Analytic reviews

The Australian dollar rose by more than one percent during the Asian session to witness its highest since February 13 against the US dollar, following developments and economic data that were reported by the Australian economy and the Chinese economy as Australia's largest trading partner and on the cusp of developments and economic data expected today Monday by the US economy The largest economy in the world.

At exactly 02:42 am GMT, the Australian dollar pair rose against the US dollar by 1.07% to 0.6731 levels compared to the opening levels at 0.6660, after the pair achieved its highest level in four months at 0.6738, while the pair achieved its lowest during the trading session at 0.6646, knowing that the pair started the trading session on a falling price gap after it concluded the trading of the first half of 2020 at 0.6667.

On the Australian economy, we have followed the disclosure of the AIG manufacturing reading, which showed the contraction has shrunk to 41.6 compared to 35.8 last April, and this came before the Melbourne Institute (MI) revealed the inflation gauge reading, which The contraction expanded to 1.2% versus 0.1% in April, while the annual reading of the same index showed growth slowed to 0.1% versus 1.2%.

Other than that, the markets are looking to tomorrow, Tuesday, for the decisions and directions of monetary policy makers at the Reserve Bank of Australia, and the Australian Central Bank revealed a statement of interest rates amid expectations of fixing interest rates at the lowest ever at 0.25%, before we witness tomorrow, Wednesday, the disclosure of quarterly growth data Last first.

In another context, we followed yesterday, Sunday, the China Federation of Logistics and Procurement (CFLP) revealed the data of the industrial and services sector for the past month, which indicated that the industrial sector shrank to 50.6 compared to 50.8 in April, contrary to expectations that it expanded to 51.1, while expansion The service sector rose to 53.6 compared to 53.2 in April, beating expectations for a expansion of 53.5.

On the other hand, markets are looking to reveal the final reading of the manufacturing PMI by Markit for the United States, which may reflect the stability of the contraction at $ 39.8, little changed from the initial reading of last month and compared to the contraction at 36.1 in April, before we witness By the US economy, the construction spending index showed a 6.5% decline compared to a 0.9% rise in March.

This comes in conjunction with the disclosure also by the largest industrialized country in the world about the reading of the Institute of Industrial Supply index, which may show contraction shrinkage to 43.5 compared to 41.5 in April, as the reading of the Institute of Industrial Supply measured in prices may indicate shrinkage of deflation to its value 40.0 vs. 35.3, and we would like to point out, because the reading issuance at a value of 50 or higher reflects amplitude, while its issuance less than 50 indicates contraction.

Technical analysis

The Australian dollar versus the US dollar pair began trading today with a strong rise to be able to penetrate the level of 0.6685 and hold above it, which supports the continuation of our effective expectations for the upward trend during the upcoming sessions, paving the way for the trend towards 0.6774 which represents our next main goal.

Consequently, the bullish trend will remain valid and active, provided stability above 0.6685, and most important above 0.6605, noting that SMA 50 supports the expected rise.

The expected trading range for today is between 0.6670 support and 0.6800 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range slashing up during the Asian session to witness its stability near the top in more than two months against the US dollar on the cusp of developments and economic data expected on Monday by the economies of the euro area and the US economy the largest economy in the world.

At 05:21 am GMT, the euro pair rose against the US dollar by 0.27% to 1.1135 levels, compared to the opening levels at 1.1105 after the pair achieved its highest level during the trading session at 1.1140, while it achieved the lowest at 1.1094, knowing that The pair started the trading session on an upward price gap after it concluded the trading for the first half of 2020 at 1.1101.

The markets are looking for by Spain, the fourth largest economy in the region, to publish the manufacturing PMI reading, which may reflect the contraction in contraction to 38.5 compared to 30.8 last April, before we witness from Italy the third largest economy in the region, revealing the reading of the index itself, which may also explain Deflation narrowed to 35.5 compared to 31.1 in April, and before the final reading of the manufacturing PMI for France, the second largest euro area economy, which may reflect the stability of deflation at 40.3 compared to 31.5 in April.

