Analytic reviews

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its rebound to the seventh session in nine sessions from its highest since late January 2019 against the US dollar amid the scarcity of economic data by the economies of the euro area and on the eve of developments and economic data expected on Thursday By the US economy, the largest economy in the world, and in light of the growing fears of a global outbreak of the Corona virus.

At 05:26 am GMT, the euro against the US dollar fell 0.15% to 1.0899 levels compared to the opening levels at 1.0915, after the pair achieved its lowest level during the trading session at 1.0878, while achieving the highest at 1.0981.

On Wednesday, we followed up on the European Central Bank announcing an epidemic emergency program to buy securities and help support the economies of the eurozone 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 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 EURUSD pair presented noticeable negative trades yesterday to succeed in reaching the outskirts of the main target 1.0778, and as we indicated in our recent update, we expect the bearish bias to continue during the upcoming sessions, noting that breaking the mentioned level will extend the downside wave to reach 1.0600 as the next station.

Therefore, the negative pressure will remain valid in the short and medium term, considering that the consolidation of 1.0778 level against the current negative pressure will lead the price to start new recovery attempts targeting testing 1.0950 then 1.1115 initially.

The expected trading range for today is between 1.0770 support and 1.1000 resistance.

Expected trend for today: bearish.

The Australian dollar fell during the Asian session to witness its lowest level since October 21, 2002 against the US dollar amid growing fears of a global outbreak of the Coronavirus virus and in the wake of developments and economic data that it followed about the Australian economy, which included the Bank of Australia's disclosure of its quarterly bulletin before the talk Expected Australian central bank governor Philip Lowe in Sydney is on the cusp of developments and economic data expected Thursday by the US economy.

At exactly 02:42 am GMT, the Australian dollar pair fell against the US dollar by 3.45% to 0.5574 levels compared to the opening levels at 0.5773, after the pair achieved its lowest level in nearly two decades at 0.5510, while achieving the highest during the trading session At 0.5816.

We have followed the Australian economy on the disclosure of labor market data with the release of the unemployment rates, which showed a decline to 5.1% compared to the previous reading for January and expectations at 5.3%, with the reading of change in employment showing an increase of 26.7 thousand compared to a rise of 12.9 thousand in January, contrary to expectations for a rise of 8.5 thousand, and in conjunction with the Reserve Bank of Australia revealed its quarterly bulletin.

Other than that, the markets are currently looking for what will come out of the speech of the Australian Central Bank Governor, Philip Lowe in Sydney. In another context, we followed yesterday the decision of Australian Prime Minister Scott Morrison to impose a national emergency in Australia amid growing concern over the spread of the Corona virus, as Morrison asked citizens Australians avoid traveling abroad in light of the deadly virus outbreak, which may last for at least six months.

It is reported that Chinese President Xi Jinping said yesterday, Wednesday, that a global outbreak of the Corona virus threatens the Chinese economy, Asia's largest, the largest trading partner of Australia, and the second largest economy in the world after the United States, explaining that his country must adjust policies according to necessity, and that Wuhan Province must begin work Gradually, he will resume production, adding that the risks to his country's economy have increased.

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 Australian dollar versus the US dollar pair traded today with a strong decline, exceeding our awaited target at 0.5820 and approaching the 0.5500 barrier, to support the continuation of the downside trend in the medium and long term, noting that the next negative station reaches 0.5228.

Thus, we expect the bearish bias to continue during the upcoming sessions, noting that a break of 0.5785 will stop the negative pressure and lead the price to start an upside correction in the intraday and short term.

The expected trading range for today is between 0.5450 support and 0.5650 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.

The single currency fluctuated the euro in a narrow range slanting up during the Asian session to witness its bounce for the second session from its top since late February against the US dollar on the cusp of developments and economic data expected today Wednesday by the economies of the euro area and the US economy the largest economy in the world amid growing Fears of a global outbreak of the Corona virus.

At 04:51 am GMT, the euro pair rose against the US dollar by 0.27% to 1.1027 levels compared to the opening levels at 1.0997, after the pair achieved its highest level during the trading session at 1.1033, while achieving the lowest at 1.0985.

