Analytic reviews

The US dollar fluctuated in a tight range slipping into the Asian session against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the brink of developments and economic data expected on Monday by the US economy, the world's largest economy, To Federal Reserve Governor Jerome Powell to Congress.

At 6:18 am GMT, the pair dropped 0.05% to 110.63 from the opening level at 110.69 after recording a low of 110.58 and a high of 110.86.

We have followed the Japanese economy's annual reading of the PPI for services, which showed stable growth of 1.1% in line with expectations, unchanged from the previous year's reading of the previous December, and comes hours after the Governor of the Bank of Japan Haruhiko Kuroda for being discussed with Japanese Prime Minister Shinzo Abe global economic conditions over the weekend.

Kuroda said on Friday that various global economic developments had been discussed with the prime minister and that there were some risks to the Bank of Japan's economic outlook, including trade protectionism, noting that the Bank of Japan has not yet changed its expectations for the continued growth of the world economy. Was planned and that there were no special arrangements for this meeting, adding that the monetary policy was not addressed during the meeting.

Bank of Japan Governor Kuroda told the Japanese parliament on Tuesday that the BOJ was ready to expand stimulus if the strong yen's rise hurt the economy and hampered efforts to push inflationary pressures to the Bank of Japan's target of 2 percent. Between the Bank of Japan's expansionary policies, interest rate cuts and the size of the asset purchase program.

In another context, the Japanese government announced earlier this month a ten-day holiday from Saturday 27 April to Monday, May 6 next to Japan's celebrations of the rise of the new emperor to rule there during that holiday, on the That the Crown will be crowned with the beginning of May, and we would like to point out that this holiday, which will last six full working days, will be the longest in Japan's history.

On the other hand, markets are looking for the US economy to release the final reading of the index of wholesale stocks, which may reflect the stability of growth at 0.3%, unchanged from what it was in the preliminary reading for the month of December, and this comes before we see the participation of Deputy Governor of the Federal Reserve Richard Clarida in a panel discussion entitled "Federal Reserve: A Conversation with Community Leaders in South Dallas" in Texas.

This comes hours before Federal Reserve Governor Jerome Powell's semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee after Wednesday in Washington before Powell delivered a speech entitled "Economic Developments Marginal and long-term challenges "next Thursday in New York.

Technical analysis:

The USD / JPY pair is showing more volatility around SMA 50, and we see that Stochastic is beginning to cross positively now, which is a positive catalyst that is expected to help push the pair to resume the expected bullishness over intraday and short term, where next target is at 111.56.

Therefore, we will hold our bullish trend on condition that the price remains stable above 110.24.

The trading range for today is expected among the support at 110.00 and the resistance at 111.56

The general trend for today is bullish

The Australian dollar fluctuated in a tight range in the Asian session to see its rebound to its second low since Feb. 12 against the US dollar after Australian Reserve Bank of Australia Governor Philip Lowe's testimony before the Standing Committee of the Australian House of Representatives in Sydney. Economic outlook on Monday by the US economy, the world's largest economy, and the mid-term outlook for Federal Reserve Governor Jerome Powell to Congress.

At 02:58 GMT, the AUDUSD rose 0.11% to 0.7152, compared to the opening levels of 0.7133, after recording a high of 0.7160 and a low of 0.7129.

Australian Reserve Bank Governor Philippe Lowe said the Australian Reserve released two weeks ago its Australian economy forecast for growth of three percent in 2019 and before growth slows to 2 percent by the next year 2020. The economy may have widened Nearly three percent over the last year 2018, adding that those expectations are better than the previous forecast in August last.

The markets are looking to the US economy for the final reading of the wholesale stocks index, which may reflect a stable growth of 0.3%, unchanged from the previous December reading, before we see the participation of Deputy Governor of the Federal Reserve Richard Clarida In a panel discussion entitled "Federal Reserve: A Conversation with Community Leaders in South Dallas" in Texas.

