Analytic reviews

The US dollar fell during the Asian session to witness its lowest since April 15, when it tested the lowest since the beginning of this month against the Japanese yen after the developments and economic data that were reported by the Japanese economy and amid the scarcity of economic data by the US economy at the beginning of this week which carries It includes the actuals of the Federal Open Market Committee meeting tomorrow, Tuesday, and Wednesday in Washington.

At exactly 06:30 am GMT, the US dollar pair declined against the Japanese yen by 0.39% to 107.14 levels compared to the opening levels at 107.56 after the pair achieved its lowest level in two weeks at 107.13, while it achieved its highest during the trading session at 107.64, with Knowing that the pair started the trading session on an upward price gap after it concluded the trading last week at 107.51 levels.

A few minutes ago, we followed the monetary policymakers at the Japanese central bank at the April 27 meeting, which was shortened as a precaution against the spread of the Coronavirus, to stay on the short-term reference interest rates at 0.10%, which came in line with expectations. And with the disclosure of the Bank of Japan monetary policy statement, which reflected the Japanese central bank's further stimulus.

In the same context, the monetary policy statement indicated that the monetary policymakers of the Bank of Japan raise the maximum purchase of corporate bonds and commercial securities that it pledges to buy to 20 trillion yen from 7 trillion yen previously, as well as the Japanese central bank’s commitment to purchase unlimited quantities of Government bonds by canceling the previous purchase guidance at an annual pace of about 80 trillion yen.

The central bank’s monetary policy statement 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 will remain at around zero percent.” This came before we witnessed the BoJ Governor Haruhiko Kuroda’s press conference in Tokyo, which affirmed that the Japanese central bank has moved forward in providing support to the third-largest economy in the world.

In another context, investors are also looking by the Japanese economy to disclose labor market data with the release of the unemployment rate reading, which may reflect an increase to 2.5% compared to 2.4% last February. It is reported that the Japanese Minister of Economy Yasuchi Nishimura noted last Friday that the stimulus package approved by the Japanese government, which is estimated at 1.1 trillion yen, will boost the GDP of the third-largest economy in the world by 4.4%.

On the other hand, investors are awaiting tomorrow, Tuesday, to the launch of the FOMC meeting, April 28-29, in which interest rates are expected to remain at zero levels between zero and 0.25%, before we witness the day after tomorrow, Wednesday. Acts of the press conference that will be held by Federal Reserve Governor Jerome Powell half an hour after the activities of the Federal Committee meeting in Washington.

We would like to point out, that the Federal Reserve monetary policymakers adopted at the previous Federal Open Market Committee meeting held on March 15th that surprising meeting, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, to return interest on Federal funds to zero levels, while reducing interest rates at the time by 100 basis points from between 1.00% and 1.25%.

It is noteworthy that the return of the members of the Federal Open Market Committee to the interest of the federal funds to the zero levels that remained since 2008 until the meeting of 27-28 October 2015, and came after reducing them in the previous emergency meeting by 50 basis points from between 1.50% and 1.75 %, And after the committee members cut interest three times by 25 basis points in previous meetings last year 2019.

Technical analysis

The dollar versus the yen maintains its stability below 107.68, to keep the negative pressure in place, supported by the negative signal provided by the stochastic, awaiting the rally towards 106.44 which represents our next target.

We remind you that the continuation of the expected decline requires stability below 107.68 and 108.25, as breaching these levels will lead the price to achieve real-time gains aiming to visit the 109.22 level initially.

The expected trading range for today is between 106.50 support and 108.30 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted back down during the Asian session, tolerating the US dollar index rebound for the second consecutive session from its highest since April 6, when it tested the highest since March 26, according to the inverse relationship in the aftermath The decisions and trends of the Bank of Japan and in the shadow of market pricing for the consequences of the outbreak of the Coronavirus and the stimulus aimed at containing these negative consequences.

At exactly 04:58 AM GMT, gold price futures for June delivery decreased 0.09% to trade at $ 1,743.50 per ounce compared to the opening at $ 1,745.00 per ounce, knowing that the contracts started the trading session on an upward price gap after the week's trades were concluded The past was at $ 1,735.60 an ounce, while the US dollar index fell 0.24% to 99.99 compared to the opening at 100.23.

A few minutes ago, we followed the monetary policy makers at the Japanese central bank at the April 27 meeting, which was shortened as a precaution against the spread of the Coronavirus, to stay on the short-term reference interest rates at 0.10%, which came in line with expectations. And with the disclosure of the Bank of Japan monetary policy statement, which reflected the Japanese central bank's further stimulus.

