Analytic reviews

Gold futures traded in a narrowly bullish range during the Asian session to see their rebound to its second-lowest session since July 17, deflecting the dollar's five-session rally in seven sessions from its lowest since July 4th according to the relationship On the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.

Gold futures for December delivery rose 0.01% to currently trade at $ 1,427.60 per ounce from the opening at $ 1,427.40 per ounce, while the dollar index rose 0.02% to 97.81 compared to the opening at 97.79.

Investors are currently waiting for the US economy to disclose preliminary GDP reading for the second quarter, which could show a slowdown in the growth of the world's largest economy to 1.8%, which may show less and two-year growth compared to 3.1% in the first quarter, while may reflect The preliminary reading of GDP measured in prices over the previous quarter accelerated growth to 4.0% from 0.9% in the first quarter.

In contrast, the International Monetary Fund (IMF) on Wednesday lowered its global growth forecast for the fourth time in nine months this year and the next by 0.1% to 3.2% for 2019 and 3.5% for 2020 and renewed concern over the UK exit from the EU Former Foreign Secretary Boris Johnson, the party's leadership and British prime minister, succeeding Teresa Mae, one of the most vocal opponents of Britain's survival within the bloc.

In another context, yesterday we followed the expiration of the European Central Bank meeting, where interest rates were kept at zero levels and the marginal lending rate stabilized at 0.25% while maintaining a negative deposit rate of -0.40%. ECB Governor Mario Draghi said the European Central Bank is ready to cut interest rates to boost growth, adding that there are risks putting pressure on the economies of the euro zone.

Technical Analysis

Gold has tested the pivotal support level at 1410.90 and maintains stability above it, accompanied by the emergence of positive cross signals through stochastic, waiting for the pair to stimulate the resumption of the bullish wave during the coming sessions, with the reminder that our next main target is at 1450.00.

Therefore, we will hold onto our bullish trend for today, noting that breaking 1410.90 will stop the positive scenario and press the price to start a bearish correction with the next key target at 1385.00.

The trading range for today is among the support at 1405.00 and resistance at 1440.00

The general trend for today is bullish.

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session, on the second weekly losing streak against the US dollar on the eve of economic developments and data expected on Friday by Eurozone economies and the US economy, the world's largest economy. Britain's exit from the European Union.

At 05:59 GMT, the EURUSD dropped 0.02% to 1.1145, compared to the opening at 1.1147, after the pair reached a low of 1.1142 and a high of 1.1151.

Investors are currently waiting for Germany's largest economy to release the import price reading, which could reflect a 0.8% drop from 0.1% in May. The same index may also show a 1.5% rise from 0.2% Of the European Central Bank's meeting in which interest rates were kept at zero levels.

The European Central Bank's marginal lending rate was fixed at 0.25% with a negative deposit rate of -0.40%. ECB President Mario Draghi noted at the press conference following the meeting that the ECB was ready to cut interest rates to boost growth , Pointing out that there are risks that put pressure on the economies of the region.

Technical Analysis

The EURUSD remains stable below pivotal resistance 1.1180, and therefore our bearish outlook remains intact, supported by the negative pressure formed by SMA 50, awaiting the resumption of the bearish trend targeting 1.1100 and 1.1000 as the next major stations.

Keep in mind that a break above 1.1180 and stability above it will push the price to start recovery attempts with initial targets at 1.1245 and extend to 1.1443.

The trading range for today is expected between 1.1050 and 1.1200 support

The general trend for today is bearish.

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its sixth straight session rebound from its highest since April 24 and prepare for the first weekly loss of three weeks against the US dollar amid tight economic data at the end of the week by the Australian economy and The economic outlook for the US economy is expected to rise on Friday.

At 02:45 GMT, the AUDUSD fell 0.04% to 0.6948 compared to the opening levels of 0.6951, after reaching its lowest level since July 10 at 0.6941, while the highest in the trading session Session at 0.6955.

