Analytic reviews

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its bounce to the third session from its top since the beginning of last month against the US dollar on the cusp of developments and economic data expected today Wednesday by the euro area economies, which includes the European Commission's disclosure of its economic forecasts for the spring And on the cusp of developments and economic data by the American economy.

At 05:33 am GMT, the euro against the US dollar fell 0.04% to 1.0836 levels, compared to the opening levels at 1.0840, after the pair achieved its lowest level during the trading session at 1.0832, while achieving the highest at 1.0846.

Markets are looking by Germany, the largest economy in the eurozone, for the release of factory demand reading, which may show a widening decline to 10.0% compared to 1.4% last February, before we witness by Spain, the fourth-largest economy in the region, the disclosure of the Services PMI reading, which Shrinkage might appear widening to 10.0 vs. 23.0 in March.

This comes before we witness from Italy, the third-largest economy in the euro area, the release of the Services PMI reading, which may reflect the widening of the deflation to 9.2 versus 17.4 in March, before revealing the final reading of the same index for France, the second-largest economy in the region and for Germany, which may The contraction expanded to 10.4 and 15.9, unchanged from the previous reading of the previous month and compared to the contraction at 27.4 and 31.7 in March.

Up to the disclosure of the final reading of the services PMI for the euro area as a whole, which may explain the widening contraction to 11.7 unchanged from the initial reading for the past month and against a contraction at 26.4 in March. And that is before we also witness the eurozone economies as a whole the release of the retail sales index, which may show a decline of 11.2% compared to a rise of 0.9% in February.

On the other hand, investors are currently watching by the US economy to disclose preliminary data for the labor market with the release of the index of change in private-sector jobs, which may reflect the loss of 20.5 million jobs compared to the loss of 27 thousand jobs last March, and that comes hours before the disclosure After tomorrow, Friday, the monthly report for jobs except agricultural and unemployment rates in addition to the hourly rate for the month of April.

Technical analysis

The euro against the dollar continues to try to break the level of 1.0840, and it falls under the negative pressure formed by the EMA50, to support our expectations of the continuation of the downtrend during the upcoming sessions, reminding us that our next main target is at 1.0700.

On the other hand, we should pay attention that the bearish bias requires stability below 1.0885, as its breach will push the price to initially test the 1.0966 level before any new attempt to decline.

The expected trading range for today is between 1.0740 support and 1.0900 resistance.

Expected trend for today: bearish.

The Australian dollar versus the US dollar trades stable above the 0.6407 level, and we notice that the stochastic is getting rid of its negative momentum to approach the oversold areas while awaiting price stimulus to resume the expected bullish trend for the coming period, which depends on holding above the mentioned level, while our main target is present Next at 0.6530.

The expected trading range for today is between 0.6360 support and 0.6500 resistance.

Expected trend for today: bullish.

AUDUSD

The pair corrected up after falling on Friday Amis the rising prices for commodity and commodity assets, as well as following the results of the RBA meeting, which decided to keep the key interest rate at 0.25%. Positive market sentiment may push the pair to further growth.

Technical side:

The price is below the middle Bollinger band, above SMA 5 and SMA 14. RSI crosses the 50% level. Stoch are in the oversold zone and indicate a weakening of the price growth.

Trading recommendations:

The pair is at the support level of 0.6440. If it holds against the background of positive dynamics in the markets, there is a probability of further growth of the pair to 0.6565. At the same time, its decline below this level will lead to a fall to 0.6370. The first scenario is more likely to be.

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

EURUSD

The pair dropped due to the claims to Beijing from the US and Donald Trump personally in hiding the spread of the coronavirus epidemic in the country. This caused a drop in demand for risky assets and led to the strengthening of the dollar as a safe-haven currency. If these claims remain only in the US President rhetoric, the pair will resume growth again, and in the meantime, a local increase in the price is possible.

Technical side:

The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is above 50% and is turning up. Stoch are entering the oversold zone.

Trading recommendations:

If the pair holds above the 1.0925 with the opening of trading in Europe, it may rush towards 1.0000.

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

The US dollar fluctuated in a narrow range, which is slipping towards decline during the Asian session, to prepare for the third consecutive weekly losses against the Japanese yen after the developments and economic data that were reported by the Japanese economy and on the cusp of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 06:03 am GMT, the US dollar pair fell against the Japanese yen by 0.12% to 107.05 levels compared to the opening levels at 107.18 after the pair achieved its lowest level during the trading session at 107.02, while it achieved its highest at 107.41.

