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The Australian dollar fluctuated in a narrow uptrend range during the Asian session to witness the fifth session rebound in eleven sessions from 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 threshold of developments and upcoming economic data Wednesday by the largest US economy in the world.

At 04:26 am GMT, the Australian dollar against the US dollar rose 0.09% to 0.6784 levels compared to the opening levels at 0.6778, after the pair achieved the highest during the trading session at 0.6791, while the lowest level at 0.6773.

This was followed by the release of the Melbourne Institute's Leading Indicators, which showed a rise of 0.1% versus a decline of 0.1% in June, hours after the Reserve Bank of Australia released the minutes of the Reserve Bank of Australia meeting held on the sixth of this month. Which held interest rates at an all-time low of 1.00%, which was expected by market analysts at the time.

In the same context, the minutes stated that it is reasonable to expect an "extended period" of low interest rates, while stating that the RBA monetary policy makers reviewed the experience of developed countries with unconventional monetary policy, and that a series of measures were noted. Are likely to be more effective than individual steps.

Earlier this month, the Reserve Bank of Australia's monetary policy statement mentioned that monetary policy makers believed core inflation could reach 1.5% by December, before growth accelerates to 1.75% by the end of next year. 2% by the middle and end of 2021, amid the indication that near-term risks to economic growth are more negative.

Earlier this month, Reserve Bank of Australia Governor Philip Lowe testified before the House of Representatives in Canberra that the Reserve Bank of Australia was ready to expand interest rate cuts if needed to support the labor market and stimulate inflation. Interest rate twice in quick succession, we thought it appropriate to wait and assess the consequences of monetary easing.

RBA Governor Lowe said on the 9th of this month that it is reasonable to expect a prolonged period of low interest rates in Australia, explaining that it is unlikely but likely to move to a minimum level of zero interest rates, adding that he hopes to be able to Avoid that, while expressing that he is willing to use exceptional monetary policy if justified.

On the other hand, investors are awaiting the US economy to release the housing market data with the release of the existing home sales index which may show a rise of 2.5% to 5.41 million homes compared to a decline of 1.7% at 5.27 million homes in June, and that came before the We are witnessing the release of the minutes of the FOMC meeting held at the end of July.

By tomorrow, we look forward to the launch of the Jackson Hole Economic Policy Symposium at the Kansas City Federal Reserve, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

The AUDUSD pair is trading within a symmetrical triangle pattern with the picture appearing, waiting for the breach of 0.6745 to confirm the continuation of the main bearish trend, with the first target at 0.6700.

Thereby, we will continue to favor the bearishness over intraday and short term basis unless 0.6830 is breached and stability above it.

Expected trading range for today is between 0.6720 support and 0.6830 reistance.

Expected trend for today: Bearish.

The US dollar rose during the Asian session to witness the bounce for the fifth session in eight sessions from the lowest since January 3 last amid the lack of economic data from the Japanese economy, the world's third largest economy and on the eve of developments and economic data expected Wednesday by the US economy Economy in the world.

At 06:03 AM GMT the USDJPY rose 0.25% to 106.50 levels from the opening levels of 106.23, the pair's lowest level during the trading session, while the pair achieved the highest at 106.55.

Investors in the US economy are awaiting the release of the housing market data with the release of the Existing Home Sales which may show a 2.5% rise to 5.41 million homes versus a 1.7% decline at 5.27 million homes in June. The minutes of the FOMC meeting were held at the end of last July.

By Thursday, we look forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Powell under the title "Challenges of Monetary Policy" during the proceedings of the seminar.

Technical Analysis

USDJPY is showing a bullish bias as the Stochastic is positive, on the way to a new test of the pivotal resistance level of 106.70, and as long as the price is below this level, our bearish outlook will remain valid for the coming period, awaiting 105.05 then 104.60.

Recall that breaching the mentioned resistance will push the price for a further upside correction, reaching its next target at 107.70.

Expected trading range for today is between 105.70 support and 107.00 resistance.

Expected trend for today: Bearish

USDCAD

The pair is trading above 1.3300 in anticipation of the publication of consumer inflation data in Canada. If inflation pressure increases, and if the report of the last meeting of the Fed, which will be released today, will show a greater proclivity of the Fed to continue lowering rates, the pair will continue its decline.

The price is above the middle line of the Bollinger band, below the 5 SMA but above the SMA 14. RSI is above the level of 50% and moves horizontally. Stoch is uninformative.

Trading recommendations:

It possible to sell the pair after it crosses the level of 1.3300 with a probable local target of 1.3245.

Google's stock continues to move within the channel, which was trading after the jump formed by the past two weeks. To open the week with a bullish price gap.

The 20 MA is a support level near the 38.2 Fibonacci retracement level.

The price action is under the positive pressure of the moving averages 7- 20-50 that move below the price and form support levels.

