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The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound to its second-highest session since July 12 against the US dollar as Australian Reserve Bank of Australia Governor Philip Lowe's speech "Targeting Inflation and Economic Wellbeing" at a banquet The Anika Foundation in Sydney and on the eve of economic developments and data expected Thursday by the US economy, the largest economy in the world.

The Australian dollar rose 0.06% to 0.6981 compared to the opening levels of 0.6977, after recording a high of 0.6984 and a low of 0.6974.

Investors are currently waiting for the US economy to release the Durable Goods Orders, which account for nearly half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 0.8% gain 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.

Technical Analysis

The AUDUSD continues to fluctuate around the support floor, which is now down to 0.6975 without confirming its position on this level, which keeps us neutral until the price confirms a break or a bounce back.

The contrast between Stochastic and Stochastic negativity below 50 SMA provides another reason for neutrality, noting that the break of the mentioned support will press the price to continue the downside and targeting the 0.6832 areas in the near term, while the consolidation above it and the rebound will lead the pair to resume the corrective correction, At 0.7140.

The trading range for today is expected among the support at 0.6920 and the resistance at 0.7020

The expected general trend for today: neutral.

EURUSD

The pair lowered to the level of 1.1130, pending the ECB’s monetary policy decision. Softer monetary policy will result in the pair plummeting. But if the regulator simply indicates that these measures may be taken as early as this September, and the pair will still continue its fall.

The price is below the middle Bollinger band, below the SMA 5 and the SMA 14. RSI is in oversold area and moves horizontally. Stoch decline.

Trading recommendations:

Expect the the price to continue falling to 1.1050 after breaching the level of 1.1130.

Aeroflot tried to test 107.25 support several times during the week but could not break through. Support result from moving averages.

The price is moving below the moving average 7 which is support for the price.

While the 20-50 averages remain below the price and constitute a positive pressure on the price.

Stochastic is in a bullish path that turns into a saturation area. Therefore, we can see the price rise and try to test the resistance 110.85

General trend of the movement: upward.

The Australian dollar fell during the Asian session to rebound for the fourth consecutive session of its highest since April 24 against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world .

At 0235 GMT, the AUDUSD fell 0.37% to 0.6979 from the opening levels of 0.7005, after reaching its lowest level since July 12 at 0.6978, Session at 0.7009.

We have followed the Australian economy to reveal the preliminary reading of the industrial PMI for July, which showed the contraction of the breadth to 51.4 compared to 52.0 last June, coincided with the release of the preliminary reading of the PMI services for the month, which also showed The spread widened to 51.9 versus 52.6 in June.

On the other hand, investors expect the US economy to release the preliminary reading of the PMI index for the United States for the month of July, amid the expectations of the industrial sector expanded to 50.9 compared to 50.6 in June, and the expansion of the service sector to the value of 51.6 versus 51.5 in June.

To the release of housing market data with the release of the new home sales index, which may reflect a rise of 5.1% to 659 thousand, compared with a decline of 7.8% at 626 thousand in May, and comes hours before the publication of the durable goods demand index, which represents about Half of consumer spending, which accounts for more than two-thirds of US GDP, and Friday's preliminary GDP reading for the second quarter.

Technical Analysis

The AUDUSD continued its decline to the pivotal support level of 0.6975, which represents the previously breached resistance of the descending main channel appearing in the picture. As noted in our recent reports, the price needs to remain above this level so that the positive scenario remains effective as a break of this level will press On the price to return to the main descending path again.

Now, we prefer to stop the neutral temporarily to monitor the closing of the daily candle for the mentioned level, as breaking it and stability below it will press the price to move towards 0.6832 initially, while consolidation above it will reactivate the scenario of the bullish trend, which is located next target at 0.7140.

The trading range for today is expected among the support at 0.6980 and the resistance at 0.7100

The expected general trend for today: neutral.

