Analytic reviews

The Australian dollar fell during the Asian session to witness the lowest since January 3, when it tested the lowest since March 19, 2009 against the US dollar following the developments and economic data that followed the Australian economy and on the eve of developments and economic data expected today Monday by the largest US economy in the world.

At 02:40 AM GMT, the AUDUSD retreated 0.35% to 0.6724 levels from the opening levels of 0.6759, after hitting a seven-month low of 0.6676, while achieving the highest during the session at

0.6782

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

AUDUSD succeeded in touching our awaited target at 0.6700 and pressuring it on the way to continue the downside movement over the intraday and short term as the price continues to move inside the descending channel, with the next target at 0.6625.

From here, the bearishness will remain dominant unless 0.6830 is breached and stability above it.

Expected trading range for today is between 0.6625 support and 0.6750 resistance.

Expected trend for today: Bearish.

AUDUSD

The pair is in a short-term downtrend caused by the escalation of US-China trade war. A sharp interest rate cut by RBNZ may also lead to lower rates by RBA in the near future.

The price is at the lower Bollinger band, below SMA 5 and SMA 14. RSI is above the oversold zone and uninformative. Stoch reverse upwards.

Trading recommendations:

There is a high probability of the pair recovering to 0.6750. It possible to sell the pair with the target 0.6620 either at an upwards rebound from 0.6750 or after its drop below 0.6700.

Gold futures fell during the Asian session to see their rebound from the top since May 3, 2013 amid the rise of the US dollar index, showing a rebound from the lowest since July 22 according to the opposite relationship between them on the eve of developments and economic data expected today Tuesday from the US economy, the largest economy in the world, which includes a discussion of members of the Federal Open Market Committee.

Gold futures for December delivery fell 0.63% to currently trade at $ 1,464.06 per ounce compared to the opening at $ 1,467.50 per ounce. The contracts started the session on a bullish price gap after closing the trading session Yesterday at $ 1.463.50 per ounce, with the USD index rising 0.39% to 97.62 compared to the opening at 97.24.

Investors are currently waiting for Federal Open Market Committee (FOMC) Chairman and Federal Reserve Chairman Charles Evans to speak at a media briefing hosted by the Chicago Fed, before we also see the US economy reading a statistical reading of job opportunities and job turnover that may reflect a rise To 7.34 million from 7.32 million in May.

Otherwise, we would like to point out that the rise in the price of gold this week to the highest since early May 2013 before entering the Asian session in a limited corrective actions comes amid the growing concern of the markets due to the escalation of trade tensions between the two largest economies in the world And turn investors from high-risk assets, headed by stocks to safe havens, especially gold, which is a haven until the vision becomes clearer.

In view of the development of trade tensions between the United States and China, yesterday we followed the remarks of the Chinese Ministry of Commerce that Chinese companies may stop buying US agricultural products in response to US President Donald Trump's decision Thursday to impose 10% customs tariffs on China's imports worth $ 300 billion Which is supposed to come into effect by early September.

China's Ministry of Commerce said 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. In another context, the People's Bank of China (Central Bank of China) Yi Gang also said yesterday that his country will not use currency exchange rates as a tool in the escalating trade dispute with the United States.

We should point out that yesterday's high exchange rate of the dollar for the seven-yuan mark for the first time since 2008 before falling back below that barrier has been widely criticized by Washington. US President Trump expressed the weakness of the yuan as "a major violation" US Treasury Secretary Stephen Manuchen has said he will work "with the IMF to eliminate the unfair competitive advantage created by recent measures taken by China."

US President Trump yesterday called on the Fed to act and tackle the latest Chinese action, boosting market speculation of further Fed rate cuts in the coming period after the Federal Reserve last week cut interest rates by 25 basis points for the first time in more From a decade to between 2.00% and 2.25% in the wake of "global developments" and "inflation".

In another context, markets are currently looking for the RBA's decisions and directions with the release of the monetary policy statement and the monetary policy makers' decision to set rates for expectations for the first time in three meetings after having been reduced by 25 basis points to 1.00% As part of efforts to support the economy in the face of trade challenges in recent times.

Technical Analysis

The price of gold is showing some bearishness approaching the test of 1450.00 again, affected by Stochastic negativity, noting that stability above this level represents the first protection factor for the continuation of the expected bullish trend for the next period, which targets mainly 1500.00.

All in all, we continue to favor the bullish trend that gets positive support from the SMA 50 unless the 1450.00 and 1435.00 levels are broken and stability below it.