In the same context, the monetary policy statement clarified that the monetary policymakers of the Bank of Japan raise the maximum purchase of corporate bonds and commercial securities that it pledges to buy to 20 trillion yen from 7 trillion yen previously, as well as the Japanese central bank’s commitment to purchase unlimited quantities of Government bonds by canceling the previous purchase guidance at an annual pace of about 80 trillion yen.

The central bank’s monetary policy statement included a paragraph, “The Bank of Japan will purchase the necessary amounts of government bonds without setting an upper limit so that the return of 10-year bonds will remain at around zero percent,” and attention is now focused on the outcome of the press conference that will be held by the Governor of the Bank of Japan. Haruhiko Kuroda in Tokyo for more details on the Japanese central stimulus.

In another context, investors are also looking by the Japanese economy to disclose labor market data with the release of the unemployment rate reading, which may reflect an increase to 2.5% compared to 2.4% last February. It is reported that the Japanese Minister of Economy Yasuchi Nishimura noted last Friday that the stimulus package approved by the Japanese government, which is estimated at 1.1 trillion yen, it will boost the GDP of the third-largest economy in the world by 4.4%.

On the other hand, investors are looking forward to tomorrow, Tuesday, to the launch of the FOMC meeting, April 28-29, in which the short-term benchmark interest rates are expected to remain at zero levels between zero and 0.25% before we witness after Tomorrow, Wednesday, the press conference Fed Governor Jerome Powell's meetings will be held half an hour after the FOMC meeting in Washington expires.

We would like to point out, that the Federal Reserve monetary policymakers adopted at the previous Federal Open Market Committee meeting held on March 15th that surprising meeting, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, to return interest on Federal funds to zero levels while reducing interest rates at the time by 100 basis points from between 1.00% and 1.25%.

It is noteworthy that the return of the members of the Federal Open Market Committee to the interest of the federal funds to the zero levels that remained since 2008 until the meeting of 27-28 October 2015, and came after reducing them in the previous emergency meeting by 50 basis points from between 1.50% and 1.75 %, And after the committee members cut interest three times by 25 basis points in previous meetings last year 2019.

Technical analysis

The gold price continues to fluctuate around 1725.00, and gets continuous positive support from the EMA50, waiting for the resumption of the upside move whose targets begin to breach the 1747.43 level to open the way towards heading towards 1780.00.

In general, the positive scenario will remain likely unless 1678.45 level is broken and stability below it, as breaking this level will put the price under the downward corrective pressure whose next target is located at 1635.80 before any new positive attempt.

The expected trading range for today is between 1700.00 support and 1750.00 resistance.

Expected trend for today: bullish.

The single currency, the euro, rose during the Asian session to witness its bounce for the second consecutive session from the lowest since March 24 against the US dollar, amid the scarcity of economic data by the euro area and the US economy at the beginning of this week, which carries with it the activities of the Federal Open Market Committee meeting tomorrow, Tuesday and Wednesday, and the European Central Bank meeting next Thursday.

At exactly 06:11 am GMT, the euro pair rose against the US dollar by 0.47% to 1.0855 levels, compared to the opening levels at 1.0804, after the pair achieved its highest level during the trading session at 1.0859, while achieving the lowest at 1.0799, with Knowing that the pair started the trading session on a falling price gap after it concluded the trading last week at 1.0823 levels.

Next Thursday, the markets are looking to the activities of the European Central Bank meeting, during 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 interest rate on negative deposits -0.50%, as expected. During which the size of the emergency bond purchase package (PEPP) will be increased by 500 billion euros to 1.25 trillion euros.

On the other hand, investors are looking forward to tomorrow, Tuesday, to the launch of the FOMC meeting, April 28-29, in which the short-term benchmark interest rates are expected to remain at zero levels between zero and 0.25% before we witness after Tomorrow, Wednesday, the press conference Fed Governor Jerome Powell's meetings will be held half an hour after the FOMC meeting in Washington expires.

We would like to point out, that the Federal Reserve monetary policymakers adopted at the previous Federal Open Market Committee meeting held on March 15th that surprising meeting, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, to return interest on Federal funds to zero levels while reducing interest rates at the time by 100 basis points from between 1.00% and 1.25%.

It is noteworthy that the return of the members of the Federal Open Market Committee to the interest of the federal funds to the zero levels that remained since 2008 until the meeting of 27-28 October 2015, and came after reducing them in the previous emergency meeting by 50 basis points from between 1.50% and 1.75 %, And after the committee members cut interest three times by 25 basis points in previous meetings last year 2019.

Technical analysis

The euro against the dollar pair presented positive trades at the end of last Friday, as it approached the level of 1.0840, noting that SMA 50 meets this resistance to add more strength to it, while the stochastic indicator is losing its positive momentum to reach the overbought areas.

