Analytic reviews

Gold price futures fell to witness their bounce for the second consecutive session from their highest since March 9th, when they tested their highest since December 18, 2012, disregarding the bounce of the dollar index for the fourth session in five sessions from its highest since the fourth of December January 2017, according to the inverse relationship between them, on the cusp of developments and economic data expected on Thursday by the US economy and amid the weight of investors for global monetary stimulus, which aims to counter the negative repercussions of the outbreak of the Corona virus.

At exactly 03:47 AM GMT, gold price futures for April delivery fell 0.84% ​​to trade at $ 1,628.50 per ounce compared to the opening at $ 1,642.20 per ounce, knowing that the contracts started the session’s trading on an upward price gap after it concluded yesterday's trading At $ 1,634.30 an ounce, while the US dollar index fell 0.23% to 100.73 compared to the opening at 100.96.

Investors are currently awaiting by the US economy the disclosure of the GDP reading, which may reflect the stability of the expansion of the largest economy in the world at 2.1%, unchanged from the previous initial reading for the fourth and third quarter of the past, just as the reading of the same index measured in prices may reflect the stability of growth at 1.3 % Unchanged from the previous initial reading and against a growth of 1.8% in the previous reading for the third quarter.

This comes in conjunction with the issuance of the reading of the benefit requests index for the last week on March 21, which may reflect an increase of 1,367 thousand applications to 1,648 thousand applications compared to 281 thousand requests in the previous weekly reading, as the reading of the continuing benefit requests for the last week may appear on the 14th of This month, an increase of 81 thousand requests to 1,782 thousand requests compared to 1,701 thousand requests in the previous reading.

This also comes in conjunction with the release of the merchandise trade balance index, which may explain the deficit narrowing to $ 64.5 billion compared to $ 65.9 billion last January, and with the disclosure of the initial reading of the wholesale inventory index, which may reflect the contraction of the decline to 0.2% compared to 0.4% In January, otherwise, we followed yesterday the White House announcing that it had reached an agreement with Senate leaders about the stimulus package, which is estimated at $ 2 trillion.

In Europe, the leaders of the European Union are moving towards adopting a financial package of their own within the global efforts aimed at facing the repercussions of the Coruna outbreak, and this comes after major international central banks cut interest rates and the European Federal and Central Reserve Bank in addition to the Bank of England and the Bank of Japan announced the expansion of asset purchase programs.

Other than that, yesterday we followed the statements of the Director-General of the World Health Organization, Tidros Adhanum Gebresus, through which he expressed that children are vulnerable to infection with the virus (COVID-19) or what is known in the media as Coronavirus like the rest of the people, explaining that it is the global solidarity to face this serious threat and that The world is preparing for more severe measures to confront the coronavirus.

The Director-General of the organization, Gebrissos, also mentioned that precautionary measures should be taken, such as preventing gatherings and travel in addition to tracking and monitoring infected cases, adding that medical and health personnel, especially in poor countries where the virus is easy to spread, must be protected, according to the latest figures issued by the organization, so the number of cases has increased Infected with the virus to nearly 417,000 and 18,589 people were killed in 196 countries.

Technical analysis

Gold price faced negative pressure to test the pivotal support 1599.10 again, accompanied by stochastic negation of the negative momentum and approaching oversold areas in the sale, pending obtaining a positive incentive enough to push the price to resume the main bullish trend, whose goals begin to exceed 1633.60 level to open the way towards heading towards 1689.30 as the next stop.

Thus, the bullish trend scenario will remain valid for the upcoming period, noting that a break of 1599.10 will press the price to test the most important support for the short term trading at 1571.20 before any new attempt to rise.

The expected trading range for today is between 1585.00 support and 1635.00 resistance.

Expected trend for today: bullish.

The single currency fluctuated the euro in a narrow range slashing up during the Asian session to witness its bounce for the fourth consecutive session from the lowest since April 21, 2017 against the US dollar on the threshold of economic developments and data expected today Thursday by the economies of the euro area and the US economy the largest economy in the world And with investors evaluating the incentive to face the repercussions of spreading the Corona virus globally.

At 05:05 am GMT, the euro pair rose against the US dollar by 0.22% to 1.0906 levels compared to the opening levels at 1.0882, after the pair achieved its highest level during the trading session at 1.0934, while achieving the lowest at 1.0871.

Investors may look to the eurozone economies as a whole to reveal the annual reading of the index of private loans, which may explain the acceleration of growth to 3.8% compared to 3.7% last January, while the annual reading of the M3 money supply may show stable growth at 5.3% During February, this comes in conjunction with the European Central Bank's disclosure of the ECB's monthly report.

