Analytic reviews

Gold futures fluctuated in a tight range slipping towards the Asian session to see their fifth session rebound in seven sessions from its highest since February 19 as the US dollar rebounded to its eighth session in 10 sessions from its lowest since the 4th of the same month. Of the inverse relationship between them following the decisions and directions of the Reserve Bank of Australia and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.

Gold futures for June delivery fell 0.01% to currently trade at $ 1,292.10 an ounce, showing a five-week rally from the opening at $ 1,292.20 an ounce. 0.01% to 97.35, showing a rebound from its 2-month low compared to the opening at 97.33.

We followed the release of Reserve Bank of Australia monetary policy statement with the decision of the Bank of Australia's monetary policymakers to keep short-term interest rates at 1.50% for the 29th consecutive meeting, which was in line with analysts' expectations, Annual Australian Government Annual Budget by the Australian Treasury.

In addition, investors are currently waiting for the US economy to release 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 1.1% drop from January's + 0.3%. While the core reading of the index itself may rise 0.3% from 0.2% in January.

Technical Analysis

The price of gold is showing negative negative trading on its way towards our target at 1279.10, which represents 38.2% Fibonacci retracement of the high from 1173025 to 1341.27, which means that breaking it will extend the corrective correction to reach 1253.20 in the near term.

SMA 50 is a continuous negative pressure that supports the chances of further downside during the coming sessions, especially as the price is a double top pattern showing its features so that we continue to maintain the bearishness over intraday basis if the price does not breach the 1301.60 level and the daily closing above it.

The trading range for today is among the support at 1270.00 and resistance at 1301.60

The general trend for today is bearish

The US dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound from its highest since March 20 against the Japanese Yen following developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected Tuesday by the US economy largest economy In the world.

At 05:52 GMT, the USDJPY dropped 0.02% to 111.33 from the opening levels at 111.35, after hitting a session low of 111.29 and a two-week high of 111.46.

We followed the Japanese economy to reveal the annual reading of the Bank of Japan's monetary base index, which showed a slower pace of growth to 3.8% from 4.6% in February, beating forecasts that growth slowed to 4.4%. Japan has been using this indicator as its main operational target for the monetary base scheme since April 2013.

On the other hand, investors are 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 1.1% drop from January's + 0.3%. , While the core reading of the index itself may rise 0.3% from 0.2% in January.

Technical Analysis

The pair gave the pair a good positive trading session yesterday, but it faced a resistance line that appears in the image, which might push the price to test pivotal support 111.00 before resuming a fresh rally.

SMA 50 provides positive support for the price, to continue the bullishness over the intraday basis unless 111.00 is broken and stability below it, while we are waiting to target 111.70 then 112.14 as the next major stations.

The trading range for today is expected among the support at 110.86 and the resistance at 112.00

The general trend for today is bullish

The single currency of the European Union region fell during the Asian session to see its eighth session rebound from its highest level since February 4 against the US dollar on the eve of economic developments and data expected on Tuesday by the Eurozone economies and the US economy, the world's largest economy.

At 04:48 GMT, the EURUSD rose 0.12% to 1.1200 compared with the opening at 1.1213, the pair's highest level during the session, while the pair's lowest since March 8 at 1.1196.

Investors are currently waiting for the Spanish economy, the region's fourth-largest economy, to release a reading of the Unemployment Change Index, which could reflect a 33.3K decline from the 3.3K rise in February, Producer prices, an indicator of inflationary pressures that could reflect slowing growth to 0.2% from 0.4% in January, while the same year's annual reading may show growth accelerating to 3.1% vs. 3.0%.

On the other hand, investors are 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 1.1% drop from January's + 0.3%. , While the core reading of the index itself may rise 0.3% from 0.2% in January.

Technical Analysis

The EUR / USD pair continues to fall quietly to reach the awaited target at 1.1180, thus achieving a 100% correction for the entire bullish wave from which the movement started on March 8

This level represents 61.8% Fibonacci retracement of the entire rally measured from 1.0333 to 1.2553, and therefore breaking it will cause an extension in the short and medium term.

Overall, we will continue to push the downside move over the coming period with a steady price below 1.1300, noting that the above target will lead the price to visit 1.1100 as the next key target.

The trading range for today is expected among the key support at 1.1120 and resistance at 1.1280

The general trend for today is bearish

The Australian dollar fluctuated in a tight range slipping into the Asian session against the US dollar following the economic developments and data that followed it on the Australian economy and on the brink of the decisions and directions of the Reserve Bank of Australia in addition to the developments and economic data expected Tuesday by the US economy, the largest economy in the world.

At 02:50 GMT, the AUDUSD fell 0.06% to 0.7108 compared to the opening levels at 0.7112, after reaching a low of 0.7102, while the highest at 0.7119.

On the Australian economy, Australian housing data was released with a reading of building permits, which showed growth accelerated to 19.1% from 2.3% in January, down from expectations of a 1.7% decline. To 12.5% versus 28.60%, beating expectations that the decline would drop to 27.0%.

