Analytic reviews

EURUSD
The price pivot zone of 1.0892 is actively holding back buyers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. The ascending H4 level pattern is truncated.

Trading recommendations:

Sell while a descending wave pattern is forming, where wave A breaks through the inclined channel of the ascending truncated pattern of the H4 level.

Stop loss for the local maximum (1.0892).

Target levels: 1.0815; 1.0784; 1.0730.

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

EURUSD

The pair is rising amid the growing demand for risk assets in anticipation of today’s ECB monetary policy meeting. It’s not expected to result in a decision to extend the stimulus measures. This would be positive for the currency, which is ahead of the dollar in this regard. Positive news on the coronavirus pandemic in Italy and Spain serve as an additional stimulus for the growth.

Technical side:

The price is on the upper Bollinger band, above SMA 5 and SMA 14. RSI is above the 50% level and moving horizontally. Stoch are showing a local reversal.

Trading recommendations:

Buy the pair after it goes above 1.0885 with a probable target of 1.0985.

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

The Australian dollar fell during the Asian session to witness its rebound from above since March 10 against the US dollar, following developments and economic data that it had reported on the Australian economy, and in the wake of developments and economic data that were followed by the Chinese economy, Australia's largest trading partner, and on the cusp of developments and economic data expected Today, Thursday by the US economy the largest economy in the world.

At exactly 02:52 AM GMT, the Australian dollar pair declined against the US dollar by 0.21% to 0.6543 levels compared to the opening levels at 06557, after the pair achieved its lowest level during the trading session at 0.6530, while achieving the highest in seven weeks at 0.6559 .

We have followed on from the Australian economy the release of the import price index, which showed a 1.0% decline compared to a 0.7% increase in the fourth quarter, worse than what indicated an acceleration of growth to 1.0%, while the reading of the export price index reflected a 2.7% increase compared to a 5.2% decline in the fourth quarter This came in conjunction with a reading of the private sector credit showed that growth accelerated to 1.1% compared to 0.4% last February, contrary to expectations at 0.3%.

This came before we saw the CFLP unveil the readings of the Industrial and Service Purchasing Managers' Index, which indicated that the expansion of the industrial sector shrank to 50.8 compared to 52.0 last March, below expectations that the expansion would decrease to 51.0, while the sector expanded The service accounted for 53.2 compared to 52.3 in March, beating expectations for a expansion of 52.7.

Otherwise, yesterday, we followed up on China accusing Australia of describing it as a pathetic fraud, in response to Australia's continuous efforts to conduct an international investigation into the outbreak of the Corona virus, which started at the end of last year in the Chinese city of Wuhan and spread later globally, which reflects tensions In diplomatic and economic relations between countries.

It is noteworthy that Australian Prime Minister Scott Morrison recently noted that the investigation proposed by his country is aimed at knowing how to develop and spread the coronavirus and not targeting China, while emphasizing the importance of this matter because Corona has killed more than 200 thousand people around the world and caused the global economy to slow down, and this came Following the warnings of the Chinese ambassador to Australia, Jinji Cheng last Monday, of his country's boycott of Australian products.

In another context, we also followed yesterday yesterday to keep Moody's credit rating on its rating to Australia at the "AAA" level with a warning of the potential expanded economic downturn in Australia, which may reach five percent during this year due to the implications of healing the Corona virus, with the benefit that it is economic conditions In Australia it remains strong despite the negative repercussions of coronavirus outbreaks.

On the other hand, investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on April 25, which may reflect a decline of 927 thousand requests to 3,500 thousand requests compared to 4,427 thousand requests in the previous weekly reading, while it may appear reading requests The ongoing benefit for the last week on the 18th of this month, increasing by 3,262 thousand applications to 19,238 thousand applications compared to 15,976 thousand requests.

This comes in conjunction with the disclosure of personal spending and income data, which may reflect a decrease in personal spending by 4.8% against a rise of 0.2% in February, and a decrease in personal income by 1.6% against a rise of 0.6% in February, as the reading of the personal consumption expenditures index may show. Al-Jawhary declined 0.1% compared to a 0.2% increase in February.

