Analytic reviews

Gold futures rose during the Asian session to witness the highest since November 28, 2012 amid the rebound in the US dollar index for the second session from the top since March 26, according to the inverse relationship between them on the cusp of developments and economic data expected today Tuesday by The American economy and with the evaluation of the markets to the developments of the global outbreak of the Corona virus.

At 04:04 AM GMT, gold futures contracts for June delivery rose 0.21% to trade at $ 1,710.70 per ounce compared to the opening at $ 1,707.10 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded yesterday's trading At $ 1,693.90 an ounce, with the US dollar index down 0.18% to 100.56 compared to the opening at 100.74.

Investors are currently awaiting the release of the labor market data by the American economy, with the release of a job reading statistic and job turnover that may reflect a decrease to 6.55 million compared to 6.96 million last January. This comes before we witness the release of a consumer credit reading that may Show growth accelerated to $ 13.9 billion, compared to $ 12.0 billion in January.

It is noteworthy that US President Donald Trump recently warned that the coming period is "painful" for America, after he announced earlier last month that the quarantine would be extended in the United States until the end of this April to limit the spread of the Corona virus, according to the latest figures issued by The organization has increased the number of cases infected with the virus to nearly 1,215 thousand and 67,841 people were killed in 211 countries.

Otherwise, markets are looking to tomorrow, Wednesday, for the Federal Reserve to disclose the minutes of the Federal Open Market Committee meeting that took place on the 15th of March, that surprising meeting of the Federal Reserve, which was the second in less than two weeks after the previous sudden meeting on the third of the same month that approved the makers The Fed's monetary policy returns short-term benchmark interest rates to zero levels.

Technical analysis

Gold price managed to confirm the breach of 1644.20 after closing the daily candle above it, which supports the continuation of the bullish scenario in an intraday and short term, on the way to head towards the recently recorded top at 1703.25 as the next main target.

Consequently, we are awaiting further increase during the upcoming sessions supported by the EMA50, noting that breaching 1644.20 will put the price under intraday negative pressure aiming to initially test 1607.70 level before any new attempt to rise.

The expected trading range for today is between 1645.00 support and 1690.00 resistance.

Expected trend for today: bullish.

#BATS

The overall trend is downward. The resistance level of 30.20 holds back buyers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. Breaking through the support level of 29.00 will result in the formation of a 1-2-3 descending pattern within the overall downtrend.

Trading recommendations:

Sell below 29.000.

Stop loss: 30.200. 

Target levels: 28.15; 26.30; 25.00.

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

The US dollar fell during the Asian session to witness its rebound for the second session from its top since March 27 against the Japanese yen after the developments and economic data that it had reported on the Japanese economy and the US economy is the largest economy in the world and with the assessment of markets to developments in the global outbreak of the Corona virus, especially after the announcement Japanese Prime Minister Shinzo Abe on the emergency and stimulus package.

At exactly 06:02 AM GMT, the US dollar pair fell against the Japanese yen by 0.36% to 108.83 levels compared to the opening levels at 109.22, after the pair achieved its lowest level during the trading session at 108.67, while achieving the highest at 109.28.

We have followed the Japanese economy on the release of the annual reading of the household spending index, which showed a decline in the decline to 0.3% compared to 3.9% last January, outperforming the expectations that indicated a decrease in the decline to 3.3%, and that came, in conjunction with the annual reading showed an average index Income slowed growth to 1.0% from 1.2% in January, also beating expectations for slowing growth to 0.2%.

In another context, we followed a little while ago the Japanese Prime Minister Shinzo Abe declared a state of emergency in the Japanese capital Tokyo and in Osaka in addition to five other cities, noting that seven cities will be subject to the state of emergency for a month, with his statement that his government will work to ensure the continuation of the activity As much as possible, and is currently working on a stimulus package of 108 trillion yen ($ 990 billion).

On the other hand, investors are currently awaiting by the US economy the disclosure of labor market data with the release of a job reading and job turnover that may reflect a decrease to 6.55 million compared to 6.96 million in January, and that comes before we witness the release of the consumer credit reading That may show accelerated growth to $ 13.9 billion, compared to $ 12.0 billion in January.

It is noteworthy that US President Donald Trump recently warned that the coming period is "painful" for America, after he announced earlier last month that the quarantine would be extended in the United States until the end of this April to limit the spread of the Corona virus, according to the latest figures issued by The organization has increased the number of cases infected with the virus to nearly 1,215 thousand and 67,841 people were killed in 211 countries.