Otherwise, the markets are currently looking at the Bank of Australia's decision on interest rates and Australia's interest rate reserve, amid expectations of short-term interest rates at 1.50% for the 29th meeting in a row, hours before the Australian government's annual public budget By the Australian Treasury.

On the other hand, investors are 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 1.1% drop from January's + 0.3%. While the core reading of the index itself may rise 0.3% from 0.2% in January.

Technical Analysis

The AUDUSD was unable to stay within the ascending channel to exit and exit under negative pressure from SMA 50 and fall below the support of 0.7097 and approach the next support 0.7065

The Stochastic moved sideways near the oversold area and tried to climb but failed.

All in all, we continue to push the upside move consistently above 0.7044, with our main target expected at 0.7250.

The trading range for today is among the key support at 0.7026 and resistance at 0.7152

The expected general trend for today: neutral

EURUSD

The pair is consolidating below 1.1240. It may continue falling if today’s PMI data in eurozone indicates decline again.

The price is below the middle Bollinger band, above SMA 5 and SMA 14. RSI is below the level of 50% and indicates weaker growth. Stoch are rising.

Trading recommendations:

Sell the pair following the weak eurozone data with a possible target of 1.1185.

Sberbank managed to break through resistance 211.34 and reached the next resistance at 217.75 which is a previous high and could not break through to trade around it.

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 acrostic indicator came out of the oversold area in a sign of bearish probability and support testing.

Expected movement between 208.15 support and resistance. 219.20.

The general direction of movement: Side.

Gold futures fluctuated in a narrow upward range during the Asian session to see their rebound for the second straight session since March 8th, capping the US Dollar index for the fifth consecutive session according to the inverse relationship between them following the developments and economic data that followed. On the Chinese economy, the largest consumer of metals globally and on the brink of developments and economic data expected on Monday by the US economy.

Gold futures for June delivery rose 0.04% to currently trade at $ 1,297.80 per ounce from the opening price of $ 1,297.20 an ounce. It opened this week at a bullish price gap after closing. Last week at $ 1,290.80 per ounce while the US dollar index rose 0.02% to 97.20 compared to the opening at 97.18, and he started this week's trading at a price gap after closing last week at 97.21.

We have followed the Chinese economy, the world's second-largest economy and the world's second largest industrial nation, with the Industrial and Service Purchasing Managers' Indexes published by the China Logistics and Procurement Federation (CFLP), which showed the industrial sector expanded to 50.5 versus a contraction of 49.2 in the February reading, In February, outperforming forecasts that the deflation contracted to 49.5, and the service sector expanded to 54.8 versus 54.3, beating expectations of 54.5.

On the other hand, investors are currently waiting for 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 accelerate growth to 0.3% from 0.2% in January, while The core reading of the index itself may show a slowdown in growth to 0.4% from 0.9% in January.

The markets are also looking for the final PMI reading from Markit for the US last month, which may reflect the stability of the widening at 52.5 vs. 53.0 in February, before the ISI Manufacturing Index, which may show a widespread to 54.3 Compared to 54.2 in February, in conjunction with the January Wholesale Inventories reading.

Technical analysis:

The price of gold remains steady below 1301.60, and we see that Stochastic is giving a negative signal now, which is a negative incentive waiting for the price to resume the expected bearish wave for the next period targeting the 1275.30 test as the next major station.

Moving averages above the price in a bearish order of 7-20-50 are therefore a negative pressure on the price to land.

Therefore, the bearish correction will remain likely during the coming sessions unless the price is able to breach the 1301.60 level and stabilize above it again.

The trading range for today is among the support at 1275.00 and resistance at 1301.60.

Support and resistance:

• Support: 1284.00-1279.00-1275.00;
• Resistance: 1293.50-1301.60-1304.75.

The general trend for today is bearish.

The US dollar rose during the Asian session to rebound to the fifth session in six sessions of its lowest since February 8 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 economic data expected on Monday by the US economy.

At 05:59 GMT, the USDJPY rose 0.19% to 111.05 compared to the opening levels at 110.80, the pair's lowest level during the session, while its highest since March 20 at 111.18.

We have followed the Japanese economy, the world's third-largest economy, to reveal the Industrial and Service Tankan Index which showed that the industrial sector contracted to 12 versus 19 in the fourth quarter, worse than expected at 13, and the service sector expanded to 21 versus 24 In the fourth quarter, also worse than expectations at 22.

This came before we also saw the world's third largest industrial nation unveiling the final reading of the Nikkei Industrial PMI, which showed a contraction of the widening to 49.2 compared to March's preliminary reading and expectations as well as the previous reading for February at 48.9.

On the other hand, investors are currently waiting for 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 accelerate growth to 0.3% from 0.2% in January, while The core reading of the index itself may show a slowdown in growth to 0.4% from 0.9% in January.