Up to the final reading of the Manufacturing PMI for Germany and the economies of the eurozone as a whole, which may explain the stability of the contraction at 36.8 in Germany and 34.5 in April, and also the stability of the contraction at 39.5 in the region as a whole and 33.4, and this comes in conjunction with Monday's holidays in France Germany, hours before the National Day holiday in Italy tomorrow, Tuesday.

On the other hand, markets are looking to reveal the final reading of the manufacturing PMI by Markit for the United States, which may reflect the stability of the contraction at $ 39.8, little changed from the initial reading of last month and compared to the contraction at 36.1 in April, before we witness By the US economy, the construction spending index showed a 6.5% decline compared to a 0.9% rise in March.

This comes in conjunction with the disclosure also by the largest industrialized country in the world about the reading of the Institute of Industrial Supply index, which may show contraction shrinkage to 43.5 compared to 41.5 in April, as the reading of the Institute of Industrial Supply measured in prices may indicate shrinkage of deflation to its value 40.0 vs. 35.3, and we would like to point out, because the reading issuance at a value of 50 or higher reflects amplitude, while its issuance less than 50 indicates contraction.

Otherwise, during the past weekend we followed violent protests taking place in some cities in the United States with the curfew failing to stop confrontations between activists and law enforcement forces, as protesters took to the streets after weeks of closures during the Coronavirus pandemic, which caused the loss of millions For their jobs and especially heavier on minority communities in America.

Technical analysis

The euro against the dollar pair opens today's trading with a noticeable increase after approaching the level of 1.1067 in the previous sessions, to approach our waited target at 1.1170, and we notice that the stochastic indicator provides a positive crossover signal that supports the chances of achieving a further rise to penetrate the target level and open the way for achieving more goals on Short-term.

Consequently, we will continue to favor the bullish trend for the next period unless we witness a clear breakout and stability below 1.1067.

The expected trading range for today is between 1.1070 support and 1.1230 resistance.

Expected trend for today: bullish.

Gold prices fluctuated in a narrow range tilted to the upside during the Asian session to witness the highest since May 18, when it experienced the highest since April 14 and reversed the highest in eight years, with the decline in the US dollar index according to the inverse relationship between them after The economic developments and data that were followed by the Chinese economy, the second largest economy in the world, and on the cusp of developments and economic data expected on Monday by the US economy, the largest economy in the world.

At exactly 03:52 AM GMT, gold price futures for next August delivery rose 0.13% to trade at $ 1,752.00 per ounce compared to the opening at $ 1,749.80 per ounce, knowing that the contracts started the trading session on a falling price gap after it concluded trading The first half of this year at $ 1,751.70 an ounce, with the US dollar index down 0.21% to 98.02 compared to the opening at 98.23.

We have followed a short while ago, the China Federation of Logistics and Procurement (CFLP) revealed the readings of the industrial and service purchasing managers' index for the past month, which indicated that the industrial sector shrank to 50.6 compared to 50.8 last April, contrary to expectations that it expanded to 51.1, while the expansion of The service sector rose to 53.6 compared to 53.2 in April, beating expectations for a expansion of 53.5.

On the other hand, markets are looking to reveal the final reading of the manufacturing PMI by Markit for the United States, which may reflect the stability of the contraction at $ 39.8, little changed from the initial reading of last month and compared to the contraction at 36.1 in April, before we witness By the US economy, the construction spending index showed a 6.5% decline compared to a 0.9% rise in March.

This comes in conjunction with the disclosure also by the largest industrialized country in the world about the reading of the Institute of Industrial Supply index, which may show contraction shrinkage to 43.5 compared to 41.5 in April, as the reading of the Institute of Industrial Supply measured in prices may indicate shrinkage of deflation to its value 40.0 vs. 35.3, and we would like to point out, because the reading issuance at a value of 50 or higher reflects amplitude, while its issuance less than 50 indicates contraction.