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session, its lowest since late May against the US dollar on the eve of developments and economic data expected Wednesday by Eurozone economies and the US economy, the largest economy in the world. Concern about Britain's exit from the EU.

At 04:59 GMT, the EURUSD dropped 0.07% to 1.1144, compared to the opening at 1.1152, after reaching a two-month low of 1.1143, while reaching a high of 1.1156.

The markets are currently looking for both the French and German economies and the economies of the region as a whole. The initial reading of the Markit Index for Industrial and Service Purchasing Managers for the month, which may reflect the contraction of the service and industrial sector in France, the contraction of the service sector and contraction of the industrial sector in Germany, The expansion of the service sector and the stability of industrial contraction in the economies of the region as a whole.

This comes in conjunction with the release of the annual reading of the Euro-Zone Monetary Presentation for Euro-Zone economies as a whole, which may reflect a slower growth rate of 4.6% versus 4.8% in May, and the annual reading of the Special Loan Index also for economies in the region as a whole, Growth to 3.2% compared to 3.3% in the previous annual reading for May.

On the other hand, investors are anticipating the initial reading of the Industrial and Service PMI Index from the United States, amid expectations that the industrial and service sector will expand to 50.9 and 51.6 versus 50.6 and 51.5 in June, before we see market data Housing with the reading of the new home sales index, which may reflect a rise of 5.1% to 659 thousand versus a decline of 7.8% at 626 thousand in May.

Technical Analysis

EURUSD managed to confirm the breach of 1.1180 after closing the daily candlestick below it to open the way for the continuation of the bearish wave in the short and medium term, where the mentioned level represents 61.8% Fibonacci retracement of the entire measured height from 1.0333 to 1.2553, Is open for further decline in the coming period.

Our next major targets start at 1.1100 and extend to 1.1000, while stability below 1.1180 is an important requirement to achieve.

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

The general trend for today is bearish.

Gold futures fluctuated in a narrow upward range during the Asian session to see their rebound for the second session of its highest session since July 17, defying the rise of the US dollar index since June 18, according to the inverse relationship between them on the eve of developments And economic data expected Wednesday by the US economy, the largest economy in the world.

Gold futures for August delivery fell 0.20% to currently trade at $ 1,421.50 per ounce, compared to the opening at $ 1,418.60 an ounce. The contracts started trading on a bearish price gap after closing To $ 1,421.70 an ounce, while the dollar index rose 0.03% to 97.74, the highest in five weeks compared to the opening at 97.72.

Investors are looking for the initial reading of the Industrial and Service PMI Index from the US, amid expectations that the industrial and service sector will expand to 50.9 and 51.6 versus 50.6 and 51.5 in June, before we witness the release of housing market data with The index of new home sales, which may reflect a rise of 5.1% to 659 thousand versus a decline of 7.8% at 626 thousand in May.

This comes hours before the Durable Goods Orders, which account for nearly half of consumer spending, representing more than two-thirds of US GDP, revealed Friday the preliminary reading of second-quarter gross domestic product, which could reflect slower growth for the world's largest economy. To 1.8%, which is the slowest pace of growth of the US economy in two years.

On the other hand, we have followed Tuesday, reported by US President Donald Trump, in a letter to him that an agreement was reached between the poles of the American political Republicans and Democrats on the US budget and the suspension of the work of the ceiling of religion until after the presidential elections and specifically until the end of July of 2021, Almost nine months after the next US presidential election.

In another context, the Bloomberg news agency reported on Tuesday that US Trade Representative Robert Lightzer will go to China next Monday in the first high-level trade negotiations face to face between the two largest economies in the world since the collapse of talks between Washington and Beijing in May, which renewed In one way or another the hopes of investors to resolve the trade disputes between Washington and Beijing.

In the same context, we have followed up some of the report that China started to buy US agricultural products and kept its promises agreed at the last G20. The report also pointed out that the US administration must fulfill its commitments in turn and lift the ban on Huawei, Without that step, the two sides will not be able to reach a trade deal and China will stop buying American products again.

