Analytic reviews

The Australian dollar fluctuated in a narrow range tilted towards the decline during the Asian session, to witness a succession of its rebound from above since July 26 against the US dollar, following the developments and economic data that it had released earlier this week on the Australian economy and on the cusp of developments and economic data expected on Monday from Before the American economy the largest economy in the world.

At exactly 02:09 AM GMT, the Australian dollar pair fell against the US dollar by 0.15% to 0.6882 levels compared to the opening levels at 0.6892, after the pair achieved its lowest during the trading session at 0.6870, while achieving the highest at 0.6895, knowing, the pair started the trading session on an upward price gap after it concluded the trading last week at 0.6876 levels.

This we have followed the disclosure of the initial reading of the Markit Industrial and Services PMI for Australia for the month of December, which showed the expansion of the industrial sector to 49.4 compared to 49.9 last November, and the service sector expanded to a value of 49.5 compared to 49.7 And that came back from a contraction of 49.5 in November.

This came, before we witness the Australian Treasury unveiled its economic and financial forecasts for the middle of the fiscal year 2019/2020, which expires on June 30, which included achieving a surplus of 6.1 billion Australian dollars, without previous expectations, last April with a surplus of 11.0 billion Australian dollars. This came with lowering growth expectations to 2.25% from 2.75% and lowering wage growth expectations to 2.50% from 2.75%.

In the same context, Australian Treasury Minister Josh Friedenberg expressed through his statement that the forecasts contain "significant write-offs of revenues against the backdrop of global and local economic headwinds," while denouncing the concern about the economic slowdown and opposition to calls for additional spending, such as what was announced Recently in both New Zealand and Japan, expectations for the government's cash balance have also been lowered to below A $ 5.0 billion.

On the other hand, investors are anticipating by the US economy the disclosure of industrial sector data with the release of the New York Industrial Index reading, which may reflect a widening of what amounted to 5.1 compared to 2.9 last November, and that comes before we witness the release of the initial reading of the manufacturing PMI Markit is for the US, which may reflect the stability of the expansion at 52.6, little changed from November.

This comes in conjunction with the disclosure of the primary reading of the Markets PMI for the United States, which may reflect a widening of 52.0 compared to 51.6 in the previous reading of November, leading to the disclosure of housing market data with the release of the housing index reading before The National Association of Home Builders, which may reflect stability at 70 in November.

Technical analysis

The Australian dollar versus the US dollar pair shows some bearish tendency to approach the moving average test 50, where the price is affected by the negative stochastic indicator, while the bullish channel continues to carry the price to achieve more expected rise for the coming period, waiting for positive trading to test the 0.7015 level mainly.

Therefore, we will maintain our bullish expectations over the intraday basis unless the 0.6770 level is broken and stability below it.

The expected trading range for today is between 0.6830 support and 0.6930 resistance.

Expected trend for today: bullish.

The pair is in a downtrend amid the local weakness of the US dollar and the positive dynamics in the crude oil market as the phase one deal between the US and China has been reached. The growing demand for risk assets will put pressure on the pair for a limited period of time.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages suggest selling. RSI is below 50% and is declining. Stoch are also moving down.

Trading recommendations:

Sell the pair after it crosses the level of 1.3140 with a probable local target of 1.3045.

Gold consolidates before the start of trading in London as the US and Chine reach "phase one" deal in their trade talks. Rising demand for risk assets will push gold prices to a further decline.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. The moving averages suggest selling. RSI crosses the level at 50% while moving downwards. Stoch have reversed upwards.

Trading recommendations:

Sell gold after the price crosses the level of 1461.35 with a likely decrease to 1451.20 and 1440.00.

The US dollar rose during the Asian session to witness its highest since December 2, when it tested the highest since May 30 last, and is preparing for weekly gains against the Japanese yen after the developments and economic data that were followed by the Japanese economy, the third largest economy in The world is on the cusp of developments and economic data expected Friday by the US economy, the largest economy in the world.

At exactly 05:57 AM GMT, the US dollar pair rose against the Japanese yen by 0.23% to 109.56 levels compared to the opening levels at 109.31 after the pair achieved its highest since the beginning of this month at 109.63, while achieving the lowest during the trading session at 108.99.