It also comes in conjunction with the disclosure of the reading of the unit cost index, which may reflect the stability of growth at 0.7%, little changed from what it was in the last quarter, and before we witness the disclosure of industrial sector data for the largest industrial country in the world with the release of the index reading Chicago Purchasing Managers, which may reflect the widening contraction to 38.0 compared to 47.8 last March.

Otherwise, yesterday we followed the Fed’s monetary policymakers ’decision to keep short-term benchmark interest rates at zero levels between zero and 0.25% at the FOMC meeting April 28-29, which came in line with expectations And, members of the Committee stressed that they are moving forward in using all the tools of the Federal Reserve to support the US economy in these difficult times.

In the same context, members of the Federal Open Market Committee discussed the fact that the outbreak of the Coronavirus has caused human and economic suffering within the United States and abroad 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 mentioned that the interest rate on federal funds is expected to remain at 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.

The Federal Committee also stated that it will continue to follow the economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if It took that.

The decisions and directions of the Federal Committee came yesterday, hours after the preliminary reading of the GDP of the United States showed the contraction of the largest economy in the world by 4.8% during the first quarter, and before we witnessed, Federal Reserve Governor Jerome Powell expressed in the press conference held half an hour after the expiry of the meeting’s activities. The Federal Committee, on his expectations of the contraction of his country's economy in an unprecedented way in the second quarter due to the Coronavirus.

Technical analysis

The Australian dollar versus the US dollar is showing a further bullish tendency to move away from the previously breached 0.6500 level, on its way to visit the recently recorded summit of 0.6685, which represents our next positive stop.

Consequently, the bullish trend scenario will remain valid and active during the upcoming sessions, organized within the bullish channel that appears in the picture, noting the importance of stability above 0.6407 for the continuation of the expected rise.

The expected trading range for today is between 0.6480 support and 0.6630 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 in three sessions from its highest since April 22 against the US dollar on the cusp of developments and economic data expected today Thursday by the economies of the euro area and the US economy, which includes the activities ECB meeting and press conference for the European Central Governorate Christine Lagarde.

At exactly 05:58 am GMT, the euro against the US dollar fell 0.05% to 1.0868 levels, compared to the opening levels at 1.0873, after the pair achieved its lowest level during the trading session at 1.0852, while achieving the highest at 1.0879.

The markets are looking to the French economy, the second-largest in the region, to reveal the growth data for the first quarter with the release of the initial reading of the GDP index, which may reflect the widening contraction to 4.0% compared to 0.1% in the fourth quarter, and that comes, before we witnessed by Germany The biggest euro area economy is the disclosure of the retail sales index, which may reflect an 8.1% decline compared to a rise of 1.2% last February.

In the same context, the annual reading of the retail sales index for Germany may show a decrease of 2.8% against a rise of 6.5% in February, before we witness from France the preliminary reading of the consumer price index, which may indicate a 0.2% contraction against stability at zero levels in March Last March, coinciding with the disclosure of the consumer spending reading, which may show the widening decline to 5.7% compared to 0.1% in February.

To reveal the growth data for the fourth-largest economy in the euro area Spain with the release of the initial reading of the GDP index, which may reflect a contraction of 4.2% compared to 0.4% growth in the fourth quarter, in conjunction with the release of the annual reading of the consumer price index for Spain, which may also reflect a 0.5% contraction Versus stability at zero levels in the previous annual reading for the month of February.

Markets are also looking to disclose labor market data with the release of the unemployment change reading for Germany, which may reflect an increase of about 75 thousand against a rise of 1 thousand in March, before the release of the unemployment rate reading for Italy, which may indicate an increase to 10.5% compared to 9.7% in March, through to the disclosure of the unemployment rate reading for the economies of the euro area as a whole, which may reflect a rise to 7.7% compared to 7.3% in March.

This comes in conjunction with the disclosure of the growth and 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% against 0.1% growth in the fourth quarter, and the annual reading of the consumer price index showed a slowdown in growth to 0.1% compared to 0.7% in March March, as the annual core reading of the same index may show, growth slowed to 0.7% versus 1.0%.