This comes hours before Federal Reserve Governor Jerome Powell's semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee after Wednesday in Washington before Powell delivered a speech entitled "Economic Developments Marginal and long-term challenges "next Thursday in New York.

Technical analysis:

The AUDUSD lost ground against the US dollar at 0.7070 and rebounded to settle above the 0.7100 barrier now, where the SMA 50 is being tested regularly within a bullish intraday channel.

These factors encourage us to tilt the bullish trend during the coming sessions, targeting the 0.7250 level mainly considering that the continuation of the expected bullish wave depends on stability above 0.7080 and above 0.7044.

The trading range for today is expected among the support at 0.7080 and resistance at 0.7220

The general trend for today is bullish

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session against the US dollar as economic data from the Euro-zone economies narrowed earlier this week on the eve of economic developments and data expected Monday by the US economy, the world's largest economy, To Fed Chairman Jerome Powell's half-yearly testimony before Congress.

At 04:58 GMT, the EURUSD rose 0.03% to 1.1340, compared to the opening at 1.1337 after the pair reached a high of 1.1349 while the lowest at 1.1329.

The markets are looking to the US economy for the final reading of the wholesale stocks index, which may reflect a stable growth of 0.3%, unchanged from the previous December reading, before we see the participation of Deputy Governor of the Federal Reserve Richard Clarida In a panel discussion entitled "Federal Reserve: A Conversation with Community Leaders in South Dallas" in Texas.

This comes hours before Federal Reserve Governor Jerome Powell's semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee after Wednesday in Washington before Powell delivered a speech entitled "Economic Developments Marginal and long-term challenges "next Thursday in New York.

Technical analysis:

The EUR / USD pair has not seen any strong movement in the past sessions, keeping the 1.1300 and 1.1390 ​​support keys intact, so we continue to neutral until the price confirms one of the mentioned levels.

We reiterate that breaking this support will put the price under negative pressure again, initially heading towards 1.1180, while breaching the resistance will open the door for gains starting at 1.1443 and extending to 1.1550 in the near term.

The trading range for today is among the key support at 1.1240 and resistance at 1.1430

The expected general trend for today: neutral

NZDUSD

The pair is trading above 0.6765. It may partially recover due to the weakness of USD. However, if the negative sentiment over the US economy’s growth returns to the market, the pair may resume its local fall.

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 reversing upwards. Stoch have left the oversold territory.

Trading recommendations:

Sell the pair at its growth from the mark of 0.6815, while a further drop to 0.6715 is possible.

Amazon shares remain in a sideways move between 1588.74 support and resistance at 1676.43.

The price fluctuates between the 50 and 20 moving averages that continue to form a kind of channel in which the price moves within which the average is 50 support and the average 20 resistance.

Stochastic is starting to move up the upside path towards the overbought area and if it is able to reach it we will see more bullish price action.

The general direction of the movement: neutral.

Gold futures traded in a narrowly bullish range during the Asian session for the second consecutive weekly gain, shrugging off the US dollar's third-day low since Feb. 6, according to the inverse relationship between them on the eve of European Central Bank President Mario Draghi at the University of Bologna and the members of the Federal Open Market Committee in New York later on Friday and looking forward to the fruits of trade talks between America and China in Washington.

Gold futures for April delivery rose 0.11% to currently trade at $ 1,327.40 per ounce, compared to the opening at $ 1,325.80 per ounce, while the US dollar index rose 0.03% to 96.62. Higher in two weeks compared to the opening at 96.59.

Investors are waiting for federal Federal Reserve Chairman John Williams to speak at a panel discussion entitled "Inflation Outlook with a High-Pressure Economy" before giving the closing remarks of the first annual joint research day On Quantitative Instruments for Macroeconomic and Financial Monitoring, organized by the Bank of Atlanta and Bank of New York.

