Analytic reviews

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 November 13 against the US dollar on the eve of developments and economic data expected on Monday by the biggest eurozone economies. The US market was absent earlier this week due to the Presidents' Day holiday in the United States.

At 05:18 GMT, the EURUSD rose 0.15% to 1.1313 compared to the opening at 1.1294, after reaching a high of 1.1325, while reaching a low of 1.1283.

Meanwhile, the European Central Bank (ECB) member Benoit Koir expressed the view that the economic slowdown seems to be larger and deeper than expectations and that the European Central Bank should ensure that the European Central Bank Long-term refinancing serves its intended purpose, noting that the pace of growth of inflationary pressures will be lower than expected.

In the same vein, Cower noted that the Bank of England was working intensively to plan the UK exit from the EU without an agreement, stating that Italy's current situation was not a threat to the eurozone. Otherwise, some of the reports touched on Spanish Prime Minister Pedro Chávez Will hold early elections in Spain on April 28 to choose a new government following the Spanish parliament's rejection of his government's proposal for the 2019 budget.

Technical analysis:

The EUR / USD pair continues to show positive trading above the 1.1300 barrier, accompanied by signs of overbought areas through Stochastic, and SMA 50 is pushing the pair lower, supporting the downside potential to resume the expected bearishness over intraday and short term basis.

Our next target is at 1.1180, keeping in mind that a break of 1.1320 could push the pair to achieve further intraday gains of 1.1370 and extend to 1.1443 before deciding more clearly next.

The trading range for today is expected between 1.1200 and 1.1370 support.

The general trend for today is bearish.

The Australian dollar is back against the US dollar amid a narrow Australian data as the minutes of the monetary policy committee meeting are expected to be released on Tuesday.

Today, at the opening of the trading session, the Australian dollar against the US dollar rose to levels of 0.7152 at the time of writing this report after opening the trading session at 0.7131, achieving the highest price of the level of 0.7158.

Technical analysis:

AUDUSD made a clear break of 0.7135 and settled above it, to complete the formation of a bullish pattern that we expect to push the pair to test the 0.7220 initially, which turns the intraday upside move, noting that the extended target is 0.7300.

Therefore, the bullish trend will be likely for today unless the level of 0.7135 is broken and stability below it again.

The trading range for today is expected among the support at 0.7100 and the resistance at 0.7220.

The general trend for today is bullish.

EURUSD

The pair is passing the level of 1.1300 after reaching a local maximum, as the ECB is expected to make its monetary policy more strict this year.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is passing the level of 50% while reversing downwards. Stoch also indicate the possibility of reversing downwards.

Trading recommendations:

Sell the pair after it crosses 1.1300 with a possible target of 1.1250.

AUDUSD

The pair is consolidating above 0.7080 as there are no news on the US-China trade talks, as well as growing expectations that the negative background will force the RBA to stop raising interest rates further.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is lowly moving down. Stoch are falling.

Trading recommendations:

If the pair goes below 0.7080, it may drop to 0.7025.

Amazon is moving sideways between 1589.27 support and resistance at 1677.92.

The price fluctuates between the 50 and 20 moving averages, which form a kind of channel in which the price moves within which the average 50 supports and 20 is the resistance.

Stochastic is in a bullish upward path towards the overbought area and if it is able to reach it we will see more price action.

The general direction of the movement: neutral.

The US dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound for the second consecutive session of its highest since December 27 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 on Friday from ahead of the US economy.

At 06:05 GMT, the USDJPY dropped 0.11% to 110.36 compared to the opening levels at 110.48 after the pair hit a session low of 110.26 and a high of 110.55.

On the Japanese economy, we saw the final reading of the Industrial Production Index, which showed a steady decline of 0.1%, unchanged from the previous December reading, in line with expectations, compared to a 1.0% decline in November. The final annual reading of the index showed the stability of the decline at 1.9% and showed a reading of energy utilization rate fell 1.9% compared to a rise of 1.0%.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a contraction of the decline to 0.1% from 1.0% in December, in conjunction with the New York Manufacturing Index, from 7.1 to 3.9 in January.

Before the release of the industrial production index, which may reflect a slowdown in growth to 0.1% versus 0.3% in December, coinciding with the release of the energy utilization index reading, which could show a rapid growth rate of 78.8% versus 78.7% led to the first reading of the University of Michigan Consumer Confidence Index, which may reflect a widening to 93.3 versus 91.2 in January.

Technical analysis:

The USD/JPY pair rebounded yesterday after testing the 111.00 barriers to testing the pivotal support of 110.24 now, accompanied by the emergence of clear saturation signals in the Stochastic, while the SMA 50 meets the above support to add more strength to it.

Therefore, these factors encourage us to continue with the bullishness in the coming sessions provided that the price remains stable above 110.24, with the reminder that our next target resides at 111.56.

The trading range for today is expected among the support at 110.00 and the resistance at 111.00.

The general trend for today is bullish.

The Australian dollar fell during the Asian session to see a fluctuation in three sessions of the lowest since January 4 against the US dollar amid a lack of economic data by the Australian economy and on the eve of developments and economic data expected Friday by the US economy, the largest economy the world.