On the other hand, investors are currently awaiting by the US economy the disclosure of the GDP reading, which may reflect the stability of the expansion of the largest economy in the world at 2.1% unchanged from the previous initial reading for the fourth and third quarter of the past, as the reading of the same index measured by prices may reflect stability Growth at 1.3%, unchanged from the previous first reading, and against growth of 1.8% in the previous reading for the third quarter.

This comes in conjunction with the issuance of the reading of the benefit requests index for the last week on March 21, which may reflect an increase of 1,367 thousand applications to 1,648 thousand applications compared to 281 thousand requests in the previous weekly reading, as the reading of the continuing benefit requests for the last week may appear on the 14th of This month, an increase of 81 thousand requests to 1,782 thousand requests compared to 1,701 thousand requests in the previous reading.

This also comes in conjunction with the release of the merchandise trade balance index, which may explain the deficit narrowing to $ 64.5 billion compared to $ 65.9 billion in January, and with the disclosure of the initial reading of the wholesale inventory index, which may reflect a decline in the decline to 0.2% compared to 0.4% In January, otherwise, we followed yesterday the White House announcing that it had reached an agreement with Senate leaders on the stimulus package, estimated at $ 2 trillion.

Other than that, yesterday we followed the statements of the Director-General of the World Health Organization, Tidros Adhanum Gebresus, through which he expressed that children are vulnerable to infection with the virus (COVID-19) or what is known in the media as Coronavirus like the rest of the people, explaining that it is the global solidarity to face this serious threat and that The world is preparing for more severe measures to confront the coronavirus.

The Director-General of the organization, Gebrissos, also mentioned that precautionary measures should be taken, such as preventing gatherings and travel in addition to tracking and monitoring infected cases, adding that medical and health personnel, especially in poor countries where the virus is easy to spread, must be protected, according to the latest figures issued by the organization, so the number of cases has increased Infected with the virus to nearly 417,000 and 18,589 people were killed in 196 countries.

Technical analysis

The euro against the dollar managed to confirm the breach of the 1.0840 level after the daily candle closed above it, and today begins with a noticeable bullish tendency to approach our awaited target at 1.0966, which represents the 38.2% Fibonacci retracement level of the measured measurement from 1.1498 to 1.0637, which means that its breach will extend the wave The bullish correction is 1.1067.

The bullish channel continues to organize the intraday trading, which supports the chances of the continuation of the bullish direction during the upcoming sessions, taking into consideration that stability above 1.0840 is required to achieve the suggested positive targets.

The expected trading range for today is between 1.0840 support and 1.1020 resistance.

Expected trend for today: bullish.

The Australian dollar fell by more than one percent during the Asian session against the US dollar to resume the downward marches after its rise in the previous four sessions, which followed nine sessions of decline, amid the scarcity of economic data by the Australian economy and on the cusp of developments and economic data expected Thursday by the US economy is greater Economy of the world.

At 02:24 am GMT, the Australian dollar pair fell against the US dollar by 1.34% to 0.5879 levels compared to the opening levels at 0.5959, after the pair achieved its lowest level during the trading session at 0.5871, while achieving the highest at 0.5960.

Investors are currently awaiting by the US economy the disclosure of the GDP reading, which may reflect the stability of the expansion of the largest economy in the world at 2.1%, unchanged from the previous initial reading for the fourth and third quarter of the past, just as the reading of the same index measured in prices may reflect the stability of growth at 1.3 % Unchanged from the previous initial reading and against a growth of 1.8% in the previous reading for the third quarter.

This comes in conjunction with the issuance of the reading of the benefit requests index for the last week on March 21, which may reflect an increase of 1,367 thousand applications to 1,648 thousand applications compared to 281 thousand requests in the previous weekly reading, as the reading of the continuing benefit requests for the last week may appear on the 14th of This month, an increase of 81 thousand requests to 1,782 thousand requests compared to 1,701 thousand requests in the previous reading.

This also comes in conjunction with the issuance of reading merchandise trade balance index, which may show shrinking the deficit to 64.5 $ billion compared to 65.9 $ billion last January, and with the disclosure of the initial reading of the index of wholesale inventories, which may reflect a contraction of decline to 0.2% versus 0.4 % In January, otherwise, we followed yesterday the White House announcing that it had reached an agreement with Senate leaders on the stimulus package, which is estimated at $ 2 trillion.

Other than that, yesterday we followed the statements of the Director-General of the World Health Organization, Tidros Adhanum Gebresus, through which he expressed that children are vulnerable to infection with the virus (COVID-19) or what is known in the media as Coronavirus like the rest of the people, explaining that it is the global solidarity to face this serious threat and that The world is preparing for more severe measures to confront the coronavirus.

