Analytic reviews

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session while still preparing for its second weekly losses in a row, on the cusp of developments and economic data expected on Friday by the economies of the euro area, which includes the Eurogroup meetings in Brussels and on the cusp of developments and economic data Expected of the US economy, the largest economy in the world.

At exactly 05:55 AM GMT, the euro pair rose against the US dollar by 0.01% to 1.0806 levels, compared to the opening levels at 1.0805, which is the highest level for the husband during the trading session, while the pair achieved its lowest level during the trading session at 1.0799.

Markets are currently awaiting by the largest Eurozone economies, Germany, to disclose the seasonally adjusted preliminary reading of the first quarter GDP indicator, which may reflect a contraction of 2.2% against stability at zero levels in the fourth quarter, while the yearly non-seasonally adjusted reading of the same indicator may show a contraction 1.6% vs. 0.3% growth in the prior annual reading for the fourth quarter.

This comes in conjunction with the disclosure also from Germany of the producer price index reading, which is a preliminary indication of inflationary pressures, which may show contraction shrinkage to 0.6% compared to 0.8% in March, as the annual reading of the same indicator may show that deflation expanded to 1.9% versus 0.8%, To the release of the final reading of the consumer price index for France, the second-largest economy in the eurozone, which may reflect the stability of growth at 0.1% during April.

In order to reveal the seasonally adjusted initial reading of the euro area gross domestic product index as a whole, which may reflect the contraction stability at 3.8% unchanged from the fourth quarter, as the annual reading of the index may show the contraction stability at 3.3%, in conjunction with the preliminary reading of the change in employment index It fell 0.2% against a rise of 0.3% in the fourth quarter, and the seasonally adjusted reading of the Trade Balance Index showed the surplus narrowed to 17.2 billion euros from 25.8 billion euros in February.

On the other hand, investors are currently awaiting by the US economy the disclosure of the retail sales reading, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product of the United States, which may reflect the widening decline for the worst ever to 12.0% compared to 8.7% in March March, as the fundamental reading of the same index may reveal that the worst rate ever fell to 8.6% compared to 4.5% in March.

This comes in conjunction with the disclosure of industrial sector data for the largest industrial country in the world with the release of the New York industrial index reading, which may reflect the widening of the contraction to 65.0 compared to 78.2 in April, before the release of the industrial production index, which may reflect the widening of the decline to 11.3 % Versus 5.4% in March, while a reading of the Energy Utilization Index may show a slowdown in growth to 63.9% compared to 72.7% in March.

Markets are also looking to reveal the preliminary reading of the University of Michigan index of consumer confidence, which may show a decrease to 68.0 compared to 71.8 in April, in conjunction with the final reading of the wholesale inventory index showed a decline in the decline to 0.3% compared to 0.4% in February, and the disclosure of market data Work with the release of the employment opportunities and job turnover reading, which may reflect a decrease to 5.77 million compared to 6.88 million in February.

It is reported that Federal Reserve Governor Jerome Powell Noh Wednesday during his pre-prepared speech on economic issues in an online seminar organized by the Peterson Institute for International Economics at the time that "although the economic response was timely and large, appropriately, it may not be the last chapter, Given that the road ahead is very uncertain and subject to great risks. "

Technical analysis

The euro against the dollar ended yesterday's trading above the support at 1.0790 without being able to confirm its break, which keeps the price stuck between the direction keys represented by the mentioned support and the resistance 1.0840, and as we indicated in our recent reports, the price needs to confirm the penetration of one of these levels to determine its next destination in the form of More precisely, which keeps our neutral stance up to now.

We recall that breaking the support will put the price under negative pressure targeting 1.0700 then 1.0640 levels as next stops, while breaching the resistance will lead the price to start new recovery attempts and head towards 1.0966 areas in the near term.

The expected trading range for today is between 1.0700 support and 1.0900 resistance.

Expected trend for today: It depends on the levels mentioned in the report.

The Australian dollar against the US dollar pair started to bounce up after testing the 0.6407 level, and gets a positive signal through the stochastic, which supports the expectations of the continuation of the bullish trend during the coming period, which begins its goals at 0.6530 and extends to 0.6685 after crossing the previous level.