Investors are currently waiting for the US economy to disclose the preliminary GDP reading for the second quarter, which may show a slower pace of growth for the world's largest economy to 1.8% versus 3.1% in the first quarter, while the preliminary reading of GDP may reflect the price of a quarter Last quarter accelerated growth to 4.0% versus 0.9% in the first quarter.

Technical Analysis

Yesterday, the AUDUSD traded in a negative direction to break the 0.6975 level and settle below it, placing the price within the descending channel appearing on the picture, on its way to achieve further bearishness in the coming period.

Therefore, the bearishness will be likely to be supported today by the negative pressure formed by SMA 50, provided that the price remains steady below 0.6975, noting that our next target is at 0.6832.

The trading range for today is among the key support at 0.6880 and resistance at 0.6980

The general trend for today is bearish.

Amazon failed to breach the support level of 1953.11 after testing it several times this week.

The price is hovering above the 20 and 50 moving averages which form price support levels and the price is pressed to the upside and 2034.12 resistance is tested again.

Stochastic is in a bullish path so we can see the price attempt to rise and retest the resistance 2034.12.

The expected movement between 1885.00 support and 2050.79 resistance

General direction of the movement: upward.

The US dollar fluctuated in a tight range slipping into the US session to see its rebound to its second highest session since July 10, when it tested its highest since late May, promising the first weekly gain in three weeks and the best weekly performance in four Months ahead of the Japanese yen following the developments and economic data that followed the Japanese economy and on the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 06:53 GMT, the pair dropped 0.03% to 108.60, compared to the opening levels at 108.63, after recording a low of 108.56 and a high of 108.74.

We have followed the Japanese economy to release inflation data with the Tokyo Consumer Price Index (CPI) reading, which showed a slowdown in growth to 0.9% from 1.1% in June, below expectations of 1.0%, while the core annual reading of the index itself, excluding food Fresh fruits, excluding fresh food and energy, have stabilized growth of 0.9% and 0.8%, excluding expectations of 0.8% and 0.7%.

On the other hand, investors are currently waiting for the US economy to disclose the preliminary reading of GDP for the second quarter, which may show slower growth of the world's largest economy to 1.8% compared to 3.1% in the first quarter, while may reflect the preliminary reading of GDP measured At prices for the last quarter, growth accelerated to 4.0% from 0.9% in the first quarter.

Technical Analysis

The USDJPY rallied significantly yesterday to near our awaited first target of 108.93, which represents 38.2% Fibonacci retracement of the bearish wave shown in the image, and the price is positively supported by the SMA 50, supporting the continuation of the upside move to breach this level and the extension of the wave Corrective correction to reach 109.60 as a next stop.

Therefore, we expect the bullishness to continue in the coming sessions unless the 108.10 level is broken and the daily closing below it.

The trading range for today is expected among the support at 108.00 and the resistance at 109.40

The general trend for today is bullish.

AUDUSD

The pair remains under pressure in anticipation of the RBA reducing interest rates and the Federal Reserve issuing the final decision on monetary policy.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold area and moves horizontally. Stoch are also in this zone but uninformative.

Trading recommendations:

Expect the price to continue falling to 0.6900 if it remains below 0.6955.

The US dollar fluctuated in a narrow range slipping towards the US session to see its rebound for the third session since July 17 against the Japanese Yen amid a lack of economic data by the Japanese economy and on the eve of developments and economic data expected Thursday by the US economy The world's largest economy.

At 06:03 GMT, the pair dropped 0.06% to 108.12 from the opening level at 108.19, after recording a low of 108.08 and a high of 108.24.

The markets are currently looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 0.8% rise from a 1.3% drop in May. The core reading of the index itself may show a slowdown in growth to 0.2% from 0.4% in May.

