Analytic reviews

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its sixth session rebound in eight sessions from its highest since May 8 against the US dollar following developments and economic data that followed on the Australian economy and on the eve of developments and economic data expected on Tuesday from Ahead of the US economy, the world's largest economy.

At 0217 GMT, the AUDUSD rose 0.10% to 0.6846, compared to the opening levels of 0.6853, after hitting its lowest level since January 3 at 0.6840, while its highest During the trading session at 0.6857.

Australian Reserve Bank released the minutes of the April 4 meeting of the Reserve Bank of Australia, in which the monetary policy makers at the Reserve Bank of Australia (ACB) approved a short-term benchmark interest rate cut of 25 basis points for the first time in nearly Three years to 1.25% from 1.50%, which was expected by analysts in the markets at the time.

This came in conjunction with the release of Australian housing market data with the reading of the house price index, which showed a widening of the decline to 3.0% compared to 2.4% in the fourth quarter, worse than expectations of a widening of the decline to 2.5%, as evidenced by the annual reading of the same index also widening The drop to 7.4% vs. 5.1% in the previous quarter's fourth quarter was also worse than the 6.9% drop.

On the other hand, investors are currently looking for the US economy to release data on the housing market with the reading of the Construction Starts Index and Construction Permits for May, where we expect to see about 1,290 thousand building permits against 0.6% at 1,296K. April, as initial homes may show stability stabilizing little changed at 1,235,000 homes versus a 5.7% drop in April.

This comes in line with the launch of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations for growth rates, inflation and unemployment in addition to To the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.

Technical Analysis

AUDUSD succeeded in achieving our awaited target at 0.6860 and breached it to confirm the short term extension of the downside wave, paving the way towards 0.6707 which is our next main target.

Therefore, we are awaiting further downside during the coming sessions, supported by the negative pressure formed by SMA 50, noting that stability below 0.6860 is a prerequisite for the continuation of the suggested decline.

The trading range for today is expected among the support at 0.6750 and the resistance at 0.6860.

The general trend for today is bearish.

The dollar fell during the Asian session to see its rebound for the second session of its highest since June 11 against the Japanese yen amid a lack of economic data by the Japanese economy earlier this week and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy the world.

At 05:54 am GMT, the pair dropped 0.23% to 108.29 compared with the opening levels at 108.55 after the pair reached a low of 108.26 and a high of 108.60.

Investors are currently waiting for the US economy to release data on the housing market with the Housing Starts and Building Permits readings for May, where we expect to see about 1,290,000 building permits versus 0.6% at 1,296K in April , And the start-up homes may show little stability at 1,235,000 homes, down from 5.7% in April.

This comes in line with the launch of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations for growth rates, inflation and unemployment in addition to To the future of interest rates for the next three years, before the events of the press conference of Federal Reserve Governor Jerome Powell on Wednesday.

Technical Analysis

USDJPY is starting to trade negatively today to attack the support of the bullish intraday channel that appears in the image and break it, to activate the negative impact of the bearish flag pattern formed by this channel, which supports our expectations of continuing the bearish trend effectively during the coming sessions. 106.75 as the next main target.

Therefore, the bearish trend will remain valid for the coming period unless the breach of 108.80 is breached above.

The trading range for today is expected among the key support at 107.50 and the resistance at 108.80.

The general trend for today is bearish.

USDCAD

The pair is testing the strong resistance level of 1.3415 while receiving support due to the ambiguous crude oil prices and expectations of the Bank of Canada following the Fed in their decision to reduce interest rates.

The price is above the middle Bollinger band, above SMA 5 and sMA 14. RSI is again crossing the overbought territory. Stoch are reversing upwards.

Trading recommendations:

Buy the pair as it breaks out and takes hold above 1.3415 with a possible further growth to 1.3500.

The US dollar fluctuated in a narrow bullish range during the Asian session to see its rebound for the second session in a row since June 7 against the Japanese Yen amid a lack of economic data by the Japanese economy earlier this week and on the eve of economic developments and data expected today Monday by the US economy, the world's largest economy.