On the Japanese economy, we have followed the release of the Tinkan Service Index reading, which showed a shrinkage in amplitude to 20 compared to 21 in the third quarter, surpassing expectations that indicated a shrinkage in the breadth of 16, while the Tinkan Industrial reading showed stability when Zero levels versus 5 in the third quarter are worse than expectations for shrinking expansion to 3.

This came before we also witnessed by the third largest economy in the world and the third largest industrial country in the world, the disclosure of industrial sector data with the release of the final reading of industrial production, which showed a widening decline to 4.5% compared to the previous initial reading for last October, contrary to expectations that It pointed to a decrease in the decline to 4.1%, compared to a rise of 1.7% last September.

On the other hand, investors are currently awaiting by the US economy the disclosure of the retail sales reading, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product of the United States, which may reflect the acceleration of growth to 0.5% compared to 0.3% in October, as well as A substantial reading of the same indicator may show that growth accelerated to 0.4% compared to 0.2% in October.

This comes in conjunction with the release of the import price index, which may indicate a 0.2% increase compared to a 0.5% decline in October, while the annual reading of the same indicator may show a decline in the decline to 1.2% compared to 3.0% in the previous annual reading of October, And that is before we witness the disclosure of the business inventories reading, which may reflect 0.2% growth versus stability at zero levels last September.

It is noteworthy that during the meeting of the Federal Open Market Committee December 10-11, the Federal Reserve monetary policy makers kept short-term benchmark interest rates between 1.50% and 1.75% for the second meeting in a row, while revealing the expectations of the Federal Market Committee. Open to growth, inflation and unemployment rates as well as the future of interest on federal funds for the next three years.

The expectations of the members of the Federal Committee indicated that the Federal Reserve may keep interest rates during the next year 2020 unchanged, and in the same context, Federal Reserve Governor Jerome Powell noted during the press conference held on Wednesday following the meeting’s activities that it is possible for the Federal Reserve to expand activities Purchase short-term treasury bills if necessary to increase liquidity in the banking system.

We would like to point out that the Treasury Department launched a program to purchase treasury bills in the amount of $ 60 billion per month in October. This program is expected to continue until the second half of 2020, which aims to provide liquidity after interest in repo operations during September expanded to 10%, which paid Federal Reserve to carry out repo operations during the past two months, and these operations are the purchase of bonds and short-term debt from banks and hedge funds.

Technical analysis

The dollar versus yen made a strong breach of 109.33 and closed the daily candle above it, which stops the negative scenario suggested in our recent reports and leads the price to achieve more expected gains during the coming period, on the way to visit the 110.50 level as the next main target.

Therefore, a bullish bias will be favored for today, noting that holding above 109.33 is important for the expected bullish continuation.

The expected trading range for today is between 109.00 support and 110.50 resistance.

Expected trend for today: bullish.

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to prepare for weekly gains amid the decline in the US dollar index, indicating stability near its lowest since the beginning of last July, according to the inverse relationship between them on the threshold of developments and economic data expected today Friday by the economy The US and the market pricing for the preliminary results of the British parliamentary elections and the report on Washington and Beijing reaching the first stage of the trade agreement.

At exactly 04:34 AM GMT, gold price futures for February delivery rose 0.05% to trade at $ 1,471.60 an ounce compared to the opening at $ 1,470.80 per ounce, knowing that the contracts started the session’s trading on a falling price gap after yesterday's trading was concluded At $ 1,472.30 an ounce, with the US dollar index down 0.02% to 96.79 compared to the opening at 96.81.

This is currently awaiting investors by the US economy to reveal a retail sales reading that represents about half of consumer spending, which represents more than two-thirds of the gross domestic product of the United States and that may reflect the acceleration of growth to 0.5% compared to 0.3% in October, as the reading may show Core to the same index, growth accelerated to 0.4%, compared to 0.2% in October.

This comes in conjunction with the release of the import price index, which may indicate a 0.2% increase compared to a 0.5% decline in October, while the annual reading of the same indicator may show a decline in the decline to 1.2% compared to 3.0% in the previous annual reading of October, And that is before we witness the disclosure of the business inventories reading, which may reflect 0.2% growth versus stability at zero levels last September.

It is noteworthy that during the meeting of the Federal Open Market Committee December 10-11, the Federal Reserve monetary policy makers kept short-term benchmark interest rates between 1.50% and 1.75% for the second meeting in a row, while revealing the expectations of the Federal Market Committee. Open to growth, inflation and unemployment rates as well as the future of interest on federal funds for the next three years.