Technical analysis

The dollar against the yen tested a level of 109.20 and bounced down from there, to keep the downside scenario active and effective in the intraday and short term, supported by the approach of the stochastic approach from the overbought areas, and the price needs to break the 108.50 level to facilitate the task of achieving our negative goals that start at 107.68 and extend to 106.44 after exceeding the previous level.

On the other hand, it should be noted that breaching 109.20 will stop the suggested decline and push the price to test 111.10 areas before any new attempt to resume the downside main wave.

The expected trading range for today is between 107.70 support and 109.20 resistance.

Expected trend for today: Overall decline.

The Australian dollar rose during the Asian session to witness its bounce to the third session from its lowest since March 26 against the US dollar after the developments and economic data that it reported on the Australian economy, which includes the activities of the Australian Central Bank meeting in Sydney and on the cusp of developments and economic data expected today Tuesday from Before the American economy, the largest economy in the world.

At 02:32 am GMT, the Australian dollar pair rose against the US dollar by 0.43% to 0.6114 levels compared to the opening levels at 0.6088, after the pair achieved its highest level during the trading session at 0.6129, while achieving the lowest at 0.6076.

On the Australian economy, we followed the disclosure of the services index reading by the Australian Industrial Group (AIG), which reflected the widening of the contraction to 38.7 compared to 47.0 last February, and this came before we witnessed the disclosure of preliminary data for the Australian labor market with the release of a reading The job advertisements index showed a decline of 10.3% compared to a rise of 1.2% in February.

In conjunction with the release of the trade balance reading, which indicated that the surplus has shrunk to A $ 4.36 billion from A $ 4.75 billion in January, contrary to expectations that the surplus will shrink to A $ 3.75 billion, and this comes in conjunction with the activities of the Reserve Bank of Australia meeting and before the disclosure The Australian Central Bank released its interest rate statement amid expectations that interest rates would be fixed at all-time low of 0.25%.

It is noteworthy that Australian Central Bank Governor Philippe Loe Noh after the March 19 meeting, which was held suddenly and through which interest rates were reduced by 25 basis points, because the sudden rate cut came as part of efforts to support his country's economy from the repercussions of the global outbreak of the Corona Virus, while expressing Build at some point the virus will be contained and the economy will recover.

Lowe then expressed that one of the Reserve Bank of Australia’s priorities is to support jobs, income and companies, so that when the health crisis is limited the country will be in a good position to recover strongly, while stating that interest rates will not be increased until progress is made toward full employment, while emphasizing his confidence In that the inflation will be sustainably within the target range between two and three percent.

Lowe mentioned that the target of returning on Australian government bonds of three years at about 0.25% and that this will be achieved by purchasing government bonds in the secondary market, explaining that the Australian central bank will provide financing facilities for a period of three years to accredited institutions at a fixed rate of 0.25% and those institutions will be able Initial financing of up to 3% of outstanding credit.

He also stated that the institutions will have the possibility of obtaining additional financing if they increase lending to businesses, especially small and medium companies, explaining that the credit facilities are estimated at least by 90 billion Australian dollars, with his assurance that the Bank of Australia is moving forward in providing liquidity to the financial markets. Australian by making repurchases of one and three months in daily market operations until further notice.

In the same context, the Governor of the Central Bank of Australia noted last month that the Bank of Australia will carry out long-term repo operations for at least six months or longer per week as long as the market conditions require this, while expressing that the Australian financial system will enjoy flexibility and is in a good position to deal with the effects of The virus, as investors look to tomorrow, Tuesday to reveal the reading of the trade balance index for the past month.

On the other hand, investors are currently awaiting by the US economy the disclosure of labor market data with the release of a job reading and job turnover that may reflect a decrease to 6.55 million compared to 6.96 million in January, and that comes before we witness the release of the consumer credit reading That may show accelerated growth to $ 13.9 billion, compared to $ 12.0 billion in January.

It is noteworthy that US President Donald Trump recently warned that the coming period is "painful" for America, after he announced earlier last month that the quarantine would be extended in the United States until the end of this April to limit the spread of the Corona virus, according to the latest figures issued by The organization has increased the number of cases infected with the virus to nearly 1,215 thousand and 67,841 people were killed in 211 countries.

Otherwise, markets are looking to tomorrow, Wednesday, for the Federal Reserve to disclose the minutes of the Federal Open Market Committee meeting that took place on the 15th of March, that surprising meeting of the Federal Reserve, which was the second in less than two weeks after the previous sudden meeting on the third of the same month that approved the makers The Fed's monetary policy returns short-term benchmark interest rates to zero levels.