On the Japanese economy, we have followed the release of the annual reading of the Tokyo Consumer Price Index, which showed slowing growth to 0.2% compared to 0.4% in the previous annual reading of last March, while the substantial annual reading of the same index, which excludes fresh food, showed a 0.1% contraction against growth 0.4% in March, worse than expectations for slowing growth to 0.1%.

This came before we witnessed the Bank of Japan unveiling the minutes of its one-day meeting that was shortened on April 27 as a precautionary measure against the spread of the Coronavirus, through which monetary policymakers at the Bank of Japan approved negative interest rates at 0.10%, which came Consistent with expectations at the time, with the timely disclosure of the Bank of Japan monetary policy statement, which reflected the Japanese central bank's further stimulus.

In order to reveal the final reading of the manufacturing PMI by Markit for Japan, the third industrialized country in the world, which showed that the contraction widened to 41.9 compared to the previous preliminary reading for April and expectations at 43.7 and against a contraction of 44.8 in March, otherwise, we have followed Last Monday, Bank of Japan Governor Haruhiko Kuroda expressed the Japanese central bank, moving forward in providing support to his country's economy.

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 $ 36.9, little changed from the initial reading of last month and compared to the contraction at 48.5 in March, before we witness By the US economy, the construction spending index reading showed that the decline has widened to 3.5%, compared to 1.3% in February.

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 the breadth of deflation to 36.7 compared to 49.1 in March, as the reading of the Institute of Industrial Supply measured in prices may show the extent of deflation to what it valued 30.7 vs. 37.4, and we would like to point out, because the reading at a value of 50 or higher reflects a widening, while it's reading less than 50 indicates a contraction.

Otherwise, yesterday we followed the Federal Reserve's announcement of a new stimulus program to provide financing to citizens directly, and this came after the Federal Open Market Committee decision in the April 28-29 meeting to keep interest rates at between zero and 0.25%, which It came in line with expectations, and the members of the committee stressed that they are going forward to use all the tools of the Federal Reserve to support the American economy in these difficult times.

Technical analysis

The dollar against the yen provided positive trades to approach the pivotal resistance test 107.68, affected by the stochastic positivity, while the moving average 50 continues to press negatively on the price to support the continuation of the expected bearish trend scenario for the coming period, waiting for the decline to resume to attack the 106.44 level and open the way towards heading towards 105.20 as a station deification.

Therefore, we will maintain our bearish expectations unless the price rushes to breach 107.68 then 108.05 levels and stability above it.

The expected trading range for today is between 106.00 support and 108.00 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted toward a decline during the Asian session amid the rise of the US dollar index for the first time in six sessions, indicating its bounce to the second session from the lowest since March 30, according to the inverse relationship between them on the threshold of developments and economic data expected on Friday By the US economy and in the shadows of market pricing for the stimulus that aims to contain the negative repercussions of the outbreak of the Coronavirus and the general trend to ease restrictions and the end of the global closure, with many countries announcing plans to ease restrictions.

At exactly 04:24 AM GMT, gold price futures for June delivery decreased 0.07% to trade at $ 1,692.40 per ounce compared to the opening at $ 1,693.50 per ounce, knowing that the contracts started the session’s trading on a falling price gap after yesterday's trading was concluded At $ 1,694.20 an ounce, with the US dollar index rising 0.01% to 99.13 compared to the opening at 99.12.

The 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 $ 36.9, little changed from the initial reading of last month and compared to deflation at 48.5 in March before we witnessed by the economy The US construction spending index released showing the decline widened to 3.5% versus 1.3% in February.

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 the breadth of deflation to 36.7 compared to 49.1 in March, as the reading of the Institute of Industrial Supply measured in prices may show the extent of deflation to what it valued 30.7 vs. 37.4, and we would like to point out, because the reading at a value of 50 or higher reflects a widening, while it's reading less than 50 indicates a contraction.

Other than that, we followed yesterday the Federal Reserve announced a new stimulus program to provide financing to citizens directly, and this came after the Federal Open Market Committee decision in the April 28-29 meeting to keep interest rates at between zero and 0.25%, which It came in line with expectations, and the members of the committee stressed that they are going forward to use all the tools of the Federal Reserve to support the American economy in these difficult times.