At 05:51 am GMT, the pair rose 0.05% to 108.61 compared to the opening levels at 108.48 after recording a high of 108.70 and a low of 108.39. The pair started trading this week on a low price gap after closing last week at 108.56 levels.

Investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect a contraction to 12.1 versus 17.8 in May before we see housing market data released with the housing index reading by the Association National home builders, which may reflect an expansion to $ 67 versus $ 66 in May.

This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.

Technical Analysis

USDJPY is showing fresh positive trading near the pivotal resistance of 108.80. Stochastic is showing a large oversold area, which supports downside opportunities to resume the expected bearish trend for the coming period, targeting 108.00 initially.

Recall that breaching the mentioned level will push the price towards 106.75 as the next major station, while stability below 108.80 is an important condition for the continuation of the suggested decline.

The trading range for today is expected among the support at 107.80 and the resistance at 109.10.

The general trend for today is bearish.

Gold futures fluctuated in a tight range slipping during the Asian session to see their rebound for the second consecutive session from its highest since April 11, 2018, shedding the dollar index for the first time in four sessions according to the inverse relationship between them on the eve Developments and economic data expected Monday by the US economy, the largest economy in the world.

Gold futures for August delivery fell 0.01% to currently trade at $ 1,345.30 per ounce compared with the opening at $ 1,345.50 an ounce. The contracts closed last week at $ 1.344.50 an ounce, while the decline From the US dollar 0.02% to the levels of 97.50 compared to the opening at 97.52, knowing that the index ended last week at 97.57.

Investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect a contraction to 12.1 versus 17.8 in May before we see housing market data released with the housing index reading by the Association National home builders, which may reflect an expansion to $ 67 versus $ 66 in May.

This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years before the launch of the press conference of the Governor of the Federal Reserve Jerome Powell.

We would like to point out that the Federal Reserve Governor Powell recently expressed the Federal Reserve's uncertainty about how and when the trade tensions will be resolved, noting that the Federal Commission takes seriously inflationary pressures for an extended period that may affect inflation expectations later, The Federal Reserve is abandoning its policy of patience and cutting interest rates on federal funds in the coming period.

Technical Analysis

Gold found it difficult to hold steady above 1346.70, noting that the price starts today with a bullish upward trend in the direction of resuming positive attempts, in conjunction with Stochastic reaching oversold areas, Breaching the mentioned level to open the way towards the 1365.25 which represents our next main target.

From here, our bullish trend will remain supported by SMA 50, provided that the pair remains stable above 1326.00.

The trading range for today is among the support at 1330.00 and resistance at 1360.00.

The general trend for today is bullish.

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to appeal to the second session of its session since June 6 against the US dollar on the eve of developments and economic data expected Monday by the largest economies of the euro zone Germany and the US economy The world's largest economy.

At 4:15 am GMT, the EURUSD rose 0.11% to 1.1220, compared to the opening at 1.1213, after recording a high of 1.1224, while reaching a low of 1.1205. This week's trading on a bullish price gap after closing last week at 1.1208 levels.

Investors in Germany are waiting for the release of the German central bank's monthly report before we see ECB President Mario Draghi deliver the opening remarks at the ECB's central bank meeting in Portugal. We are expected to see ECB President Draghi at the same forum For central banks on Tuesday.

On the other hand, investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect the contraction of the widening to 12.1 versus 17.8 in May before we witness the release of housing market data with the Housing Index reading By the National Association of Home Builders, which may reflect an expansion to the value of 67 versus 66 in May.

This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.

Technical Analysis

EURUSD oscillates around SMA 50 and holds steady above 1.1180 so far, noting that Stochastic is negating its negative momentum significantly to reach the oversold areas, posing a positive incentive that is expected to help push the pair higher again. .

Therefore, the main bullish scenario will remain intact for the coming period unless the 1.1180 level is broken and stability below it, with our main target expected to reach 1.1443.

The trading range for today is among the key support at 1.1150 and resistance at 1.1300.

