Analytic reviews

EURUSD

The pair is consolidating above 1.0980 amid the disagreements in the ECB over the monetary policy.

The price is below the middle Bollinger, below SMA 5 and SMA 14. RSI is located in the oversold zone and moves horizontally. Stoch are not informative.

Trading recommendations:

Sell the pair with a local target of 1.0900 after its decline below 1.0980.

The Australian dollar fell during the Asian session, making its second monthly loss in a row and its longest weekly loss in five years amid the fourth consecutive daily loss against the US dollar following the developments and economic data followed by the Australian economy and on the eve of developments and economic data on Friday By the American economy the largest economy in the world.

At 02:55 am GMT, AUDUSD fell 0.27% to 0.6710 levels from opening levels of 0.6728, after hitting a session low of 0.6706 and a high of 0.6736.

The Australian economy followed the release of the housing market data with the release of building permits which showed a decline to 9.7% versus 0.8% in June, worse than analysts' expectations of holding steady at zero levels, as the annual reading of the same index showed. The decline widened to 28.5% versus 25.0%, contrary to expectations that the decline would shrink to 22.2%.

On the other hand, investors are currently awaiting the release of spending and personal income data by the US economy which may reflect the acceleration of personal spending growth to 0.5% vs. 0.3% in June, and the slowdown in personal income growth to 0.3% vs. 0.4% in June. Core CPE reading may show accelerated growth to 0.3% vs. 0.2% in June.

This comes ahead of the Chicago PMI reading, which may reflect a contraction in contraction to 48.1 from 44.4 in July, leading to the final release of the University of Michigan's consumer confidence index, which may show an expansion to 92.5 compared to the reading. The preliminary month for August was at 92.1 and against 98.4 in July.

Technical Analysis

AUDUSD stabilizes without the support of the bearish triangle, and starts today with a slight bearish bias to move away from the broken support, reinforcing expectations for the continuation of the bearish trend during the coming sessions, which aims to break the level of 0.6700 to open the way for heading towards 0.6700 as a next stop.

SMA 50 continues to support the suggested bearish wave, which requires stability below 0.6830.

Expected trading range for today is between 0.6670 support and 0.6760 resistance.

Expected trend for today: Bearish.

The euro returned to the European market on Friday against a basket of global currencies, deepening losses for the fifth day in a row against the US dollar, its lowest level in four weeks, on the second monthly loss in a row, due to the strong prospects of the European Central Bank to take additional stimulus measures during next month's meeting In order to reassess those prospects, investors are looking ahead to today's key inflation data for Europe in August.

The euro fell against the dollar by 0.2% to $ 1.1035, the lowest since August 1, and the opening price of today's trading at $ 1.1056, and recorded the highest level at $ 1.1060.

The euro ended yesterday's trading down 0.2% against the dollar, the fourth consecutive daily loss, after weak data in Germany renewed fears of recession of the largest economy in the euro area.

The data showed that inflation slowed worse than expected in August, as well as rising unemployment during the same month, in the events of indicators of economic slowdown in Germany.

The ECB's next president, Christine Lagarde, said on Thursday the central bank still had room to cut interest rates if needed, although this could pose a risk to financial stability in Europe.

Over the course of the month of August, the single European currency, the euro, lost 0.4% against the US dollar, on the second monthly loss in a row, under the pressure of increased prospects for the European Central Bank to ease monetary policy and cut interest rates during the September meeting Next.

In order to reassess those prospects later in the day, key European inflation data will be released in August, continued weak data will push the euro to further losses against most major and minor currencies.

By 09:00 GMT, the preliminary reading of the consumer price index for August is expected to rise by 1.0% the same as the previous reading, excluding food and fuel prices expected to rise 1.0% from a rise of 0.9% in July.

Technical Analysis

The EURUSD pair continues to decline quietly to continue to approach the first target 1.1000, and the price moves within the descending channel that appears in the picture, keeping the bearish trend intact and likely during the coming sessions, noting that exceeding the mentioned level will push the price to 1.0857 as the next key target.

SMA 50 supports the suggested bearish wave, which requires stability below 1.1180.