Later, Fed Deputy Governor Richard Clarida will speak to us at the US Monetary Policy Forum on "Reviewing the Federal Reserve for Monetary Policy Strategies, Financial Instruments and Communications" before we see the participation of St. Louis Governor James Pollard and Deputy Governor Federal Randall Quarles at a panel discussion entitled "The Future of the Federal Reserve Balance Sheet."

This came hours after the minutes of the Federal Open Market Committee meeting, which was held on 29-30 January, during which Federal Reserve policy makers kept interest rates at between 2.25% and 2.50% Cut bond repurchase by $ 50 billion a month. The committee said it was determined to be patient and monitor economic data before resuming tightening monetary policy.

In a press conference following the FOMC meeting at the end of last month, Federal Reserve Governor Jerome Powell noted that the Federal Reserve will be patient and monitor economic data as the downside risks to the economy mount from global growth and financial market volatility, Explaining that the continuation of that approach will depend on the economic data during the coming period.

In the same context, the Federal Reserve Governor Paul said last Tuesday that economic data confirm that the US economy is in a good position and that unemployment rates are stabilizing at the lowest in half a century, with the fact that there are some groups in American society do not feel prosperous after , And that the reflection of interest movements on the markets takes some time, saying he did not see the risks of economic recession high.

Global gold consumption rose to 4,345.1 metric tons last year from 4,159.9 metric tons in 2017. Retail investment in bullion and gold coins rose 4 percent to 1,090.2 metric tons, supported by Iran's demand increase of 222 percent to 62 metric tons, Demand for jewelry has stabilized at around 2,200 metric tons with increased consumption compensation in both China, the United States and Russia for lower demand from the Middle East and India.

In contrast, the demand for financial institutions fell by 67% from the year 2017, when the world supply of gold increased 1% to a total of 4,490.2 metric tons in 2018. The gold futures contracts last month made the fourth monthly gain, respectively, illustrated Has seen its longest monthly gains since late 2010, after ending its longest monthly loss march since late 1996.

Technical analysis:

The price of gold is approaching our awaited target at 1318.00 and fluctuating around the 50% Fibonacci level now, accompanied by negative signs through Stochastic, which makes us expect the bearish bias to continue in the coming sessions, noting that exceeding this level will push the price to test the 1310.00 level which represents the most important support For short-term trading.

On the other hand, keep in mind that a breach of 1330.00 and then 1336.20 will stop the expected decline and lead the price to resume the main bullish trend, with the next key target at 1352.50.

The trading range for today is among the key support at 1310.00 and resistance at 1336.00.

The general trend for today is bearish.

The US dollar fluctuated in a narrow bullish range during the Asian session to witness a rebound to the fourth session in six sessions from its lowest since February 11 against the Japanese yen following developments and economic data that followed the Japanese economy, the third largest economy in the world and on the threshold of the recent members The Federal Open Market Committee in New York later on Friday.

At 06:13 GMT, the pair rose 0.06% to 110.77 compared to the opening levels at 110.70 after recording a high of 110.81 and a low of 110.63.

On the Japanese economy, the national consumer price index (CPI), which showed a slowdown in growth to 0.2% in line with expectations, rose from 0.3% in the previous reading for December, while the annual reading of the same index excludes fresh food excluding energy and fresh food Growth accelerated to 0.8% in line with expectations versus 0.9%, and to 0.4% also compatible with expectations versus 0.3%.

Otherwise, we followed Wednesday the Japanese Finance Minister Taro Aso said that the issues related to the yen's currency were not addressed in the recent trade talks with the United States last September, and that he will discuss this with US Trade Representative Robert Whitehouse himself later, because The yen has been affected by ongoing trade talks between Washington and Beijing, which investors always see as a safe haven to trade with.

This came hours after Bank of Japan Governor Haruhiko Kuroda on Tuesday told the Japanese parliament that the Bank of Japan was ready to expand stimulus if the yen's strong rise hurt the economy and hampered efforts to push inflationary pressures to the Bank of Japan's target of 2 percent, Among the Bank of Japan's expansionary policies is the interest rate cut and the size of the asset purchase program.