The expectations of the members of the Federal Committee indicated that the Federal Reserve may keep interest rates during the next year 2020 unchanged, and in the same context, Federal Reserve Governor Jerome Powell noted during the press conference held on Wednesday following the meeting’s activities that it is possible for the Federal Reserve to expand activities Purchase short-term treasury bills if necessary to increase liquidity in the banking system.

We would like to point out that the US Treasury Department launched a program to purchase Treasury bills in the amount of $ 60 billion per month in October. This program is expected to continue until the second half of 2020, which aims to provide liquidity after the interest in repo operations during September expanded to 10%. The Federal Reserve has paid for repo operations over the past two months, and these are the purchase of bonds and short-term debt from banks and hedge funds.

Otherwise, the preliminary results of the parliamentary elections in Britain have enhanced the chances of a decisive victory for British Prime Minister Royce Johnson that puts the United Kingdom on the right track to leave the European Union in the prescribed date by the end of January next year, and in another context, we followed yesterday the report that touched on the fact that U.S. President Donald Trump has signed the first stage of the U.S. trade deal with China.

On Thursday, US President Trump expressed through his official account on Twitter that America is very close to reaching a major trade agreement with China, and we would like to point out that the American trade negotiators yesterday presented to Trump the formula for the first phase of the trade agreement with China to Trump, which includes Beijing's commitment to expand the purchase of American agricultural products.

This came in conjunction with the report, which also touched on yesterday, because trade discussions between Washington and Beijing included reducing customs duties imposed on Chinese imports to the United States, and it is reported that signing the initial draft of the first stage of the trade agreement between the two parties may mean that Washington does not activate the additional tariffs of 15% on Chinese goods valued at $ 156 billion, which will go into effect next Sunday.

Technical analysis

Gold price trading stabilized around the EMA50 after the strong decline witnessed yesterday evening, to indicate the return of the price to the resumption of the corrective downtrend after approaching by a few points difference from our expected target at 1489.00, waiting to break the support of the ascending sub channel at 1458.00 to obtain a strong negative incentive It supports chances of achieving our awaited targets that start at 1447.00 and extend to 1413.10.

Consequently, we are likely to witness further declines in the upcoming sessions unless the price rushes to breach the 1489.00 level and hold above it.

The expected trading range for today is between 1450.00 support and 1480.00 resistance.

Expected trend for today: bearish.

The single currency, the euro, rose during the Asian session to witness its highest level since last August 13, and was preparing for its second consecutive weekly gains against the US dollar on the threshold of developments and economic data expected on Friday by Germany, the largest economy in the euro area, and the US economy, the largest economy in the world.

At 05:19 am GMT, the euro pair rose against the US dollar by 0.37% to 1.1171 levels compared to the opening levels at 1.1130, after the pair achieved its highest level in four months at 1.1199, while achieving the lowest during the trading session at 1.1129.

Markets are awaiting for the largest Eurozone economies, Germany, which issued a reading of the price index of wholesale stocks, which may reflect a 0.5% increase compared to a decline of 0.1% in October, and this comes hours after the end of the activities of the European Central Bank meeting, which approved the monetary policy makers at The European Central Bank maintains interest rates at their current zero levels and stabilizes the marginal lending rate at 0.25%.

The European Central Bank also kept the interest rate on deposits negative -0.50%, while moving forward with the quantitative easing program of 20 billion euros per month that was activated last November, as long as it was necessary for that, and we would like to point out that the European Central Bank governorate Christine Lagarde Yesterday at the press conference held after the meeting, I expressed the fact that the European Central Bank will begin a comprehensive strategic review next month.

On the other hand, investors are currently awaiting by the US economy the disclosure of the retail sales reading, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product of the United States, which may reflect the acceleration of growth to 0.5% compared to 0.3% in October, as well as A substantial reading of the same indicator may show that growth accelerated to 0.4% compared to 0.2% in October.

This comes in conjunction with the release of the import price index, which may indicate a 0.2% increase compared to a 0.5% decline in October, while the annual reading of the same indicator may show a decline in the decline to 1.2% compared to 3.0% in the previous annual reading of October, And that is before we witness the disclosure of the business inventories reading, which may reflect 0.2% growth versus stability at zero levels last September.

