Analytic reviews

The single currency of the European Union region fluctuated in a tight range to retreat during the Asian session to see its sixth session retreat since February 5 against the US dollar on the eve of the European Central Bank's decisions and trends as well as the economic developments and data expected on Thursday by The economies of the euro area and the US economy are the largest economy in the world.

At 4:11 am GMT, the EURUSD dropped 0.02% to 1.1305 compared to the opening at 1.1307, after reaching its lowest level during the session at 1.1303, while reaching a high of 1.1316.

The markets are currently looking for Italy's third-quarter economy to release the Retail Sales Index, which could reflect a 0.3% rise from a 0.7% decline in December before we see the end of the Eurozone employment change that may reflect Remained stable at 0.3%, unchanged from the preliminary reading for the fourth quarter, versus 0.2% in the third quarter.

This comes ahead of the release of the seasonally adjusted final GDP reading for the eurozone as a whole for the fourth quarter, which may reflect the stability of the widening of 0.2%, unchanged from the previous quarter and the previous reading for the third quarter. At 1.2%, also unchanged from the previous reading and 1.6% in the third quarter.

The ECB meeting is expected to keep interest rates at current zero levels and stabilize the marginal lending rate by 0.25% while remaining at a negative deposit rate of -0.40% in the shadow of the performance of the Eurozone economies in recent times. , Before we see the talk of the European Central Bank Governor Mario Draghi during the ECB press conference.

On the other hand, we followed Wednesday the European Union Commissioner for the file of the exit of Britain from the European Union Michel Barnier that the exit talks between the parties are at a difficult stage during the current period and that no solution has been reached on the crisis of the Pakstop plan so far, while the President of the Council of Europe Donald Tusk Also yesterday because there is an external force against Europe and the Union that seeks to influence the democratic choices of European citizens.

On the other hand, the markets are currently waiting for the US economy to disclose the final reading of the productivity index and the cost of one work, which may show productivity growth slowing to 1.5% compared to the preliminary reading of the fourth quarter and the previous quarter's reading of 0.9%, and accelerated cost growth to 0.9% Compared to the previous reading and the previous reading of the third quarter at 0.9%.

This comes in conjunction with the reading of the index of claims for the week ending on March 2, which may reflect stability of 225 thousand requests, unchanged from the previous weekly reading, before we see the talk of a member of the Federal Open Market Committee and Deputy Governor of the Federal Reserve, About economic outlook and monetary policy at Princeton University, New Jersey.

Technical Analysis

The EUR / USD pair fluctuates around the 1.1300 level for the third day in a row, with the moving averages forming a negative pressure against the pair while Stochastic is beginning to lose positive momentum.

Therefore, chances remain to resume the expected bearish intraday trend targeting 1.1180 mainly, while stability remains below 1.1300.

The trading range for today is among the key support at 1.1180 and resistance at 1.1370

The general trend for today is bearish

Cisco shares fluctuate near the historic highs of last week as positive momentum remains and tries to push the price higher.

Positive momentum comes from moving averages that are still moving below the price in a bullish order of 7-20-50, respectively.

Stochastic gives an early indication of the possibility of a cross between its lines and thus the trend to the upside again

It should be noted that there may be a strong correction movement as a result of profit taking on the price, pushing the price down towards the support level 49.51

The general trend of the movement is bullish

The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound from its lowest level since January 4 against the US dollar, ending its longest daily losing streak since August 2017, following developments and economic data. Followed by the Australian economy and on the eve of economic data expected Thursday by the US economy, the largest economy in the world.

At 02:47 am GMT, the AUDUSD rose 0.18% to 0.7045 compared with the opening levels at 0.7032, after reaching a high of 0.7046, while a two-month low of 0.7021.

We followed the Australian economy by reading the Australian Industrial Group's (AIG) construction index, which showed contraction shrinking to 43.8 from 43.1 in January, before we saw the reading of the trade balance, which showed a surplus to 4.55 billion Against A $ 3.77 billion in December, beyond expectations of 2.85 billion Australian dollars.

This came in line with the release of the Retail Sales Index, which showed a rise of 0.1% from 0.4% in December, below expectations of a 0.3% rise. This came hours after Australian growth data for the fourth quarter showed slower growth than expectations The decision by the Bank of Australia's monetary policy makers to set interest rates at 1.50% earlier this week.

On the other hand, the markets are currently waiting for the US economy to release the final reading of the productivity index and the cost of one work, which may show productivity growth slowing to 1.5% compared to the preliminary reading for the fourth quarter and the previous quarter's reading at 0.9%, and accelerated cost growth to 0.9% In the initial reading and the previous reading of the third quarter at 0.9%.

