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The Australian dollar rose against the US dollar, ending the two-week losing streak. Despite the lack of economic data released by the Australian economy and on the threshold of developments and economic data expected on Thursday by the US economy, the largest economy in the world.

At 02:40 am GMT, AUDUSD rose 0.20% to 0.6772 levels from opening levels of 0.6754, after hitting a seven-month low of 0.6745, while hitting a session high of 0.6782.

On the other hand, investors are awaiting the US economy for the release of the jobless claims for the week that ended on August 3, which may reflect stability at 215K, little changed from the previous weekly reading, before we see the final reading of the wholesale inventory index. That could show growth stabilizing at 0.2%, little changed from the initial reading for June and 0.4% in May.

Technical Analysis

AUDUSD has been showing positive trading since yesterday, on its way to a possible retest of 0.6830, while the bearish main trend scenario remains intact based on the regularity of the trading within the descending channel shown, waiting to target 0.6625 as the next major stop.

Keep in mind that a break of 0.6830 will push the price for further gains and test 0.6965 areas before any fresh attempt to fall.

Expected trading range for today is between 0.6700 support and 0.6830 resistance

Expected trend for today: Bearish.

Cisco shares continue to decline after it managed to breach the support of 54.00 to complete the downtrend and reach the next support 51.28.

The moving averages move above the price and form resistance levels and pressure it

To drop.

Stochastic is in an oversold area so we are likely to see some correction on the price and rise towards resistance levels and test 54.00-57.00 levels.

The general trend is to the downside.

The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session, bouncing back to its fifth session in six of its lowest since May 16, 2017 against the US dollar on the eve of the ECB's monthly ECB release. In addition to the developments and economic data expected on Thursday by the US economy, the largest economy in the world.

At 05:13 am GMT the EURUSD rose 0.10% to 1.1210 levels compared to the opening at 1.1199, after the pair reached its highest level during the session at 1.1214, while the lowest level at 1.1197.

Investors are currently awaiting the US economy's release of the claims report for the week ending August 3, which may reflect stability at 215K, unchanged from the previous weekly reading, before we see the final reading of the wholesale inventory index, which may show stability Growth at 0.2%, little changed from the initial reading for June and against 0.4% in May.

Technical Analysis

There was no strong movement yesterday, and it continues to fluctuate around SMA 50, and since the price is above 1.1180, our bullish outlook will remain intact, as a break will press the pair down and head towards 1.1000 as the first negative stop, while the main targets of the suggested upside wave begin. At 1.1350 then 1.1443.

Expected trading range for today is between 1.1140 support and 1.1300 resistance

Expected trend for today: Bullish.

Gold futures fluctuated in a narrow, bullish range during the Asian session to stabilize near the highest in more than six years amid the decline of the US dollar index for the fourth session in six sessions from the highest since May 15, 2017 according to the inverse relationship Following the economic developments and data followed by the Chinese economy, the largest consumer of metals in the world and on the threshold of developments and economic data expected Thursday from the US economy, the largest economy in the world.

At 04:17 am GMT, gold futures for December 15 fell 0.01% to trade at $ 1497.75 an ounce compared to the opening at $ 1498.63 an ounce, noting that the contracts started the session on a falling price gap after the close of trading Yesterday at $ 1,500.97 an ounce, with the US dollar index down 0.06% to 97.53 compared to the opening at 97.59.

China's economy, the second largest in the world after the US, followed the release of the Trade Balance Index, which showed that the surplus shrank to 310 billion yuan ($ 45.1 billion) from 345 billion yuan ($ 51.0 billion) in June. Last, in line with expectations that indicated a surplus of 310 billion yuan equivalent to $ 43.2 billion.

In the same context, the annual reading of the export index showed that growth accelerated to 10.3% compared to 6.1% in the previous annual reading for the month of June, exceeding the expectations that accelerated growth to 7.0%, while the annual reading of exports in the US dollar rose 3.3% against a decline 1.3%, contrary to expectations for a decline to 1.0%.

The annual import index also showed a 0.4% rise versus a 0.4% decline in the previous June reading, beating expectations for a 3.3% decline, while the annual US imports figure showed a decline to 5.6% vs. 7.4%. Expectations of a decline to 9.0% came amid market pricing for the effects of the trade war between the world's two largest economies.

The People's Bank of China (RMB) set the yuan's exchange rate at the highest 7 yuan per US dollar barrier for the first time since 2008, which was interpreted as indicating that the Chinese authorities are seeking to curb recent yuan devaluations, in one way or another. Markets are concerned that trade tensions between Washington and Washington have worsened into a currency war.

On the other hand, investors are currently awaiting the release of the US jobless claims for the past week on August 3, which may reflect stability at 215K, unchanged from the previous weekly reading, before we see the final reading of the wholesale inventory index which It could show a stable growth of 0.2%, little changed from the initial reading for June and against 0.4% in May.

It is noteworthy that the US administration has been widely criticized China after the yuan exchange rate fell below 7 yuan per dollar for the first time in more than a decade, and described it as manipulating the exchange rate to take advantage of competitive advantages in export at the expense of others, in return the bank refused China's central bank has accused the US Treasury of manipulating the yuan's exchange rate against the dollar and accusing it of fighting a currency war within the trade war.