Up to the ECB’s activities, during which interest rates are expected to remain at their zero levels and to fix the marginal lending rate at 0.25%, in addition to maintaining a negative interest rate on deposits -0.50%, while the size of the emergency bond purchase package is expected to increase (PEPP), by 500 billion euros to 1.25 trillion euros, before the upcoming press conference of the European Central Governorate Christine Lagarde.

On the other hand, investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on April 25, which may reflect a decline of 927 thousand requests to 3,500 thousand requests compared to 4,427 thousand requests in the previous weekly reading, while it may appear reading requests The ongoing benefit for the last week on the 18th of this month, increasing by 3,262 thousand applications to 19,238 thousand applications compared to 15,976 thousand requests.

This comes in conjunction with the disclosure of personal spending and income data, which may reflect a decrease in personal spending by 4.8% against a rise of 0.2% in February, and a decrease in personal income by 1.6% against a rise of 0.6% in February, as the reading of the personal consumption expenditures index may show. Al-Jawhary declined 0.1% compared to a 0.2% increase in February.

It also comes in conjunction with the disclosure of the reading of the unit cost index, which may reflect the stability of growth at 0.7%, little changed from what it was in the last quarter, and before we witness the disclosure of industrial sector data for the largest industrial country in the world with the release of the index reading Chicago Purchasing Managers, which may reflect the widening contraction to 38.0 compared to 47.8 last March.

Otherwise, yesterday we followed the Fed’s monetary policymakers ’decision to keep short-term benchmark interest rates at zero levels between zero and 0.25% at the FOMC meeting April 28-29, which came in line with expectations And, members of the Committee stressed that they are moving forward in using all the tools of the Federal Reserve to support the US economy in these difficult times.

In the same context, members of the Federal Open Market Committee discussed the fact that the outbreak of the Coronavirus has caused human and economic suffering within the United States and abroad 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 mentioned that the interest rate on federal funds is expected to remain at 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.

The Federal Committee also stated that it will continue to follow the economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if It took that.

The decisions and directions of the Federal Committee came yesterday hours after the initial reading of the GDP showed the largest contraction for the United States from the last quarter of 2008 with a contraction of 4.8% in the first quarter before we witnessed the Federal Reserve Governor Jerome Powell at the press conference held in Following the end of the activities of the Federal Committee meeting, he expected his country to shrink its economy in an unprecedented way in the second quarter.

Technical analysis

The euro against the dollar pair conducted a new test of the pivotal resistance 1.0885 without being able to breach it until now so that the price remains confined between this resistance - which represents the neckline of the inverted head and shoulders pattern - and the support of 1.0840, and therefore, we continue in neutral expectations until the price confirms the penetration of one of the These two levels.

We point out that breaching the mentioned resistance will activate the positive effect of the bullish pattern and push the price to achieve positive targets that start at 1.0966 and extend to 1.1067 while breaking the support represents the key to returning to the main downside path whose next targets are located at 1.0700 then 1.0640.

The expected trading range for today is between 1.0750 support and 1.0970 resistance

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

Gold price futures fluctuated in a narrow range tilted toward a decline during the Asian session amid the rise of the US dollar index according to the inverse relationship between them after the developments and economic data that were reported by the Chinese economy as the largest consumer of metals globally and on the cusp of developments and economic data expected Thursday by the American economy the largest economy In the world, in the shadow of market pricing to ease restrictions and the end of the global closure, with many countries announcing plans to ease restrictions.

At 04:51 AM GMT, gold price futures for June delivery decreased 0.10% to trade at $ 1,727.80 per ounce compared to the opening at $ 1,729.60 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,713.40 an ounce, with the US dollar index rising 0.11% to 99.59 compared to the opening at 99.48.

We have followed the disclosure by the China Federation of Logistics and Procurement (CFLP) on the readings of the Industrial and Service Purchasing Managers' Index, which indicated that the expansion of the industrial sector shrank to 50.8 compared to 52.0 last March, below the expectations that the expansion in the sector decreased to 51.0, while the service sector expanded to Its value was 53.2 compared to 52.3 in March, beating expectations for an expansion of 52.7.

On the other hand, investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on April 25, which may reflect a decline of 927 thousand requests to 3,500 thousand requests compared to 4,427 thousand requests in the previous weekly reading, while it may appear reading requests The ongoing benefit for the last week on the 18th of this month, increasing by 3,262 thousand applications to 19,238 thousand applications compared to 15,976 thousand requests.

