Analytic reviews

The resistance level of 129.00 continues to deter buyers. The support level of 126.80 held back bearish movements. A bullish divergence has formed on the Awesome Oscillator.

Trading recommendations:

Buy after the price fixes above the resistance level 129.00.

Stop Loss under the support level 126.80.

Target levels – 132.30; 136.00; 138.50.

EURUSD

The pair is consolidating above 1.1015 amid the publication of economic statistics from the US. Positive data would lead to the pair's reversal local decline.

The price is above the middle Bollinger band, at the level of SMA 5 and above SMA 14. RSI is located above the level of 50% and moves horizontally. Stoch unfold down in the overbought zone.

Trading recommendations:

If the pair drops below 1.1015, it should be sold with a likely target of 1.0930.

Analysis based on round-number levels, price channels and modified Elliot Waves

Important round-number level 0.9800 held back sellers. The downward sloping channel is breached by the formation of Fractal Start above the 365-day moving average (0.9843). A breach of the fractal start will result in an upwards wave pattern on level M30 as part of another wave pattern (C) on level H12.

Trading recommendations:

Buy above 0.9843.

Stop Loss at 0.9800.

Target levels – 0.9920; 0.9950.

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Gold futures fluctuated in a narrow range, tilted lower during the Asian session to see resumption of rebound from the highest since April 11, 2013, overlooking the decline of the US dollar index for the second consecutive session from the highest since May 12, 2017, according to the inverse relationship between them on the eve of developments and economic data expected on Wednesday by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee.

Gold futures for December delivery fell 0.28% to currently trade at $ 1,539.60 an ounce compared with the opening at $ 1549.84 an ounce, while the US dollar index fell 0.05% to 98.91 compared to the opening at 98.97.

Investors are now awaiting the US economy to release its trade balance reading, which may reflect a narrowing of the deficit to $ 54.2 billion from $ 55.2 billion in June, ahead of the FOMC and New York Federal Reserve Chairman's speech. Federalist John Williams at the Euromoney Conference in New York.

Later in the day, Federal Open Market Committee (FOMC) and St. Louis Federal Reserve Chairman James Pollard will deliver the opening speech along with Fed Governor and Federal Open Market Committee member Michelle Bowman at the event hosted by the St. Louis Federal Reserve Bank in St. Louis.

This comes before we see the release of the Beige Book report, which is important in that it is issued two weeks before the meeting of the Federal Open Market Committee, which is one of the pillars on which the monetary policy makers at the Federal Reserve Bank decisions and directions to support and stimulate the US economy, knowing that the meeting The next FOMC is scheduled to be held in Washington on September 17-18.

The Federal Open Market Committee (FOMC) and Chicago Fed Governor Charles Evans will deliver a keynote speech at a North American trade conference in Detroit, just hours before last month's labor market data and Fed Governor Jerome Powell delivered a speech titled “Economic Outlook”. And monetary policy "at an event hosted by the Swiss Institute of International Studies in Zurich.

Technical Analysis

The price of gold provided notable positive trading yesterday and attempts to breach the resistance of the descending corrective channel shown in the picture, which supports the chances of the continuation of the bullish trend in the intraday and short term, which is getting sustained support from SMA 50, waiting to test 1560.00 as the first target, with reminders that exceeding This level will push the price to 1600.00 as the next major stop.

Stability above 1531.75 is a prerequisite for the continuation of the expected rally, as a break would press the price to test the most important support at 1517.25 again before any new attempt to rise.

Expected trading range for today is between 1530.00 support and 1560.00 resistance

Expected trend for today: Bullish

The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session to see its rebound for the second consecutive session since May 15, 2017 against the US dollar on the eve of developments and economic data expected on Wednesday by euro-zone economies The US economy is the largest in the world.

At 05:31 AM GMT the EURUSD rose 0.01% to 1.0975 levels from the opening at 1.0974, after the pair reached a session high of 1.0980, while a low of 1.0969.