It is noteworthy that during the meeting of the Federal Open Market Committee December 10-11, the Federal Reserve monetary policy makers kept short-term benchmark interest rates between 1.50% and 1.75% for the second meeting in a row, while revealing the expectations of the Federal Market Committee. Open to growth, inflation and unemployment rates as well as the future of interest on federal funds for the next three years.

The expectations of the members of the Federal Committee indicated that the Federal Reserve may keep interest rates during the next year 2020 unchanged, and in the same context, Federal Reserve Governor Jerome Powell noted during the press conference held on Wednesday following the meeting’s activities that it is possible for the Federal Reserve to expand activities Purchase short-term treasury bills if necessary to increase liquidity in the banking system.

We would like to point out that the Treasury Department launched a program to purchase treasury bills in the amount of $ 60 billion per month in October. This program is expected to continue until the second half of 2020, which aims to provide liquidity after interest in repo operations during September expanded to 10%, which paid Federal Reserve to carry out repo operations during the past two months, and these operations are the purchase of bonds and short-term debt from banks and hedge funds.

Technical analysis

The euro against the dollar traded a strong rebound with the opening of today's trading to succeed in touching our first awaited target at 1.1180 and stabilizing at it now, and by looking carefully at the chart, we find that the price drew a double bottom pattern, the level of its confirmation at the mentioned target, which means that penetration of this level It will form a strong positive stimulus that supports the chances of the bullish wave extending in the short and medium term.

Therefore, we expect the bullish trend to continue during the upcoming period, noting that the next target is at 1.1280, while the expected rise will remain valid unless the 1.1108 level is broken and stability below it.

The expected trading range for today is between 1.1100 support and 1.1280 resistance.

Expected trend for today: bullish.

The Australian dollar versus the US dollar made a noticeable positive trading yesterday, crossing the 0.6900 barrier, which supports our continuation of the bullish trend effectively during the upcoming sessions, awaiting further rise to visit the 0.7015 level as the next main target.

SMA 50 supports the expected rally, which will remain intact, provided stability above 0.6765.

The expected trading range for today is between 0.6880 support and 0.6970 resistance.

Expected trend for today: bullish.

The US dollar fluctuated in a narrow range tilted to the upside during the Asian session against the Japanese yen following the developments and economic data that it followed from the Japanese economy and on the cusp of developments and economic data expected on Wednesday by the US economy, which includes the decisions and directions of monetary policy makers at the Federal Reserve and the press conference of the governor Federal Reserve Jerome Powell in Washington.

At 05:51 am GMT, the US dollar pair rose against the Japanese yen by 0.03% to 108.75 levels compared to the opening levels at 108.72, after the pair achieved its highest during the trading session at 108.85, while achieving the lowest at 108.67.

We have followed about the Japanese economy, the third largest industrialized country globally, the Bank of Japan revealed the manufacturing business statistics, which showed that the contraction widened to 7.8 compared to 0.2 in the past third quarter, contrary to expectations that indicated a expansion of 0.2 value, while reading the business sector statistics for the whole The industry contracted by a value of 6.2 compared to a expansion of 1.1 in the third quarter.

This came with the disclosure of inflation data with the release of the producer price index, which is an initial indication of inflationary pressures, which showed a slowdown in the pace of growth to 0.2% compared to 1.1% last October, outperforming expectations that indicated a slowdown in the pace of growth to 0.1%, while The annual reading of the same index showed a 0.1% growth versus a 0.4% contraction, also outperforming expectations for stability at zero levels.

On the other hand, investors are anticipating the US economy to disclose inflation data with the release of the consumer price index, which may reflect a slowdown in growth to 0.2% compared to 0.4% in October, while a substantial reading of the same indicator may show stability in growth of 0.2%, While the annual reading of the index may show accelerated growth to 2.0% compared to 1.8%, the fundamental annual reading of the index may reflect the stability of growth at 2.3%.

This comes in conjunction with the activities of the Federal Open Market Committee meeting held in Washington, which is expected to remain on the short-term benchmark interest rates for the second consecutive meeting at between 1.75% and 2.00%, while revealing the expectations of the members of the committee for the rates of growth, inflation and unemployment. In addition to the future of interest rates for the next three years.

Up to the press conference that Fed Governor Jerome Powell will hold about half an hour after the FOMC meeting ends to comment on the Fed’s policy makers ’decisions that have been witnessing widespread criticism by US President Donald Trump who is asking the Federal Reserve and his Governor Powell to move forward in Reducing interest on federal funds "to zero or less".