The general trend for today is bullish.

The Australian dollar rose during the Asian session to see its rebound to its second-lowest session since January 3 against the US dollar amid a lack of economic data by the Australian economy earlier this week and on the eve of developments and economic data expected Monday by the US economy largest economy In the world.

At 2:14 am GMT, the AUDUSD rose 0.13% to 0.6881, compared to the opening levels of 0.6869, after reaching a high of 0.6882, while achieving a low of 0.6867. That the pair started the week's trading on a low price gap after closing last week at 0.6872 levels.

Markets are looking ahead to Tuesday's Reserve Bank of Australia's release of the minutes of the April 4 meeting of the Reserve Bank of Australia, in which monetary policy makers cut short-term benchmark interest rates by 25 basis points for the first time in nearly three years to 1.25% From 1.50%, which was expected by analysts at the time.

On the other hand, investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect the contraction of the widening to 12.1 versus 17.8 in May before we witness the release of housing market data with the Housing Index reading By the National Association of Home Builders, which may reflect an expansion to the value of 67 versus 66 in May.

This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.

Technical Analysis

AUDUSD continues to fall to the target of 0.6860, and the price is under continuous negative pressure coming from the 50 MA, reinforcing the chances of continuation of the bearish trend in the coming sessions, noting that the next target extends to 0.6707 after breaking the previous level .

Therefore, we will continue to hold the bearishness on the intraday basis unless the level of 0.6970 is breached.

The trading range for today is expected among the support at 0.6820 and resistance at 0.6920.

The general trend for today is bearish.

Sberbank stock fell and reached the minimum of the ascending channel in which it is moving. Where the price moves around resistance 238.53.

Movement is under the influence of moving averages 20-50 moving below the price and forming support levels for the price.

Stochastic is a positive cross and supports the price to rebound again.

Expected movement between support 211.40 and resistance 258.39.

General trend of the movement: upward.

EURUSD

The pair is still under pressure in anticipation of new economic stimulus measures by the ECB, the ambiguous consequences of Brexit and the growing demand for dollar assets triggered by the escalating US-China trade war.

The price is below the middle Bolling band, below SMA 5 and SMA 14. RSI is crossing the oversold territory again. Stoch have reversed upwards, but still remain within the oversold territory.

Trading recommendations:

Sell the pair at a possible rebound upwards from 1.1235 or after it goes below 1.1205 with a possible target of 1.1125.

The Australian dollar fell during the Asian session to see its rebound to a third session in five sessions of its highest since May 8 against the US dollar following developments and economic data released by the Australian economy on Thursday and on the eve of developments and economic data expected Friday by the US economy The world's largest economy.

At 02:26 am GMT, the Australian dollar fell 0.11% to 0.6901, compared with the opening levels of 0.6914, after reaching its lowest since late last month at 0.6891, while the highest in the session at 0.6917.

Investors are currently eyeing the US economy to reveal a reading of retail sales, which accounts for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 0.7% gain versus a 0.2% drop in April, while the core reading of the same index Growth accelerated to 0.5% from 0.1% in April.

This comes before we see the largest industrialized country in the world disclosure of industrial sector data for the month of May with the release of the index of industrial production, which may show a rise of 0.2% compared to a decline of 0.5% in April, while may show reading the index rate of exploitation Energy accelerated growth to 78.0% compared to 77.9% in April.

Leading to the release of the University of Michigan's consumer confidence index, which may reflect a widening of 98.1 versus 100 in May and consumer expectations of inflation for one year ahead and five years to come, Up 0.4% versus stability at zero levels in March.

Technical Analysis

AUDUSD continues to decline gradually approaching our first target at 0.6860, so that the negative scenario remains valid for the coming sessions, with targets reaching 0.6707 in the near term.

SMA 50 supports bearish expectations, noting that a break of 0.6970 will push the price to test the most important resistance for short term trading at 0.7044 before any new attempt to decline.

The trading range for today is among the key support at 0.6840 and resistance at 0.6950.

The general trend for today is bearish.