This comes in conjunction with the reading of the index of claims for the week ending on March 2, which may reflect stability of 225 thousand requests, unchanged from the previous weekly reading, before we see the talk of a member of the Federal Open Market Committee and Deputy Governor of the Federal Reserve, About economic outlook and monetary policy at Princeton University, New Jersey.

Technical Analysis

The pair failed to breach the support level of 0.7027 to bounce back higher. But the downside is likely. With pressure from moving averages 20-50.

Stochastic is in the ascending path to reach the overbought area and wait for the cross between the indicator lines and exit from this area again to return to the downside.

The range between 0.7027 support and 0.7065 resistance

The US dollar is moving in a tight range slipping towards the Asian session to see its third session retreat since December 20 against the Japanese Yen following the economic developments and data released by the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected On Thursday by the US economy, the world's largest economy.

At 06:04 GMT, the USDJPY dropped 0.03% to 111.74 from the opening levels at 111.77 after the pair hit a session low of 111.58 and a high of 111.78.

We have followed the Japanese economy to reveal the preliminary reading of the leading indicators, which showed a contraction of the wideness to 95.9 compared to 97.5 last December, worse than expectations at 96.2, and came hours after Bank of Japan member Harada expressed his inability to comment on the resolution The government of the country to increase sales tax within its plan in the light of financial reforms and increase revenues, while addressing the fact that the tax may lead to a recession.

On the other hand, the markets are currently waiting for the US economy to release the final reading of the productivity index and the cost of one work, which may show productivity growth slowing to 1.5% compared to the preliminary reading for the fourth quarter and the previous quarter's reading at 0.9%, and accelerated cost growth to 0.9% In the initial reading and the previous reading of the third quarter at 0.9%.

This comes in conjunction with the reading of the index of claims for the week ending on March 2, which may reflect stability of 225 thousand requests, unchanged from the previous weekly reading, before we see the talk of a member of the Federal Open Market Committee and Deputy Governor of the Federal Reserve, About economic outlook and monetary policy at Princeton University, New Jersey.

Technical Analysis

The USDJPY continues to move sideways around the 111.80 resistance level with the downside bias.

The 7-20 moving averages press the price and prevent it from trying to continue to climb while the SMA 50 is still moving below the price near 111.37 support.

Stochastic is on the upside path, boosting the upside.

The trading range between the support at 111.37 and the resistance at 112.17

The general trend for today is bullish

EURUSD

The pair is consolidating above 1.1290 in anticipation of the results of the ECB monetary policy meeting. If the bank’s resolution doesn’t indicate any new concerns over the condition of the EU economy, a local growth will be expected, while if there are negative overtones, the pair may resume the local decline.

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

Trading recommendations:

If the pair goes below 1.1290, it may continue falling to 1.1250. At the same time, the lack of negative sentiment and the overall growth in demand for risk assets may push the price up to 1.1340.

EURUSD

The pair is consolidating above 1.1290 in anticipation of ADP employment report in the US, Brexit updates and the eurozone statistics.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is nearing the oversold territory and indicates weaker decline. Stoch are still moving down.

Trading recommendations:

If the pair drops below 1.1290, it may continue falling to 1.1250.

The US dollar fluctuated in a tight range slipping towards the Asian session to see its second session retreat since December 20 against the Japanese Yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and on the eve of developments and economic data expected today Wednesday by the US economy, the world's largest economy.

At 05:43 GMT, the pair dropped 0.04% to 111.84 from the opening level at 111.89 after hitting a session low of 111.73 and a high of 111.91.

The markets are currently waiting for the US economy to release preliminary data for the labor market with the reading of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand jobs added to 213 thousand jobs added in January, before hours From revealing the monthly report of non-agricultural jobs and unemployment rates in addition to the average hourly income for the last month.

Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.

Technical Analysis

The USD against the JPY continues to fluctuate in a sideways move around the 111.80 resistance level which is at 61.8% Fibonacci retracement.

Oscillation is done around the moving averages 7-20 who are heading for the cross. So, if the price action is below these two averages we can say that we started the corrective correction towards 111.37.

The trading range between the support at 111.37 and the resistance at 112.17

The general trend of sideways movement tends to rise

Gold futures started to fluctuate after last week's drop, where the corrective wave may have come to an end. Which began on February 19 amid the rise of the US dollar index for the fifth consecutive session of its lowest since the fifth of the past Shibater, according to the opposite relationship between them on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.