Expected trading range for today is between 1.0950 support and 1.1100 resistance.

Expected trend for today: Bearish.

Amazon shares continue to move below the lower boundary of the ascending channel that broke last week, thus confirming the end of the bullish path.

The price fluctuated around 1752.04 support which is the 61.8% Fibonacci retracement.

The price continues to move below the 7-20 and 50 moving averages that have turned into levels.

Resistance to the price and press it down and test support 1665.45.

Stochastic was moving within oversold territory and therefore a positive crossover was likely

The support holds 175204 against the price for a while.

The expected movement between 1664.45 support and 1885.00 resistance.

The general trend of the movement: bearish.

The US dollar fluctuated in a narrow range, tilted lower during the Asian session, while still the best weekly performance in six months and monthly losses against the Japanese yen following the developments and economic data that followed the Japanese economy, the world's third largest economy and on the eve of developments and economic data expected on Friday By the American economy the largest economy in the world.

At 05:59 AM GMT the USDJPY fell 0.15% to 106.36 levels from 106.52 opening levels, after hitting a session low of 106.34 and a high of 106.54.

The Japanese economy followed the release of inflation data with the release of the Tokyo Consumer Price Index (CPI) which showed a slowing pace of growth to 0.6%, in line with expectations, from 0.9% in July, as indicated by the core annual reading of the same index, which excludes fresh food The pace of growth slowed to 0.7% versus 0.9%, worse than expectations for a slowdown to 0.8%.

Meanwhile, the core annual reading of Tokyo's consumer price index, excluding fresh food and energy, showed a slower pace of growth to 0.7%, in line with expectations, against 0.8% in Toms July, coinciding with the release of labor market data which showed unemployment rates fell to 2.2 Compared to the previous reading of June and expectations of 2.3%.

This came before we witnessed by the third largest industrial country in the world revealed the preliminary reading of industrial production, which showed a rise of 1.3% compared to a decline of 3.3% last June, beating expectations for a rise of 0.3%, as the annual reading of the same index rose 0.7 The figure was down from 3.8% in the prior June reading, beating expectations for a 0.6% decline.

We also followed the release of the seasonally adjusted preliminary retail sales figure which showed a decline of 2.3% versus steady at zero levels in June, worse than expectations for a decline of 0.9%, while the annual reading of the same index showed a decline of 2.3% against a rise of 0.5%, also worse Expectations were for a 0.9% decline to the release of the housing market data with the release of the annual Housing Starts Index which showed a 4.1% decline versus a 0.3% rise in June, beating expectations for a 5.3% decline.

On the other hand, investors are currently awaiting the release of spending and personal income data by the US economy which may reflect the acceleration of personal spending growth to 0.5% vs. 0.3% in June, and the slowdown in personal income growth to 0.3% vs. 0.4% in June. Core CPE reading may show accelerated growth to 0.3% vs. 0.2% in June.

This comes ahead of the Chicago PMI reading, which may reflect a contraction in contraction to 48.1 from 44.4 in July, leading to the final release of the University of Michigan's consumer confidence index, which may show an expansion to 92.5 compared to the reading. The preliminary month for August was at 92.1 and against 98.4 in July.

Technical Analysis

USDJPY offered positive trading yesterday to test the pivotal resistance of 106.70, accompanied by the emergence of clear negative signals through Stochastic, to start the bounce down from the mentioned resistance, and we expect the continuation of the bearish inclination coming sessions, and targets start to break the level of 106.06 to open the way for the direction towards 105.05 As the next major station.

The continuation of the expected bearishness requires stability below 106.70.

Expected trading range for today is between 105.60 support and 107.00 resistance.

Expected trend for today: Bearish.

Gold futures fluctuated in a narrow range, tilted lower during the Asian session to witness the bounce for the fourth session in five sessions from the highest since April 11, 2013 amid the US dollar index rose to the highest since early August, when it tested the highest Since May 15, 2017, according to the inverse relationship between them on the eve of developments and economic data expected on Friday by the US economy, the largest economy in the world.