On the other hand, the International Monetary Fund (IMF) lowered its forecast for a fourth consecutive growth rate in the next nine months of this year and next by 0.1% to 3.2% for 2019 and 3.5% for 2020, as well as renewed concern about the issue of Britain's exit from the European Union following the declaration of the party Conservatives take over former foreign secretary Boris Johnson as party leader and British prime minister in succession to Teresa May, boosted the safe haven gold price cycle until clarity becomes clear. Johnson is one of Britain's strongest opponents of Britain's survival within the EU.

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 US dollar fluctuated in a narrow range slipping towards the US session to see its rebound for the second consecutive session from its highest since July 17 against the Japanese Yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the eve of developments and data Economic outlook on Wednesday by the US economy, the world's largest economy.

At 05:57 GMT, the USDJPY declined 0.10% to 108.12 from the opening levels at 108.23, after reaching the lowest level at 108.11, while the highest at 108.28.

We followed the release of Markit Industrial PMI's preliminary reading of Japan, the world's third-largest industrial country, which showed deflation shrank to 49.6 from 49.3 last June, below expectations that the contraction shrank to 49.7 The index reading below 50 indicates the contraction of the sector, while the reading at 50 or higher reflects a widening in the sector.

On Tuesday, Japan's Economy Minister Toshimitsu Motegi said his country's economy was recovering gradually and that the recovery is expected to continue despite its recent slowdown. In another context, we also followed yesterday the Bloomberg news agency that the Bank of Japan Forecast inflation at its next meeting for the current fiscal year and cut its economic outlook by next week.

According to the Bloomberg report, the Japanese central bank may reduce its inflation forecast to 1.1% due to the recent slowdown in the economy, and that reduction will affect inflation expectations for the coming years. This came hours after Bank of Japan Governor Haruhiko Kuroda spoke at the International Monetary Fund In which he noted that the Japanese economy has overcome the state of deflationary inflation supported by monetary easing measures.

Bank of Japan Governor Kuroda said Monday that the Bank of Japan is continuing its monetary easing with full force until inflation is achieved at 2 percent, adding that the Japanese central bank is closely monitoring developments affecting the world's third-largest economy amid uncertainty over the pace of inflation. The growth of the global economy has escalated in recent times.

In another context, we also followed at the weekend Japanese Prime Minister Shinzo Abe said his government would take many measures to deal with the sales tax and that steps would be taken to avoid negative risks to the economy, hours after his ruling coalition won a majority in the Senate In the Japanese parliament last Sunday.

Japanese Prime Minister Abe also said on Monday that his government would work to make the economy its top priority in its fiscal policy, saying that his country would do its utmost to ease tensions between the United States and Iran. He said Tokyo wanted to play an important role by easing tensions Especially that it has a long history of friendship with Tehran.

On the other hand, investors are anticipating the initial reading of the Industrial and Service PMI Index from the United States, amid expectations that the industrial and service sector will expand to 50.9 and 51.6 versus 50.6 and 51.5 in June, before we see market data Housing with the reading of the new home sales index, which may reflect a rise of 5.1% to 659 thousand versus a decline of 7.8% at 626 thousand in May.

Technical Analysis

The USDJPY breached the 108.10 level and closed the daily candlestick above it, stopping the negative scenario suggested in our recent reports and leading the price back to the upside correction again on the way to instantaneous gains starting at 108.93.

Therefore, the bullish trend will be likely in the coming sessions, supported by moving above SMA 50, unless 108.10 and 107.75 are broken and stability below it.

The trading range for today is among the key support at 107.75 and resistance at 109.00

The general trend for today is bullish.

EURUSD

The pair suspended its decline in anticipation of the ECB's final decision on monetary policy. The pair can correct upwards due to partial profit taking. Its further movement will depend on the decision of the European regulator.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is reversing in the oversold zone, signaling a likely upwards rebound of the price. Stoch also demonstrate this probability.