Technical analysis

The dollar versus yen pair is back lower after the 50 SMA formed a good resistance barrier against the recent positive price attempts, to start testing the 108.40 level again, waiting for this level to be broken to confirm the descending wave extended towards 107.45.

Consequently, we will maintain our bearish expectations unless we witness a clear breach of 109.33 and steady with a daily closing above it.

The expected trading range for today is between 107.70 support and 109.00 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 for the fourth consecutive round from the lowest since December 2, amid the decline in the US dollar index to its lowest since August 9, according to the inverse relationship in the aftermath. The decisions and trends of the Federal Reserve are on the cusp of developments and economic data expected on Thursday by the economies of the euro area and the US economy in addition to the British parliamentary elections and the developments of the trade war between Washington and Beijing.

At exactly 04:06 AM GMT, the gold futures contracts for February delivery rose 0.03% to trade at $ 1,479.70 per ounce compared to the opening at $ 1,479.20 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,475.00 per ounce, with the US dollar index down 0.04% to 97.04 compared to the opening at 97.08.

Yesterday, we watched the expiry of the FOMC meeting December 10-11, during which the Federal Reserve monetary policy makers decided to keep the short-term benchmark interest rates at between 1.50% and 1.75% for the second consecutive meeting with They revealed the Federal Commission's expectations for growth, inflation and unemployment rates as well as the future of interest on federal funds for the next three years.

The expectations of the members of the Federal Committee indicated that the Federal Reserve may keep interest rates during the next year 2020 unchanged, and in the same context, Federal Reserve Governor Jerome Powell noted during yesterday's press conference following the meeting’s activities that it is possible for the Federal Reserve to expand its activities Purchase short-term treasury bills if necessary to increase liquidity in the banking system.

It is reported that the Ministry of the Treasury launched in October a program to purchase treasury bills worth $ 60 billion per month and it is expected that this program will continue until the second half of 2020, which aims to provide liquidity after the expansion of interest in repo operations during September to 10%, which paid the reserve The Fed has been conducting repo operations over the past two months, and these are the purchase of short-term bonds and debt from banks and hedge funds.

Otherwise, investors are currently awaiting by the US economy, the largest economy in the world, to reveal the reading of the producer price index, which is an initial indication of inflationary pressures, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.4% in October, as the substantial reading of the index may The same growth rate slowed to 0.2%, compared to 0.3% in October.

In the same context, the annual reading of the producer price index may reflect the acceleration of growth to 1.3% compared to 1.1% in October, as the substantial annual reading of the same price index may indicate the acceleration of growth to 1.7% against 1.6%, and this comes in conjunction with the issuance of the demand index reading The subsidy for the week that ends on the seventh of this month, which may reflect an increase of 10 thousand requests to 213 thousand applications compared to 203 thousand requests in the previous weekly reading.

In another context, the markets are currently looking to the activities of the European Central Bank meeting, during which the monetary policy makers of the European Central Bank are expected to decide to maintain interest rates at their current zero levels and stabilize the marginal lending rate at 0.25% in addition to remaining on the interest rate on negative deposits -0.50% and proceed with the quantitative easing program at 20 billion euros per month, as long as necessary.

This comes before we witness later in the day the European Central Bank Governor Christine Lagarde’s press conference, which is her first press conference after she took over the post of former Governor Mario Draghi at the beginning of last month, in conjunction with the actual parliamentary elections in Britain which may be directly reflected On the UK exit file on the preset date, at the end of January.

Looking at the developments in the trade war between the world's two largest economies, we followed yesterday. US Senator Chuck Grassley said that his country will not activate customs tariffs adding 15% to Chinese goods valued at $ 156 billion by next Sunday, while White House trade advisor Peter Navarro noted that it is not He has any information regarding the non-imposition of these tariffs scheduled for December 15th, stating that there is nothing to make them fail to do.

Technical analysis

Gold price traded positively positive to confirm the breach of 1467.00 level, which turns the intraday path towards the rise, on its way to test 1489.00 level before trying to resume the corrective downtrend again.

Thus, we are more likely to witness further gains today, considering that exceeding the target level will lead the price to achieve more gains and restore the main bullish trend again, while breaking 1467.00 will stop the positive possibility and press the price to resume the bearish corrective path.

The expected trading range for today is between 1460.00 support and 1489.00 resistance.

Expected trend for today: bullish.