The trading range for today is among the support at 1450.00 and resistance at 1480.00

The general trend for today is bullish.

The euro hit a three-week high against the US dollar on Tuesday, continuing its strong gains for a fourth straight day as risk averse investors focused on buying low-yielding currencies amid strong signs of a global currency war, - China's local currency "yuan" fell to its lowest level in 11 years, and the United States accused China of manipulating the currency.

The euro rose against the dollar by more than 0.4% to $ 1.1249 since July 19, the opening price of $ 1.1202 and the lowest at $ 1.1190.

The euro ended yesterday's trading up 0.9% against the dollar, its third consecutive daily gain, and the biggest daily gain since Jan. 25, after the Chinese yuan's massive fall in the global market.

Over the past week, the euro fell 0.2% against the dollar, its third weekly loss in a row, as US interest rates fell more than once this year.

The dollar index fell 0.2% on Tuesday, extending its losses for a fourth day in a row, reaching a two-week low of 97.21 points, reflecting the continued decline of the US currency against a basket of major and minor currencies.

The decline comes as risk averse investors, with strong signs of a global currency war, especially after the sharp drop in the yuan exchange rate and China's manipulative currency rating for the first time in decades.

The Chinese authorities on Monday allowed the local currency, the yuan, to give up the 7 yuan mark per dollar unit for the first time since the global financial crisis, in China's strongest reaction to the United States escalating the trade war between the world's two largest economies.

After the latest round of trade talks between Washington and Beijing, which took place on Tuesday and Wednesday in Shanghai, China, US President Donald Trump decided on Thursday to impose an additional 10 percent on the remaining Chinese goods, $ 300 billion, starting from the first September.

US Treasury Secretary Stephen Menochin said on Monday that the US government had decided to consider China manipulative in its currency and would engage with the International Monetary Fund to eliminate unfair competition from the Chinese government.

The US classification of China as a currency manipulator is the first since 1994, and grandparents in indicators of worsening tensions between the two largest economies in the world, and as a major escalation in the trade war between the two countries for about a year.

Technical Analysis

The EUR / USD pair breached the 1.1180 level after closing the daily candlestick above it, leading the price to achieve further gains over the coming period, on its way to visit 1.1350 and 1.1443 as the next positive targets.

Therefore, the bullish trend will be likely during the day unless the level of 1.1180 is broken and stability below it again, as this break will reactivate the negative scenario, which is located next target at 1.1000.

The trading range for today is expected among the 1.1120 support and the 1.1300 resistance

The general trend for today is bullish.

The Australian dollar rose against the US dollar to end the two-week losing streak. Following the developments and economic data we have followed on the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.

At 0240 GMT, the AUDUSD rose 0.47% to 0.6794, compared to the opening levels of 0.6753, after reaching its lowest in seven months at 0.6748, while reaching a high of 0.6794.

We followed the Australian economy with the RBA's decisions and directions with the release of the monetary policy statement and the monetary policy makers' decision on monetary policy. At the Reserve Bank of Australia's Reserve Bank of Australia meeting held on August 6, monetary policy makers approved the establishment of short- At 1.00% after a 25bp cut in the previous two meetings at all, which was expected by market analysts.

On the other hand, investors are currently waiting for Federal Open Market Committee (FOMC) Chairman and Federal Reserve Chairman Charles Evans to speak at a media briefing hosted by the Federal Reserve Bank of Chicago, before we also see the US economy reading a statistical reading of job opportunities and job rotation. May reflect a rise to 7.34 million versus 7.32 million in May.

This comes before we see another member of the Federal Committee, the head of St. Louis Federal Reserve James Pollard about the economy and monetary policy at a luncheon signed by the National Economists Club in Washington, a few hours after US President Donald Trump asked the Federal Reserve to act and address the China has weakened its yuan currency, which he described as a "major violation" in the midst of a trade war between countries.

Technical Analysis

The AUDUSD is showing some slight bullishness on its way to test the 0.6830 level, and the price remains under  the main descending channel shown in the picture, so that the overall bearish trend will prevail for the coming period, supported by SMA 50, pending targeting 0.6700 as a next stop, The importance of stability below 0.6830 for the continuation of the suggested bearish trend.

The trading range for today is expected among the support at 0.6700 and the resistance at 0.6830

The general trend for today is bearish.

The US dollar rose during the Asian session to see its rebound from its lowest level since January 3, when it tested its lowest since March 26, 2018 against the Japanese yen following developments and economic data that we followed on the Japanese economy, the world's third largest economy And on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.