On the other hand, it should be noted that breaking 0.6407 and holding below it will stop the expected rise and press the price to shift towards the downside and visit 0.6236 areas initially.

The expected trading range for today is between 0.6400 support and 0.6530 resistance.

Expected trend for today: bullish.

EURCHF

A reversal candlestick pattern has formed: inverted head-and-shoulders. The currency pair is trading in the range of the round important 1.0500 level. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy above the round secondary level of 1.0520.

Stop loss: 1.0500.

Target levels: 1.0545; 1.0573; 1.0598.

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

EURUSD 

The pair has formed an ascending flag trend continuation pattern. It’s likely to continue to decline amid the Germany-EU dispute over the massive stimulus measures, which may either lead to a euro oversupply in the European financial system due to massive asset purchases by the ECB, or endanger the very existence of the monetary union.

Technical side:

The price is below the middle Bollinger band, at SMA 5 and below SMA 14. RSI is below the 50% level and is turning down. Stoch indicate a weaker growth.

Trading recommendations:

Expect the pair to continue to decline to 1.0725.

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

#SBER

The support level of 183.50 held back sellers. The stock is trading in the range of the lower border of a descending price channel. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy while an ascending 1-2-3 pattern is forming, strictly on the breakout of the upper border of the descending price channel. 

Stop loss: 183.50.

Target levels: 192.17; 198.10.

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

EURCHF 

The 1.0510 support level is holding back sellers. A descending truncated pattern has formed. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator 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, completing it. 

Stop loss under the support level 1.0510.

Target levels: 1.0545; 1.0573; 1.0598.

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

#AEROFLOT
The stock is trading at the lower border of a flat range. The 71.37 support level is holding back sellers. Breaking through the price pivot zone of 73.30 will result in the formation of an ascending 1-2-3 pattern. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator showed an exit from the oversold zone.

Trading recommendations:
Buy above 73.30.
Stop loss: 71.37.
Target levels: 75.00; 76.00; 78.70.
The #AEROFLOT rate online: monitor the movement of the shares in real time.

GBPUSD 

The pair fell below 1.22000, where it has been since March 27. It’s starting to get affected negatively by the unexpectedly resurfaced Brexit, which has been overshadowed by the pandemic for a time. A set of circumstances negative for the UK may have a significant long-term negative influence on the British currency.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and continues to decline. Stoch are in the oversold zone.

Trading recommendations:

If the pair corrects below 1.2200, it will continue to form the double top pattern with a likely drop first to 1.200, and then to 1.1900.

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

The Australian dollar fell during the Asian session to witness its bounce for the fourth consecutive session from the top since late April, when it tested its highest since 10 March against the US dollar after the developments and economic data that it had reported on the Australian economy and on the cusp of developments and economic data expected today Thursday by the US economy, which includes the talk of Federal Committee member Neil Kakkari later today.

At exactly 02:50 am GMT, the Australian dollar pair fell against the US dollar by 0.25% to 0.6439 levels compared to the opening levels at 0.6455, after the pair achieved its lowest level during the trading session at 0.6421, while achieving the highest at 0.6468.

We followed up on the Australian economy the release of the Melbourne Institute reading of consumer expectations for inflation, which showed a decrease to 3.4% compared to 4.6% last April, and this came before the disclosure of labor market data with the release of unemployment rates, which showed an increase to 6.2% compared to 5.2% Last March, outperforming expectations at 8.3%, in conjunction with the reading of change in employment showed a decline by 594.3 thousand compared to a rise of 0.7 thousand in March, worse than expectations that indicated a decline of 575.0 thousand.

On the other hand, investors are currently awaiting by the American economy for the release of the index of subsidy requests for the last week on the ninth of May, which may reflect a decline of 669 thousand requests to 2,500 thousand requests compared to 3,169 thousand requests in the previous reading, while the reading of subsidy applications may appear Continuing for the last week in the second of this month, increasing by 2,453 thousand requests to 25,100 thousand requests compared to 22,647 thousand requests.