Markets are looking for Spain, the euro zone's fourth largest economy, to release its services PMI reading, which may show a widening of 53.0 vs. 52.9 in July, before we see the same indicator for Italy, the region's third largest economy, which may reflect a contraction. Widening to 51.5 vs. 51.7 in July.

Investors are also waiting for France, the second largest economy in the euro zone to release the final reading of the services PMI, which may show a steady expansion at 53.3 unchanged from the initial reading of last month, compared to 52.6 in July, before the final reading of the same indicator for Germany. The economies of the region may also show a stabilization of 54.4, broadly unchanged from the previous initial reading, versus 54.5.

The final reading of the Eurozone Services PMI which may show a steady expansion at 53.4 remains unchanged from the previous preliminary reading, versus 53.2 in July, and before we also see the Eurozone economies as a whole. That could show a 0.6% decline versus a 1.1% rise in June.

On the other hand, we followed up yesterday with the European Commission saying that the prospects for a Brexit scenario are currently strong and clear, and that the assumption of a Brexit by 31 October is being worked out, with the statement that the EU does not want an exit. Britain is without agreement and it needs constructive proposals regarding the pakistani plan by the British government.

On the other hand, investors are awaiting the US economy to reveal the trade balance reading which may reflect a narrowing of the deficit to $ 54.2 billion compared to $ 55.2 billion last June. New York Fed John Williams at the Euromoney conference in New York.

Later in the day, Federal Open Market Committee (FOMC) and St. Louis Federal Reserve Chairman James Pollard will deliver the opening speech along with Fed Governor and Federal Open Market Committee member Michelle Bowman at the event hosted by the St. Louis Federal Reserve Bank in St. Louis.

This comes before we see the release of the Beige Book report, which is important in that it is issued two weeks before the meeting of the Federal Open Market Committee, which is one of the pillars on which the monetary policy makers at the Federal Reserve Bank decisions and directions to support and stimulate the US economy, knowing that the meeting The next FOMC is scheduled to be held in Washington on September 17-18.

Federal Open Market Committee (FOMC) Chairman and President of the Federal Reserve Bank of Chicago Charles Evans will deliver the opening speech at a conference on North American trade in Detroit. This comes just hours before the labor market data was released last month and Fed Governor Jerome Powell delivered a speech titled "Economic Outlook. And monetary policy "at an event hosted by the Swiss Institute of International Studies in Zurich.

Technical Analysis

EURUSD is showing some bullish bias towards the test of the 1.1005 barrier, and as we pointed out yesterday, the price needs to hold below this level to maintain the bearish scenario for the upcoming period, with its next target at 1.0857.

On the other hand, it should be noted that a break of 1.1005 will lead the price for additional gains of 1.1130 and then 1.1180 before any new attempt to decline.

Expected trading range for today is between 1.0880 support and 1.1040 resistance.

Expected trend for today: Bearish.

The Australian dollar rose during the Asian session to witness a rebound for the second consecutive session from the lowest since August 7, when it tested the lowest since March 18, 2009 against the US dollar following the developments and economic data that followed from the Australian economy and on the cusp Economic developments and data expected on Wednesday by the US economy, the largest economy in the world, including the speech of members of the Federal Open Market Committee.

At 02:40 AM GMT, the AUDUSD rose 0.28% to 0.6779 levels, compared with opening levels at 0.6760, after the pair reached its highest level during the session at 0.6783, while the lowest level at 0.6755.

The Australian economy followed the release of the Australian Industrial Group Services Index (AIG) which reflected a widening of 51.4 versus a contraction of 52.2 in July. The pace of growth in the second quarter is in line with expectations at 0.5%, little changed from the previous quarter's reading.

In the same context, the annualized GDP showed a slower pace of growth to 1.4%, also in line with expectations, versus 1.7% in the previous quarter's Q1 reading, hours after the RBA monetary policy makers decided to keep benchmark interest rates short. Futures are at an all-time low for the second consecutive meeting at 1.00%.