In the Asian session, gold opened the session slightly lower than the opening price of $ 1.288.80 per ounce, reaching a low of $ 1285.52. The US dollar index rose 0.08% to 96.97, showing a bounce from a month low compared to the opening at 96.90.

Of the US economy We are looking to release preliminary data for the labor market with the release of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand added jobs compared with 213 thousand jobs added in January, hours before the disclosure of the report Monthly for non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.

Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.

Technical Analysis

Gold prices settled in trading near the 1285.00 level in reference to the end of the bearish corrective wave as the price started to fluctuate above the moving average 7 which is currently trading below the price. The Stochastic is heading towards the overbought area. And the target is the resistance level 1302.15

The general trend of the sideways movement. awaiting a single price break 1302.15 -1275.00 until we get a clear direction for the price.

Support and resistance:

Support: 1281.61-1275.00-1263.30-1252.82

Resistance: 1294.65-1302.15-1315.20-1323.50

The euro started to fluctuate in a tight range slipping towards the Asian session to see its fifth session rebound since Feb. 5 against the US dollar amid a lack of economic data from the Eurozone economies and on the eve of economic developments and data expected Wednesday by the US economy

In the morning, the EURUSD dropped 0.11% to 1.1295, compared with the opening at 1.1308, the pair's highest level during the session, while reaching a low of 1.1290.

The markets are currently waiting for the US economy to release preliminary data for the labor market with the reading of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand jobs added to 213 thousand jobs added in January, before hours From revealing the monthly report of non-agricultural jobs and unemployment rates in addition to the average hourly income for the last month.

Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.

Technical Analysis

The Euro crossed the 1.1312 barrier, announcing the continuation of the bearish movement as it is currently fluctuating near 1.1296 support as negative pressure on the price continues by moving averages which are moving above the price in a bearish descending order.

The Stochastic is also forming a negative cross between the lines and leading towards the oversold area. if it can enter it. there is a possible to see further decline in price.

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

The general trend for today is bearish

The Australian dollar fell during the Asian session to its lowest level since January 4 against the US dollar after Governor of the Reserve Bank of Australia Philippe Lowy, in addition to the economic developments and data that followed on the Australian economy and on the eve of developments and economic data expected Wednesday by the US economy The world's largest economy.

At 02:47 am GMT, the AUDUSD fell 0.44% to 0.7053 compared to the opening levels at 0.7084, after hitting a two-month low of 0.7050, while the session reached a high of 0.7092.

We followed the speech of Australian Central Bank Governor Philip Lowe at the Australian Financial Business Summit in Sydney, where he spoke of the Reserve Bank of Australia's interest rate at a historic low of 1.50% at Tuesday's meeting to support the Australian economy.

Lowe said that keeping interest rates at current low levels supports job creation and moving ahead with the inflation target, adding that achieving the goal of full employment is very important because the labor market is central to the expected recovery of inflation, explaining that labor market tightening will increase wage growth Which should boost household income and expenditure and provide a balanced weight to the recent fall in house prices.

The recovery in household spending in Australia is expected to lead to the growth of inflationary pressures, of course, and inflationary pressures can be recovered for other reasons, he said, noting that the likelihood of this happening at the moment is low, suggesting that inflation growth is currently dependent on The strength of the labor market, which reflects good performance other than other economic indicators that reflect a more softer image.

Loye noted that markets are looking to reveal growth data for the fourth quarter, noting that growth data for the second half of last year 2018 were clearly less than the first half, reflecting a global image in many countries, including Australia, adding that there is tension Growing data from the strong labor market and more resilient GDP data and that the Australian Central is devoting extensive resources to understanding this tension.

This was before we saw GDP reading, which showed a slowdown in growth to 0.2% from 0.3% in the third quarter, in contrast to expectations of a 0.5% growth rate, while annual GDP growth slowed to 2.3% versus 2.7% In the previous year's third-quarter reading, was worse than expected, with growth slowing to 2.6%.

On the other hand, the markets are currently waiting for the US economy to release preliminary data for the labor market with the publication of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand added jobs compared with 213 thousand jobs added in January, Hours before the release of the monthly report of non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.

Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.

Technical Analysis

The Australian dollar fell against the US dollar and managed to breach the support level 0.7065 under negative pressure from the moving averages that are in a bearish order above the price and pushed it towards the next support level at 0.7027

The Stochastic is reflecting a bearish cross between its lines and entering the oversold area, indicating a bearish sell-off and a strong support level of 0.7027

General trend of the movement: bearish