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The single currency, the euro, rose during the Asian session to witness its rebound from the lowest since 21 April 2017 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 and in the shadow of the growing fears of the spread of the global epidemic of the Corona virus Investors' assessment of global stimulus to meet the corona's dependents on the global economy.

At exactly 05:08 AM GMT, the euro pair rose against the US dollar by 0.69% to 1.0766 levels compared to the opening levels at 1.0691 after the pair achieved its highest level during the trading session at 1.0769, while achieving the lowest in three years at 1.0653.

Investors are looking forward to the largest euro area economies, Germany, to disclose inflation data with the release of the producer price index, which is an initial indication of inflationary pressures, which may show a 0.2% contraction against a growth of 0.8% last January, while the annual reading of the same index may clarify Growth stability at 0.2%, and that comes before we witness about the eurozone economies as a whole the seasonally adjusted reading of the current account index that may reflect the contraction of the surplus to 30.3 billion euros compared to 32.6 billion euros last December.

This comes hours after the European Central Bank announced on Wednesday an epidemic emergency program to buy securities and help support the economies of the euro area at a value of 750 billion euros ($ 821 billion), stressing that "it will ensure that all sectors of the economy can benefit from the supportive financing conditions that enable them to Absorb this shock "and that" it applies equally to families, companies, banks and governments and that he will do whatever is necessary within the limits of his mandate. "

On the other hand, investors are anticipating the US economy to disclose housing market data with the release of the existing home sales index, which may show a 0.9% increase to 5.50 million homes compared to a 1.3% decline at 5.46 million homes in January, otherwise we followed yesterday US President Donald Trump announced yesterday that the FDA is testing a drug to treat malaria in treating the Corona virus, adding that initial results are promising.

This comes hours after the Federal Reserve announced that it will enter the commercial paper markets, which have been frozen in the midst of the economic turmoil, threatening businesses that need financing between today and the other, and the Federal Open Market Committee stated on Tuesday that it will establish a financing facilitation committee for commercial papers to support the cash flow of homes and businesses and that it has formed A special purpose vehicle for purchasing any securities of unsecured assets with $ 10 billion in support from the Treasury.

This came in the wake of the surprising meeting held by the Federal Reserve last Sunday, which is the second surprising meeting in less than two weeks after the previous surprising meeting in the third of this month in which the Federal Reserve monetary policy makers decided to return the short-term benchmark interest rates to levels. The zero reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, 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 euro against the dollar presented strong negative trading yesterday and reached 1.0650 areas, noting that the price starts the day with an upward tendency in a sign to start an expected bullish correction in the intraday and short term, as the bearish channel support that appears in the image coherent against the last negative pressure, which makes us likely To see positive trades during the upcoming sessions.

Thus, the bullish bias will be expected for today unless the 1.0655 level is broken and stability below it, noting that the expected positive targets start at 1.0855 and extend to 1.0980 after exceeding the previous level.

The expected trading range for today is between 1.0650 support and 1.0855 resistance.

Expected trend for today: bullish.

The Australian dollar versus the US dollar pair starts trading today with a noticeable positive, to record an upward low from yesterday's low at 0.5509, which indicates the price trend to make a further upward correction during the coming period, targeting to test the level of 0.5958 again, noting that a breakout of this Level will motivate the price to achieve additional gains of 0.6100 then 0.6235.

Therefore, the bullish bias will be expected for today, unless the 0.5786 then 0.5664 levels are broken and stability below it.

The expected trading range for today is between 0.5750 support and 0.6000 resistance.

Expected trend for today: bullish.

The overall trend is upward. The downward truncated H1 level pattern tested the range of 365 and 135 moving averages. Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy strictly on the current uptrend while an ascending wave pattern is forming, where the wave (as) breaks through the inclined channel of the descending truncated H1 level pattern, completing it.

Stop loss at the local minimum (1.8025).

Target levels: 1.8820; 1.9150; 1.9750.

The pair is declining amid lower market tensions, large-scale stimulus measures from central banks, weaker dollar and rising oil prices.

The price is testing the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages are intersecting, suggesting to sell. RSI is declining. Stoch have entered the oversold zone.

Trading recommendations:

The price is below 1.4415. The pair has the potential for a local drop to 1.4150

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.