The members of the Federal Open Market Committee reduced the interest on federal funds at the time by 100 basis points to between zero levels and 0.25%, which remained since 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points The basis is between 1.50% and 1.75%, and this comes after the members of the committee cut the interest three times by 25 basis points in previous meetings last year.

Technical analysis

The Australian dollar versus the US dollar pair starts trading today with an upward trend to breach the 0.6097 level and try to hold above it, and we notice that the price is moving inside an ascending channel that appears in the above chart, which supports the chances of achieving more gains during the upcoming sessions, to return to the bullish correction path, whose next target exists At 0.6236.

Thus, the bullish bias will be likely during the upcoming sessions, supported by the move above SMA 50, indicating that breaking 0.6097 then 0.6035 levels will stop the expected rise and press the price to drop again.

The expected trading range for today is between 0.6050 support and 0.6236 resistance.

Expected trend for today: bullish.

USDRUB 

Markets are hopeful about the pandemic slowdown and early recovery of business and industrial activity. Investors are in anticipation of a new crude oil deal between the US, Saudi Arabia, and Russia, which supports oil prices and contributes to a stronger ruble.

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 in the oversold zone.

Trading recommendations:

Sell the pair after it crosses 75.00 with a possible drop to 73.65.

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

NZDUSD 

The overall trend is downward. Stochastic Oscillator indicator signals overboughtness. The ascending H1 level pattern is presumably a wave (B) of the descending H4 level pattern.

Trading recommendations:

Sell strictly while a descending wave pattern is forming, where the wave (as) breaks through the inclined channel of the ascending pattern of the H1 level. 

 Stop loss: 0.6066.

Target levels: 0.5850 (close ½ and move to breakeven); 0.5766 (138.2% fibo level from an H4).

If the price rises to the resistance level of 0.6066, cancel the trading plan.

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

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session, to witness its bounce for the second session from the lowest since March 26 against the US dollar, following the developments and economic data that we followed earlier this week on the Australian economy and amid the scarcity of economic data today Monday before The American economy is the largest economy in the world.

At 02:23 am GMT, the Australian dollar pair rose against the US dollar by 0.12% to 0.6016 levels compared to the opening levels at 0.6009, after the pair achieved its highest level during the trading session at 0.6049, while achieving the lowest at 0.5990, knowing The pair started the trading session on an upward price gap after it concluded the trading last week at 0.5997 levels.

We have followed the Melbourne Institute's (MI) disclosure of the inflation gauge reading, which showed 0.2% growth versus a 0.1% contraction last February, while the annual reading of the same indicator showed that the growth slowed to 1.5% versus 1.6%, and that comes hours before the launch The revelations of the Reserve Bank of Australia meeting and the Reserve Bank of Australia revealed the interest rate statement tomorrow, Tuesday, amid expectations that interest rates will be fixed at the lowest level ever at 0.25%.

It is noteworthy that Australian Central Bank Governor Philippe Loe Noh after the March 19 meeting, which was held suddenly and through which interest rates were reduced by 25 basis points, because the sudden rate cut came as part of efforts to support his country's economy from the repercussions of the global outbreak of the Corona Virus, while expressing Build at some point the virus will be contained and the economy will recover.

Lowe then expressed that one of the Reserve Bank of Australia’s priorities is to support jobs, income and companies, so that when the health crisis is limited the country will be in a good position to recover strongly, while stating that interest rates will not be increased until progress is made toward full employment, while emphasizing his confidence In that the inflation will be sustainably within the target range between two and three percent.

Lowe mentioned that the target of returning on Australian government bonds of three years at about 0.25% and that this will be achieved by purchasing government bonds in the secondary market, explaining that the Australian central bank will provide financing facilities for a period of three years to accredited institutions at a fixed rate of 0.25% and those institutions will be able Initial financing of up to 3% of outstanding credit.

He also stated that the institutions will have the possibility of obtaining additional financing if they increase lending to businesses, especially small and medium companies, explaining that the credit facilities are estimated at least by 90 billion Australian dollars, with his assurance that the Bank of Australia is moving forward in providing liquidity to the financial markets. Australian by making repurchases of one and three months in daily market operations until further notice.