Markets are currently awaited by the economies of the euro area as a whole. Disclosure of inflation data with the release of the annual final reading of the consumer price index, which may reflect the stability of growth at 1.2%, little changed from the initial reading for February and 1.4% in the previous reading of January Last January, as the substantial annual reading of the same indicator may show, stability has grown at 1.2%, also without significant change from the initial reading and against 1.1%.

This comes in conjunction with the release of the trade balance reading for Italy, the third largest economy in the euro area, which may explain the shrinking surplus to 4.23 billion euros against 5.01 billion euros in December, and showed a seasonally adjusted reading of the trade balance for the euro area as a whole reduced the surplus to 19.3 billion euros against 22.2 One billion euros, otherwise, we continued yesterday, French Finance Minister Bruno Lemerre announced his country's intention to pump a 50 billion euro financing package to counter the consequences of the Corona virus, pointing out that this package aims to help small companies and employees who will be affected by the spread of Corona.

On the other hand, investors are currently waiting for the US economy to disclose housing market data with the release of each of the beginning housing index and building permit index and amid expectations that the reading of building permits reflect a 3.2% decline to 1,500 thousand permits compared to a rise of 9.2% at 1,551 thousand permits In January, the readings for homes that were built may also reflect a 4.3% decline to about 1,507 thousand homes, compared to a rise of 16.9% at 1,567 thousand homes.

Otherwise, yesterday we followed the report that touched on the fact that the volume of incentives planned by the administration of the forty-fifth US President Donald Trump might reach $ 1.2 trillion to avoid the worst impact of a crisis that already seems to be flooding many global economies in a recession, and yesterday we followed the announcement of a bank The Federal Reserve reported additional tools in efforts to stabilize financial markets.

In the same context, US Treasury Secretary Stephen Mnuchen warned that the Corona virus could lead to an increase in unemployment rates in his country to 20% in the event that the US government does not interfere, with his announcement of a three-month delay in paying taxes in America and that the US administration is working to send aid to those affected. , Adding that the fact that aid would be approved as part of efforts to counter the negative effects of the Corona outbreak may exceed what was announced in the newspapers.

This comes, hours after the sudden meeting of the Federal Reserve last Sunday, during which members of the Federal Open Market Committee decided to cut interest rates by 100 basis points to between zero levels and 0.25%, after less than two weeks from another sudden meeting The Federal Reserve was able to reduce interest by 50 basis points at the time, and quantitative easing plans and bond purchases of $ 700 billion a month were announced.

Technical analysis

The EURUSD pair confirmed a break of the 1.1050 level after the daily candle closed below it, and is re-testing this level after touching our first target at 1.0950 yesterday, waiting for the resumption of negative trades to break the mentioned level and opening the way for heading towards our extended target that reaches 1.0778.

Consequently, we will continue to favor the bearish trend for the upcoming period supported by moving below SMA 50, noting that breaching 1.1050 then 1.1136 will stop the expected decline and lead the price to start new recovery attempts.

The expected trading range for today is between 1.0930 support and 1.1100 resistance.

Expected trend for today: bearish.

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce back for the third session from the lowest since November 26, with the US dollar index rebounding to the second session from the top since February 21 according to the inverse relationship between them with a growing Fears of the outbreak of the Corona virus globally and on the cusp of developments and economic data expected on Wednesday by the US economy.

At exactly 03:59 AM GMT, gold price futures for April delivery rose 0.38% to trade at $ 1,531.60 per ounce compared to the opening at $ 1,527.60 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,525.80 an ounce, with the US dollar index down 0.12% to 99.28 compared to the opening at 99.40.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of both the beginning construction index and the building permit index, and amid expectations that the construction permits reading will reflect a 3.2% decline to about 1,500,000 permits compared to a rise of 9.2% at 1,551 thousand permits in January. / January, as readings for beginning homes can reflect a decline of 4.3% to about 1,507 thousand homes, compared to a rise of 16.9% at 1,567 thousand homes.