This follows the recent escalation of trade tensions between the United States and China following Chinese Commerce Ministry statements over the weekend that Chinese companies may stop buying US agricultural products in response to US President Donald Trump's decision last Thursday to impose 10 percent tariffs on Chinese imports to his country worth 300 $ Billion by early next month.

The Chinese Ministry of Commerce reported earlier this week that it would not "exclude" tariffs on agricultural goods purchased after August 3, and China is one of the largest importers of US agricultural products. Jang also said last Monday that his country would not use currency exchange rates as a tool in the escalating trade dispute with the United States.

Yesterday, US President Donald Trump said that the main problem lies not in China, but in the Federal Reserve, accusing the Federal Reserve of stubbornly admitting its erroneous tendencies and hastening to raise interest rates on federal funds, while appealing for a further cut. Faster interest rates in addition to stop all the tightening steps, and touched on the weakness of inflationary pressures and widening the gap of the yield curve.

In the same context, we also followed yesterday the Federal Open Market Committee member and Chicago Federal Reserve Chairman Charles Evans expressed that the high risks to the US economy may require a lower rate of interest than expected, pointing out that risk management may require more expansionary policies. He expects his country's economy to grow 2.25% this year.

Technical Analysis

Gold has been trading slightly negatively since yesterday, confined within a bearish intraday channel that we believe is forming an bullish flag pattern, which means that a breach of 1505.00 will provide a positive incentive to support the expectations for the continuation of the bullish intraday and short term direction, where our next target is at 1526.85.

From here, we continue to favor the bullishness over the coming sessions supported by SMA 50, noting that the breach of 1484.40 will pressure the price to start a bearish corrective wave before.

The US dollar fluctuated in a narrow range, tilted lower during the Asian session to witness the bounce for the fifth session in six sessions from the highest since May 31 last yen against the Japanese yen following the developments and economic data that followed from the Japanese economy and on the eve of developments and economic data expected on Thursday from Ahead of the US economy the largest in the world.

At 05:54 AM GMT, the USDJPY fell 0.14% to 106.12 levels from 106.27 opening levels, after hitting a session low of 106.00 and a high of 106.30.

On the other hand, the Japanese economy, the third largest in the world, followed the release of the Bank of Japan's annual bank lending index, which showed a stable growth rate of 2.3%, little changed from the previous annual reading of June, contrary to expectations. The pace of growth was accelerated to 2.4%.

This came in conjunction with the release of the current account reading which showed the surplus shrank to 1,211 billion yen from 1,595 billion yen in May, beating expectations that the surplus would shrink to 1,174 billion yen, while the revised reading of the same index showed that the surplus widened to 1,942 billion yen. Yen versus 1,306 billion yen in May, beating expectations for a widening surplus of 1,757 billion yen.

Japan's Cabinet Office revealed that EcoWatchers' statistic reading of current and future conditions showed that the contraction widened to 41.2 for the current conditions and the contraction to 44.3 for the future versus 44.0 and 45.6 respectively in June, worse than expectations. The contraction widened to 43.6 and 45.4, respectively.

On the other hand, investors are awaiting the US economy for the release of the jobless claims for the week that ended on August 3, which may reflect stability at 215K, little changed from the previous weekly reading, before we see the final reading of the wholesale inventory index. That could show growth stabilizing at 0.2%, little changed from the initial reading for June and 0.4% in May.

Technical Analysis

USDJPY managed to touch our first awaited target at 105.50 and bounce up from there, on its way to test 106.40, which represents initial resistance against the price, accompanied by the significant loss of positive momentum Stochastic, waiting to stimulate the price to resume the main bearish trend, whose targets start A break above 105.50 to confirm the extension of the downside wave towards 104.60.

From here, our bearish outlook will remain valid for today, provided it holds below 106.97.

Expected trading range for today is between 105.30 support and 106.90 resistance.

Expected trend for today: Bearish.

GBPUSD

The pair is in the narrow range of 1.2120-1.2210, consolidating in anticipation of Friday’s British GDP data. Weak data could lead to a local decrease.

The price is above the middle Bollinger band, above EMA 5 and SMA 14. RSI is moving around the level of 50% and is not informative. Stoch are growing.

Trading recommendations: 

The pair is likely to resume its decline amid weak UK GDP data. In this case, a decrease below 1.2120 may cause the price to drop 1.2045.

Gold futures rose during the Asian session to the highest since April 12, 2013 amid the decline of the US dollar index for the fourth session in five sessions from the highest since May 15, 2017 according to the inverse relationship between them on the eve of developments and data The economy is expected Wednesday from the US economy, the largest in the world and in the shadow of market pricing of trade tensions.

At 04:57 AM GMT gold futures for December 15 delivery rose 0.69% to trade at $ 1,497.00 an ounce compared with the opening at $ 1,486.70 an ounce, knowing that the contracts achieved the highest in more than six years at 1,502.30 $ Per ounce, with the US dollar index down 0.03% to 97.53 compared to the opening at 97.56.