This comes in conjunction with the disclosure of personal spending and income data, which may reflect a decrease in personal spending by 4.8% against a rise of 0.2% in February, and a decrease in personal income by 1.6% against a rise of 0.6% in February, as the reading of the personal consumption expenditures index may show. Al-Jawhary declined 0.1% compared to a 0.2% increase in February.

It also comes in conjunction with the disclosure of the reading of the unit cost index, which may reflect the stability of growth at 0.7%, little changed from what it was in the last quarter, and before we witness the disclosure of industrial sector data for the largest industrial country in the world with the release of the index reading Chicago Purchasing Managers, which may reflect the widening contraction to 38.0 compared to 47.8 last March.

Otherwise, yesterday we followed the Fed’s monetary policymakers ’decision to keep short-term benchmark interest rates at zero levels between zero and 0.25% at the FOMC meeting April 28-29, which came in line with expectations And, members of the Committee stressed that they are moving forward in using all the tools of the Federal Reserve to support the US economy in these difficult times.

In the same context, members of the Federal Open Market Committee discussed the fact that the outbreak of the Coronavirus has caused human and economic suffering within the United States and abroad 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 mentioned that the interest rate on federal funds is expected to remain at 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.

The Federal Committee also stated that it will continue to follow the economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if It took that.

The decisions and directions of the Federal Committee came yesterday hours after the initial reading of the GDP showed the largest contraction for the United States from the last quarter of 2008 with a contraction of 4.8% in the first quarter before we witnessed the Federal Reserve Governor Jerome Powell at the press conference held in Following the end of the activities of the Federal Committee meeting, he expected his country to shrink its economy in an unprecedented way in the second quarter.

Technical analysis

The price of gold ended yesterday's trading with an upward tendency to settle above SMA 50, and we notice that the stochastic indicator starts to cross positively now, waiting for the price to be stimulated to provide more positive trading during the upcoming sessions, noting that we need to breach the 1732.50 level to facilitate the task of rushing towards targets The suggested bullish wave that starts at 1747.43 then 1780.00.

In general, we will continue to favor the bullish trend for the next period unless the price faces strong negative pressure to break 1678.45 and settle below it.

The expected trading range for today is between 1690.00 support and 1740.00 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range slanting toward a decline during the Asian session against the Japanese yen, following the developments and economic data that it followed from the Japanese economy and on the cusp of developments and economic data expected Thursday by the US economy and in the shadows of market pricing to ease restrictions and the close of the global closing, with many announcing Countries reported plans to ease restrictions.

At exactly 6:35 am GMT, the US dollar pair fell against the Japanese yen by 0.18% to 106.49 levels compared to the opening levels at 106.68 after the pair achieved its lowest level during the trading session at 106.41, while it achieved the highest at 106.88.

On the Japanese economy, we followed the release of the seasonally adjusted reading of the retail sales index, which showed a decline of 4.5% against a rise of 0.2% last February, as the annual reading of the same index showed a decline of 4.6% in line with expectations against a rise of 1.6% in February, and that In conjunction with the preliminary reading of industrial production, the decline widened to 3.7% compared to 0.3% in February, beating expectations for a 5.0% decline.

This came before we witnessed the release of the consumer confidence index, which showed a decline to 21.6 compared to 30.9 last March, and in conjunction with the disclosure of housing market data with the release of the annual reading of the index of start-up houses, which showed a decline in the decline to 7.6% compared to 12.3% Last February, it outperformed expectations for a 16.1% decline.

This comes hours after the central bank's monetary policymakers decided at the April 27 meeting, which was shortened for one day as a precautionary measure against the spread of the Coronavirus, to maintain short-term reference interest rates at 0.10%, which came in line with expectations at the time. , With the disclosure at the time of the Bank of Japan monetary policy statement, which reflected the Japanese central bank's further stimulus.

In the same context, last Monday's monetary policy statement indicated that the monetary policymakers of the Bank of Japan raised the ceiling for the purchase of corporate and commercial securities that it pledges to buy to 20 trillion yen from 7 trillion yen in advance, as well as the Japanese central bank’s commitment to purchase quantities of Limited government bonds by eliminating the previous directive to purchase them at an annual pace of about 80 trillion yen.