Otherwise, during the past weekend, we followed violent protests taking place in some cities in the United States with the curfew failing to stop confrontations between activists and law enforcement forces, as protesters took to the streets after weeks of closures during the Coronavirus pandemic, which caused the loss of millions For their jobs and especially heavier on minority communities in America.

Technical analysis

Gold price trading stabilizes above the breached resistance of the descending channel and gets positive support from the EMA50, to support our expectations of achieving more gains in the intraday basis, waiting for the test of the recently recorded summit at 1764.00 as the first station, noting that a breach of this level is required to confirm the continuation of the trend The bullish main, whose next target is at 1810.00.

From here, we continue to favor the bullish trend for the upcoming period, noting that a break of 1719.00 will stop the expected rise and press the price to test the level of 1691.00 again before any new attempt to rise.

The expected trading range for today is between 1720.00 support and 1764.00 resistance.

Expected trend for today: bullish.

The fluctuation of the US dollar in a narrow range that tends to decline during the Asian session against the Japanese yen, following the developments and economic data that were followed by the Japanese economy and on the cusp of developments and economic data expected on Monday by the US economy, the largest economy in the world, and amid market pricing of protests in some cities in the states United and escalate tensions between Washington and Beijing.

At exactly 05:55 AM GMT, the US dollar pair fell against the Japanese yen by 0.14% to 107.56 levels compared to the opening levels at 107.71 after the pair achieved its lowest level during the trading session at 107.52, while it achieved its highest at 107.86, knowing that The pair started the trading session on a falling price gap after it concluded the trading of the first half of 2020 at 107.83.

On the Japanese economy, we have followed the release of the Capital Expenditure Index, which showed a rise of 4.3% against a decline of 3.5% in the fourth quarter, contrary to expectations that the decline fell to 5.1%, and this came before the disclosure of the final reading of the Manufacturing PMI by Markit for Japan, which showed the contraction stable at 47.8, is in line with the preliminary reading of last month and expectations, compared to 41.9 last April.

On the other hand, markets are looking to reveal the final reading of the manufacturing PMI by Markit for the United States, which may reflect the stability of the contraction at $ 39.8, little changed from the initial reading of last month and compared to the contraction at 36.1 in April, before we witness By the US economy, the construction spending index showed a 6.5% decline compared to a 0.9% rise in March.

This comes in conjunction with the disclosure also by the largest industrialized country in the world about the reading of the Institute of Industrial Supply index, which may show contraction shrinkage to 43.5 compared to 41.5 in April, as the reading of the Institute of Industrial Supply measured in prices may indicate shrinkage of deflation to its value 40.0 vs. 35.3, and we would like to point out, because the reading issuance at a value of 50 or higher reflects amplitude, while its issuance less than 50 indicates contraction.

Otherwise, during the past weekend, we followed violent protests taking place in some cities in the United States with the curfew failing to stop confrontations between activists and law enforcement forces, as protesters took to the streets after weeks of closures during the Coronavirus pandemic, which caused the loss of millions For their jobs and especially heavier on minority communities in America.

Technical analysis

The dollar versus the yen faced strong negative pressure in the previous sessions to break the 107.35 level, but it bounced up strongly to settle above the 107.35 barrier, which keeps the bullish scenario current and effective in the intraday basis, waiting for the resistance of the lateral range that limits the recent trading to exceed the opportunities to go towards Our main target is expected at 109.22.

We recall that breaching 107.35 will stop the suggested positive scenario and press the price to drop towards 106.44 initially.

The expected trading range for today is between 107.00 support and 108.40 resistance.

Expected trend for today: bullish.

USDCAD

The pair dropped below the strong support level of 1.3735 amid today’s positive economy data in China. Caixin manufacturing PMI in May rose to 50.7 points, above the expected 49.6 points, and above April’s 49.4 points. This contributes to the optimistic outlook for China’s economic recovery, which also supports the demand for commodity assets, including the Canadian currency.

Technical side:

The price is below the lower Bollinger band, below SMA 5 and SMA 14. Moving Averages have intersected and suggest selling. RSI is below the 50% level and is declining. Stoch are falling steadily.

Trading recommendations:

Expect the pair to fall to 1.3520.

