Analytic reviews

EURUSD 

The pair is consolidating above the strong support level of 1.0985. Expect the price to continue to increase despite a possible slight correction, as investors move away from dollar assets and start buying risk assets more actively, including those denominated in euros.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is under the overbought zone and moves horizontally. Stoch point to a weaker growth.

Trading recommendations:

Buy the pair after a corrective decline to 1.0985, but only if this level holds. Expect the pair to resume rising to 1.1040.

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

The US dollar fluctuated in a narrow range slanting back down during the Asian session, to witness its bounce for the fourth session in seven sessions from the top since April 13 against the Japanese yen amid the scarcity of economic data by the Japanese economy and on the cusp of developments and economic data expected today Wednesday by the economy The American is the largest economy in the world.

At exactly 05:53 AM GMT, the US dollar pair fell against the Japanese yen by 0.02% to 107.52 levels compared to the opening levels at 107.54 after the pair achieved its lowest level during the trading session at 107.37, while it achieved the highest at 107.61.

Investors are currently waiting for the US economy, the world's largest industrialized country, to disclose data on the industrial sector, with the release of the Richmond Industrial Index reading, which may reflect a contraction in the contraction of 40 to 53 compared to last April, and that comes before we witness the unveiling of the book Beige What is important is that it is issued two weeks before the FOMC meeting.

Technical analysis

The dollar versus yen pair appears to be trading sideways recently as it appears in the picture and is moving around the EMA50 now, noting that the stochastic indicator begins providing a positive crossover on the four-hour time frame, pending the price stimulus to resume the expected bullish trend for the next period, whose main target is Next at 109.22.

Therefore, we will maintain our bullish expectations unless the 107.35 level is broken and stability below it.

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

Expected trend for today: bullish.

Gold prices fluctuated in a narrow range tilted towards the decline during the Asian session to witness its bounce for the fifth session in eight sessions from its highest since April 14, when it tested the highest for it since the fifth of October 2012 amid the high dollar index indicating its bounce for the second session The lowest since May 4, when the lowest has been tested since March 30 according to the inverse relationship between them.

This comes on the cusp of developments and economic data expected today by the US economy, the largest economy in the world, and amid market pricing to reopen many global economies and hopes to reach a vaccine for the Coronavirus later this year in addition to the recent tensions between Washington and Beijing, especially about the application of China. The new National Security Law, which limits the rights and freedoms of Hong Kong citizens.

At exactly 04:09 AM GMT, gold price futures for next August delivery fell 0.31% to trade at $ 1,718.70 per ounce compared to the opening at $ 1,724.10 per ounce, knowing that the contracts started the trading session on a falling price gap after it concluded trading Yesterday at $ 1,728.20 an ounce, with the US dollar index rising 0.12% to 99.13 compared to the opening at 99.01.

Investors are currently waiting for the US economy, the world's largest industrialized country, to disclose data on the industrial sector, with the release of the Richmond Industrial Index reading, which may reflect a contraction in the contraction of 40 to 53 compared to last April, and that comes before we witness the unveiling of the book Beige What is important is that it is issued two weeks before the FOMC meeting.

Other than that, we followed yesterday, US President Donald Trump said he would announce his administration’s response to China’s actions by the end of the week, touched upon some report that Washington was considering imposing sanctions on Chinese officials and that the US Treasury could impose transaction controls and freeze the assets of officials and companies Chinese to apply Beijing new national security law, which limits the rights and freedoms of Hong Kong citizens.

Technical analysis

Gold confirmed the break of the level of 1725.90 after the daily candle closed below it, heading towards visiting the 23.6% Fibonacci retracement level for the entire rise that was measured from 1455.10 to 1764.04, which is located at 1691.10.

The intraday descending channel organizes the suggested descending wave, noting that breaking the target level will extend the descending corrective wave to target the level of 1646.00 as the next station, while the expected decline will remain in place unless the price rushes to breach 1725.90 then 1735.00 levels and stability above it.

The expected trading range for today is between 1690.00 support and 1725.00 resistance.

Expected trend for today: bearish.

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its bounce back to the third session in five sessions from its highest since early May when it tested its highest since early April against the US dollar amid the aspiration of the ECB governor Christine Lagarde Via satellites about the European Central response to the Coronavirus at the European Youth Event 2020 and on the cusp of developments and economic data expected today Wednesday by the US economy, the largest economy in the world.

At 05:07 AM GMT, the euro against the US dollar fell 0.24% to 1.0956 levels, compared to the opening levels at 1.0982, after the pair achieved its lowest level during the trading session at 1.0953, while achieving the highest at 1.0985.

Investors are currently waiting for the US economy, the world's largest industrialized country, to disclose data on the industrial sector, with the release of the Richmond Industrial Index reading, which may reflect a contraction in the contraction of 40 to 53 compared to last April, and that comes before we witness the unveiling of the book Beige What is important is that it is issued two weeks before the FOMC meeting.