At 4:50 am GMT, the AUDUSD dropped 0.13% to 0.7092 compared to the opening levels of 0.7105 after recording a high of 0.7105 while a low of 0.7075.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a contraction of the decline to 0.1% from 1.0% in December, coinciding with the release of the New York Industrial Index of the world's largest industrial country, which may explain the breadth to 7.1 versus 3.9 in January.

Before the release of the industrial production index, which may reflect a slowdown in growth to 0.1% versus 0.3% in December, coinciding with the release of the energy utilization index reading, which could show a rapid growth rate of 78.8% versus 78.7% led to the first reading of the University of Michigan Consumer Confidence Index, which may reflect a widening to 93.3 versus 91.2 in January.

Technical analysis:

AUD/USD is trading below the SMA 50, and Stochastic is providing a negative signal now, awaiting the pair to stimulate the resumption of the expected bearish trend for the coming period, which is next target at 0.7000.

Keep in mind that a break of 0.7135 will halt the expected decline and lead the price to start recovery attempts over the intraday basis.

The trading range for today is expected among the support at 0.7000 and the resistance at 0.7150.

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 ninth session retreat in 11 of its highest sessions since January 11 on the eve of developments and economic data expected on Friday by Eurozone economies and the US economy.

At 05:23 GMT, the EURUSD dropped 0.08% to 1.1286, compared to the opening at 1.1295, after reaching a low of 1.1284, while reaching a high of 1.1297.

The markets are looking for the third largest economy in the euro area. Italy's trade balance index, which may show a contraction of the surplus to 3.47 billion euros from 3.84 billion euros last November, before we see the eurozone economies as a whole which could show a surplus to 15.6 billion euros from 15.1 billion euros in November.

On Thursday, European Council President Donald Tusk said that the European Union is still looking forward to presenting proposals to help Britain overcome the crisis of its exit from the Union. In another context, some of the reports also mentioned yesterday that the Union has begun to study the increase in tariffs on some imported goods from the United States in response to the potential increase in tariffs on European cars exported to America.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a contraction of the decline to 0.1% from 1.0% in December, coinciding with the release of the New York Industrial Index of the world's largest industrial country, which may explain the breadth to 7.1 versus 3.9 in January.

Before the release of the industrial production index, which may reflect a slowdown in growth to 0.1% versus 0.3% in December, coinciding with the release of the energy utilization index reading, which could show a rapid growth rate of 78.8% versus 78.7% led to the first reading of the University of Michigan Consumer Confidence Index, which may reflect a widening to 93.3 versus 91.2 in January.

Technical analysis:

The EUR/USD pair continues to fluctuate around 1.1300 and is still below it, noting that Stochastic is beginning to provide a negative cross signal now, while SMA 50 continues to pressure the pair negatively.

Therefore, these factors encourage us to continue to moderate the bearishness during the coming sessions, which has the next target at 1.1180, while stability is required to remain below 1.1365.

The trading range for today is among the key support at 1.1180 and resistance at 1.1365.

The general trend for today is bearish.

AUDUSD

The pair is trading below 0.7135. It’s consolidating within the existing range in anticipation of news concerning the US-China trade talks. The inability of the pair to pass 0.7135 may result in a resumed decline.

The price is above the upper Bollinger band, above SMA 5 and SMA 14. RSI is above the level of 50%, but indicates that the price has stopped growing. Stoch are growing steadily

Trading recommendations:

If the pair doesn’t go above 0.7135, it may reverse and drop to 0.7080.

The Australian dollar rose during the Asian session to see its rebound for the second session in three sessions of its lowest since January 4 against the US dollar following developments and economic data followed by the Australian economy and on the eve of developments and economic data expected Thursday by the US economy largest World economy.

At 04:50 GMT, the AUDUSD rose 0.45% to 0.7121 compared to the opening levels of 0.7090 after recording a high of 0.7122 while a low of 0.7085.

We have followed the Australian economy with the Melbourne Institute reading of consumer expectations of inflationary pressures, which showed growth accelerated to 3.7% versus 3.5% in January, on the heels of a recent interview by Assistant Governor of the Australian Reserve Bank of Financial Markets Christopher Kent at a breakfast XE in Melbourne.

On the other hand, investors are currently looking for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which represents more than two thirds of the United States GDP, which may reflect a slowdown in growth to 0.1% compared to 0.2% in November last year, While the core reading of the retail sales index may show stability at zero versus 0.2% in November.

The markets are also looking for the PPI, which is a preliminary index of inflationary pressures, which could reflect a 0.1% expansion versus a 0.2% contraction in December, while the annual reading of the same index may show a slowdown of growth to 2.1% versus 2.5% in the previous annual reading for the month of December.

The core reading of the PPI shows a 0.2% growth versus 0.1% contraction in December, while the core annualized reading of the same index may show a slowdown in growth to 2.5% versus 2.7% in the previous December reading, A reading of the index of aid applications, which may reflect a decline of 9 thousand requests to 225 thousand applications during the week of the ninth of this month.

Technical Analysis

The AUDUSD is back to provide a quiet positive trade with today's opening on positive stochastic, but since the price is below 0.7190, our bearish outlook remains valid, supported by SMA 50, awaiting a rebound to visit 0.7000 which is our next main target.

The trading range for today is expected among the support at 0.7050 and the resistance at 0.7190

The general trend for today is bearish