And the central bank’s monetary policy statement at the time included a paragraph, “The Bank of Japan will purchase the necessary amounts of government bonds without setting an upper limit, so that the yield of 10-year bonds remains at about zero percent,” and this came before we also witnessed at the weekend the press conference held by the governor Bank of Japan Haruhiko Kuroda in Tokyo, in which he stressed that the Japanese central bank is moving forward in providing support to the third-largest economy in the world.

On the other hand, investors are currently awaiting by the US economy the issuance of the index of subsidy requests for the last week on April 25, which may reflect a decline of 927 thousand requests to 3,500 thousand requests compared to 4,427 thousand requests in the previous weekly reading, while it may appear reading requests The ongoing benefit for the last week on the 18th of this month, increasing by 3,262 thousand applications to 19,238 thousand applications compared to 15,976 thousand requests.

This comes in conjunction with the disclosure of personal spending and income data, which may reflect a decrease in personal spending by 4.8% against a rise of 0.2% in February, a decrease in personal income by 1.6% compared to a rise of 0.6% in February, as a reading of the PMI may explain. It fell 0.1% versus a 0.2% rise in February.

It also comes in conjunction with the disclosure of the reading of the unit cost index, which may reflect the stability of growth at 0.7%, little changed from what it was in the last quarter, and before we witness the disclosure of industrial sector data for the largest industrial country in the world with the release of the index reading Chicago Purchasing Managers, which may reflect the widening contraction to 38.0 compared to 47.8 last March.

Otherwise, yesterday we followed the Fed’s monetary policymakers ’decision to keep short-term benchmark interest rates at zero levels between zero and 0.25% at the FOMC meeting April 28-29, which came in line with expectations And, members of the Committee stressed that they are moving forward in using all the tools of the Federal Reserve to support the US economy in these difficult times.

In the same context, members of the Federal Open Market Committee discussed the fact that the outbreak of the Coronavirus has caused human and economic suffering within the United States and abroad 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 mentioned that the interest rate on federal funds is expected to remain at 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.

The Federal Committee also stated that it will continue to follow the economic data and data related to health care and global developments and assess the current and expected conditions within its work to reach the goal of inflation at two percent and achieve the maximum benefit in the labor market, adding that it will monitor the market conditions closely and is ready to amend its tools if It took that.

The decisions and directions of the Federal Committee came yesterday hours after the initial reading of the GDP showed the largest contraction for the United States from the last quarter of 2008 with a contraction of 4.8% in the first quarter before we witnessed the Federal Reserve Governor Jerome Powell at the press conference held in Following the end of the activities of the Federal Committee meeting, he expected his country to shrink its economy in an unprecedented way in the second quarter.

Technical analysis

The dollar versus the yen continues to fluctuate at 106.44, waiting to break this level to confirm the descending wave extension on the intraday and short term, where our next target is located at 105.20.

In general, we continue to favor the bearish trend for the upcoming period, provided stability below 107.68 and 108.05, noting that SMA 50 supports the suggested downside wave.

The expected trading range for today is between 105.70 support and 107.20 resistance.

Expected trend for today: bearish.

The US dollar fell during the Asian session to witness its lowest since March 17 against the Japanese yen, amid the scarcity of economic data by the Japanese economy due to a holiday in Showa in Japan and on the cusp of developments and economic data expected on Wednesday by the American economy, which includes the activities of the Federal Committee meeting For the open market and press conference of Federal Reserve Governor Jerome Powell and in the shadow of market pricing to ease restrictions and the close of the global close, with many countries announced plans to ease the restrictions.

At 05:50 am GMT, the US dollar pair declined against the Japanese yen by 0.31% to 106.54 levels compared to the opening levels at 106.87 after the pair achieved a six-week low at 106.51, while it achieved its highest during the trading session at 106.90.

Investors are currently awaiting by the US economy the disclosure of the initial reading of the gross domestic product of the United States for the first quarter, which may show a contraction of the largest economy in the world 4.0% compared to growth of 2.1% in the fourth quarter, while the initial reading may reflect the GDP measured in prices from Last quarter, the pace of growth slowed to 1.0% compared to 1.3% in the fourth quarter.