Technical analysis

The euro against the dollar ended yesterday's trading above 1.0966, which is a positive signal that supports the price trend to visit the next correction level at 1.1067, but we notice that the price starts today with a noticeable negativity to move below the breached level, supported by the stochastic negativity, to fall under a possible negative pressure that may Press the price to return to the falling path again, especially after recording a low high yesterday.

Therefore, this inconsistency between the technical factors makes us prefer stopping on the neutrality until the price confirms its position regarding the level of 1.0966, as the consolidation above it will push the price to 1.1067 as a next positive target, while failure to hold above it will press the trades to go towards 1.0840 initially.

The expected trading range for today is between 1.0860 support and 1.1060 resistance.

Expected trend for today: neutral.

The Australian dollar versus the US dollar made more positive trades yesterday to reach our awaited target at 0.6685, and some slight bearish tendency appears due to the stochastic negativity, pending obtaining a positive momentum enough to push the price to breach the mentioned level and open the way for the continuation of the main bullish trend within the channel The image that appears.

Consequently, we will continue to favor the bullish trend for the upcoming period supported by the EMA50, noting that a break of 0.6560 will press the price to test 0.6407 areas before any new attempt to rise.

The expected trading range for today is between 0.6600 support and 0.6720 resistance.

Expected trend for today: bullish.

#KO

The US economy is recovering from a severe fall caused by the pandemic.

The price pivot zone of 46.67 holds back buyers, if the price fixes above it, there will be an opportunity for further growth. Stochastic Oscillator moving indicators showed an exit from the oversold zone and are directed upwards.

Trading recommendations:

Buy above 46.67.

Stop loss: 43.23.

Target levels: 49.70; 51.50.

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

USDCAD

The pair dropped below the strong support level of 1.3860, where it has been trading recently. The increase in crude oil prices amid the renewed economic activity as countries lift lockdowns supports the demand for risk assets and crude oil, while pressuring the US dollar.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold zone and moves horizontally. Stoch are trying to break out of the oversold zone.

Trading recommendations:

Sell the pair after it goes below 1.3755, with a likely fall to 1.3620.

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

GBPCHF 

A false breakdown has formed. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator showed an exit from the overbought zone. Breaking through the support level of 1.1894 will result in the formation of a 1-2-3 descending pattern.

Trading recommendations:

Sell below 1.1894.

Stop loss: 1.1960.

Target levels: 1.1852; 1.1818; 1.1775.

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

The Australian dollar versus the US dollar continues to fluctuate when supporting the main bullish channel, which now rises to 0.6530 and maintains its stability above it. Therefore, our expectations for the upward trend will remain valid for the next period, which targets the level of 0.6685 as the next main station, noting that SMA 50 continues to Support the proposed bullish wave.

The expected trading range for today is between 0.6480 support and 0.6600 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range slashing up during the Asian session against the US dollar on the threshold of developments and economic data expected on Tuesday by the economies of the euro area and the US economy, the largest economy in the world.

At 04:42 am GMT, the euro pair rose against the US dollar by 0.21% to 1.0921 levels, compared to the opening levels at 1.0898, after the pair achieved its highest level during the trading session at 1.0922, while achieving the lowest at 1.0893.

The markets are looking to the largest Eurozone economies, Germany, to unveil a statistical reading of the GFK consumer confidence index for next June, which may reflect the contraction in contraction to 19.1 compared to 23.4 this May, and this comes before we witness the disclosure of the report. The semi-annual review of financial stability by the European Central Bank.

On the other hand, investors are anticipating the US economy to disclose housing market data with the release of the house price index, which may explain the slowdown in growth to 0.6% compared to 0.7% last February, in conjunction with the release of the annual reading of the house price index, which may appear Also, growth slowed to 3.4% from 3.5% in February.

This comes before the release of the new home sales index, which may explain the decline in the decline to 15.4% for 492 thousand homes compared to 21.9% at 627 thousand homes in March, in conjunction with the disclosure of the consumer confidence index reading, which may reflect a widening to 87.1 compared to 86.9 In April, they reached the participation of Federal Reserve Board member and Minneapolis Federal Reserve Chairman Neil Kakkari in a panel discussion on the Corona Virus pandemic.

In another context, we followed yesterday the American company, Novafax announced that it had started its first human study on its experimental vaccine against corona and that it expected preliminary results regarding safety and immune responses in July, which boosted hopes for a vaccine for the virus later this year, and according to another figure issued by the World Health Organization, the number of cases infected with the virus rose to nearly 5.31 million, and 342,070 people died in 216 countries.

Technical analysis

The narrow range dominated the trading of the euro against the dollar yesterday, to continue fluctuating around the EMA50, and therefore, the bearish trend scenario will remain intact as it is unchanged, supported by the negative signal that the stochastic indicator begins to provide, with a reminder that our targets start at 1.0840 and extend to 1.0700 beyond the previous level while achieving it requires stability below 1.0966.

The expected trading range for today is between 1.0800 support and 1.0966 resistance.

Expected trend for today: bearish.