The Japanese government announced earlier this month a ten-day holiday from Saturday 27 April to Monday, May 6 next year for the celebrations of Japan's rise of the new emperor to rule there during the official holiday, and that to be crowned Crown Prince at the beginning of May, and we wish to point out that this six-day holiday will be the longest in Japan's history

On the other hand, the Fed's Deputy Governor Richard Clarida will later address us to a speech entitled "Federal Reserve Review of Monetary Policy Strategies, Financial Instruments, and Communications" at the US Monetary Policy Forum, before we see the participation of St. Louis Governor James Pollard And Federal Reserve Governor Randall Quarles at a panel discussion entitled "The Future of the Federal Reserve Balance Sheet."

This came hours after the minutes of the Federal Open Market Committee meeting, which was held on 29-30 January, during which Federal Reserve policy makers kept interest rates at between 2.25% and 2.50% Cut bond repurchase by $ 50 billion a month, and the committee said it was determined to be patient and monitor economic data before resuming tightening monetary policy.

Technical analysis:

USD / JPY continues to fluctuate sideways, and as the price is above 110.24, the bullish scenario will remain effective for the coming period, supported by the 50 moving average that continues to carry the price from the bottom, while we are waiting for a 111.56 visit as the next major station.

The trading range for today is expected among the support at 110.24 and the resistance at 111.56.

The general trend for today is bullish.

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its rebound to its second low since February 12 against the US dollar, following hours of Reserve Bank of Australia Governor Philip Lowe's testimony before the Standing Committee of the Australian House of Representatives Economics in Sydney, The members of the Federal Open Market Committee (FOMC) will meet in New York later Friday.

At 02:58 GMT, the AUDUSD rose 0.08% to 0.7098 compared with the opening levels at 0.7092, after reaching a high of 0.7115, while reaching a low of 0.7085.

Australian Reserve Bank Governor Philippe Lowe said the Australian Reserve released two weeks ago its Australian economy forecast for growth of 3 percent in 2019 and before growth slows to 2 percent by the next year 2020. The economy may be expanding Nearly three percent over the last year 2018, adding that those expectations are better than the previous forecast in August last.

He praised the decline in the unemployment rate, which stabilized last month at five percent, the lowest level since mid-2011, while keeping in mind the expectations of continued strength of the labor market and the decline of unemployment rates to four percent over the next two years, and inflationary pressures reported that it came less Slightly from the expectations of the third quarter and a quarter of last year due to changing government policies on childcare and falling gasoline prices.

In the same vein, he noted that inflationary pressures are expected to continue during the current quarter, noting that inflationary pressures are still above their two-year lows, and that they may see a gradual increase beyond the Australian Reserve's expectations by the end of 2020 to reach inflation target Of the Australian Central Bank at two percent, while addressing the global and domestic economic challenges that guide his country to the House of Representatives.

This comes hours after the minutes of the meeting of the Reserve Bank of Australia, which was held on the fifth of this month, which approved the makers of monetary policy to stabilize interest rates at 1.50% for the twenty-eighth meeting in a row, which came in line with the expectations of analysts at the time, Reserve Bank of Australia Governor Louis Nuh said the outlook for the interest rate was broadly balanced.

Which was then priced in the markets as cautionary comments from the Reserve Bank of Australia. "Over the past year, it was a scenario that the next step up is likely on the scenario that the next step is reduced, and today the odds are moderately balanced," he said. The labor market is stronger and more hawkish, as interest rates may rise, while any weakness in the labor market will hurt the Reserve Bank of Australia to reassess the situation.

On the other hand, investors are waiting for Federal Fed members to speak to Federal Reserve Chairman John Williams, who will be involved in a panel discussion entitled "Inflation Outlook with a High-Pressure Economy", before presenting the closing remarks of the annual meeting Joint Research on Quantitative Instruments for Macroeconomic and Financial Monitoring, organized by the Bank of Atlanta and Bank of New York.

