Analytic reviews

The euro currency fluctuated in a narrow range slanting back down during the Asian session to witness its bounce to the fourth session in five sessions from the top since the beginning of April this year against the US dollar on the threshold of developments and economic data expected today by the economies of the euro area and the US economy the largest economy in the world.

At 05:30 am GMT, the euro against the US dollar fell 0.19% to 1.0854 levels, which is the lowest level for the husband during the trading session, compared to the opening levels at 1.0875, while the pair achieved its highest level during the trading session at 1.0879.

The markets are looking to reveal a statistical reading of the ZEW economic sentiment index for Germany, the largest Eurozone and Eurozone economies as a whole, which may reflect a contraction in Germany and the region as a whole to 40.0 and 38.2 compared to 49.5 in March, otherwise, we followed yesterday. German Chancellor Angela Merkel has stated that her government is not planning to take further decisions to ease the closures imposed due to the outbreak of the Coruna virus.

On Monday, the German Chancellor, during her meeting with the leaders of her ruling party in Germany, stressed the importance of being careful in taking decisions to ease the closing procedures and not to ease the restrictions at once. It is noteworthy that Germany announced last week that some small companies would return to work in addition to allowing a number of companies to resume work during this week, And we would like to point out that Germany is ranked fifth in the world in terms of the number of coronavirus infections.

On the other hand, investors are currently awaiting the release of the housing market data by the US economy with the release of the Existing Home Sales Index, which may show a decline of 9.5% to 5.27 million homes compared to a 6.5% increase at 5.77 million homes in February, otherwise. Last Sunday, we followed US President Donald Trump reported that his administration was close to reaching an agreement on a new stimulus package.

In the same vein, both US House Speaker Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism last week about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United, where the number of people infected with the Coronavirus has reached 860 thousand confirmed cases.

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 we would like to point out that New York State Governor Andrew Como Noh noted last weekend that his mandate It may have exceeded the high level of death from coronavirus.

We also continued at the end of last week to report fewer daily deaths in Italy, Spain and the United Kingdom, according to the latest figures issued by the World Health Organization, which the US President recently froze his country’s funding, which was estimated at $ 400 million annually with his criticism of the organization His claim to being biased toward China has increased the number of cases infected with the Corona virus to nearly 2.32 million, and 157,970 people have died in 213 countries.

Technical analysis

The euro against the dollar pair opens trading today with a noticeable negative pressure to press the pivotal support level 1.0840, indicating the price trend to decline again, as the price found it difficult to return trading above the previously broken upward trend line, along with the negative pressure that SMA 50 constitutes, but needs The price for a daily close without the mentioned support to confirm the continuation of the decline during the coming period.

Therefore, we prefer stopping temporarily on the neutral until the price confirms its position in relation to the mentioned level, noting that stability below it will press the price to drop towards 1.0700 then 1.0640 levels as major negative targets, while consolidation above it represents the key to resuming the upside that exists its first main target At 1.0966.

The expected trading range for today is between 1.0740 support and 1.0940 resistance.

Expected trend for today: neutral.

Gold price futures fluctuated in a narrow range that tilted toward a decline during the Asian session, to witness its bounce for the fourth session in six sessions from its highest since October 5, 2012 amid the US dollar index rebound to the fourth session in five sessions from the lowest since 30 of March / March according to the inverse relationship between them on the threshold of the expected economic developments and data today by the American economy, the largest economy in the world, and in the shadow of market pricing for the repercussions of the outbreak of the global coronavirus.

At 04:04 AM GMT, gold price futures for June delivery decreased 0.46% to trade at $ 1,705.40 per ounce compared to the opening at $ 1,713.30 per ounce, knowing that the contracts started the session’s trading on an upward price gap after yesterday’s trading was concluded At $ 1,711.20 an ounce, with the US dollar index rising 0.21% to 100.14 compared to the opening at 99.93.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of the Existing Home Sales Index, which may explain a 9.5% decline to 5.27 million homes compared to a 6.5% increase at 5.77 million homes last February. Otherwise, we followed Sunday The past reported US President Donald Trump that his administration is close to reaching agreement on a new stimulus package.

In the same vein, both US House Speaker Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism last week about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United, where the number of people infected with the Coronavirus has reached 860 thousand confirmed cases.

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 we would like to point out that New York State Governor Andrew Como Noh noted last weekend that his mandate It may have exceeded the high level of death from coronavirus.