This comes before we witness the disclosure of housing market data with the release of existing home sales, which may show a 13.3% decline compared to a rise of 2.4% last February, and in conjunction with the activities of the Federal Open Market Committee meeting April 28-29, which is expected to Through it, monetary policymakers at the Federal Reserve maintain reference interest rates at zero levels between 0.25 and 0.25%.

Up to the events of the press conference that will be held by Federal Reserve Governor Jerome Powell, which comes half an hour after the end of the activities of the meeting of the Federal Open Market Committee in Washington, and it is reported that the Federal Committee approved at the surprising previous meeting held on March 15, which was the second in Less than two weeks after the previous snap meeting on the third of the same month, returning interest to zero levels.

It is noteworthy that the Federal Committee reduced the interest on federal funds in the previous meeting by 100 basis points from between 1.00% and 1.25% to zero levels, which it remained from 2008 until the meeting of 27-28 October 2015, after reducing it at the emergency meeting The previous rate of 50 basis points from between 1.50% and 1.75%, and in the wake of cutting interest three times by 25 basis points in previous meetings last year.

Technical analysis

The dollar against the yen pair traded negatively yesterday, to reach a few points difference from our awaited target at 106.44, and it is under constant negative pressure coming from the EMA50, which supports the chances of breaking this level to open the way for the descending wave to reach 105.20 as the next negative target.

Consequently, the downside direction will remain favorable during the upcoming sessions, provided that the price maintains its stability below 107.68 and 108.10 levels.

The expected trading range for today is between 105.90 support and 107.60 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness its rebound for the second consecutive session from the lowest since April 22, with the US dollar index rebounding for the fourth consecutive session from its highest since the sixth of this month according to the inverse relationship Between them.

This comes on the cusp of developments and economic data expected today Wednesday by the US economy, which includes the activities of the Federal Open Market Committee meeting and the press conference to be held by Federal Reserve Governor Jerome Powell in Washington and in the shadow of market pricing to ease restrictions and the close of the global closure, with many countries announcing Relax restrictions.

At exactly 04:36 AM GMT, gold price futures for June delivery rose 0.05% to trade at $ 1,725.60 per ounce compared to the opening at $ 1,724.80 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,722.20 an ounce, with the US dollar index down 0.19% to 99.70 compared to the opening at 99.89.

Investors are currently awaiting by the US economy the disclosure of the initial reading of the gross domestic product of the United States for the first quarter, which may show a contraction of the largest economy in the world 4.0% compared to growth of 2.1% in the fourth quarter, while the initial reading may reflect the GDP measured in prices from Last quarter, the pace of growth slowed to 1.0% compared to 1.3% in the fourth quarter.

This comes before we witness the disclosure of housing market data with the release of existing home sales, which may show a 13.3% decline compared to a rise of 2.4% last February, and in conjunction with the activities of the Federal Open Market Committee meeting April 28-29, which is expected to Through it, monetary policymakers at the Federal Reserve maintain reference interest rates at zero levels between 0.25 and 0.25%.

Up to the events of the press conference that will be held by Federal Reserve Governor Jerome Powell, which comes half an hour after the end of the activities of the meeting of the Federal Open Market Committee in Washington, and it is reported that the Federal Committee approved at the surprising previous meeting held on March 15, which was the second in Less than two weeks after the previous snap meeting on the third of the same month, returning interest to zero levels.

It is noteworthy that the Federal Committee reduced the interest on federal funds in the previous meeting by 100 basis points from between 1.00% and 1.25% to zero levels, which it remained from 2008 until the meeting of 27-28 October 2015, after reducing it at the emergency meeting The previous rate of 50 basis points from between 1.50% and 1.75%, and in the wake of cutting interest three times by 25 basis points in previous meetings last year.

Technical analysis

The gold price continues to fluctuate around the EMA50, and gets a positive signal through the stochastic indicator now, waiting for the contribution to push the price to achieve gains during the upcoming sessions, where our first target is located at 1747.43, whose breach represents the key to the rally towards 1780.00 as the next station.