The Director-General of the organization, Gebrissos, also mentioned that precautionary measures should be taken, such as preventing gatherings and travel in addition to tracking and monitoring infected cases, adding that medical and health personnel, especially in poor countries where the virus is easy to spread, must be protected, according to the latest figures issued by the organization, so the number of cases has increased Infected with the virus to nearly 417,000 and 18,589 people were killed in 196 countries.

Technical analysis

Faced US Aussie against the dollar, the dollar pair negative pressure yesterday to break the 0.5958 level and closes the daily candle below, begins today with more decline to move away from this level, where he completed the formation of a rising wedge pattern features appear image, which puts the price under further downside pressure is expected for the next period , On the way to initially visit the 0.5786 level.

Therefore, the bearish bias will be expected for today, noting that breaching 0.5958 and holding above it will activate the bullish corrective scenario whose first target is at 0.6097.

The expected trading range for today is between 0.5786 support and 0.6000 resistance.

Expected trend for today: bearish.

When buying an option against the trend, it is necessary to confirm other technical analysis tools – the presence of divergence, candlestick reversal patterns. Buy against the trend strictly on the retest level! Buying an option before publishing important economic news is considered risky.  The expiration time depends on the strength of the level and confirmation by additional technical and fundamental analysis tools.

MSFT

The Fed is ready for unlimited QE. To support the US economy, the Federal Reserve intends to buy bonds in unlimited amounts in order to keep interest rates low.

Support level 135.00 holds back sellers. A bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness. The resistance level of 150.00 holds back the bulls.

Trading recommendations:

Buy above 150.00.

Stop loss: 135.00.

Target levels: 157.33 (close ½ of the order and move to breakeven); 167.64.

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

NZDCHF 

The overall trend is downward. The currency pair is trading in the range of 365 and 135 moving averages. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. The upward H1 level pattern is currently truncated.

Trading recommendations:

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

Stop loss for the local maximum (0.5795).

Target levels: 0.5524; 0.5310. 

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

The Australian dollar versus the US dollar succeeded in confirming the breach of the 0.5958 level after the daily candle closed above it, which supports the continuation of our effective expectations for the bullish trend during the coming period, and the path is open to achieving our next target which is located at 0.6097.

Consequently, the bullish bias will remain intraday, indicating that the price has completed forming a double bottom pattern whose features appear in the image, to support opportunities to breach the target level and extend the upside wave to reach 0.6236 as a next station, taking into account that the bullish trend will remain intact unless A break below 0.5958 and stability below it.

The expected trading range for today is between 0.5950 support and 0.6150 resistance.

Expected trend for today: bullish.

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce for the third consecutive session from the lowest since April 21, 2017 against the US dollar on the threshold of developments and economic data expected today Wednesday by Germany, the largest economies of the euro area and the American economy the largest economy In the world, and with investors evaluating the incentive to face the repercussions of spreading the Corona virus globally.

At exactly 05:09 am GMT, the euro pair rose against the US dollar by 0.12% to 1.0801 levels compared to the opening levels at 1.0788 after the pair achieved its highest level during the trading session at 1.0824, while achieving the lowest at 1.0761.

The markets are looking to Germany to reveal the IFO reading of the business climate, which may appear widening to 87.9 compared to 87.7 last February. Otherwise, we followed yesterday. The European Central Bank member and Governor of the Bank of France Francois Villeroy expressed that the European Central Bank will provide Liquidity is necessary for European companies and it may interfere during the current week or as soon as possible to purchase commercial papers for companies, except for public companies.

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 the widening of the decline to 1.0% compared to 0.2% in January. / January, while the core reading of the same index may show a 0.4% decline compared to a 0.8% increase in January.

This comes before we witness the disclosure of housing market data with the release of the house price index, which may explain the slowdown in the pace of growth to 0.4% compared to 0.6% last December, and this comes in conjunction with the aspiration of investors to reach the poles of US policy both the ruling Republican Party And Democrat for an agreement about the fiscal stimulus package that was proposed by the US administration recently, which is estimated at $ 2 trillion.

Other than that, we followed last Monday the Federal Reserve announced an open asset purchase program and bond purchases from companies directly, which stimulated risk appetite among investors in financial markets in the shadow of industrial action. Monetary policy in the world's largest economy and in major global economies to expand In stimulation to support financial markets in the face of the repercussions of the outbreak of the Coronavirus.

Technical analysis

The euro against the dollar ended yesterday's trading above the level of 1.0770, to maintain the bullish corrective scenario present for the coming period, regularly inside the bullish intraday channel that appears in the image, and gets a positive crossover signal through the stochastic indicator.