We also continued at the end of last week to report fewer daily deaths in Italy, Spain, and the United Kingdom, according to the latest figures issued by the World Health Organization, which the US President recently froze his country’s funding, which was estimated at $ 400 million annually with his criticism of the organization His claim to being biased toward China has increased the number of cases infected with the Coronavirus to nearly 2.32 million, and 157,970 people have died in 213 countries.

In another context, the financial markets are still assessing the first precedent of its kind that occurred yesterday, namely, the collapse of US crude oil futures contracts, "Nemex", which amounted to a negative $ 40.23 a barrel, hours before the expiration of the May contracts later in the day amid the dealers tend to sell Negatively to avoid receipt and storage costs, knowing that contracts rose today from negative $ 14 a barrel to positive levels currently above the barrier of $ 1 a barrel.

Technical analysis

The gold price maintains its stability above 1678.45 after the negative attempts that it witnessed in the previous sessions, to start providing positive trades and gradually move away from this level, which supports the chances of achieving gains during the upcoming sessions, waiting for the direction towards the recent record at 1747.43 as a first positive goal.

Therefore, we expect a bullish bias today with support from the EMA50, noting that any breach of 1678.45 will press the price to make more bearish correction and head towards 1635.80 as a next corrective station.

The expected trading range for today is between 1675.00 support and 1720.00 resistance.

Expected trend for today: bullish.

The fluctuation of the US dollar in a narrow range slanted toward decline during the Asian session, to witness its bounce to the seventh session in the twelve sessions from the top since March 27 against the Japanese yen amid the scarcity of economic data by the Japanese economy and on the cusp of developments and economic data expected today Tuesday by The American economy is the largest economy in the world.

At exactly 05:50 am GMT, the US dollar pair fell against the Japanese yen by 0.18% to 107.43 levels compared to the opening levels at 107.62 after the pair achieved its lowest level during the trading session at 107.40, while it achieved its highest at 107.79.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of the Existing Home Sales Index, which may explain a 9.5% decline to 5.27 million homes compared to a 6.5% increase at 5.77 million homes last February. Otherwise, we followed Sunday The past reported US President Donald Trump that his administration is close to reaching agreement on a new stimulus package.

In the same vein, both US House Speaker Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism last week about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United, where the number of people infected with the Coronavirus has reached 860 thousand confirmed cases.

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 we would like to point out that New York State Governor Andrew Como Noh noted last weekend that his mandate It may have exceeded the high level of death from coronavirus.

We also continued at the end of last week to report fewer daily deaths in Italy, Spain, and the United Kingdom, according to the latest figures issued by the World Health Organization, which the US President recently froze his country’s funding, which was estimated at $ 400 million annually with his criticism of the organization His claim to being biased toward China has increased the number of cases infected with the Coronavirus to nearly 2.32 million, and 157,970 people have died in 213 countries.

Technical analysis

The dollar pair against the yen ended yesterday's trading below 107.68 and begins the day with a slight bearish tendency in an attempt to move away from this level, which keeps the bearish trend scenario in place and effective for the coming period, and the path is open for heading towards our next main target 106.44.

SMA 50 continues to press negatively on the price to support the downside expectations, which will remain valid, provided that stability remains below 107.68.

The expected trading range for today is between 106.60 support and 108.20 resistance.

Expected trend for today: bearish.

EURUSD

The pair consolidates above 1.0825 in anticipation of the new ZEW economic sentiment index for the eurozone and Germany. Negative values caused by chaos in the European Union due to the coronavirus impact can lead to a new local drop in the price.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14, which intersect and give a sell signal. RSI is below the 50% level and declining. Stoch enter the oversold zone.

Trading recommendations:

Sell the pair after it crosses 1.0825 with a likely local target of 1.0770.

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

EURJPY

The support level of 116.34 holds back sellers (a false breakout has formed). The descending H12 level pattern is truncated. A bullish divergence has formed on Awesome Oscillator, and 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.

Stop loss: 116.34.

Target levels: 118.37; 119.00.

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

#MMM

The price pivot zone of 151.00 holds back buyers. Stochastic Oscillator signals overboughtness. The inclined channel of the ascending pattern is broken by the formation of a descending 1-2-3 pattern.

Trading recommendations:

Sell below 143.00.

Stop loss: 151.00.

Target levels: 131.00; 123.00.
The #MMM savers online: monitor the movement of the shares in real-time.

The Australian dollar versus the US dollar provided quiet positive trading to gradually approach the level of 0.6407, and we are still waiting for the breach of this level to confirm the rush towards our next positive target of 0.6685.