At 06:21 GMT, the USDJPY rose 0.46% to 106.44 compared to the opening levels at 105.95, after reaching the highest level at 107.09, while the lowest in seven months at 105.52 .

We have followed the Japanese economy to reveal the annual reading of the index of average wages, which showed a rise of 0.4% compared to a decline of 0.5% in May, contrary to expectations that the widening decline to 0.8%, in conjunction with the publication of the annual index of household spending, which showed Growth slowed to 2.7% from 4.0% in May, beating expectations that growth would slow to 1.3%.

Leading to the release of leading indicators, which showed a narrowing to 93.3 versus 94.9 in May, worse than expected at 93.6. This came hours after Japanese Prime Minister Shinzo Abe expressed concern at the weekend of slowing global economic growth from Because of the trade tensions and its dependence on the economy of his country, stressing his government's commitment to work necessary to support the economy in the face of local and global challenges.

On the other hand, investors are currently waiting for Federal Open Market Committee (FOMC) Chairman and Federal Reserve Chairman Charles Evans to speak at a media briefing hosted by the Federal Reserve Bank of Chicago, before we also see the US economy reading a statistical reading of job opportunities and job rotation. May reflect a rise to 7.34 million versus 7.32 million in May.

This comes before we see another member of the Federal Committee, the head of St. Louis Federal Reserve James Pollard about the economy and monetary policy at a luncheon signed by the National Economists Club in Washington, a few hours after US President Donald Trump asked the Federal Reserve to act and address the China has weakened its yuan currency, which he described as a "major violation" in the midst of a trade war between countries.

Technical Analysis

The USDJPY touched the first target of 105.65 at the beginning of today's trading and is now rebounding strongly to make an upward correction to the recent low from 109.32 and the pair faces strong resistance at 38.2% Fibonacci at 106.97, noting that SMA 50 Is a negative pressure against the price, so that opportunities remain for resuming the downside trend during the coming sessions.

Therefore, we will hold onto our downside expectations, whose main targets start above 105.65 to open the way towards 104.60, noting that a break of 106.97 will halt the expected decline and lead the price to achieve more gains over the intraday basis.

The trading range for today is expected among the support at 106.00 and the resistance at 107.40

The general trend is expected for today: Overall bearish.

USDCHF

The pair is recovering from the drop caused by the devaluation of yuan to USD against the backdrop of the US-China trade war. Some upwards correction of the pair is expected. But if the negative trends in investor sentiment continue, the pair will continue its decline.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. The RSI is located above the oversold zone and indicates a halt in price growth. Stoch broke out of this zone and are actively growing.

Trading recommendations:

There is a high probability of the pair recovering to 0.9800. If the pair doesn’t pass this level, it will turn down and plummet to 0.9700 and then to 0.9640.

Gold futures rallied during the Asian session, their highest since May 9, 2013, as the US dollar index fell for the third consecutive session from its highest since May 15, 2017, according to the inverse relationship between them on the eve of economic developments and data Expected on Monday by the US economy, the world's largest economy and in the shadow of market pricing for strikes and global trade tensions.

Gold futures for December delivery rose 0.93% to currently trade at $ 1,464.70 per ounce from the opening price of $ 1,451.20 an ounce. The contracts started trading on a bearish price gap after closing Last week at $ 1.457.50 per ounce, with the US dollar index falling 0.18% to 97.93 compared to the opening at 98.11.

Investors are currently waiting for the US economy to publish the final index of the Institute of Supply of Service by Markit for the United States, which may reflect the stability of the widest at 52.2, unchanged from the preliminary reading for the month of July compared to 51.5 in June, before the disclosure of the reading Of the Institute of Supply Services, which may show a breadth of 55.5 versus 55.1 in June.

In contrast, Hong Kong continues to witness widespread strikes, including a general strike paralyzed by worsening conditions, which have been strained since June when protesters took to the streets to oppose China's extradition bill, which was suspended while not fully withdrawn, Liquidity of the stock indices, especially Asia, which reflects the lowest in more than six months to safe havens, topped by gold.

Seoul announced plans to invest about 7.8 trillion won ($ 6.48 billion) in research and development to boost domestic production of materials and equipment over the next seven years to reduce its reliance on imports from Tokyo after Japan removed last week South Korea Of the "white list" and after Tokyo imposed restrictions on its exports to Seoul of high-tech materials important and important in the production of semiconductors.