This comes in conjunction with the release of the trade balance of goods which may indicate that the deficit shrank to $ 72.4 billion from $ 74.5 billion in May and the initial reading of the Wholesale Inventories Index, which may reflect the acceleration of growth to 0.5% from 0.4% In addition to the reading of the index of claims for the week ending on the 20th of this month, which may reflect a rise of 4 thousand applications to 220 thousand applications.

The US dollar is the world's first reserve currency and in the long run the strength of the dollar reflects the strength of economic conditions within the United States, he said, adding that he does not support the dollar's short-term decline, adding that US President Donald Trump believes That inflationary pressures are very low in his country and that interest rates should be cut to match the rest of the world.

Technical Analysis

USD / JPY is trading above the 108.10 level, so the corrective corrective scenario remains valid for the coming period, supported by the move above SMA 50, awaiting a visit to 108.93 as a corrective correction.

Keep in mind that breaking 108.10 and trading below it again will put the price under negative pressure with its first key target at 106.78.

The trading range for today is expected among the key support at 107.60 and the resistance at 109.00

The general trend for today is bullish.

Gold futures traded in a tight range slipping into the Asian session to see their fourth session rebound in five sessions from its highest since May 10, 2013 amid the rise of the US dollar index for the fourth session in six sessions of its lowest since July 4 According to the inverse relationship between them.

This comes just before Governor of the Reserve Bank of Australia Phillip Lowe delivered a speech entitled "Targeting Inflation and Economic Wellbeing" at the Anika Foundation in Sydney and the launch of the European Central Bank meeting and the forthcoming ECB press conference and on the eve of the economic developments on Thursday by the US economy. The world's largest economy.

Gold futures for August delivery fell 0.31% to currently trade at $ 1,422.40 per ounce compared with the opening at $ 1,426.80 an ounce. The contracts opened the session on a bullish price gap after closing the trading session. At $ 1.423.60 an ounce, as the dollar index rose 0.05% to 97.72 compared to the opening at 97.68.

Investors are now waiting for the ECB meeting to take place at which zero interest rates could be maintained and the marginal lending rate stabilized at 0.25% with a negative deposit rate of -0.40% ahead of the upcoming ECB President Mario Draghi, who said after the previous meeting that the European Central Bank is ready to cut interest rates to promote growth.

Draghi noted last month that the European Central Bank is ready to adopt a new monetary stimulus in buying bonds to support economic growth in the euro area, adding that these actions come at a time of increasing uncertainty about trade disputes and their effects on the global economy, adding that The European Central Bank is ready to use all means and instruments available to it to drive growth and revive exports and the European industry.

In the same vein, Draghi, who recently announced a new round of long-term refinancing operations, "TLTROs," which began by September of this year until March 2021 with a two-year maturity of zero interest, Discuss details of how to respond to investor fears in the European markets about the weakening inflationary pressures and economic growth in the euro area.

On the other hand, the markets are currently looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 0.8% rise from a 1.3% drop in May While the core reading of the index itself may show a slowdown in growth to 0.2% from 0.4% in May.

This comes in conjunction with the release of the trade balance of goods which may indicate that the deficit shrank to $ 72.4 billion from $ 74.5 billion in May and the initial reading of the Wholesale Inventories Index, which may reflect the acceleration of growth to 0.5% from 0.4% In addition to the reading of the index of claims for the week ending on the 20th of this month, which may reflect a rise of 4 thousand applications to 220 thousand applications.

Technical Analysis

The price of gold opens today with a new bullish bias in an attempt to resume the main ascending trend, supported by SMA 50, while Stochastic continues to move near oversold areas.

Therefore, we believe that opportunities are available to trade positively during the coming sessions, awaiting the visit of 1450.00, which represents our main target, while stability above 1410.90 is an important condition for the continuation of the suggested bullishness.

The trading range for today is expected among the support at 1410.00 and resistance at 1440.00

The general trend for today is bullish.

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to stabilize near its two-month low against the US dollar on the eve of developments and economic data expected Thursday by Eurozone economies and the US economy, the world's largest economy. On the issue of Britain's exit from the European Union.