In general, we continue to favor the bullish trend for the upcoming period unless the 0.6236 level is broken and stability below it, noting that SMA 50 provides positive support for the price to reinforce expectations of an increase.

The expected trading range for today is between 0.6260 support and 0.6450 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 back for the third session in four sessions from the top since early April against the US dollar on the cusp of developments and economic data expected today by the economies of the euro area and amid the scarcity of economic data at the beginning of this week by the US economy, the largest economy in the world.

At exactly 05:44 AM GMT, the euro against the US dollar fell 0.19% to 1.0854 levels, which is the lowest level for the husband during the trading session, compared to the opening levels at 1.0875, while the pair achieved its highest level during the trading session at 1.0879.

Investors are looking forward to the largest euro-zone economies, Germany, to reveal inflation data with the release of the producer price index, which is an initial indication of inflationary pressures, which may show the widening of the contraction to 0.4% compared to 0.7% last February, as the annual reading of the same index may explain. The contraction widened to 0.8% versus 0.1% in the prior February annual reading.

This comes before we witness about the economies of the eurozone as a whole, the issuance of the seasonally adjusted reading of the current account index, which may reflect the widening of the surplus to 36.3 billion euros against 34.7 billion euros last January, and the issuance of the seasonally adjusted reading of the trade balance also for the region as a whole, which may indicate the expansion The surplus amounted to 19.2 billion euros against 17.3 billion euros in January, leading to the disclosure of the monthly report of the German Central Bank.

Other than that, we followed last weekend, Speaker of the House of Representatives Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United recently.

In another context, New York State Governor Andrew Como also stated at the end of last week that his state may have exceeded the high level of death from coronavirus, and states that fewer daily deaths were reported in Italy, Spain and the United Kingdom, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus rose to nearly 2.25 million, and 152,707 people were killed in 213 countries.

Markets are looking closely now at developments in Gilead Sassensis’s disclosure of its drug that is rumored to be effective in combating coronavirus and can eradicate it, especially that it can be effective in dealing with critical cases. It is reported that US President Donald Trump recently announced his administration’s plan to restart and operate the economy The US gradually, indicating the possibility of a global medical crisis to subside later, while its economic consequences remain.

Technical analysis

The EURUSD pair maintains its stability above 1.0840 and completed the formation of a falling wedge showing its features in the image, which constitutes a positive incentive that we expect to contribute to pushing the price higher during the upcoming sessions, where our next target is located at 1.0966.

Thus, the bullish trend scenario will remain intact and active over the intraday basis, and breaching the target level will push the price to 1.1067 directly, while stability above 1.0840 is an important condition for achieving the suggested targets.

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

Expected trend for today: bullish.

Gold price futures fluctuated in a narrow range tilted to bounce during the Asian session to witness the bounce from the lowest since April 9, disregarding the bounce of the US dollar index for the third session in four sessions from the lowest since 30 March, according to the reverse relationship between them The scarcity of economic data at the beginning of this week by the American economy, and following the People's Bank of China (Chinese Central Bank) reduction on Monday, as part of efforts to support credit growth in light of the repercussions of the Coronavirus.

At exactly 04:06 AM GMT, gold price futures for June delivery rose 0.21% to trade at $ 1,696.60 per ounce compared to the opening at $ 1,693.00 per ounce, knowing that the contracts started the session’s trading on a falling price gap after the week’s trades ended Last at $ 1,698.80 an ounce, while the US dollar index rose 0.18% to 99.91 compared to the opening at 99.73.

We have also followed up with the People's Bank of China (the Central Bank of China) reducing basic interest rates on loans for a year by 20 basis points to 3.85% from 4.05% and reducing interest on loans for five years to 4.65% from 4.075% as part of efforts to support credit growth in Asia's largest economy, and we would like to point out that this rate cut is the second by the Central Bank of China this year.

It is reported that the National Bureau of Statistics of China revealed last Friday a seasonally adjusted reading of GDP for the first quarter, which showed a contraction of 9.8%, in line with expectations, against the growth of 1.5% during the fourth quarter, as the annual reading of the same index showed a contraction of 6.8% against a growth of 6.1% in reading The previous quarterly quarter, worse than forecasts for a contraction of 6.0%.

The office also revealed at that time the annual reading of the retail sales index, which showed the decline decreased to 15.8% compared to 20.5% last February, worse than the expectations that indicated a 10.0% decline, as the annual reading of industrial production showed the decline decreased to 1.1% compared to 13.5%, Outperforming expectations for a decrease of 7.0%, while the reading of unemployment rates at that time also showed a decline to 5.9% compared to 6.2% in February.