This comes in conjunction with the release of the import price index, which may explain the widening decline to 3.1% compared to 2.3% in March, and hours after Federal Reserve Governor Jerome Powell expressed yesterday that "despite the fact that the economic response was timely and large enough, However, it may not be the last chapter, given that the road ahead is very uncertain and subject to great risks. "

Powell also warned that the potential economic recession may be deeper and longer without additional fiscal stimulus, which reduced appetite for risk among investors, especially with the uncertainty that markets are witnessing in reopening global economies and easing the social divergence measures that have been imposed as part of efforts to curb the spread of Coronavirus previously, which could lead to a possible second wave of deadly virus outbreaks with re-opening.

Technical analysis

The Australian dollar versus the US dollar pair faced negative pressure in the previous sessions to move below the EMA50, and we notice that the price fluctuates in a lateral path recently, and as long as the price is above 0.6407, our expectations for the upward trend will remain valid for the next period, and the price needs to exceed 0.6525 to enhance the opportunities of the trend About 0.6685 which is our next main target.

The expected trading range for today is between 0.6400 support and 0.6530 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its bounce for the second consecutive session from its highest since May 5 against the US dollar on the cusp of developments and economic data expected today Thursday by the eurozone and the US economy, which includes a recent talk Federal Open Market Committee Neil Kakkari later today.

At exactly 05:51 am GMT, the euro pair rose against the US dollar, 0.07% to 1.0810 levels, compared to the opening levels at 1.0818, after the pair achieved its lowest level during the trading session at 1.0805, while achieving the highest at 1.0824.

Markets are looking for the largest Eurozone economies to disclose inflation data with the final reading of the consumer price index, which may reflect the stability of growth at 0.3%, unchanged from the previous initial reading in April and against 0.1% growth in March. The past, in conjunction with the release of the wholesale stock price index also for Germany, which may explain the decline in the decline to 0.3% compared to 0.4% in March.

This comes, before we witnessed by Italy, the third-largest economy in the euro area, the release of the trade balance reading for March, in conjunction with the European Central Bank's unveiling of the European Central Bank’s monthly report. Otherwise, we followed yesterday the statements of German Chancellor Angela Merkel in which he expressed The fact that the Coronavirus is continuous and being coexisted and that it will remain that way for some time.

Merkel also noted that since the beginning of the Coruna outbreak it has been worked to contain the epidemic with clear that we will not be able to stop the coronavirus, adding that the health system of Germany can deal with the current infection rates and that it would be frustrating to re-impose the closures again while telling her with the government's care On the return of citizens to their jobs soon, and with its discussion of the fact that the euro currency is a currency of global importance and that it should have a scientific value of greater importance.

On the other hand, investors are currently awaiting by the American economy for the release of the index of subsidy requests for the last week on the ninth of May, which may reflect a decline of 669 thousand requests to 2,500 thousand requests compared to 3,169 thousand requests in the previous reading, while the reading of subsidy applications may appear Continuing for the last week in the second of this month, increasing by 2,453 thousand requests to 25,100 thousand requests compared to 22,647 thousand requests.

This comes in conjunction with the release of the import price index, which may explain the widening decline to 3.1% compared to 2.3% in March, and hours after Federal Reserve Governor Jerome Powell expressed yesterday that "despite the fact that the economic response was timely and large enough, However, it may not be the last chapter, given that the road ahead is very uncertain and subject to great risks. "

Powell also warned that the potential economic recession may be deeper and longer without additional fiscal stimulus, which reduced appetite for risk among investors, especially with the uncertainty that markets are witnessing in reopening global economies and easing the social divergence measures that have been imposed as part of efforts to curb the spread of Coronavirus previously, which could lead to a possible second wave of deadly virus outbreaks with re-opening.

Technical analysis

The euro against the dollar ended yesterday's trading below the level of 1.0840, to head towards a possible decline during the upcoming sessions, but we notice that the price is moving within a bullish intraday channel whose support is at 1.0790, it needs to break this support to confirm the continuation of the decline.

Therefore, we prefer stopping on neutrality now until one of the following directional keys which are support 1.0790 and resistance 1.0840 are breached, indicating that breaching the mentioned support will push the price towards 1.0700 then 1.0640 as the next negative targets, while breaking the resistance will lead the price to achieve new gains that reach 1.0966 near term.

The expected trading range for today is between 1.0700 support and 1.0900 resistance.

Expected trend for today: It depends on the levels mentioned in the report.