Investors are now awaiting the outcome of FOMC member and Chicago Fed Chairman Charles Evans at a media Iftar hosted by the Federal Reserve Bank of Chicago, before we also see the US economy release the consumer credit reading which may reflect a drop to 16.4. $ Billion versus $ 17.1 billion last May.

Otherwise, gold prices continue to draw support as markets pricing a worsening trade war between the world's two largest economies and the yuan's exchange rate against the US dollar fell to its lowest level in more than a decade, the 7-yuan-dollar barrier that followed earlier this week. This was followed by widespread criticism by the US administration and described the matter as manipulating the exchange rate to take advantage of competitive advantages in export.

Yesterday, the People's Bank of China rejected the US Treasury Department's accusations of manipulating the yuan's exchange rate against the dollar and fighting a currency war within the US-China trade war. Reasonable under the title of "currency manipulators," a behavior that harms others and themselves.

This comes in the wake of growing trade tensions between the United States and China and expectations of growing trade tensions between them, especially in the wake of statements by the Chinese Ministry of Commerce over the weekend that Chinese companies may stop buying US agricultural products in response to US President Donald Trump's decision last Thursday to impose tariffs 10% On Chinese imports to his country worth $ 300 billion by early next month.

The Chinese Ministry of Commerce reported earlier this week that it would not "exclude" tariffs on agricultural goods purchased after August 3, and China is one of the largest importers of US agricultural products. Jang also said last Monday that his country would not use currency exchange rates as a tool in the escalating trade dispute with the United States.

Technical Analysis

The price of gold opened today with a strong rise to approach our main target at 1500.00, and we believe that the way is open to continue to make gains over the coming period, where the price gets continuous positive support from SMA 50, noting that the next stop is to test the most important resistance for medium trading Term at 1526.85.

Therefore, we await further rallies in the coming sessions provided that the price holds above 1450.00.

Expected trading range for today is between 1470.00 support and 1510.00 resistance.

The general trend for today is bullish.

The US dollar fell during the Asian session to witness a rebound for the fourth session in five sessions from the highest since May 31 against the Japanese yen after the release of a sincere report by the Bank of Japan, which is issued after ten days of the Bank of Japan and on the eve of developments The economic data expected on Wednesday by the US economy, the largest economy in the world.

At 06:02 AM GMT, the USDJPY fell 0.18% to 106.28 compared to the opening levels of 106.47, the pair's highest level during the session, while the pair reached its lowest level during 105.93.

Investors are now awaiting the outcome of FOMC member and Chicago Fed Chairman Charles Evans at a media Iftar hosted by the Federal Reserve Bank of Chicago, before we also see the US economy release the consumer credit reading which may reflect a drop to 16.4. $ Billion versus $ 17.1 billion last May.

Technical Analysis

USD / JPY rebounded significantly after testing the 38.2% Fibonacci retracement level yesterday, trading at 106.00 now, supporting our continuation of the bearish trend, noting that Stochastic is providing a negative crossover signal that supports further downside.

Our first target is at 104.60, and breaking it will push the price to 104.60 as the next stop, while stability below 106.97 is an important condition for the continuation of the expected decline.

Expected trading range for today is between 105.30 support and 106.90 resistance.

The general trend for today is bearish.

Aeroflot was able to reach 102.87 support and bounced back after testing it at the beginning of the week

The price is moving below the 7-20 moving averages which are price resistance.

It reached the 50 level which is still below the price and formed a support level and positively pressed the price.

Stochastic is in a downtrend towards oversold area, so we can see the price drop and try to test support again.

Overall trend: Bearish.

The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session to see its fourth session rebound in five of its lowest since May 16, 2017 against the US dollar on the eve of developments and economic data expected on Wednesday by dotted economies The euro and the US economy are the largest in the world.

At 05:30 AM GMT the EURUSD rose 0.09% to 1.1209 levels from the opening at 1.1199, after the pair reached a session high of 1.1220 and a low of 1.1198

Markets from Germany, the euro zone's largest economy, are looking for a seasonally adjusted industrial production reading which may reflect a 0.5% decline versus a 0.3% rise in May, while an annual non-seasonally adjusted reading of the index may show the decline to 3.1% versus 3.7%. Before we see the release of the trade balance of France, the second largest economy in the region, which may show the widening of the deficit to 4.0 billion euros from 3.3 billion euros in May.

On the other hand, investors are currently awaiting the outcome of the FOMC member and the President of the Federal Reserve Bank of Chicago, Charles Evans, at a media breakfast hosted by the Federal Reserve Bank of Chicago. Worth $ 16.4 billion compared to $ 17.1 billion last May.

Technical Analysis

EUR / USD is trading above 1.1180, keeping our expectations for the bullish intraday direction, targeting 1.1350 then 1.1443 as the next major stops.

Keep in mind that failure to hold above 1.1180, breaking it and holding back below it will reactivate the bearish scenario, where the first major target is at 1.1000.

Expected trading range for today is between 1.1140 support and 1.1300 resistance.

The general trend for today is bullish.