At 04:02 AM GMT gold futures for December delivery fell 0.45% to trade at $ 1521.88 an ounce, indicating a rebound from its highest in six years compared to the opening at $ 1527.50 an ounce, amid the rise of the dollar index 0.11% To 98.54, showing its highest since the beginning of this month and stabilizing near the highest in two years compared to the opening at 98.43.

Investors are now awaiting the US economy to release spending and personal income data, which could reflect an acceleration in personal spending growth to 0.5% vs. 0.3% in June, and a slowdown in personal income growth to 0.3% vs. 0.4% in June. Core CPE reading may show accelerated growth to 0.3% versus 0.2% in June.

This comes ahead of the Chicago PMI reading, which may reflect a contraction in contraction to 48.1 from 44.4 in July, leading to the final release of the University of Michigan's consumer confidence index, which may show an expansion to 92.5 compared to the reading. The preliminary month for August was at 92.1 and against 98.4 in July.

"We firmly oppose the escalation of the trade war, and we are ready to negotiate and cooperate to resolve this crisis in a calm situation," said Chinese Ministry of Commerce spokesman Gao Feng, while addressing the fact that Chinese and US trade delegations have maintained "effective" contact. His remarks prompted markets to be optimistic about the chances of resolving the trade dispute as Beijing sought to negotiate with Washington quietly, showing more interest in the negotiations than retaliation.

Technical Analysis

The price of gold stabilized at the support of the ascending channel shown in the picture, and the 50% Fibonacci correction has formed a good support against the price, while Stochastic is showing positive signs now.

Therefore, we believe that chances are available for a rebound upwards and resuming the uptrend in the coming sessions, whose first main target is at 1560.00, noting that breaching 1522.00 then 1517.25 will stop the expected rally and pressurize the price to turn lower over intraday and short term basis.

Expected trading range for today is between 1510.00 support and 1550.00 resistance.

Expected trend for today: Bullish.

GBPUSD

The pair dropped below 1.2180 amid the continuing broad economic and political problems in Britain. The pair has the potential to continue its local decline.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and gradually decreasing. Stoch are in the oversold zone.

Trading recommendations:

Sell the pair with a local target of 1.2115.

Cisco was unable to breach the resistance 49.16 to bounce back to support 46.19 after opening last week on a falling price gap, surpassing support 51.25

The moving averages move above the price and form resistance levels and try to prevent it from rising.

Stochastic is moving near the oversold area so this will be reflected in price action.

The exit of the index from this region will lead to the price rise and hold steady.

The general trend is to the downside.

The single currency of the European Union (EU) has fluctuated in a narrow, bullish range during the Asian session against the US dollar on the eve of developments and economic data expected on Thursday by Eurozone economies and the world's largest economy.

At 04:30 AM GMT the EURUSD rose 0.05% to 1.1083 levels from the opening at 1.1077, after hitting a session high of 1.1087 and a low of 1.1077.

Markets are looking for France, the second largest economy in the euro zone to reveal the final reading of the GDP index, which may reflect the stability of growth at 0.2% unchanged from the previous reading in the previous second quarter, and may also show the final annual reading of the index itself Growth stabilized at 1.3%, little changed from the previous quarterly reading.

This comes in conjunction with the release of the French consumer spending index, which may reflect a rise of 0.4% versus a decline of 0.1% last June, before we see the release of inflation data for Spain, the fourth largest economy of the euro zone with the release of the preliminary annual CPI reading which It may reflect a slower pace of growth to 0.4% versus 0.5% in the prior yearly July reading.

Germany's largest economy revealed inflation data with the preliminary annual CPI reading which could show a contraction of 0.1% vs. 0.5% in July, and the annual reading of the same index showed a slowing pace of growth to 1.5% vs. 1.7%. Before we also see the release of Germany's Unemployment Change, which may reflect a rise to 4k versus 1k in July.

On Wednesday, European Commission President Jean-Claude Juncker warned British Prime Minister Boris Johnson that if Britain leaves the EU without an agreement, Britain should take responsibility for that alone without blaming the bloc if the situation deteriorates. He explained that the Union is fully prepared for the scenario of exit without agreement, but will make all possible efforts to avoid this, adding that the decision to exit without agreement will be Britain alone and not the European Union.