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

#SURGUT
The stock is trading in the range of the lower border of the ascending price channel. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy when an ascending pattern is formed, where the wave (A) breaks through the inclined channel of the descending pattern, completing it.

Stop loss: 39.00.

Target levels: 42.40; 44.40.

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

GBPNZD 

The 1.9770 support level is holding back sellers. Probably an ascending wave M30 level pattern is formed, where the B wave has a truncated under the wave C (the descending M15 level pattern). 

Trading recommendations:

Buy when an ascending pattern is formed, where the wave (as) breaks through the inclined channel of the descending truncated M15 level pattern, completing it.

Stop loss below the support level of 1.9770.

Target levels: 1.9931; 1.9985; 2.0020.

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

EURUSD 

The pair is trading above 1.1070 amid the finally emerging certainty of the EU economic recovery plans. The decision to create a multibillion dollar bailout fund supports EUR. An additional stimulus for the pair’s growth is the weaker interest in the US dollar as a safe haven currency, as strong economies are lifting the quarantine. Expect that the pair’s upward trend to continue next month.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought zone and continues to grow. Stoch demonstrate similar movement.

Trading recommendations:

Buy the pair after a corrective decline to 1.1070, but only if this level holds. Expect the pair to resume growth to 1.1145, and then to 1.1200.

The EURUSD 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, promising to repel quarterly gains against the US dollar after the developments and economic data that it followed on the Australian economy and on the cusp of developments and economic data expected on Friday by the US economy, which includes the participation of Federal Reserve Governor Jerome Powell in A virtual panel discussion at the Griswold Center for Economic Policy Studies at Princeton University in New Jersey and US President Donald Trump's press conference on China in Washington.

At exactly 03:01 am GMT, the Australian dollar pair rose against the US dollar by 0.06% to 0.6641 levels compared to the opening levels at 0.6637, after the pair achieved its highest level during the trading session at 0.6643, while the pair achieved its lowest at 0.6612.

We have followed the Australian economy on the release of the private sector credit index, which showed stability at zero levels compared to 1.1% last March, contrary to expectations at 0.6%, and this came hours after the Reserve Bank of Australia Governor Philip Lowe said yesterday during his testimony before a committee The choice for the Australian Senate about the Coronavirus is that "the economic downturn may not be as severe as previously thought."

On the other hand, investors are currently awaiting by the US economy, the largest economy in the world, to disclose data on spending and personal income, which may reflect the widening decline in personal spending to 12.6% compared to 7.5% last March, and the expansion of personal income to 7.0% compared to 2.0% In March, a reading of the core personal consumption expenditures price index may explain the decline to 0.3% compared to 0.1% in March.

This comes in conjunction with the release of the merchandise trade balance index, which may explain the widening of the deficit to $ 64.8 billion compared to $ 64.2 billion in March, in conjunction with the release of the initial reading of the wholesale inventory index, which may reflect a decline in the decline to 0.5% compared to 0.8% In March, before the Chicago PMI reading was revealed, which may reflect a contraction of 40.1 versus 35.4 in April.

Up to the disclosure of the final reading of the University of Michigan's index of consumer confidence, which may show the stability of the expansion at a value of 73.7, little changed from what it was in the preliminary reading of the previous month and against 71.8 in April, and this comes before the expected speech of the Federal Reserve Governor Jerome Powell and the US President Donald Trump's press conference on China, Australia's largest trading partner.

Technical analysis

The Australian dollar pair against the US dollar made a positive trading yesterday, but it faces strong resistance at 0.6685, waiting for a positive incentive to contribute to pushing the price to breach this level and opening the way towards heading towards our next positive target which is located at 0.6774.

Until now, the bullish scenario is still valid and likely for the coming period, provided that the price maintains its stability above 0.6580 level.

The expected trading range for today is between 0.6580 support and 0.6720 resistance.

Expected trend for today: bullish.

