Analytic reviews

Gold futures fluctuated in a narrow range sloping upward during the Asian session to see their rally for the third session in four sessions of its lowest since March 7 amid the decline of the dollar index for the fourth session in six sessions of the highest since the eighth of the same month according to Of the inverse relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world, which includes the talk of members of the Federal Open Market Committee later today.

Gold futures for June delivery rose 0.12% to currently trade at $ 1,303.20 an ounce, showing a month-on-month rebound from the opening at $ 1,301.60 per ounce. % To 96.99 levels, showing a continuation of its bounce from the top in a month compared to the opening at 97.08.

The US economy is currently looking for a statistical reading of job opportunities and job turnover, which could reflect a decline to 7.54 million versus 7.58 million in January, hours after the release of labor market data, which showed a stable unemployment rate at 3.8 % Compatible with expectations during March.

In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while average hourly earnings showed slower growth to 0.1 Versus 0.4%, worse than expectations for a slowdown in growth to 0.3%.

Technical analysis:

The price of gold is fluctuating near 1301.60 and remains intact below, which keeps our bearish correction intact, awaiting the resumption of the downside targeting mainly 1279.06, which represents 38.2% Fibonacci retracement of the rally from 1159.70 to 1346.73.

Keep in mind the breaching of 1301.60-1304.70 area and stability above it will stop the suggested negative scenario and push the pair to resume the bullish trend, which has positive targets from 1323.07 to 1346.73.

The trading range for today is expected among the support at 1279.00 and the resistance at 1311.00.

The general trend for today is bearish.

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its rebound for a third session in six sessions from its lowest since March 7 when its lowest since June 27, 2017, was tested against the US dollar on The latest economic developments and data are expected Tuesday from the third-largest economy of the eurozone, Italy and the US economy, the world's largest economy, including the FOMC meeting later in the day.

At 04:58 GMT, the EURUSD rose 0.03% to 1.1266, compared to the opening at 1.1263, after reaching the highest level at 1.1269, while reaching a low of 1.1255

The markets are currently looking for Italy's third-quarter economy to release the Retail Sales Index, which could reflect a 0.2% fall from 0.5% in January, amid anticipation of the EU-China trade talks, European Trade Minister Cecilia Malmstrom said that the EU would not use tariffs to pressure China into negotiations.

This comes on the threshold of the European summit expected on Wednesday, which will focus on the issue of the UK's exit from the European Union and consider the request of British Prime Minister Theresa May to postpone the departure of the country from the Union until the end of June, knowing that Mai will meet today with both the Chancellor German Chancellor Angela Merkel and French President Manuel Macaron in their efforts to avoid coming out without agreement and get their support for the postponement of exit.

The European summit is also likely to address the EU's trade negotiations with the United States and China and discuss responding to US President Donald Trump's proposals to impose tariffs on new passenger helicopters as well as some European food, clothing and motor vehicles following Washington's claim that those The proposals are a response to the damage caused by the European Union's support to Airbus.

This comes ahead of the European Central Bank (ECB) meeting on Wednesday, at which zero interest rates could be kept ahead of ECB Governor Mario Draghi's announcement of a new round of long-term refinancing (TLTROs) Starting from September to March of 2021 with a two-year maturity of zero interest.

On the other hand, investors are currently waiting for the US economy to release a statistical reading of employment opportunities and job turnover, which may reflect a decline to 7.54 million versus 7.58 million in January, coming hours after the disclosure of labor market data which showed stable unemployment rates at 3.8% in line with expectations during March.

In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while average hourly earnings showed slower growth to 0.1 Versus 0.4%, worse than expectations for a slowdown in growth to 0.3%.

Technical analysis:

EURUSD ended yesterday's trading above 1.1235, leading the price to start intraday recovery attempts, and we expect to head towards 1.1350 and 1.1443 in the coming sessions, as the bullishness is likely for today.

We note that the expected rally is temporary unless the last level is breached. The breach will extend the upside wave to reach 1.1550 as a next stop, while a rebound to the downside and a break of 1.1235 and then 1.1180 will stop the suggested positive scenario and push the pair to resume the main bearish trend, which is next target at 1.1100.

The trading range for today is among the key support at 1.1180 and resistance at 1.1350.

The expected general trend for today: temporarily bullish.

The Australian dollar fluctuated in a tight range slipping towards the Asian session to reflect the resumption of its second session in three sessions since its March 27 high against the US dollar following developments and economic data that followed on the Australian economy and on the eve of economic developments and data expected on Tuesday by the US economy including the FOMC members' talk later in the day.