Consequently, these factors encourage us to continue to favor the bearish trend for the upcoming period, which mainly targets 1.0700 then 1.0640 levels, noting that a breach of 1.0840 will lead the price to achieve more gains and head towards 1.0966 as a first positive target.

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

Expected trend for today: bearish.

The Australian dollar rose by nearly one percent during the Asian session to witness its highest since April 15 against the US dollar amid the scarcity of economic data today Monday by the Australian economy and also by its American economy counterpart the largest economy in the world at the beginning of this week which carries with it The FOMC meeting tomorrow, Tuesday and Wednesday in Washington.

At exactly 03:03 AM GMT, the Australian dollar pair rose against the US dollar by 0.75% to 0.6430 levels compared to the opening levels at 06382, after the pair achieved its highest level in two weeks at 0.6439, while it achieved its lowest during the trading session at 0.6380, Knowing that the pair started the trading session on an upward price gap after it concluded the trading last week at 0.6371 levels.

Investors are awaiting tomorrow, Tuesday, to the launching of the FOMC meeting 28-28 April, through which the short-term benchmark interest rates are expected to remain at zero levels between zero and 0.25%, before we witness the day after tomorrow Wednesday. The press conference will be held by Federal Reserve Governor Jerome Powell half an hour after the FOMC meeting in Washington expires.

We would like to point out, that the Federal Reserve monetary policymakers adopted at the previous Federal Open Market Committee meeting held on March 15th that surprising meeting, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, to return interest on Federal funds to zero levels while reducing interest rates at the time by 100 basis points from between 1.00% and 1.25%.

It is noteworthy that the return of the members of the Federal Open Market Committee to the interest of the federal funds to the zero levels that remained since 2008 until the meeting of 27-28 October 2015, and came after reducing them in the previous emergency meeting by 50 basis points from between 1.50% and 1.75 %, And after the committee members cut interest three times by 25 basis points in previous meetings last year 2019.

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 Australian dollar pair fluctuates against the US dollar near the level of 0.6407 and remains below it, accompanied by the arrival of the stochastic to the overbought areas, waiting for the price to stimulate the resumption of the expected bearish direction for the next period, which begins its goals by testing the level of 0.6236, noting that breaking this level will pay the price To 0.6097 as next negative station.

On the other hand, a break of 0.6407 will stop the expected decline and lead the price to achieve additional gains reaching 0.6500 initially.

The expected trading range for today is between 0.6300 support and 0.6450 resistance.

Expected trend for today: bearish.

USDCAD 

The pair is turning down, despite the resumption of the fall in crude oil prices. The market's focus is on the Fed's two-day monetary policy meeting, which begins on Tuesday and ends on Wednesday with the regulator's decision on rates. Don’t expect any new statements from Jerome Powell in this regard at a press conference. With growing hopes that the coronavirus pandemic will weaken, the pair will decline amid falling interest in the US dollar as a haven currency.

Technical side:

The price is below the lower line of the Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is declining. Stoch has turned down and fell.

Trading recommendations:

Sell the pair after crossing the 1.4045 with its probable decline to 1.3985.

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

CADCHF 

The price pivot zone of 0.6958 holds back buyers. Stochastic Oscillator signals overboughtness. Breaking through the price pivot zone of 0.6890 will result in the formation of a descending H1 level pattern within the wave C of the descending H8 level pattern.

Trading recommendations:

Sell below 0.6890.

Stop loss: 0.6958.

Target levels: 0.6820; 0.6744.

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

#HD

The price pivot zone of 212.20 deters buyers. The ascending wave pattern is truncated. A bearish divergence has also formed on MACD.

Trading recommendations:
Sell while a descending wave pattern is forming, where wave A breaks through the inclined channel of an ascending pattern, completing it.

Stop loss beyond the local maximum (212.20).

Target levels: 191.00; 175.00; 155.00.

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

The Australian dollar versus the US dollar tested a pivotal resistance 0.6407 and started bouncing down from there, to keep the downside scenario effective for the next period, supported by the negative signal provided by the stochastic indicator now, and the price needs to exceed 0.6320 to facilitate the task of heading towards our first awaited target at 0.6236.

Stability below 0.6407 is important for the continuation of the expected decline, as its breach will lead the price to resume the short term bullish trend and open the way for additional gains that start at 0.6500 and extend to 0.6685.

The expected trading range for today is between 0.6260 support and 0.6400 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 rebound to the seventh session in eight sessions from the top since early April and to prepare for the second consecutive weekly losses against the US dollar on the cusp of developments and economic data expected Friday by the largest The economies of the euro area, Germany, and the American economy, the largest in the world

At 05:34 am GMT, the euro against the US dollar fell 0.08% to 1.0768 levels, compared to the opening levels at 1.0777, after the pair achieved its lowest level during the trading session at 1.0761, while achieving the highest at 1.0784.