The overall trend is downward. Presumably, the correction movement tested the level of 24.00, making it a price pivot zone. Stochastic Oscillator signals overboughtness. A breakout of 22.60 will result in the formation of a 1-2-3 descending pattern within the overall downtrend.

Trading recommendations:

Sell below 22.60.

Stop loss: 24.00.

Target is 20.00.

The descending H12 level pattern is truncated with a false breakout. Bullish divergence has formed on Awesome Oscillator, while Stochastic Oscillator signals oversoldness.

Trading recommendations:

Buy while an ascending pattern is forming, where the wave (A) breaks through the inclined channel of the descending truncated H12 level pattern.

Stop Loss: 73.88.

Target levels: 78.40; 81.40.

The pair is recovering after a strong fall amid a slight increase in demand for commodity assets. It may still rise if the coronavirus-induced panic does not escalate again in the European markets.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is coming out of the oversold zone. Stoch also make an attempt to turn up.

Trading recommendations:

If the pair, having already risen 23% according to Fibonacci retracement, fixes above 0.5775, it will continue an upward correction to 0.5940. But, if it does not rise above this level, it will be likely to resume falling to 0.5500..

The rise of the US dollar during the Asian session to witness its bounce back for the sixth session in nine sessions from the lowest since October 3, 2016 against the Japanese yen after the developments and economic data that were reported by the Japanese economy and on the cusp of developments and economic data expected Thursday by the US economy the largest economy In the world.

At 05:43 am GMT, the US dollar pair rose against the Japanese yen by 0.77% to 108.91 levels compared to the opening levels at 108.08, after the pair achieved its highest level since late February at 109.55, while achieving the lowest during the trading session At 107.89.

On the Japanese economy, we followed the disclosure of inflation data with the release of the annual reading of the national consumer price index, which showed a slowdown in growth to 0.6%, in line with expectations, compared to 0.8% in January, as the annual reading of the same index, which excludes fresh food, showed slowing growth to 0.4% vs. 0.7%, below expectations at 0.5%, and the annual reading of the same index excluding energy and fresh food showed growth slowed to 0.6% vs. 0.8%, below expectations at 0.7%.

This came before we witnessed the Bank of Japan unveiling the minutes of its meeting that was held on the 16th of this month instead of the meeting that was scheduled for yesterday and today, 18-19 March, during which the interest rates were kept at 0.10% which came Consistent with expectations at the time, in addition to expanding stimulus with the Japanese central bank raising the target of buying corporate bonds by 2 trillion yen.

Up to the disclosure by the second largest economies of Asia and the third largest economy and the third largest industrialized country in the world after both China and the United States of America, data on the industrial sector with the release of the index of the overall industrial activities, which showed a rise of 0.8% compared to a decline of 0.1%, which adjusted for stability At zero levels in December, it exceeded expectations that indicated a rise of 0.3%.

On the other hand, investors are currently looking to the US economy for the disclosure of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a shrinkage in the expansion of what amounted to 9.5 compared to 36.7 last February, and this comes in conjunction with the release of the aid claims index for the past week On March 14th, which may reflect an increase of 9 thousand requests to 220 thousand requests compared to 211 thousand requests in the previous weekly reading.

This also comes in conjunction with the issuance of the reading of the ongoing subsidy requests for the last week on the seventh of this month, which may reflect an increase of 13 thousand requests to 1,735 thousand applications compared to 1,722 thousand requests, up to the issuance of the reading of the current account, which may reflect the shrinking of the deficit to the value of 109 $ 1 billion versus $ 124 billion in the past third quarter, and with the reading of leading indicators showing growth slowed to 0.1% from 0.8% in January.

This comes hours after the Federal Reserve announced that it will enter the commercial paper markets, which have been frozen in the midst of the economic turmoil, threatening businesses that need financing between today and the other, and the Federal Open Market Committee stated on Tuesday that it will establish a financing facilitation committee for commercial papers to support the cash flow of homes and businesses and that it has formed A special purpose vehicle for purchasing any securities of unsecured assets with $ 10 billion in support from the Treasury.