The euro currency fluctuated in a narrow range slanting up during the Asian session against the US dollar on the cusp of developments and economic data expected Thursday by the economies of the euro area and the US economy the largest economy in the world which includes the decisions and directions of monetary policy makers at the European Central Bank and the press conference of the central European Christine Lagarde, hours after the expiry of the FOMC meeting and Federal Reserve Governor Jerome Powell's press conference.

At 05:16 am GMT, the euro pair rose against the US dollar by 0.11% to 1.1142 levels compared to the opening levels at 1.1130, after the pair achieved its highest level during the trading session at 1.1144, while achieving the lowest at 1.1129.

Markets are awaiting for the largest Eurozone economies, Germany, which issued the final reading of the consumer price index, which may reflect the stability of the contraction at 0.8%, unchanged from the initial reading of the previous month of November and against the growth of 0.1% last October, before revealing the reading The same final index is for France, the second largest economy in the region, which may reflect stability at 0.1% versus stability at zero levels.

This comes before we witness the third largest economy in the region, Italy, the release of the unemployment rate index, which may reflect a decline to 9.8% compared to 9.9% in the second quarter, and before the disclosure of the seasonally adjusted reading of the industrial production index for the euro area as a whole, which may reflect a 0.5% decline against a rise 0.1% last September, while the annual reading of the same indicator may show the widening decline to 2.4% compared to 1.7%.

Up to the ECB meeting, during which the monetary policy makers of the European Central Bank are expected to decide to maintain interest rates at their current zero levels and to fix the marginal lending rate at 0.25% in addition to staying on the interest rate on negative deposits -0.50% and move forward in The quantitative easing program at 20 billion euros per month, as long as necessary.

Markets are also looking at later in the day for the press conference of the European Central Bank Governor Christine Lagarde, which is her first press conference after she took over the post of former Governor Mario Draghi at the beginning of last month, in conjunction with the actual parliamentary elections in Britain, which may be directly reflected on the file The exit of the United Kingdom from the European Union at the preset date, at the end of January.

On the other hand, investors are currently awaiting by the US economy the disclosure of the PPI reading, which is an initial indication of inflationary pressures, which may reflect a slowdown in growth to 0.2% compared to 0.4% last October, as the substantial reading of the same indicator may show a slowdown in growth To 0.2%, compared to 0.3% in October.

In the same context, the annual reading of the producer price index may reflect the acceleration of growth to 1.3% compared to 1.1% in October, as the substantial annual reading of the same price index may indicate the acceleration of growth to 1.7% against 1.6%, and this comes in conjunction with the issuance of the demand index reading The subsidy for the week that ends on the seventh of this month, which may reflect an increase of 10 thousand requests to 213 thousand applications compared to 203 thousand requests in the previous weekly reading.

This comes hours after the FOMC meeting ends December 10-11, during which the Federal Reserve monetary policy makers decided to keep the short-term benchmark interest rates at between 1.50% and 1.75% for the second meeting, respectively. As they reveal the Federal Commission's expectations for growth, inflation and unemployment rates as well as the future of interest on federal funds for the next three years.

The expectations of the members of the Federal Committee indicated that the Federal Reserve may keep interest rates during the next year 2020 unchanged, and in the same context, Federal Reserve Governor Jerome Powell noted during yesterday's press conference following the meeting's activities that it is possible for the Federal Reserve to expand its buying activities. Short-term treasury bills if required to increase liquidity in the banking system.

It is reported that the Ministry of the Treasury launched in October a program to purchase treasury bills worth $ 60 billion per month and it is expected that this program will continue until the second half of 2020, which aims to provide liquidity after the expansion of interest in repo operations during September to 10%, which paid the reserve The Fed has been conducting repo operations over the past two months, and these are the purchase of short-term bonds and debt from banks and hedge funds.

Technical analysis

The euro against the dollar pushed up strongly yesterday evening to breach the 1.1108 level and settle above it, which turns the intraday path towards an increase again, and the path is open for a visit to the 1.1180 level as the first major station, noting that breaching this level will open the way for an ascending wave to extend The longest run is to 1.1280 then 1.1418.

Thus, the bullish trend will be likely during the upcoming sessions, provided that the price maintains its stability above 1.1108, with the need to pay attention to the fact that the pair may witness mixed trades today at the time of the European Central Bank’s interest decision.

The expected trading range for today is between 1.1050 support and 1.1250 resistance.

Expected trend for today: bullish.