Trading recommendations:

Expect the price to fall further to 1.1125 after correcting to 1.1185.

The single currency of the European Union (EU) region fell during the Asian session, its lowest since June 19 against the US dollar amid a lack of economic data by Euro-zone economies and on the eve of economic developments and data expected Tuesday by the US economy, the world's largest economy.

At 04:45 GMT, the pair fell 0.17% to 1.1190, the pair's lowest level in five weeks and during the session compared to the opening at 1.1209, while the pair reached a high of 1.1210.

US investors are eyeing the release of housing market data with the Home Price Index reading, which may reflect slowing growth to 0.3% versus 0.4% in April before we see the Existing Home Sales Index showing a rise of 2.5%. To 5.35 million homes, down 0.1% from 5.34 million in May and coinciding with the Richmond Industrial Average reading, which could widen to 5 to 3 in June.

Technical Analysis

The EUR / USD pair is trading negatively today to support the sideways side of the picture, which signals bearishness over the coming sessions, but we need to break the 1.1180 level to confirm the continuation of the bearish trend and then head towards 1.1100 as the next negative stop..

Therefore, we will continue to push the sideways movement until the price confirms the breach of support 1.1180 or break the resistance 1.1290, while remembering that breaching this resistance will lead the price for gains starting at 1.1350 then 1.1443.

The trading range for today is expected between 1.1100 and 1.1270 support

Today's general trend: sideways.

The US dollar rose during the US session to rebound to the fourth session of its lowest since June 26 against the Japanese yen following developments and economic data that followed the economy of Japan, the third largest economy in the world and on the eve of developments and economic data expected Tuesday by the US economy The world's largest economy.

The pair rose 0.28% to 108.17 from the opening level at 107.87, after reaching a high of 108.19 and a low of 107.83.

We have followed the Japanese economy to release inflation data with the release of the Core CPI, which showed a slower growth to 0.6% in line with expectations versus 0.7% in May. Otherwise, we followed at the weekend Japanese Prime Minister Shinzo Abe That his government will take many measures to deal with sales tax and that steps will be taken to avoid negative risks to the economy.

Japan's Prime Minister Abe, whose ruling coalition won a majority in the upper house of the Japanese parliament on Sunday, said his government would make the economy its top priority in its fiscal policy, saying that his country would do its utmost to ease tensions between the United States and Iran. , Adding that Tokyo wants to play an important role by easing tensions and in particular that it has a long history of friendship with Tehran.

In another context, we also followed on Monday the talk of Governor of the Bank of Japan Haruhiko Kuroda at the International Monetary Fund in Washington, DC, in which he noted that his country's economy has overcome the state of deflationary inflation supported by monetary easing measures, and that the Bank of Japan continues to facilitate cash with all strength until To achieve the inflation target of 2%, adding that the Japanese central bank is closely monitoring the developments affecting the economy in the shadow of uncertainty about the pace of growth of the global economy, which has escalated recently.

On the other hand, investors are currently waiting for the US economy to release housing market data with the Home Price Index reading, which may reflect slowing growth to 0.3% versus 0.4% in April before we see the Existing Home Sales Index May show a 2.5% rise to 5.35 million homes versus a 0.1% drop at 5.34 million homes in May and coincide with the Richmond Industrial Average reading, which may extend to 5 to 3 in June.

Technical Analysis

The USD / JPY pair is testing the 108.10 pivotal resistance and is still below it, keeping the bearish scenario intact so far, awaiting the resumption of the bearish bias to visit 106.78, which represents the next negative target.

Keep in mind that a breach of 108.10 and stability above it will bring the pair back to the upside correction, with the next target at 108.93.

The trading range for today is among the key support at 108.20 and resistance at 108.50

The general trend for today is bearish