Stochastic is in a bullish move which reflects the strength of the price support.

The general direction of the movement: a bullish path.

Gold futures fluctuated in a narrow range tilted lower during the Asian session to witness the bounce for the fourth session in six sessions from the highest since April 12, 2013, ignoring the negative stability of the US dollar index according to the inverse relationship, amid the scarcity of economic data This weekend by the US economy the world's largest economy.

Gold futures for December 15 delivery fell 0.06% to trade at $ 1,505.00 an ounce compared to the opening at $ 1,506.30 an ounce, knowing that the contracts started the session on a falling price gap after the close of trading Yesterday at $ 1,511.60 an ounce, while the US dollar index fell 0.05% to 98.31 compared to the opening at 98.36.

Investors are looking ahead to Tuesday's speech by Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles on community development at the Utah Center for Settlement Districts in Salt Lake City. Held in with the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

On Monday, US Commerce Secretary Wilbur Ross said that his country would postpone a 90-day ban on Huawei and other Chinese companies to move forward with trade talks, while expressing concern about the Fed's approach and its impact on the dollar's strength. He added that an economic recession is likely to happen in the end, but noted that the US bond yield curve is an unrealistic indicator, as some believe.

President Donald Trump also said yesterday that the US economy remains strong despite the vision of the Federal Reserve and its governor, Jerome Powell, and expressed the importance of cutting the federal funds rate by at least 100 basis points while reactivating the easing policies. Quantitative, explaining that America's economy will do better with the decline in interest and that the global economy will benefit from that.

Technical Analysis

Gold has achieved a clear break of 1503.24 and stabilized below it, putting the price under negative pressure over intraday basis, and we expect to test 1483.60 before any new attempt to rise.

Therefore, the bearish bias is likely for today, noting that this decline is temporary, waiting for a rebound upwards to resume the main bullish trend again, taking into consideration that the breach of 1483.60 will force the price to make further bearish correction, whose targets extend to 1451.90, while The breach of 1503.24 represents the key to recovering the major uptrend.

Expected trading range for today is between 1480.00 support and 1505.00 resistance.

Expected trend for today: Temporarily bearish.

The single currency of the European Union (EUR) has fluctuated in a narrow and bullish range during the Asian session against the US dollar on the eve of developments and economic data expected on Tuesday by the euro zone's largest economy and amid tight economic data earlier this week by the world's largest economy. 

At 05:11 am GMT the EURUSD rose 0.07% to 1.1086 levels from the opening at 1.1078, the pair's lowest level during the session, while the pair reached its highest at 1.1089.

Markets are currently awaiting the euro zone's largest economy, Germany, to release its PPI reading, which is a preliminary indicator of inflationary pressures that may reflect stability at zero levels against a contraction of 0.4% last June, while the annual reading of the index may show slower growth to 1.0 % Vs. 1.2% in the previous annual reading for June.

On the other hand, investors are awaiting the outcome of the Federal Open Market Committee and Randall Quarles, Deputy Governor of the Federal Reserve, on community development at the Utah Center for Settlement Stations in Salt Lake City. Open held at the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

Next Thursday, we are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

EURUSD shows tight range trading below 1.1100 barrier, and the price is under continuous negative pressure from SMA 50, thus we continue to favor the bearishness over intraday and short term, which aims to visit 1.1000 as the next main stop, while recalling the importance of stability. Below 1.1180 the continuation of the expected decline.

Expected trading range for today is between 1.1000 support and 1.1150 resistance.

Expected trend for today: Bearish.

The Australian dollar rose during the Asian session to witness the rebound for the fourth session in ten sessions from the lowest since March 18, 2009 against the US dollar following the developments and economic data that followed on Tuesday on the Australian economy and amid the lack of economic data earlier this week by the economy American largest economy in the world.

At 03:05 AM GMT, the Australian dollar against the US dollar rose 0.28% to 0.6783 levels compared to the opening levels at 0.6764, after the pair achieved the highest during the session at 0.6784, while the lowest level at 0.6755.

The Reserve Bank of Australia (RBA) unveiled the minutes of the Reserve Bank of Australia's (RBA) meeting on June 6, during which RBA monetary policy makers approved the fixing of short-term interest rates for the first time in three meetings after they were cut in the previous two meetings by 25 points. Basis to 1.00% at all time lows, which was expected by market analysts at the time.

In the same context, the minutes stated that it is reasonable to expect an "extended period" of low interest rates, while stating that the RBA monetary policy makers reviewed the experience of developed countries with unconventional monetary policy, and that a series of measures were noted. Are likely to be more effective than individual steps.

Earlier this month, the Reserve Bank of Australia's monetary policy statement mentioned that monetary policy makers believed core inflation could reach 1.5% by December, before growth accelerates to 1.75% by the end of next year. 2% by the middle and end of 2021, amid the indication that near-term risks to economic growth are more negative.