On Thursday, US President Donald Trump decided to impose 10 percent tariffs on Chinese goods and goods worth $ 300 billion. The decision is supposed to go into effect by early September. Trump said last Friday he could lift tariffs on China to a "much higher figure", before noting last Saturday that things are going well, and in return pledged to face the threat of tariffs.

Technical Analysis

The price of gold has succeeded in reaching our awaited target at 1450.00 and is attempting to breach it now, thus enhancing the expectations of the bullish wave over the short term and short term, which gets positive support from SMA 50, with the next target reaching 1500.00.

Therefore, we will continue to bias the upside during the coming sessions, noting that the failure to confirm the breach of 1450.00 followed by the 1435.00 break will stop the expected rally and press the price to test the 1410.90 areas again before any new attempt to rise.

The trading range for today is among the support at 1435.00 and resistance at 1470.00

The general trend for today is bullish.

The US dollar fell during the US session to rebound for the third consecutive session from its highest since late May, showing its lowest since January 3, when it tested its lowest since March 26, 2018 against the Japanese yen Amid a lack of economic data earlier this week by the Japanese economy and on the eve of developments and economic data expected on Monday by the US economy, the largest economy in the world.

At 06:07 GMT, the USDJPY declined 0.61% to 105.94 compared with the opening levels at 106.59, after reaching a seven-month low of 105.79, while the highest at 106.68 .

Investors are currently waiting for the US economy to publish the final index of the Institute of Supply of Service by Markit for the United States, which may reflect the stability of the widest at 52.2, unchanged from the preliminary reading for the month of July compared to 51.5 in June, before the disclosure of the reading Of the Institute of Supply Services, which may show a breadth of 55.5 versus 55.1 in June.

US President Donald Trump's recent decision to impose a $ 10 billion tariff on Chinese goods and goods worth $ 300 billion has weighed on investors' appetite for risk amid escalating US trade protectionism and the worsening trade war between the world's two biggest economists. , Prompting them to turn liquidity into safe havens, including low-yielding currencies, led by the Japanese yen.

The USD / JPY pair breached the 106.78 level and is pushing down strongly with the opening of today's trading, approaching our negative target at 105.65, and we expect the short-term downtrend to extend to 104.60 as a major next stop.

Therefore, the bearishness will remain in the short and medium term, noting that stability below 106.78 is important for the continuation of the suggested bearish wave.

The trading range for today is among the key support at 105.00 and resistance at 106.60

The general trend for today is bearish.

The Australian dollar fell during the Asian session to its lowest level since January 3, when it tested its lowest since March 19, 2009 against the US dollar following the economic developments and data that followed on the Australian economy and on the eve of developments and economic data expected today Monday by the US economy, the world's largest economy.

At 0240 GMT, the AUDUSD fell 0.47% to 0.6769 from the opening levels of 0.6798, after reaching its lowest level in seven months at 0.6748, while the highest level was at 0.6805.

We followed the Australian economy to reveal the services index, which reflected a contraction at 43.9 versus a widening of 53.2 in June.

This came ahead of the Melbourne Institute's inflation gauge reading, which showed a 0.3% growth against stability at zero levels in June, while the annual reading showed the same index accelerated growth to 1.8% versus 1.6%

We followed the Australian economy to release the Australian Industrial Services Services Index, which reflected AIG's contraction at 43.9 versus an increase of 52.2 in June,

This comes hours before the Reserve Bank of Australia's decisions and directions were released with the release of the monetary policy statement and the decision of monetary policy makers to set interest rates amid expectations that they will be held for the first time in three meetings after being reduced by 25 basis points to 1.00% before we see With the end of the week the testimony of Governor of the Reserve Bank of Australia Philippe Lowy before the Standing Economic Committee of the House of Representatives in Canberra.

On the other hand, investors are currently waiting for the US economy to release the final index of the Institute of Supply of Service by Markit for the United States, which may reflect the stability of the widening at 52.2, unchanged from the preliminary reading for July and compared to 51.5 in June, before the disclosure From the Institute of Supply Service Index, which may show a breadth of 55.5 vs. 55.1 in June.

Technical Analysis

The AUDUSD is trading in a negative negativity to gradually move away from 0.6830, reinforcing expectations for a continuation of the main bearish trend targeting 0.6700 mainly, noting that a break of 0.6830 could push the price to test the 0.6965 zones before any new attempt to decline.

The trading range for today is expected among the support at 0.6700 and the resistance at 0.6830

The general trend for today is bearish.