Later, Fed Deputy Governor Richard Clarida will speak to us at the US Monetary Policy Forum on "Reviewing the Federal Reserve for Monetary Policy Strategies, Financial Instruments and Communications" before we see the participation of St. Louis Governor James Pollard and Deputy Governor Federal Randall Quarles at a panel discussion entitled "The Future of the Federal Reserve Balance Sheet."

This came hours after the minutes of the Federal Open Market Committee meeting, which was held on 29-30 January, during which Federal Reserve policy makers kept interest rates at between 2.25% and 2.50% Cut bond repurchase by $ 50 billion a month. The committee said it was determined to be patient and monitor economic data before resuming tightening monetary policy.

Technical analysis:

The AUDUSD broke the support of the bullish intraday channel that appears in the image, to activate the bearish scenario over the intraday basis, pending targeting the 0.7000 level mainly.

Moving below SMA 50 supports the expected decline, while stability below 0.7125 is an important condition for achieving the expected targets.

The trading range for today is expected among the support at 0.7000 and the resistance at 0.7140.

The general trend for today is bearish.

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its rebound for a third straight session since Feb. 6 against the US dollar on the eve of economic developments and data expected on Friday by Eurozone economies, European Central Bank Governor Mario Draghi at the University of Bologna, and is looking forward to speaking with members of the Federal Open Market Committee in New York.

At 04:59 GMT, the EURUSD dropped 0.01% to 1.1335 compared to the opening at 1.1336 after recording a low of 1.1332 and a high of 1.1342.

German markets are looking for the end of GDP reading for the fourth quarter, which may reflect stable stability at zero levels for the eurozone's largest economies, unchanged from the previous reading and 0.2% contraction in the third quarter. The same growth stability of 0.6% and the seasonally adjusted annual reading of the index may show a 0.6% growth.

This comes ahead of Germany's reading of the IFO Business Climate Index, which may reflect a contraction of 99.0 vs. 99.1 in January, while the same indicator of expectations may show widening stability of 94.2, The same as the current assessments, which narrowed to 103.9 from 104.3 last month.

Leading to inflation data for the whole eurozone as the final reading of the Consumer Price Index (CPI), which may reflect a stable 1.4% growth, was unchanged from the previous January preliminary reading, as the final core annual reading The same index stabilizes growth to 1.1%.

Otherwise, European Commission President John Claude Juncker on Thursday described Britain's exit from the European Union as a real disaster, pointing out that the exit is the past of the United Kingdom and not its future, adding that he does not rule out Britain's exit from the EU without an agreement, In the avoidance of the worst, and the statement that he is not optimistic about the broad, and is expected to issue a report on Italy next week.

This came hours after the minutes of the Federal Open Market Committee meeting, which was held on 29-30 January, during which Federal Reserve policy makers kept interest rates at between 2.25% and 2.50% Cut bond repurchase by $ 50 billion a month, and the committee said it was determined to be patient and monitor economic data before resuming tightening monetary policy.

Technical analysis:

The EUR / USD pair continues to fluctuate between the pivotal levels of 1.1310 and resistance at 1.1380, so there is no change to our neutral position, as we wait to breach one of these levels to define the next targets more precisely.

We will mention that breaching the resistance will push the price to resume positive attempts and achieve targets starting at 1.1443 and then 1.1550, while breaking the support will put the price under negative pressure targeting the test of 1.1180 mainly.

The trading range for today is among the key support at 1.1240 and resistance at 1.1430.

The expected general trend for today: neutral.

EUSUSD 

The pair is trading below 1.1355, but above 1.1325. If the industrial index data from Germany turns out to be weaker than predicted, the pair may continue falling.

The price is above the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the level of 50% and is overall moving horizontally. Stoch are indicating weaker decline of the price.

Trading recommendations:

Sell the pair after it goes below 1.1325 with a possible target of 1.1250.