At 02:27 GMT, the AUDUSD fell 0.04% to 0.7124 compared to the opening levels of 0.7127, after reaching a low of 0.7119, while recording a high of 0.7131.

We followed the Australian economy to reveal the housing market data with a reading of the Home Loan Index, which showed a rise of 2.0% compared to a decline of 2.5% in January, contrary to expectations that indicated a widening decline to 3.0%, and comes hours after the Fund International Monetary Fund said earlier this week that the housing slump in Australia puts the Australian economy in a critical position.

The IMF noted that the Australian housing market, which rose in February for the first time in four months, is worse than initial forecasts and that poor performance of the housing market puts the Australian economy in a situation called critical situation, adding to the need to accelerate the pace of infrastructure spending And the possibility of a reduction in interest rates there, while noting that given the current situation, boosting economic growth is more important to support the economy as a whole.

On the other hand, the markets are currently looking to the US economy for a statistical reading of employment opportunities and job turnover, which may reflect a decline to 7.54 million versus 7.58 million in January, coming hours after the disclosure of labor market data, which showed stability rates Unemployment at 3.8% is in line with expectations in March.

Technical analysis:

The AUDUSD is trading slightly higher in an attempt to move away from SMA 50 and moving within a bullish intraday channel that is expected to contribute to our positive target at 0.7250. We will continue to bias the bullish trend in the coming sessions, while noting the importance of stability above 0.7044 For the continuation of the proposed positive scenario.

The trading range for today is expected among the support at 0.7080 and the resistance at 0.7200.

The general trend for today is bullish.

USDCAD

The pair broke from the triangle following the growth of crude oil prices and the expected reduction of interest rates by the Fed.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is moving down. Stoch aren’t informative.

Trading recommendations:

Sell the pair with a target level of 1.3250.

GBPUSD

The pair remains within the range of 1.2975–1.3175 in anticipation of the EU’s decision over Brexit, the Fed’s monetary policy meeting and the new US inflation data.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is below the level of 50% and is reversing downwards. Stoch are growing confidently.

Trading recommendations:

If the pair passes 1.3075, it may continue moving up to 1.3185.

The Sberbank was able to breach the resistance at 224.79 and close above it after having previously breached the previous resistance 219.12.

Sapir Bank is moving in a bullish path under the influence of the moving averages 7-20-50 where the averages move below the price and form support levels for the price.

The stochastic oscillates in a sideways trajectory that tends to rise in a sign of the bullish path.

The expected movement between support 219.12 and resistance 238.53.

The general trend of the movement is upward.

The dollar fell during the Asian session to see its rebound for the second session of its highest since March 15 against the Japanese yen following developments and economic data that followed the Japanese economy on the eve of developments and economic data expected on Monday by the US economy.

At 06:04 GMT, the pair dropped by 0.25% to 111.45 in comparison to the opening levels at 111.71 after recording a low of 111.35 and a high of 111.77.

Japan's current account reading showed the surplus widened to 2.67 trillion yen from 0.60 trillion yen in January beating expectations that the surplus would widen to 2.63 trillion yen. The seasonally revised index showed the surplus to 1.96 trillion yen from 1.83 trillion yen in January well above expectations of 1.92 trillion yen.

This came ahead of the consumer confidence reading. It showed a drop to 40.5 from the previous February reading and expectations at 41.5 leading to the disclosure of the Echo Watchers survey of current conditions by the Cabinet Office. It showed a contraction of 44.8 to 47.5 last February contrary to expectations that the deflation shrank to 47.6.

The Japanese government recently announced a 10-day holiday for Japan's celebrations of the new emperor's accession to power during the official holiday from Saturday from April 27 to May 6. We would like to point out this six-day vacation will be the longest in Japan's history.

Investors are waiting for the US economy to read the factory demand index. It may reflect a decline of 0.5% against January's 0.1% rise. This comes hours after the release of data on the US labor market on Friday on the eve of disclosure on the minutes of the meeting of the Federal Open Market Committee held on March 19-20.

Technical analysis:

The USDJPY pair is trading with marked negative resistance to retest the previously breached resistance. It’s supporting now at 111.44, forming the first protective factor for the continuation of the positive outlook suggested in our recent reports, awaiting the resumption of the upside trend targeting 112.14.

Therefore, we will keep our bullish outlook intact unless the pair continues its negative pressure to break below 111.44 and then settle at 110.66 noting that SMA 50 continues to provide positive support for the price.

The trading range for today is expected among the support at 110.66 and the resistance at 112.14.

The general trend for today is bullish.

Gold futures fluctuated in a tight range in the Asian session to reflect their highest since early April as the dollar index fell for the third session in five sessions from its highest since March 8 according to the inverse relationship between them on the eve of developments and economic data expected Monday by the US economy.