The single currency, the euro, rose during the Asian session to witness its highest level since March 30 against the US dollar on the threshold of economic developments and data expected on Friday by the euro area and the US economy, which includes the participation of Federal Reserve Governor Jerome Powell in a hypothetical discussion in the Center for Griswold Studies Economic policy at Princeton University in New Jersey and US President Donald Trump's press conference on China in Washington.

At 05:52 am GMT, the euro pair rose against the US dollar by 0.28% to 1.1108 levels, compared to the opening levels at 1.1077 after the pair achieved its highest level in two months at 1.1111, while achieving the lowest during the trading session at 1.1070.

The markets are looking to the largest euro zone economies, Germany, to reveal the retail sales index reading, which may reflect the widening decline to 12.0% compared to 5.6% last March, as the annual reading of the same indicator may show the widening decline to 14.3% against 2.8%, and that In conjunction with the release of the import price index also for Germany, the decline could widen to 1.5% from 3.5% in March.

This comes before we witnessed by France, the second largest economy in the region, the disclosure of the final reading of the GDP index, which may confirm a contraction of 5.8%, little changed from the previous initial reading of the last quarter, compared to a contraction of 0.1% in the fourth quarter, in conjunction with the release of France's consumer spending reading may reflect a contraction of the decline to 14.5% compared to 17.9% last April.

This also comes in conjunction with the disclosure of the initial reading of the consumer price index for France, which may reflect 0.1% growth against stability at zero levels in April, before we witness the economies of the euro area as a whole. The annual reading of the private loan index, which may explain the acceleration of growth to 3.5% vs. 3.4%, and the release of the annual M3 Money Supply Review, which may show accelerated growth to 8.1% from 7.5% in March.

This comes before we witness from Italy, the third largest economy in the euro area, the issuance of the initial reading of the consumer price index, which may show a contraction of 0.1% compared to 0.1% growth in April, and in conjunction with the release of the initial annual reading of the same index for the economies of the region as a whole, which may reflect the slowdown in growth to 0.1% vs. 0.3% in February, as the preliminary annual core reading of the index might show, the slowdown in growth to 0.8% versus 0.9%.

Disclosure of inflation data for the euro area as a whole with the release of the initial reading of the GDP index, which may reflect a contraction of 3.7% versus 0.1% growth in the fourth quarter, and the annual reading of the consumer price index showed a slowdown in growth to 0.1% against 0.7% in March, as may The substantial annual reading of the same indicator shows that growth slowed to 0.7% versus 1.0%.

On the other hand, investors are currently awaiting by the US economy, the largest economy in the world, to disclose spending and personal income data, which may reflect the expansion of personal spending to 12.6% compared to 7.5% in March, and the decline in personal income to 7.0% compared to 2.0% in March, as the reading of the core personal consumption expenditures price index may explain the decline to 0.3% compared to 0.1% in March.

This comes in conjunction with the release of the merchandise trade balance index, which may explain the widening of the deficit to $ 64.8 billion compared to $ 64.2 billion in March, in conjunction with the release of the initial reading of the wholesale inventory index, which may reflect a decline in the decline to 0.5% compared to 0.8% In March, before the Chicago PMI reading was revealed, it may reflect a contraction of 40.1 versus 35.4 in April.

Up to the disclosure of the final reading of the University of Michigan's index of consumer confidence, which may show the stability of the expansion at a value of 73.7, little changed from what it was in the preliminary reading of the previous month and against 71.8 in April, and this comes before the expected speech of the Federal Reserve Governor Jerome Powell and the US President Donald Trump's press conference on China

Technical analysis

The euro against the dollar succeeded in confirming the breach of the 1.1067 level after closing the daily candle above it, confirming the continuation of the bullish trend for the coming period, and the price needs to overcome the resistance of the bullish channel that appears in the image to open the way towards heading towards our next positive station which is located at 1.1170.

SMA 50 supports the suggested bullish wave, noting that breaking 1.1067 and holding below it will put the price under intraday negative pressure aiming to test 1.0966 areas initially before any new attempt to rise.

The expected trading range for today is between 1.1000 support and 1.1170 resistance.

Expected trend for today: bullish.