hand, the markets are looking for tomorrow, Tuesday, for the launching of the activities of the Federal Open Market Committee meeting that will be held tomorrow and after tomorrow, Wednesday, via satellites in Washington, through which the short-term benchmark interest rates for the second meeting are expected to remain between zero and 0.25% in conjunction With the disclosure of the expectations of members of the Committee to the rates of growth, inflation and unemployment in addition to the future interest rates for the next three years.

Up to the press conference to be held by Federal Reserve Governor Jerome Powell on Wednesday, exactly half an hour after the FOMC meeting ended, to comment on the decisions of the Federal Committee, which recently adopted many stimulus programs until the economy showed signs of recovery, led by the Treasury bond purchase program at $ 500 One billion monthly and mortgage bonds, at least $ 200 a month.

Technical analysis

The euro against the dollar ended trading last Friday at 1.1295, and is now fluctuating around it, noting that the stochastic starts to cross positively now, waiting for the price stimulus to resume the expected bullish direction for the coming period, whose next target is located at 1.1418.

SMA 50 continues to support the price from below, to keep our expectations for the bullish direction in the intraday and short term unless it is confirmed that the level of 1.1295 remains intact with a daily closing below it.

The expected trading range for today is between 1.1220 support and 1.1390 ​​resistance.

Expected trend for today: bullish.

Gold prices fluctuated in a narrow range tilted to the upside during the Asian session, disregarding the dollar index rebound for the second consecutive session from the lowest since March 12, according to the inverse relationship between them after the developments and economic data that we followed yesterday from the Chinese economy, the largest consumer of metals globally and the economy The Japanese is the second largest economy in Asia and amid the scarcity of economic data on the US economy at the beginning of this week, which carries the meeting of the Federal Open Market Committee.

At exactly 04:19 AM GMT, gold futures contracts for next August delivery rose 0.35% to trade at $ 1,692.60 per ounce compared to the opening at $ 1,686.70 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded trading Last week at $ 1,683.00 an ounce, while the US dollar index rose 0.05% to 96.89 compared to the opening at 96.84.

This was followed yesterday by the Chinese economy, the largest economy in Asia and the second largest in the world, by the release of the Trade Balance Index reading, which showed the widening of the surplus to 443 billion yuan, equivalent to $ 62.9 billion, compared to a surplus of 318 billion yuan, equivalent to $ 45.3 billion in April. In the past, contrary to expectations that the surplus will shrink to 283 billion yuan, equivalent to $ 41.4 billion, with shrinking exports and widening imports.

This came before we witnessed about the Japanese economy, the third largest economy in the world and the third largest industrialized country globally earlier this week, the disclosure of growth data for the first quarter with the release of the seasonally adjusted final reading of GDP, which showed a contraction of 0.6% compared to a contraction of 0.9% in the previous initial reading For the first quarter and against a contraction of 1.8% in the previous reading for the fourth quarter, worse than expectations for a contraction of 0.5%.

In the same context, the annual final reading of the GDP measured by prices showed a growth of 0.9% unchanged from the previous annual reading of the previous quarter in line with expectations and against a growth of 1.2% in the fourth quarter, and this came in conjunction with and this came in conjunction with the issuance of the annual reading of the bank lending index Which reflected the acceleration of growth to 4.8% compared to the previous reading for the month of March.

We also followed the release of the current account index reading, which showed a surplus shrinkage to 0.26 trillion yen, compared to 1.97 trillion yen last March, worse than expectations that indicated a shrinkage of the surplus to 0.48 trillion yen, just as the seasonally adjusted reading of the same indicator showed that the surplus has shrunk to what The value of 0.25 billion yen compared to 0.94 billion yen in March, also worse than expectations that indicated the surplus to shrink to 0.33 billion yen.

Other than that, we followed Friday, the US Department of Labor data showed the addition of the world's largest economy 2.5 million jobs in May, which is a record and contrary to expectations losing nearly 8 million jobs, which contributed to the decline in unemployment rates in America to 13.3% compared to 14.7% in April April, which reinforced market optimism that the worst is over in conjunction with the continued easing of power worldwide by authorities by closing down the virus pandemic.

Technical analysis

The gold price achieved a strong breakout of the level of 1691.10 and ended the trading last week without it, to fall under the expected negative corrective pressure, supported by the moving average 50, but we note that the price was based on a horizontal support floor located at 1670.80, to bounce up and approach the test of 1691.10 that turns into resistance now, It is supported by the positive signal provided by the stochastic indicator, to provide signals of an attempt to restore the main bullish trend again.

Consequently, this conflict between technical factors makes us prefer stopping rather than neutral until we get a clearer signal for the next direction, noting that breaking the 1670.80 level will put the price under more negative pressure to head towards testing the 1646.00 level as a next corrective target, while a breach of 1691.10 represents Restore the bullish trend and head towards positive targets starting at 1764.00.

The expected trading range for today is between 1670.00 support and 1720.00 resistance.

Expected trend for today: neutral.

AUDNZD 

The overall trend is upward. The currency pair is trading in the range of the round important 1.0700 level. A bullish divergence has formed on the Awesome Oscillator, Stochastic Oscillator indicator signals oversoldness.

Trading recommendations:

Buy when an ascending wave pattern is formed, above the round secondary level of 1.0720.

Stop loss: 1.0680.

Target levels: 1.0780; 1.0820; 1.0880.

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

EURUSD 

The pair is above the 1.1280, consolidating in anticipation of the Fed’s final monetary policy decsion to be made on a meeting from Tuesday to Wednesday. This will force investors to be cautious ad cause a local correction of the pair.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and at the level of SMA 14. RSI is moving horizontally under the overbought zone. Stoch turn up in the oversold zone.

Trading recommendations:

If the pair does not hold above 1.1280, it will correct down to 1.1190 (23% of Fibonacci retracement), before resuming growth to 1.1450.

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