Thus, we will continue to favor the bullish trend, provided stability above 1678.45, noting that breaching 1734.00 will facilitate the price's mission by achieving the suggested positive targets.

The expected trading range for today is between 1690.00 support and 1740.00 resistance.

Expected trend for today: bullish.

USDCAD

The pair continues to be supported by the growing demand for risk assets as the coronavirus impact is waning, and the lockdowns are gradually being lifted around the world. These developments, as well as the Fed’s final decision to extend the massive economic stimulus until the end of the year will support the positive market sentiment and strengthen the position of the Canadian national currency against the US dollar.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is declining. Stoch are entering the oversold zone.

Trading recommendations:

Sell the pair after its decline below 1.3940 with a probable fall to 1.3860.

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

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce back for the third session in four sessions from the lowest since March 24 against the US dollar on the cusp of developments and economic data expected today Wednesday by the economies of the euro area and the US economy, which includes the activities Federal Open Market Committee meeting and Federal Reserve Governor Jerome Powell press conference.

At 05:17 am GMT, the euro pair rose against the US dollar by 0.27% to 1.0849 levels, compared to the opening levels at 1.0820, after the pair achieved its highest level during the trading session at 1.0854, while achieving the lowest at 1.0819.

Investors are looking to the largest euro-zone economies, Germany, for the release of the import price index, which may reflect the widening decline to 2.3% compared to 0.9% in February, as the annual reading of the same indicator may show the widening decline to 4% compared to 2%, before that We are also witnessing the disclosure of inflation data for Germany with the release of the initial reading of the consumer price index, which may reflect stability at zero levels against 0.1% growth in March.

Otherwise, tomorrow (Thursday) markets are looking to the ECB meeting, through which monetary policymakers are expected to keep interest rates at their current zero levels and stabilize the marginal lending rate at 0.25%, in addition to keeping the deposit interest rate negative -0.50%. The size of the Emergency Bond Purchase Package (PEPP) is expected to increase by 500 billion euros to 1.25 trillion euros.

On the other hand, investors are currently awaiting by the US economy the disclosure of the initial reading of the United States GDP for the first quarter, which may show the contraction of the largest economy in the world 4.0% compared to the growth of 2.1% in the fourth quarter, while the initial reading may reflect the measured GDP With prices from the last quarter, the pace of growth slowed to 1.0% compared to 1.3% in the fourth quarter.

This comes before we witness the disclosure of housing market data with the release of existing home sales, which may show a decline of 13.3% against a rise of 2.4% in February, and in conjunction with the activities of the Federal Open Market Committee meeting April 28-29, which is expected to remain Through which the monetary policymakers of the Federal Reserve on benchmark interest rates at zero levels between zero and 0.25%.

Up to the events of the press conference that will be held by Federal Reserve Governor Jerome Powell, which comes half an hour after the end of the activities of the meeting of the Federal Open Market Committee in Washington, and it is reported that the Federal Committee approved at the surprising previous meeting held on March 15, which was the second in Less than two weeks after the previous snap meeting on the third of the same month, returning interest to zero levels.

It is noteworthy that the Federal Committee reduced the interest on federal funds in the previous meeting by 100 basis points from between 1.00% and 1.25% to zero levels, which it remained from 2008 until the meeting of 27-28 October 2015, after reducing it at the emergency meeting The previous rate of 50 basis points from between 1.50% and 1.75%, and in the wake of cutting interest three times by 25 basis points in previous meetings last year.

In the same context, the Federal Open Market Committee announced in the middle of last month that it will carry out repurchases of treasury bonds of at least $ 500 billion per month and mortgage-backed securities of at least $ 200 billion per month, provided that these purchases are made at the appropriate speed to support The smooth performance of the stock market, treasury and mortgage agency.

Technical analysis

The euro against the dollar ended yesterday's trading below the 1.0840 level, which makes us continue to favor the bearish direction in the intraday and short term, which mainly targets 1.0700 then 1.0640 levels, noting that a break of 1.0795 will facilitate the price task by achieving the proposed goals.

Stability below 1.0840 is important for the expected bearish continuation, as breaching it will push the price to shift towards the intraday rise and visit the 1.0966 level again.

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

Expected trend for today: bearish.