On the other hand, investors are awaiting the US economy to reveal the trade balance reading which may reflect a narrowing of the deficit to $ 54.2 billion compared to $ 55.2 billion last June. New York Fed John Williams at the Euromoney conference in New York.

Later in the day, Federal Open Market Committee (FOMC) and St. Louis Federal Reserve Chairman James Pollard will deliver the opening speech along with Fed Governor and Federal Open Market Committee member Michelle Bowman at the event hosted by the St. Louis Federal Reserve Bank in St. Louis. Louis.

This comes before we see the release of the Beige Book report, which is important in that it is issued two weeks before the meeting of the Federal Open Market Committee, which is one of the pillars on which the monetary policy makers at the Federal Reserve Bank decisions and directions to support and stimulate the US economy, knowing that the meeting The next FOMC is scheduled to be held in Washington on September 17-18.

The Federal Open Market Committee (FOMC) and Chicago Fed Governor Charles Evans will deliver a keynote speech at a North American trade conference in Detroit, just hours before last month's labor market data and Fed Governor Jerome Powell delivered a speech titled “Economic Outlook”. And monetary policy "at an event hosted by the Swiss Institute of International Studies in Zurich.

Technical Analysis

AUDUSD has breached the 0.6740 level and settled above it, turning higher on the intraday basis, on its way to test 0.6830 levels and may extend to 0.6880 before attempting to resume the bearish main trend again.

Therefore, the bullish bias is likely for today unless 0.6740 is breached and stability below it again.

Expected trading range for today is between 0.6730 support and 0.6830 resistance.

Expected trend for today: Bullish.

Aeroflot shares fell to exceed 107.25 support, approaching the next support 104.70.

The price is moving below the 7-20-50 moving averages, which puts pressure on the price to retest 104.70 support again.

Stochastic is on a downtrend towards oversold area which helps increase negative pressure on the price.

General direction of movement: Sideways.

The US dollar fluctuated in a narrow uptrend range during the Asian session to witness the bounce for the fifth session in eight sessions from the lowest since November 9, 2016 against the Japanese yen amid the lack of economic data by the Japanese economy and on the eve of developments and economic data expected today Wednesday by the US economy which includes FOMC member’s speech.

At 06:03 AM GMT, the USDJPY rose 0.12% to 106.07 levels from 105.94 opening levels, after hitting a session high of 106.08 and a low of 105.83.

Investors are now awaiting the US economy to release its trade balance reading, which may reflect a narrowing of the deficit to $ 54.2 billion from $ 55.2 billion in June, ahead of the FOMC and New York Federal Reserve Chairman's speech. Federalist John Williams at the Euromoney Conference in New York.

Later in the day, Federal Open Market Committee (FOMC) and St. Louis Federal Reserve Chairman James Pollard will deliver the opening speech along with Fed Governor and Federal Open Market Committee member Michelle Bowman at the event hosted by the St. Louis Federal Reserve Bank in St. Louis. Louis.

This comes before we see the release of the Beige Book report, which is important in that it is issued two weeks before the meeting of the Federal Open Market Committee, which is one of the pillars on which the monetary policy makers at the Federal Reserve Bank decisions and directions to support and stimulate the US economy, knowing that the meeting The next FOMC is scheduled to be held in Washington on September 17-18.

Federal Open Market Committee (FOMC) Chairman and President of the Federal Reserve Bank of Chicago Charles Evans will deliver the opening speech at a conference on North American trade in Detroit. This comes just hours before the labor market data was released last month and Fed Governor Jerome Powell delivered a speech titled "Economic Outlook. And monetary policy "at an event hosted by the Swiss Institute of International Studies in Zurich.

Technical Analysis

USDJPY managed to breach the 106.06 level and hold with a daily close below it, which supports our continuation of the bearish trend effectively during the coming sessions, paving the way towards our first negative target at 105.05.