In the same context, the Governor of the Central Bank of Australia noted last month that the Bank of Australia will carry out long-term repo operations for at least six months or longer per week as long as the market conditions require this, while expressing that the Australian financial system will enjoy flexibility and is in a good position to deal with the effects of The virus, as investors look to tomorrow, Tuesday to reveal the reading of the trade balance index for the past month.

On the other hand, we have recently followed the warning of US President Donald Trump that the coming period is "painful" for his country, after he recently announced the extension of the quarantine in America until the end of this month to limit the spread of the Corona virus, and according to the latest figures released by the organization, the number of HIV-infected cases reached nearly 1,137,000, and 62,955 people were killed in 208 countries.

Otherwise, the markets are looking to tomorrow after the Federal Reserve to disclose the minutes of the Federal Open Market Committee meeting held on the 15th of March, that surprising meeting of the Federal Reserve, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, which was approved Federal Reserve monetary policy makers return their short-term benchmark interest rates to zero levels.

The members of the Federal Open Market Committee reduced the interest on federal funds at the time by 100 basis points to between zero levels and 0.25%, which remained since 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points The basis is between 1.50% and 1.75%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

Technical analysis

The Australian dollar against the US dollar continues to crawl negatively to continue approaching our first target 0.5958, and continues to move within the descending channel that appears in the picture, which supports the chances of breaking the mentioned level and opening the way for visiting the 0.5787 level as a next station.

Consequently, the downside direction is likely to remain intraday and short term, noting that 0.6097 breakout will lead the price to make more bullish correction and visit 0.6236 initially.

The expected trading range for today is between 0.5900 support and 0.6100 resistance.

Expected trend for today: bearish.

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness its bounce to the second session from the lowest since March 25 against the US dollar on the threshold 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 American economy the largest economy in the world.

At exactly 05:42 am GMT, the euro pair rose against the US dollar by 0.15% to 1.0826 levels compared to the opening levels at 1.0810 after the pair achieved its highest level during the trading session at 1.0846, while achieving the lowest at 1.0765, knowing that the pair The session opened with an upward price gap after it closed last week's trading at 1.0801 levels.

Markets are looking by Germany, the euro zone's largest economy, for the release of factory demand reading, which may show a 2.7% decline versus a 5.5% rise in January, while the seasonally adjusted annual reading may reflect a shrinking decline to 0.2% versus 1.4%, before To see the eurozone economies as a whole released the Sentix CPI reading which showed the contraction widened to 30.5 versus 17.1 in March.

According to the latest developments related to the global health crisis and the outbreak of the Corona virus, deaths in New York State decreased for the first time despite US President Donald Trump's recent warning that the coming period was “painful” for his country, after he recently announced the extension of the quarantine in America until the end of This month to reduce the spread of coronavirus.

Italy also recorded the lowest number of deaths in more than two weeks, France recorded the lowest number in five days and the death toll has decreased in Spain for three consecutive days, while British Prime Minister Boris Johnson was hospitalized for tests after he was infected with the virus for 10 days, according to the latest figures Issued by the organization, the number of cases infected with the virus increased to about 1,137 thousand, and 62,955 people were killed in 208 countries.

Technical analysis

The EURUSD pair shows some slight bullish bias after finding strong support at 1.0775, to approach the previously broken support test which turns into a significant resistance at 1.0840, accompanied by the stochastic loss of positive momentum gradually, while the moving average constitutes 50 negative pressure against the price.

Consequently, we believe that opportunities exist to rebound downwards and resume the main bearish trend, noting that our next targets start at 1.0700 and extend to 1.0640, while achieving them requires stability below 1.0840.

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

Expected trend for today: bearish

Gold price futures fluctuated in a narrow range tilted towards the decline during the Asian session to witness its rebound from above since March 30, while tolerating the US dollar index rebound from above since 26 of the same month, according to the inverse relationship between them amid the scarcity of economic data on Monday from Before the American economy and with the evaluation of markets to the developments of the outbreak of the global virus Corona.

At exactly 04:03 AM GMT, gold price futures for June delivery decreased 0.24% to trade at $ 1,643.80 per ounce compared to the opening at $ 1,647.70 per ounce, knowing that the contracts started the session’s trading on an upward price gap after the week’s transactions ended The past at $ 1,645.70 an ounce, while the US dollar index fell 0.01% to 100.68 compared to the opening at 100.70.

According to the latest developments related to the global health crisis and the outbreak of the Corona virus, deaths in New York State decreased for the first time despite US President Donald Trump's recent warning that the coming period was “painful” for his country, after he recently announced the extension of the quarantine in America until the end of This month to reduce the spread of coronavirus.