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, which threatens businesses that need financing between today and the other, and the Federal Open Market Committee stated that it will establish a financing facility for commercial papers to support the cash flow of homes and businesses and that it Form a special purpose vehicle for buying 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's monetary policy statement stated that the decision to reduce will be effective from Monday March 16, and that the Federal Open Market Committee will repurchase treasury bonds with at least $ 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 trading stabilizes below the level of 1543.35, which turns into resistance after breaking it previously, and the moving average constitutes 50 continuous negative pressure against the price, while the stochastic indicator is losing its positive momentum significantly to reach overbought areas.

Consequently, these factors encourage us to continue to suggest the bearish trend for the next period, and targets start at 1509.00 and extend to 1453.10, taking into consideration that breaching 1571.20 will stop the expected decline and bring the price back to the main bullish channel again.

The expected trading range for today is between 1450.00 support and 1570.00 resistance.

Expected trend for today: bearish.

Metallurgical sector proved to be the most resistant to the strong decline in the oil prices and, accordingly, the national currency caused by the influence of the new virus.

A pin-bar has formed on the chart (H4 timeframe). Stochastic Oscillator indicates oversoldness. The moving average goes below the histogram on the MACD indicator.

Buy on the breakout of the pin-bar figure: 108.50.

Stop Loss: 103.80.

Target levels: 113.00; 117.50; 123.70.

.

The US dollar fell during the Asian session to witness its rebound to the second session in four sessions from its highest since March 3 against the Japanese yen amid growing fears of a global outbreak of the Corona virus and in the wake of developments and economic data that we followed about the Japanese economy and on the eve of developments and economic data expected Today Wednesday by the US economy the largest economy in the world.

At exactly 06:12 am GMT, the US dollar pair fell against the Japanese yen by 0.73% to 106.91 levels compared to the opening levels at 107.70, after the pair achieved its lowest level during the trading session at 106.89, while achieving the highest at 107.71.

We have followed on from the Japanese economy the release of the Trade Balance Index reading, which showed a surplus of 1,110 billion yen against a deficit of 1,313 billion yen last January, surpassing expectations that indicated a surplus of 917 billion yen, as the seasonally adjusted reading showed The same index had a surplus of 505 billion yen compared to a deficit of 81 billion yen in January, below expectations for a surplus of 544 billion yen.

This came with the annual reading of exports showing that the decline declined to 1.0% compared to 2.6% in the previous annual reading in January, contrary to expectations that the decline will increase to 4.6%, while the annual reading of imports showed the decline in the decline to 14.0% compared to 3.6% in the reading The year prior to January, contrary to expectations that the decline will be 14.1%.

On the other hand, investors are currently waiting for the US economy to disclose housing market data with the release of each of the beginning housing index and building permit index and amid expectations that the reading of building permits reflect a 3.2% decline to 1,500 thousand permits compared to a rise of 9.2% at 1,551 thousand permits In January, the readings for homes that were built may also reflect a 4.3% decline to about 1,507 thousand homes, compared to a rise of 16.9% at 1,567 thousand homes.

Otherwise, yesterday we followed the report that touched on the fact that the volume of incentives planned by the administration of the forty-fifth US President Donald Trump might reach $ 1.2 trillion to avoid the worst impact of a crisis that already seems to be flooding many global economies in a recession, and yesterday we followed the announcement of a bank The Federal Reserve reported additional tools in efforts to stabilize financial markets.

In the same context, US Treasury Secretary Stephen Mnuchen warned that the Corona virus could lead to an increase in unemployment rates in his country to 20% in the event that the US government does not interfere, with his announcement of a three-month delay in paying taxes in America and that the US administration is working to send aid to those affected. , Adding that the fact that aid would be approved as part of efforts to counter the negative effects of the Corona outbreak may exceed what was announced in the newspapers.

This comes, hours after the sudden meeting of the Federal Reserve last Sunday, during which members of the Federal Open Market Committee decided to cut interest rates by 100 basis points to between zero levels and 0.25%, after less than two weeks from another sudden meeting The Federal Reserve was able to reduce interest by 50 basis points at the time, and quantitative easing plans and bond purchases of $ 700 billion a month were announced.