Therefore, the bearishness will remain valid for the coming sessions unless 106.70 is breached and stability above it.

Expected trading range for today is between 105.20 support and 106.50 resistance.

Expected trend for today: Bearish.

EURUSD

The pair has corrected as the USD is weakening locally due to clear signs of the US economy entering a recession. The pair may resume the decline if today’s eurozone retail volume data shows a continuation of the negative trend.

The price is below the lower Bollinger band r, above SMA 5 and SMA 14. RSI is located below the level of 50% and growing smoothly. Stoch reverse down in the overbought zone.

Trade recommendations:

If the pair does not rise above 1.0980, sell it with a local target of 1.0900 against the backdrop of the negative data from the eurozone.

Gold futures fluctuated in a narrow range, tilted lower during the Asian session to see its fifth session rebound in six sessions from the highest since April 11, 2013 amid the rise of the US dollar index to its highest since May 12, 2017 according to The reverse of the relationship between them on the eve of developments and economic data expected on Tuesday by the US economy, the largest economy in the world and amid the aspiration of decisions and directions of the Reserve Bank of Australia.

At 04:03 am GMT, gold futures for December delivery fell 0.16% to a low of $ 1521.73 and then back up to trade at $ 1527.30 an ounce, compared with the opening at $ 1526.67 an ounce, amid the rise of the dollar index 0.19% To 99.27 compared to the opening at 99.08.

Investors are currently looking to unveil the final reading of the US Manufacturing PMI by Markit which could reflect an expansion of 50.0 vs. a contraction of 49.9 in the initial reading of last month and vs. 50.4 in July. The Construction Expenditure reading, which reflects a rise of 0.3% versus a decline of 1.3% in June.

Markets from the world's largest industrialized nations are also looking to reveal the ISM Manufacturing Index, which may show a steady expansion at 51.2, little changed from July, while the same price index reading could show contraction shrinking to 47.6 vs. 45.1, up to a member's speech. Federal Open Market Committee and Federal Reserve Bank President Eric Rosengren about the US economy at Stonehill College in Massachusetts.

By the end of this week, investors will be looking to release US labor market data before Friday's speech by Federal Reserve Governor Jerome Powell and a speech entitled “Economic Outlook and Monetary Policy” at the event hosted by the Swiss Institute for International Studies in Zurich.

In another context, the market is looking forward to the decisions and orientations of monetary policy makers at the Reserve Bank of Australia with the release of the RBA interest rate statement amid expectations of stabilizing for the second consecutive meeting after it was reduced in the previous two meetings of the last meeting by 25 basis points to 1.00%, and that Before tomorrow, we will see the release of growth data for the second quarter, which may reflect the acceleration of the pace of growth.

On Monday, the Chinese Ministry of Commerce announced that it had filed a complaint with the World Trade Organization (WTO) against the new US tariffs, which came into effect in early September on Chinese goods worth $ 112 billion, including shoes, smart watches and televisions. Flat in the latest escalation of the trade war between the two largest economies in the world.

Last Sunday, China also began to impose retaliatory tariffs on US goods and goods worth $ 75 billion. We should note that by the middle of this month, it is expected to impose new US tariffs 15% on Chinese goods and commodities worth $ 160 billion. Including laptops and mobile phones, this comes with the prospect of resuming trade negotiations between Washington and Beijing this month.

Technical Analysis

The price of gold starts today with a new bearish bias to put pressure on SMA 50, but since the price is above 1517.25, our expectations for the bullish trend will remain effective for the coming period, as breaking this level will pressure the price to incur losses that reach initial targets at 1493.80.

On the other hand, the price needs to breach the 1531.00 level to enhance the chances of resuming the bullish trend, whose next main target is at 1560.00.

Expected trading range for today is between 1510.00 support and 1545.00 resistance.

Expected trend for today: Bullish.