On the other hand, investors are currently awaiting the US economy to reveal the second reading of GDP, which may reflect the expansion of the largest economy in the world 2.0% during the second quarter compared to the previous initial reading of 2.1% growth, while the second reading of GDP may show measured Prices have stabilized at 2.4%, little changed from the previous quarter's preliminary reading.

This comes in conjunction with the release of the Trade Balance of Goods, which may show the deficit narrowed to $ 74.0 billion from $ 74.2 billion in June, and the release of the preliminary reading of the wholesale inventory index, which may reflect a growth of 0.2% against the stability at zero levels in June, In addition, the reading of the number of applications for the previous week on the 24th of this month, which may reflect an increase of 6 thousand applications to 215 thousand applications.

Technical Analysis

The narrow range continues to dominate the EURUSD trading, which is quietly creeping downwards, keeping our bearish outlook intact for the coming period, supported by negative pressure from SMA 50, noting that our next target is at 1.1000, Stability below 1.1180 is an important condition for the continuation of the expected decline.

Expected trading range for today is between 1.0980 support and 1.1150 resistance.

Expected trend for today: Bearish.

Gold futures fluctuated in a narrow upward range during the Asian session to see their stability near the highest in more than six years, ignoring the rise of the US dollar index for the third session in five sessions, the lowest since August 9, according to the inverse relationship between them On the eve of economic developments and data expected on Thursday by the US economy, the largest economy in the world.

At 03:56 AM GMT gold futures for December 15 delivery rose 0.6% to trade at $ 1545.05 an ounce compared with the opening at $ 1538.83 an ounce, while the US dollar index rose 0.02% to 98.20 compared to the opening at 98.18.

Investors are currently awaiting the US economy to reveal the second reading of GDP, which may reflect the expansion of the largest economy in the world 2.0% in the second quarter compared to the previous initial reading of 2.1% growth, while the second reading of GDP measured in prices may show stability of growth At 2.4%, little changed from the previous quarter's prior reading.

This comes in conjunction with the release of the Trade Balance of Goods, which may show the deficit narrowed to $ 74.0 billion from $ 74.2 billion last June, and the release of the preliminary reading of the inventory index, which may reflect a growth of 0.2% against the stability at zero levels in June In addition, the reading of the number of applications for the benefit last week on the 24th of this month, which may reflect an increase of 6 thousand applications to 215 thousand applications.

On the other hand, markets are looking forward to the developments of the trade war between the two largest economies in the world, which may escalate within hours by the beginning of September next, especially as the United States and China are not able to resolve trade disputes between them after the two sides announced their intention to impose new tariffs on goods. Each other earlier this month.

US President Donald Trump said earlier this week that US trade officials had received overnight calls from the Chinese that Beijing was ready to return to the negotiating table with Washington to reach a trade deal, and noted that he "has great respect for the fact that China has contacted them." "They want to make a deal," he said. "This is the first time I've seen them really want to do a deal, and I think that's a very positive step."

On the other hand, a Chinese Foreign Ministry spokesman said on Monday that he was not aware of a phone call between the two sides, but Chinese Vice Premier Liu Huo also noted Monday that "China ... firmly opposes the escalation of trade war. It benefits China, which is not good for the United States, nor does it benefit the interests of people around the world. "

This comes after we followed last Friday's report that China plans to impose 10% tariffs later this year on US goods and goods worth $ 75 billion in response to the US administration's announcement earlier this month that it would impose 10% tariffs. Chinese goods and goods worth $ 300 billion by early September and a partial postponement of the decision until mid-December.

Technical Analysis

The recent gold price trading is confined to an ascending triangular flag pattern, which means that the breach of 1545.00 will provide a good positive incentive to support the expectations for the continuation of the main bullish trend, whose next targets are at 1560.00 and extend to 1600.00.

Thereby, we will continue to favor the bullish trend, which receives positive positive support from SMA 50 unless 1530.00 is breached and stability below it.

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

Expected trend for today: Bullish.