The markets are looking to Germany to reveal the IFO reading of the business climate, which may show a widening contraction to 79.8 compared to 86.1 last March. Otherwise, we followed yesterday the report that touched on the fact that the European Central Bank Governor Christine Lagarde informed the European Union leaders that an outbreak The Coronavirus may cause extensive losses to the European economy this year and it expects a contraction of between 5% and 15% in 2020.

On the other hand, investors are currently awaiting the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, which may reflect a 12.0% decline compared to a rise of 1.2% in February In the past, while a substantial reading of the same indicator may show a widening decline to 6.1% compared to 0.6% in February.

This comes before we witness the revelation of the final reading of the University of Michigan's index of consumer confidence, which may show a shrinkage in the amplitude of 67.8 compared to 71.0 in the previous reading of the previous month and 89.1 in March, otherwise, we followed yesterday the approval of the House of Representatives by an overwhelming majority on The stimulus package to support small companies and medical centers, which is estimated at $ 484 billion, to face the consequences of the outbreak of the Coronavirus.

We would like to point out that the bill was passed last Tuesday in the Senate amid the polarity of the American policy, both the ruling Republican Party with the majority of the Senate and the Democratic Party with the majority of the House of Representatives, to provide financing for small companies and support the largest economy in the world in the face of the consequences of the virus outbreak Taji and US President Donald Trump is expected to sign the bill later.

It is reported that US President Trump recently announced his administration's plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased to almost 2.55 million, 175,825 people were killed in 213 countries.

Technical analysis

The EURUSD pair is showing a more bearish tendency to gradually approach our first waited target at 1.0700 and continues to move inside the bearish channel that appears on the chart, which supports the chances of the descending wave extending to 1.0640 which represents our next main station.

Consequently, the downside trend will remain valid and likely during the upcoming sessions with the support of SMA 50, indicating that stability below 1.0840 is important to achieve the proposed targets.

The expected trading range for today is between 1.0640 support and 1.0840 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted toward a decline during the Asian session amid the US dollar index rebounding to the seventh session in eight sessions 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 American economy and in Shades of market pricing for the negative repercussions of the spread of the Coronavirus and the stimulus that aims to contain these repercussions.

At exactly 04:47 AM GMT, gold price futures for June delivery decreased 0.35% to trade at $ 1,746.90 per ounce compared to the opening at $ 1,753.00 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,745.40 an ounce, with the US dollar index rising 0.05% to 100.54 compared to the opening at 100.49.

Investors are currently awaiting the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the gross domestic product in the United States, which may reflect a 12.0% decline compared to a rise of 1.2% last February, while A substantial reading of the same indicator may show the decline widening to 6.1% compared to 0.6% in February.

This comes before we witness the revelation of the final reading of the University of Michigan's index of consumer confidence, which may show a shrinkage in the amplitude of 67.8 compared to 71.0 in the previous reading of the previous month and 89.1 in March, otherwise, we followed yesterday the approval of the House of Representatives by an overwhelming majority on The stimulus package to support small companies and medical centers, which is estimated at $ 484 billion, to face the consequences of the outbreak of the Coronavirus.

It is noteworthy that the bill was passed last Tuesday in the Senate amid the polarity of the American policy, both the ruling Republican Party, which has the majority of the Senate, and the Democratic Party, which has the majority of the House of Representatives, in order to provide financing for small companies and support the largest economy in the world in the face of the consequences of the virus Taji, and US President Donald Trump is expected to sign the bill later.

In another context, we followed up on Wednesday, US Treasury Secretary Stephen Manuchen expressed that his country needs to boost financial spending and that 60 million workers will likely find assistance from the business loan program and that the cost of lending to workers will be low given that the federal interest is at zero levels, and this came with his testimony That America will provide $ 2.6 trillion directly to support the economy, and that the Fed provides liquidity of $ 4 trillion.

Technical analysis

Gold price appears bearish tendency with the opening of the day after approaching our first target 1747.43, where the price is affected by the negativity of the stochastic, while the moving average 50 continues to provide positive support for the price, so we continue to favor the bullish trend for the next period, whose goals begin to exceed the mentioned level of the rally towards 1780.00 as a main target next.

On the other hand, it should be noted that failure to achieve the required breach will form a low top, indicating the price trend to make a further descending correction to attack 1678.45 and open the way for visiting 1635.80 as a next corrective station.

The expected trading range for today is between 1700.00 support and 1750.00 resistance.

Expected trend for today: bullish.