We would like to point out, because the economic data that were adopted Friday by the Chinese economy, the second-largest economy in the world and the second-largest industrialized world in the world, showed the first contraction of the Chinese economy since the data collection began in 1992, due to the repercussions of the outbreak of the Coronavirus, which started in Wuhan, China Last year, it spread to the world after that and led to the closure of most of the global economies and reduced the movement of citizens globally.

Other than that, we followed last weekend, Speaker of the House of Representatives Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United recently.

In another context, New York State Governor Andrew Como also stated at the end of last week that his state may have exceeded the high level of death from coronavirus, and states that fewer daily deaths were reported in Italy, Spain and the United Kingdom, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus rose to nearly 2.25 million, and 152,707 people were killed in 213 countries.

Markets are looking closely now at developments in Gilead Sassensis’s disclosure of its drug that is rumored to be effective in combating coronavirus and can eradicate it, especially that it can be effective in dealing with critical cases. It is reported that US President Donald Trump recently announced his administration’s plan to restart and operate the economy The US gradually, indicating the possibility of a global medical crisis to subside later, while its economic consequences remain.

Technical analysis

Gold price opens trading today with a bearish tendency to press the pivotal support level 1678.45, which represents the Fibonacci correction level 23.6% to rise from 1455.16 to 1747.43, forming one of the keys to the next direction besides the resistance 1711.00, and as we indicated in our recent reports, the price needs to penetrate one of these levels to determine His next goals are more accurate, which makes us keep neutral until now.

We point out that the breach of the mentioned support will pressure the price to make more bearish correction targeting 1635.80 as the next negative station while breaching the resistance represents the key to restore the main bullish trend whose targets begin with testing the recently recorded top at 1747.43 and extending to 1775.00.

The expected trading range for today is between 1660.00 support and 1710.00 resistance.

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

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce for the third session in four sessions from the lowest since the beginning of April when it tested the lowest since 18 March against the Japanese yen after the economic data we released today on the economy The Japanese economy amid the scarcity of economic data earlier this week by the US economy, the largest economy in the world.

At exactly 06:04 am GMT, the US dollar pair rose against the Japanese yen by 0.33% to 107.89 levels compared to the opening levels at 107.55 after the pair achieved its highest level during the trading session at 107.91, while it achieved the lowest at 107.49, knowing that The pair started trading this week on an upward price gap after it concluded the trading last week at 107.54 levels.

We have followed on from the Japanese economy the release of the Trade Balance Index reading, which showed the surplus narrowed to 4.9 billion yen from 1,109 billion yen last February, contrary to expectations that indicated a surplus of 460 billion yen, while the seasonally adjusted reading of the same indicator showed a deficit of 190 billion yen Against a surplus of 482 billion yen, contrary to expectations that indicated a deficit of 115 billion yen, and this came with the expansion of exports and the decline in imports during the past month.

Otherwise, last Thursday, we followed the announcement of Japanese Prime Minister Shinzo Abe to expand the state of emergency to include all of Japan, with his statement that the state of emergency will continue until the sixth of next May, and his call for citizens not to move from one city to another to contain the spread of the Coronavirus, It is reported that Abe announced on the seventh of this month the imposition of a state of emergency on seven Japanese cities, headed by the then Japanese capital, Tokyo.

On the other hand, we followed last weekend, Speaker of the US House of Representatives Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreak in The United States recently.

In another context, New York State Governor Andrew Como also stated at the end of last week that his state may have exceeded the high level of death from coronavirus, and states that fewer daily deaths were reported in Italy, Spain and the United Kingdom, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus rose to nearly 2.25 million, and 152,707 people were killed in 213 countries.

Markets are looking closely now at developments in Gilead Sassensis’s disclosure of its drug that is rumored to be effective in combating coronavirus and can eradicate it, especially that it can be effective in dealing with critical cases. It is reported that US President Donald Trump recently announced his administration’s plan to restart and operate the economy The US gradually, indicating the possibility of a global medical crisis to subside later, while its economic consequences remain.

Technical analysis

Despite the positive opening today, the USDJPY closed last Friday's trading below 107.68, to rely on this negative close and continue to favor the bearish trend for the upcoming period, supported by the EMA50, waiting for the visit of the 106.44 level as a next target.

The stochastic oscillator starts losing positive momentum to support the downside expectations, which will remain valid unless the price holds above 107.68.

The expected trading range for today is between 106.70 support and 108.40 resistance.

Expected trend for today: bearish.