Technical analysis

The dollar versus yen pair made noticeable positive trading yesterday to test the pivotal resistance 107.98, and we are still waiting for the breach of this level to confirm the bullish wave extension on the intraday and short term, where our next target is located at 109.60.

In general, the bullish trend scenario remains effective for the upcoming period, provided stability above 104.63, noting that the current stochastic negativity explains the reasons for the difficulty of achieving the required breach.

The expected trading range for today is between 106.20 support and 108.30 resistance.

Expected trend for today: bullish.

The pair remains under extrene pressure amid expectations of a strong drop in global economic growth due to the impact of the coronavirus on global business and economic activity, which leads to a drop in demand for commodity assets. The Australian dollar is a commodity currency.

The price is below the middle Bollinger band, below PMA 5 and SMA 14. RSI is in the oversold zone and moves horizontally. Stoch are growing.

Trading recommendations:

Sell the pair with a probable target of 0.5785 after the price crosses the level of 0.5965.

Despite the obvious downtrend, the bears are weakening, while forming truncated wave patterns on the chart, which results the formation of a reversal wave pattern. Bullish divergence has formed on Awesome Oscillator.

Trading recommendations:

Buy strictly while an ascending wave pattern is forming, where the wave (A) breaks through the inclined channel of the descending truncated H1 level pattern (blue inclined channel).

Stop loss at the local minimum (63.85).

Target levels: 65.20 (round secondary level); 65.83; 67.50.

The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce to the second session from the lowest since April 7, 2003 against the US dollar amid the growing fears of the spread of the Corona virus epidemic globally and in the wake of the developments and economic data that were followed by the Australian economy on the cusp of Economic developments and data expected today, Wednesday, by the American economy, the largest economy in the world.

At exactly 03:18 AM GMT, the Australian dollar pair rose against the US dollar by 0.25% to 0.6015 levels compared to the opening levels at 0.5999, after the pair achieved its highest level during the trading session at 0.6026, while achieving the lowest at 0.5982.

This has been followed by the Australian economy. The reading of the leading indicators was released by the Melbourne Institute, which showed a decline of 0.4% against the stability at zero levels in January, and this came before we witnessed the release of the initial reading of the retail sales index, which showed an increase of 0.4% against a decrease of 0.3% In January, hours after the Reserve Bank of Australia disclosed the minutes of its March 3 meeting.

It is reported that monetary policy makers at the Australian Central Bank approved early this month to reduce short-term reference interest rates by 25 basis points to 0.50%, which is the lowest level ever, which came in line with expectations at the time, and this comes in the wake of the confirmation of the Australian central The interest rates are at 0.75% in the previous three meetings, and after reducing them by 25 basis points three times in previous meetings last year.

On the other hand, investors are currently awaiting the release of housing market data by the US economy, with the release of both the beginning construction index and the building permit index, and amid expectations that the reading of building permits reflects a 3.2% decline to 1,500,000 permits compared to a rise of 9.2% at 1,551 thousand permits In January, the readings for homes that were built may also reflect a 4.3% decline to about 1,507 thousand homes, compared to a rise of 16.9% at 1,567 thousand homes.

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, which threatens businesses that need financing between today and the other, and the Federal Open Market Committee stated that it will establish a financing facility for commercial papers to support the cash flow of homes and businesses and that it Form a special purpose vehicle for buying any securities of unsecured assets with $ 10 billion in support from the Treasury.

Technical analysis  

AUDUSD managed to achieve our awaited target at 0.6000 and made an attempt to break it. Waiting to break this level and resume the main bearish trend, whose next main target is at 0.5880.

Consequently, the downside scenario will remain valid and active during the coming period, noting that 0.6050 breach will lead the price to make some bullish correction and initially test 0.6200 areas before any new attempt to decline.

The expected trading range for today is between 0.5930 support and 0.6100 resistance.

Expected trend for today: bearish.