At 04:48 GMT, the EURUSD dropped 0.04% to 1.1135, compared to the opening at 1.1140, after the pair reached a low of 1.1134 and a high of 1.1144.

The markets are currently looking for the Spanish economy's fourth-biggest economy to see a reading of the Unemployment Rate Index, which may drop to 13.7% from 14.7% in the first quarter, before the German economy is seen as the biggest economy in the euro zone. Which could reflect the widening of the widening to 97.1 versus 97.4 last June.

This comes ahead of the European Central Bank meeting, during which zero interest rates may be maintained and the marginal lending rate stabilized at 0.25% with a negative deposit rate of -0.40% ahead of the upcoming ECB President Mario Draghi's speech. Who said after the previous meeting that the ECB was ready to cut interest rates to boost growth.

Draghi noted last month that the European Central Bank is ready to adopt a new monetary stimulus in buying bonds to support economic growth in the euro area, adding that these actions come at a time of increasing uncertainty about trade disputes and their effects on the global economy, adding that The European Central Bank is ready to use all means and instruments available to it to drive growth and revive exports and the European industry.

In the same vein, Draghi, who recently announced a new round of long-term refinancing operations, "TLTROs," which began by September of this year until March 2021 with a two-year maturity of zero interest, Discuss details of how to respond to investor fears in the European markets about the weakening inflationary pressures and economic growth in the euro area.

In another context, we followed Wednesday the European Union's Trade Commission, Cecilia Malmstrom, that the Union would take similar measures in case the United States imposed customs tariffs on cars imported from EU countries and that the value of goods that may be subject to customs duties by the Union estimated at 35 billion euros , Adding that trade issues were a priority for the union and that it always demanded that there should be no drift behind unilateral trade policies.

Otherwise, the European Parliament also noted in a press statement yesterday that the European countries want Britain to leave the Union in an orderly manner so as to achieve the interests of the two parties, and that the European Union will not agree to reopen the negotiations on the British exit agreement, This can only be ensured by respecting and protecting the rights of citizens, fulfilling financial obligations and implementing the Backstop Plan on the border between Ireland and Northern Ireland.

This comes after the hours of the announcement of the British Conservative Party, former Foreign Minister Boris Johnson, the leadership of the party and the British Prime Minister, replacing the former British Prime Minister Theresa Mai, and we would like to point out that Johnson is one of the strongest opponents of the survival of Britain in the Union has expressed after taking office that he is committed to his country Of the union by the deadline by the end of October.

On the other hand, the markets are currently looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 0.8% rise from a 1.3% drop in May While the core reading of the index itself may show a slowdown in growth to 0.2% from 0.4% in May.

This comes in conjunction with the release of the trade balance of goods which may indicate that the deficit shrank to $ 72.4 billion from $ 74.5 billion in May and the initial reading of the Wholesale Inventories Index, which may reflect the acceleration of growth to 0.5% from 0.4% In addition to the reading of the index of claims for the week ending on the 20th of this month, which may reflect a rise of 4 thousand applications to 220 thousand applications.

The EUR / USD pair is showing further negative trading gradually approaching our first target at 1.1100, and the price is under constant negative pressure coming from the 50 MA to support the break below and then extend the downside wave to reach our next target of 1.1000.

Therefore, we will continue to bias the bearishness during the coming sessions provided that the price remains stable below 1.1180, with caution during the day, especially at the time of the interest rate decision for the euro and the press conference of the President of the European Central Bank.

The trading range for today is expected between 1.1030 and 1.1200 support

The general trend for today is bearish.

Cisco returned to test the resistance level 58.20 at the beginning of trading this week and was unable to break it back to levels of 57.16

Where the moving averages move below the price and form support levels for the price and press it to rise.

Stochastic in a sideways trend tends to drop after it is out of the overbought area so we are likely to see some correction on the price and the downside and testing support levels 54.00-51.28

The general trend of the movement is neutral.