In the same context, members of the Federal Open Market Committee discussed on Wednesday that the outbreak of the Coronavirus caused human and economic suffering inside and outside America and that the preventive measures adopted by countries globally weigh on economic activity and that the decline in demand and the collapse of oil prices reduces inflationary pressures while benefiting That this health crisis will broadly affect economic activity and the labor market in addition to inflation.

The members of the Federal Committee also touched at the time that the interest on federal funds is expected to remain at their zero levels to support the flow of credit to families and companies and that the Federal Reserve is going ahead with the purchase of treasury bonds at $ 500 billion per month and mortgage bonds at least $ 200 per month until the economy has shown signs of recovery following the current crisis and stabilizing prices, as well as an improvement in the labor market.

Technical analysis

The gold price decline stopped near the level of 1678.45, and we notice that the stochastic indicator is entering the oversold areas in the sale, so that the price begins to rebound upwards in a sign of the resumption of the main bullish trend, waiting for achieving our main positive targets that start at 1747.43 and extend to 1780.00 after breaking the previous level.

On the other hand, it should be noted that breaking 1678.45 will stop the expected rise and press the price to drop towards 1635.80 areas initially before any new attempt to rise.

The expected trading range for today is between 1675.00 support and 1730.00 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 session from the top since April 15, when it tested the highest for it since the beginning of the same month against the US dollar amid the dearth of economic data by the eurozone economies due to the Eid holiday The workers are on the cusp of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 05:38 am GMT, the euro against the US dollar fell 0.05% to 1.0949 levels, compared to the opening levels at 1.0955, after the pair achieved its lowest level during the trading session at 1.0935, while achieving the highest at 1.0956.

The 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 $ 36.9, little changed from the initial reading of last month and compared to deflation at 48.5 in March before we witnessed by the economy The US construction spending index released showing the decline widened to 3.5% versus 1.3% in February.

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 the breadth of deflation to 36.7 compared to 49.1 in March, as the reading of the Institute of Industrial Supply measured in prices may show the extent of deflation to what it valued 30.7 vs. 37.4, and we would like to point out, because the reading at a value of 50 or higher reflects a widening, while it's reading less than 50 indicates a contraction.

Other than that, we followed yesterday the Federal Reserve announced a new stimulus program to provide financing to citizens directly, and this came after the Federal Open Market Committee decision in the April 28-29 meeting to keep interest rates at between zero and 0.25%, which It came in line with expectations, and the members of the committee stressed that they are going forward to use all the tools of the Federal Reserve to support the American economy in these difficult times.

Technical analysis

EUR / USD trades stabilize at our first positive target 1.0966 after yesterday's bullish rally, and the positive impact of the inverted head and shoulders pattern is still effective, so we recommend breaching this level and pushing towards our positive target of 1.1067.

Thus, the bullish trend will be expected during the upcoming sessions supported by the EMA50, noting that breaking the 1.0885 then 1.0840 levels will stop the expected rise and press the price to drop again.

The expected trading range for today is between 1.0880 support and 1.1060 resistance.

Expected trend for today: bullish.

The Australian dollar versus the US dollar shows some bearish tendency to approach the bullish channel support test, accompanied by the stochastic reaching the oversold areas, while the EMA50 continues to support the price from below.

Thus, we will continue to favor the bullish trend unless the 0.6407 level is broken and stability below it, while noting that our next main target is at 0.6685.

The expected trading range for today is between 0.6430 support and 0.6600 resistance.

Expected trend for today: bullish.

AUDUSD

The pair is consolidating above 1.2540 as the British PM Boris Johnson reports that the country's coronavirus epidemic has reached the peak and its negative impact will begin to decline soon. From a technical point of view, the pair remains in a short-term uptrend, which will lead to an increase in the GBP rate due to a receding pandemic impact and the potential weakness of the dollar against the background of broader stimulus measures from the Fed and the US Treasury

Technical side:

The price is above the middle Bollinger band, below SMA 5, but above SMA 14.  RSI is under the overbought zone. Stoch are declining.

Trading recommendations:

If the pair holds above the 1.2540, it will be likely to test 1.2655 again.

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

#ADS

 Global stock markets are recovering as the lockdowns are eased. The downward presumed correction (H8 wave) ended with a breakdown of the inclined channel. Breakout of the level 218 will result in the formation of an ascending wave pattern within the wave C of an ascending level H8 pattern. Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy above 218.00.

Stop loss: 200.00.

Target levels: 229.00; 244.00; 254.00.

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