The markets are also looking for the final PMI reading from Markit for the US last month, which may reflect the stability of the widening at 52.5 vs. 53.0 in February, before the ISI Manufacturing Index, which may show a widespread to 54.3 Compared to 54.2 in February, in conjunction with the January Wholesale Inventories reading.

Technical analysis:

The USDJPY pair opened higher today to break above 110.86 and settle above it, completing the formation of a double bottom pattern that shows its image features, which stops the negative scenario suggested in our recent reports to push the pair higher again.

Therefore, the upside will be expected in the coming sessions with the support of moving above SMA 50, noting that our main awaited targets are at 111.75 then 112.14, while achieving stability above 110.86.

The trading range for today is expected among the support at 110.50 and the resistance at 112.00.

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 see its rebound to its second-lowest session since March 8 against the US dollar on the brink of developments and economic data expected on Monday by the Eurozone economies and the US economy. 

At 04:58 GMT, the EURUSD rose 0.13% to 1.1234, compared to the opening at 1.1220, after reaching a high of 1.1242 and a low of 1.1214.

The markets for the fourth largest economy in the euro area are looking for the release of the Industrial PMI, which could reflect a contraction of 49.8 versus 49.9 in February, before we see the same indicator for Italy, the third largest economy in the region, the contraction also widened to 47.6 versus 47.7 in February.

This comes before we see the final reading of the same index of industrial purchasing managers for both France and Germany, which may reflect the stability of the contraction at 49.8 in France compared to the expansion of 51.5 in February, and its stability at 44.7 in Germany compared to 47.6 in February, as The final reading of the same index for the whole euro area may show deflation stabilizing at 47.6 vs. 49.3 in February.

To see the reading of Italy's Unemployment Rate, which may reflect stability at 10.5% in February, before we see the whole region reading the same indicator, which may also show a stability of 7.8%, coinciding with the disclosure of the annual reading of the CPI Which could stabilize growth at 1.5%, unchanged from February, while the core annualized reading for the same index may show a slowdown in growth to 0.9% from 1.0% in February.

On the other hand, investors are currently waiting for 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 accelerate growth to 0.3% from 0.2% in January, while the core reading of the index itself may show a slowdown in growth to 0.4% from 0.9% in January.

The markets are also looking for the final PMI reading from Markit for the US last month, which may reflect the stability of the widening at 52.5 vs. 53.0 in February, before the ISI Manufacturing Index, which may show a widespread to 54.3 Compared to 54.2 in February, in conjunction with the January Wholesale Inventories reading.

Technical analysis:

The EURUSD pair is trading in a tight range and the SMA 50 is a continuous negative pressure against the price. The downside scenario will remain effective for the coming period, awaiting the initial test at 1.1180.

Therefore, we are waiting for negative trading for the day provided that the price remains steady below the level of 1.1300, with the reminder that exceeding the target level will extend the downward wave to reach 1.1100 as the next main target.

The trading range for today is expected between 1.1130 and 1.1300 support.

The general trend for today is bearish.

The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its third-lowest session since March 20 against the US dollar following developments and economic data that followed it on the Australian economy and on the eve of developments and economic data expected Monday by the US economy.

At 03:17 GMT, the AUDUSD rose 0.11% to 0.7122 compared to the opening levels of 0.7115, after reaching a high of 0.7129, while reaching a low of 0.7104. The pair ended last week at 0.7096 before opening the week at a bullish price gap.

On the Australian economy, the AIG Manufacturing Index (AIG) showed a contraction of 51.0 versus 54.0 last February, before we saw the inflation gauge reading by the Melbourne Institute (MI) ), Which showed accelerated growth to 0.4% from 0.1% in February, and the annual reading of the index accelerated growth to 2.1% compared to 1.7%.

This came before we saw the release of the Australian National Bank of Business Confidence Index, which showed stability at zero levels from 2 in February, while the same indicator of business conditions showed a 7 to 4 increase in February, Investors are currently to issue a new Home Sales Index by the Housing Industry Association and the Commodity Price Index for the month of March.

Markets are also looking to unveil Tuesday the RBA's interest rate decision and the Australian Central Bank's interest rate statement, amid expectations that interest rates will remain at 1.50% for the 29th consecutive meeting before the Australian government's annual budget is also seen by Treasury Australia.

On the other hand, investors are currently waiting for 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 accelerate growth to 0.3% from 0.2% in January, while The core reading of the index itself may show a slowdown in growth to 0.4% from 0.9% in January.

The markets are also looking for the final PMI reading from Markit for the US last month, which may reflect the stability of the widening at 52.5 vs. 53.0 in February, before the ISI Manufacturing Index, which may show a widespread to 54.3 Compared to 54.2 in February, in conjunction with the January Wholesale Inventories reading.

Technical analysis:

The AUDUSD is trading slightly higher above SMA 50 and is stabilizing within the bullish intraday channel, which is supported by the positive sign from Stochastic.

Our main awaited target resides at 0.7250, noting that its achievement requires stability above 0.7044.

The trading range for today is among the key support at 0.7060 and resistance at 0.7180.

The general trend for today is bullish.