Gold futures for June delivery rose by 0.35% to currently trade at $1,300.40 per ounce, the highest since the beginning of this month compared to the opening at $1,297.20 an ounce amid the dollar index fell by 0.10% to 97.27 levels resuming its bounce from its highest level in a month compared to the opening at 97.39.

Investors are looking to the US economy for the factory demand index. It may reflect a 0.5% drop from 0.1% last January. This comes hours after the release of labor market data which showed the stability of unemployment at 3.8% This was due to the acceleration in the creation of jobs in the non-agricultural sectors to 196,000 added jobs compared to 33 thousand added jobs.

In the same context, the average hourly earnings reading on Friday showed a slowdown in growth to 0.1% from 0.4% in February. It is worse than expectations for a slowdown in growth to 0.3%. US President Donald Trump criticized the weekend revived the Fed's policy calling on members of the Federal Open Market Committee to begin cutting interest rates on federal funds.

Markets are looking forward later this week to unveil the minutes of the March 19-20 Federal Committee meeting where interest rates were kept at between 2.25% and 2.50% as further cuts in bond buybacks Until next September, lower growth expectations, raise unemployment expectations, lower expectations for higher interest rates this year and maintain expectations of a one-time increase next year.

Technical analysis:

The price of gold is showing some bullishness with the opening of today's trading near the pivotal resistance test of 1301.60. It’s accompanied by the stochastic loss of positive momentum and the move within the overbought areas awaiting a rebound on the rebound to resume the downside correction. It’s the next target at 1275.30.

Therefore, we will keep our bearish bias intact if 1301.60 is not breached and breaching this level will stop the corrective correction and lead the price to regain its main upside move again, with its next targets at 1320.00 then 1346.73.

The trading range for today is among the support at 1275.00 and resistance at 1305.00.

The general trend for today is bearish.

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound for the second session in five sessions from its lowest since March 7, when its lowest since June 27, 2017, against the US dollar. It was tested on Economic developments and data expected on Monday by the economies of the euro area and the US.

At 04:30 GMT, the EURUSD rose by 0.11% to 1.1228 in comparison to the opening at 1.1217 after reaching a high of 1.1214 and a low of 1.1232.

The markets are currently looking ahead to Germany's biggest economy for the reading of the trade balance, which could reflect a widening surplus to 19.0 billion euros from 18.5 billion euros in January before we see the Sintex Consumer Confidence Index for the region as a whole. It shows contraction shrinking to a value of 1.7 versus 2.2 in March.

Otherwise, on Friday we followed up the European Commission's suspension of British Prime Minister Theresa May's request to delay the UK's exit from the European Union until the end of June. The decision to postpone the EU summit will take place at the upcoming EU summit of the 10 EU member states this April in Brussels with a unanimous decision by EU members.

Investors are waiting for the US economy to read the factory demand index, which may reflect a decline of 0.5% against January's 0.1% rise. This comes hours after the release of data on the US labor market, which came on Friday and on the eve of disclosure on the minutes of the meeting of the Federal Open Market Committee held on 19-20 March after Wednesday.

Technical analysis:

The narrow range continues to dominate the EURUSD pair. It remains below the broken main support seen in the picture while Stochastic is gradually losing its positive momentum.

Therefore, we will maintain our bearish outlook for today. The price needs to breach 1.1180 to confirm the rally towards 1.1100 as a next stop noting that the continuation of the expected decline requires stability below 1.1300.

The trading range for today is expected between 1.1140 and 1.1300 support.

The general trend for today is bearish.

The Australian dollar fluctuated in a narrowly bullish range during the Asian session reversing its second straight session since March 27 against the US dollar following developments and economic data. It’s followed on the Australian economy and on the eve of developments and economic data expected on Monday by the US economy.

At 02:32 GMT, the AUDUSD dropped by 0.09% to 0.7096 in comparison with the opening levels at 0.7101 after recording a low of 0.7090 and a high of 0.7113.

We followed the Australian economy to reveal preliminary data for the labor market with the publication of the job index reading. It showed a widening of the decline to 1.7% compared to 0.8% in February. This came before the US economy disclosure of the factory demand index that may reflect down 0.5% from January's +0.1%.

Technical analysis:

The AUDUSD continues to fluctuate sideways. It is moving around the SMA 50. So there is no change in the bullish uptrend scenario above 0.7044 waiting for a positive incentive to push the price towards 0.7250, which is our next main target.

The trading range for today is expected among the support at 0.7044 and the resistance at 0.7160.

The general trend for today is bullish.