This came hours after the Federal Reserve’s surprising meeting last Sunday, which is the second surprising meeting in less than two weeks, after the previous sudden meeting on the third of this month in which the Federal Reserve’s monetary policy makers decided to return to the short-term benchmark interest rates. Zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will carry out repurchases of treasury bonds at a minimum of $ 500 billion per month and mortgage-backed securities at $ 200 billion per month At least, these purchases should be made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage agency.

Technical analysis

The dollar versus yen pair succeeded in achieving our first awaited target at 109.60 after it managed to breach the 107.98 level, waiting for the mentioned target to go above our next stop located at 111.25, which represents the main downside channel's resistance.

Moving above SMA 50 supports positive expectations, which will remain valid and effective provided that the price maintains its stability above 107.98.

The expected trading range for today is between 108.00 support and 110.00 resistance.

Expected trend for today: bullish.

Gold futures fell during the Asian session to witness their bounce back to the eighth session in nine sessions from the highest since December 18, 2012, explaining the lowest since 16 of this month, when it tested the lowest since November 26 amid a high index The US dollar, indicating its stability near its highest in three years, according to the inverse relationship between them, with the growing fears of a global outbreak of the Corona virus, and on the cusp of developments and economic data expected Thursday by the US economy, the largest economy in the world.

At exactly 04:17 AM GMT, gold price futures for April delivery fell 1.05% to trade at $ 1,471.80 per ounce compared to the opening at $ 1,487.20 per ounce, after yesterday's trading closed at $ 1,477.90 per ounce, with the US dollar index rising 0.57 % To 101.36 compared to opening at 100.79.

Investors are currently awaiting the release of the industrial sector data by the US economy, with the release of the Philadelphia Industrial Index reading, which may reflect a shrinkage of expansion to what amounted to 9.5 compared to 36.7 last February, and this comes in conjunction with the release of the index of subsidy requests for the past week on the 14th of March, which may reflect a rise of 9 thousand requests to 220 thousand requests compared to 211 thousand requests in the previous weekly reading.

This also comes in conjunction with the issuance of the reading of the ongoing subsidy requests for the last week on the seventh of this month, which may reflect an increase of 13 thousand requests to 1,735 thousand applications compared to 1,722 thousand requests, up to the issuance of the reading of the current account, which may reflect the shrinking of the deficit to the value of 109 $ 1 billion versus $ 124 billion in the past third quarter, and with the reading of leading indicators showing growth slowed to 0.1% from 0.8% in January.

This comes hours after the Federal Reserve announced that it will enter the commercial paper markets, which have been frozen in the midst of the economic turmoil, threatening businesses that need financing between today and the other, and the Federal Open Market Committee stated on Tuesday that it will establish a financing facilitation committee for commercial papers to support the cash flow of homes and businesses and that it has formed A special purpose vehicle for purchasing any securities of unsecured assets with $ 10 billion in support from the Treasury.

This came hours after the Federal Reserve’s surprising meeting last Sunday, which is the second surprising meeting in less than two weeks, after the previous sudden meeting on the third of this month in which the Federal Reserve’s monetary policy makers decided to return to the short-term benchmark interest rates. Zero levels reached in the wake of the worsening global financial crisis more than a decade ago.

The members of the Federal Open Market Committee reduced the interest on federal funds by 100 basis points to between zero levels and 0.25%, which they remained from 2008 until the meeting of 27-28 October 2015, after reducing them in the previous emergency meeting by 50 points. The basis is between 1.00% and 1.25%, and this comes in the wake of the committee members cutting interest three times by 25 basis points in previous meetings last year.

The Federal Reserve monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will carry out repurchases of treasury bonds at a minimum of $ 500 billion per month and mortgage-backed securities at $ 200 billion per month At least, these purchases should be made at the appropriate speed to support the smooth performance of the stock market, treasury and mortgage agency.

Technical analysis

Gold price confirmed the breaking of the level of 1509.00 after the daily candle closed below it, and the day begins with a noticeable decrease to reach the outskirts of the awaited target at 1453.10, noting that we are likely to continue the negative pressure to break the mentioned level and achieve more negative targets that reach 1400.00 and extend to 1307.10.

From here, the bearish bias will remain dominant during the upcoming sessions, taking into consideration that the breach of 1509.00 might push the price to test the areas of 1543.35 then 1571.20 before any new attempt to decline.

The expected trading range for today is between 1400.00 support and 1500.00 resistance.

Expected trend for today: bearish.