Italy also recorded the lowest number of deaths in more than two weeks, France recorded the lowest number in five days and the death toll has decreased in Spain for three consecutive days, while British Prime Minister Boris Johnson was hospitalized for tests after he was infected with the virus for 10 days, according to the latest figures Issued by the organization, the number of cases infected with the virus increased to about 1,137 thousand, and 62,955 people were killed in 208 countries.

Otherwise, the markets are looking to tomorrow after the Federal Reserve to disclose the minutes of the Federal Open Market Committee meeting held on the 15th of March, that surprising meeting of the Federal Reserve, which was the second in less than two weeks after the previous sudden meeting on the third of the same month, which was approved Federal Reserve monetary policy makers return their short-term benchmark interest rates to zero levels.

The members of the Federal Open Market Committee reduced the interest on federal funds at the time by 100 basis points to between zero levels and 0.25%, which remained since 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points The basis is between 1.50% and 1.75%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

Technical analysis

Gold price trading remains above the $ 1600.00 barrier, and SMA 50 continues to provide positive support for the price, so that the upside scenario remains valid and effective for the coming period, organized within the main bullish channel that appears in the above chart, noting that our positive targets start at 1644.20 and extend to 1703.25 After breaching the previous level.

It should be noted that stability above 1607.70 is a prerequisite for the expected continuation of the upside, as breaking it will put pressure on the price to test the most important support for short term trading at 1578.20 before any new attempt to rise.

The expected trading range for today is between 1600.00 support and 1650.00 resistance

Expected trend for today: bullish

The US dollar rose during the Asian session to witness its bounce to the fourth session from its lowest since March 18 against the Japanese yen amid the scarcity of economic data today by the Japanese economy and the American economy, the largest economy in the world and with the evaluation of markets in the first sessions of this week to the developments of outbreaks Corona virus globally.

At exactly 6:23 am GMT, the US dollar pair rose against the Japanese yen by 0.48% to 109.01 levels compared to the opening levels at 108.49, after the pair achieved its highest level since March 27 at 109.13, while achieving the lowest during trading The session at 108.33, knowing that the pair started the trading session on a falling price gap after it concluded the trading last week at 108.55 levels.

We followed up last week, Japanese Prime Minister Shinzo Abe stated that his government will work with local administrations to contain the outbreak of the Corona Virus, while touching that his government discussed whether there is a need to declare a state of emergency in Japan or not, and this happened hours after Abe announced Wednesday a decision His government is holding all expatriates from outside Japan for 14 days in quarantine, and includes the Japanese decision coming from abroad.

Also, last Wednesday, Japanese Prime Minister Abe announced a ban on those coming from 49 foreign countries to his country until further notice, and this came hours after the Japanese government spokesman expressed the priority at the present time to put the spread of the Corona virus under control, and that the current situation does not require The government resorted to establishing a state of emergency in Japan, denying the report that recently raised the possibility of Japan declaring a state of emergency at the beginning of this month.

In another context, we followed up on Wednesday, Bank of Japan Governor Haruhiko Kuroda expressed his admission that central banks cannot deliver banknotes printing for an extended period without borders, with his discussion that his country is not facing a crisis in price stability at the moment, and informed him that the Bank of Japan is still The growth of inflation is targeted to around 2%, and in order to do so, it will adjust monetary policy when needed to maintain price stability.

On the other hand, deaths in New York State decreased for the first time despite US President Donald Trump's recent warning that the coming period was "painful" for his country, and after he recently announced the extension of quarantine in America until the end of this month to reduce the spread of the coronavirus, According to the latest figures released by the organization, the number of cases infected with the virus has increased to nearly 1,137 thousand, and 62,955 people have died in 208 countries.

Technical analysis

The dollar against the yen pair begins today's trading with a new rise to penetrate 108.50 and is approaching the test of the pivotal resistance 109.20, affected by the positivity of the stochastic indicator, noting that cohesion without this resistance keeps the scenario of the downside trend based on the intraday basis, and the price needs to break the 108.50 then 107.68 levels to confirm the resumption The descending wave with the next target at 106.44.

Therefore, we will maintain our expectations for the overall bearish trend, keeping in mind that breaching 109.20 will lead the price to achieve additional gains targeting the resistance of the main descending channel around 111.10 before any new attempt to decline.

The expected trading range for today is between 107.70 support and 109.20 resistance.

Expected trend for today: Overall decline.