Earlier this month, Reserve Bank of Australia Governor Philip Lowe testified before the House of Representatives in Canberra that the Reserve Bank of Australia was ready to expand interest rate cuts if needed to support the labor market and stimulate inflation. Interest rate twice in quick succession, we thought it appropriate to wait and assess the consequences of monetary easing.

RBA Governor Lowe said on the 9th of this month that it is reasonable to expect a prolonged period of low interest rates in Australia, explaining that it is unlikely but likely to move to a minimum level of zero interest rates, adding that he hopes to be able to Avoid that, while expressing that he is willing to use exceptional monetary policy if justified.

On the other hand, investors are awaiting the outcome of the Federal Open Market Committee and Randall Quarles, Deputy Governor of the Federal Reserve, on community development at the Utah Center for Settlement Stations in Salt Lake City. Open held at the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

AUDUSD continues to fluctuate in a tight path, and continues to move within the descending channel shown, thus, the bearish trend will remain intact for the next period, unchanged by SMA 50, noting that our next target is at 0.6700, while achieving it requires stability. Below 0.6830.

Expected trading range for today is between 0.6720 support and 0.6830 resistance.

Expected trend for today: Bearish.

The US dollar fell during the Asian session against the Japanese yen amid the lack of economic data on Tuesday by the Japanese economy and also with the lack of economic data by the US economy at the beginning of this week, which includes the disclosure of the minutes of the Fed meeting and the start of the symposium Jackson Hole, which will include conservative speech Federal Reserve Jerome Powell next Friday.

At 06:24 AM GMT, the USDJPY fell 0.17% to 106.46 levels from 106.64 opening levels, after hitting a session low of 106.43 and a high of 106.69.

Investors are awaiting the outcome of Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles' talk about community development at the Utah Stability Settlement Center in Salt Lake City. Held in with the end of last July.

At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.

Next Thursday, we are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

USDJPY provided positive trading yesterday to test the 106.70 level and stabilize at it, keeping it below this level so far, which keeps the bearish scenario valid for now, supported by stochastic negativity, waiting for the breach of 106.05 to open the way towards achieving our extended targets. Up to 105.05 and then 104.60.

Note that a break of 106.70 will stop the expected decline and lead the price for additional gains of 107.70 in the near term.

Expected trading range for today is between 105.70 support and 107.00 resistance

Expected trend for today: Bearish.

GBPUSD

The pair is trading above 1.2090 against the backdrop of Brexit problems, which have a full impact on the dynamics of the British currency. The uncertainty factor of the prospects for Britain's exit from the EU may force the pair to continue its decline.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI crosses the level of 50% and gives a signal to sell. Stoch also confirm turn down and signal from RSI.

Trading recommendations: 
It possible to sell the pair after it crosses the level of 1.2090 with a probable local target of 1.2015.

The US dollar fluctuated in a narrow uptrend range during the Asian session to witness the bounce for the fourth session in six sessions from the lowest since January 3 last following the developments and economic data followed by Monday by the Japanese economy, the third largest economy in the world amid the scarcity of data Economic earlier this week by the US economy the largest economy in the world.

At 06:11 AM GMT, the US dollar against the Japanese yen rose 0.07% to 106.39 levels compared to the opening levels at 106.32, after the pair reached its highest level during the session at 106.49, while the lowest level at 106.22, knowing The pair started this week on a bearish price gap after closing last week at 106.38 levels.

The Japanese Trade Balance figure showed a deficit of 250 billion yen versus a surplus of 590 billion yen in June, worse than expectations for a deficit of 195 billion yen, while the seasonally adjusted reading of the index showed widening deficits. To 127 billion yen from 34 billion yen in June, against expectations of a widening deficit of 151 billion yen.

This came as the annual export reading showed that the decline narrowed to 1.6% from 6.6% in the previous annual reading for June, beating expectations for a decline to 2.3%, and the annual reading of imports reduced the decline to 1.2% against 5.2% in the reading The annual figure for the month of June, well above expectations for a contraction of 2.3%.

Later this week, investors await the Federal Open Market Committee (FOMC) and Federal Reserve Deputy Governor Randall Quarles' speech on community development at the Utah Center for Settlement Stations in Salt Lake City on Tuesday, ahead of revelation hours. For the minutes of the FOMC meeting held at the end of last July.

Technical Analysis

USD / JPY continues to fluctuate around SMA 50, and holds steady below 106.70, noting that Stochastic is providing negative signals over the four-hour time frame.

Therefore, these factors encourage us to continue to favor the bearishness during the coming sessions, and the price needs to break 106.05 level to facilitate the task of heading towards our negative targets starting at 105.05 and extending to 104.60, noting that breaching 106.70 will push the price for further bullish correction over intraday basis. .

Expected trading range for today is between 105.50 support and 106.90 resistance.

Expected trend for today: Bearish.