Consequently, these factors encourage us to favor the bullish trend over the intraday basis, whose targets begin to breach the 1.0840 level to confirm opening the way towards heading towards 1.0966 as a next station, noting that a break of 1.0760 will put the price under negative pressure aimed at visiting areas of 1.0637 initially.

The expected trading range for today is between 1.0720 support and 1.0920 resistance.

Expected trend for today: bullish.

Gold futures rose during the Asian session to witness the highest level since the ninth of March, when I tested the highest for it since December 18, 2012 amid the US dollar index rebounding for the third session in four sessions from its highest since the fourth of January 2017 according to the inverse relationship between them on the threshold of developments and economic data expected today by the US economy, the largest economy in the world, and with investors' assessment of global monetary and financial stimulus that aims to face the repercussions of the Corona virus on the global economy.

At exactly 04:11 AM GMT, gold price futures for April delivery rose 0.07% to trade at $ 1,666.60 per ounce compared to the opening at $ 1,665.50 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,663.30 an ounce, with the US dollar index down 0.05% to 101.54 compared to the opening at 101.59.

Investors are currently awaiting by 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 the widening decline to 1.0% compared to 0.2% in January, While the core reading of the same index may show a 0.4% decline compared to a 0.8% increase in January.

This comes before we witness the disclosure of housing market data with the release of the house price index, which may explain the slowdown in the pace of growth to 0.4% compared to 0.6% last December, and this comes hours after US President Donald Trump expressed on Tuesday that the continuation of The closure of America will expose it to destruction, explaining that if an extended economic downturn occurred, this would lead to more victims than the coronavirus.

In the same context, US President Trump noted that thousands of people are at risk of dying from the COVID-19 virus and that appropriate decisions must be taken to combat the outbreak of this dangerous virus, while touching that work must be protected first, then companies, with his announcement that it will open His country soon and gradually, adding that I hope that this will happen by Easter, noting that he will not allow the medicine to be worse than the disease.

Technical analysis

Trades bounced down significantly after touching 1633.60 level, where he found strong resistance there, to test the support floor that formed above 1599.10 after his previous breach, waiting for the base to be based on this level to rebound up and resume the expected bullish direction in the intraday and short term, noting that 1633.60 penetration It will push the price to 1689.30 as the next stop.

Thus, our bullish outlook will remain valid for the upcoming period, noting that a break of 1599.10 will press the price to test 1571.20 level directly before any new attempt to rise.

The expected trading range for today is between 1590.00 support and 1650.00 resistance.

Expected trend for today: bullish.

The US dollar rose during the Asian session to witness its bounce back to the tenth session in thirteen sessions from the lowest since October 3, 2016 against the Japanese yen after the developments and economic data that it had reported on the Japanese economy and on the cusp of developments and economic data expected today Wednesday by the US economy and with Investors evaluate the incentive to face the repercussions of the global spread of the Corona virus.

At exactly 05:57 am GMT, the US dollar pair rose against the Japanese yen by 0.08% to 111.32 levels compared to the opening levels at 111.23, after the pair achieved its highest level during the trading session at 111.54, while achieving the lowest at 110.76.

We have followed about the Japanese economy, the second largest economy in Asia and the third largest economy in the world after both the United States and China. The Bank of Japan revealed a summary of opinions report, and this came hours after the Japanese Prime Minister Shinzo Abe’s statements yesterday, during which he expressed his agreement with The International Olympic Committee postponed the Olympics for a year, to be held next year due to the global outbreak of Corona virus.

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 the widening of the decline to 1.0% compared to 0.2% in January. / January, while the core reading of the same index may show a 0.4% decline compared to a 0.8% increase in January.

This comes before we witness the disclosure of housing market data with the release of the house price index, which may explain the slowdown in the pace of growth to 0.4% compared to 0.6% last December, and this comes in conjunction with the aspiration of investors to reach the poles of US policy both the ruling Republican Party And Democrat for an agreement about the fiscal stimulus package that was proposed by the US administration recently, which is estimated at $ 2 trillion.

Other than that, we followed last Monday the Federal Reserve announced an open asset purchase program and bond purchases from companies directly, which stimulated risk appetite among investors in financial markets in the shadow of industrial action. Monetary policy in the world's largest economy and in major global economies to expand In stimulation to support financial markets in the face of the repercussions of the outbreak of the Coronavirus.

Technical analysis

The dollar versus the yen found strong support at 110.00 areas, to bounce up and test the pivotal resistance that appears in the image again, which requires attention from the upcoming trading, as stability above 111.25 will push the price out of the main downside channel and shift towards the rise in the short and medium term.

Until now, the downside trend is still likely for the upcoming period unless the price confirms the breach of 111.25 level, while noting that our first main target is at 109.06.

The expected trading range for today is between 110.00 support and 112.00 resistance.

Expected trend for today: bearish.