Analytic reviews

The US dollar fluctuated in a tight range slipping towards the Asian session to see its rebound to its second-highest session since the end of last December against the Japanese Yen amid a lack of economic data by the Japanese economy and on the eve of developments and economic data expected Tuesday by the US economy The world's largest economy.

At 05:58 am GMT, the dollar fell against the Japanese yen by 0.06% to 109.82 compared to the opening levels at 109.89 after the pair reached a low of 109.82, while the highest at 110.04.

On the other hand, investors are looking for the US economy to reveal the final reading of the index of the Institute of Service Supply by Markit for the United States, which may reflect the stability of the breadth at 54.2 compared to 54.4 in December, before the disclosure of the index of the Institute of Service Suppliers, which may appear The gap narrowed to 57.2 from 57.6 in December, and we would like to point out that service delivery is important because the service sector in America represents more than two-thirds of GDP.

Federal Reserve monetary policy makers kept interest rates between 2.25% and 2.50% last week while continuing to cut bond purchases by $ 50 billion per month. Federal Commissioner Jerome Powell said that the committee would be patient and monitor economic data as the downside risks to the economy worsened due to the weakening of global growth and volatility of the financial week. Whether or not this approach will continue depends on economic data.

Technical Analysis

The pair made a positive trading yesterday to reach the awaited target of 110.24, which represents 61.8% Fibonacci retracement of the decline from 113.70 to 104.62, which means that breaching it will push the price to visit the 111.56 level directly.

SMA 50 supports the price from the bottom, and Stochastic is beginning to shed its negative momentum, which supports the chances of a continuation of the bullish trend during the coming sessions, taking into account that the break of 109.16 will stop the current rise and press the price to decline again.

The trading range for today is expected among the support at 109.16 and the resistance at 110.70

Support and resistance:

Support: 109.24-108.51

Resistance: 109.90-110.67

The general trend for today is bullish

Google shares continue to rise on the upside move. Where the price managed to breach the 50% Fibonacci retracement level (from 1255.34 to 979.61)

At the 1117.47 level, the bullish path is confirmed.

The moving averages support the bullish movement as we have a positive order for the rise of 7-20-50 below the price, thus forming a positive pressure on the price for further gains

Stochastic has reached the area of saturation of the purchase and we are waiting for what will be its behavior within this region if the intersection between the lines and exit from this region is likely to see a correction in the price movement to the level of 1117.47

The range of movement between support 1103.53 and resistance: 1163.46

Gold futures fluctuated in a narrowly bullish range during the Asian session, shrugging off the dollar's fourth straight session, its lowest level since January 10, according to the inverse relationship between them following the decisions and directions of the Reserve Bank of Australia and on the eve of economic developments and data Expected Tuesday by the US economy, the world's largest economy.

Gold futures for April delivery rose 0.15% to currently trade at $ 1,318.50 per ounce, compared with the opening at $ 1,316.80 per ounce, while the US dollar index rose 0.01% to 95.84, showing a rebound from its lowest in nearly a month compared to the opening at 95.83.

We followed the decision of the Reserve Bank of Australia during the February 5 meeting to keep short-term benchmark interest rates unchanged at 1.50% for the 28th consecutive meeting, as expected in the markets, with the disclosure of the bank's monetary policy statement, This comes on the eve of the forthcoming speech of Governor of Central Bank of Australia Philip Lo at the National Press Club in Sydney on Wednesday.

Otherwise, investors are currently looking for the US economy to release the final reading of the index of the Institute of Service Providers by Markit for the United States, which may reflect the stability of the breadth at 54.2 compared to 54.4 in December, before the disclosure of the index of the Institute of Service Suppliers, which may appear The gap narrowed to 57.2 from 57.6 in December, and we would like to point out that service delivery is important because the service sector in America represents more than two-thirds of GDP.

On the other hand, the World Gold Council's statistics last week pointed to the global purchases of gold by the global central banks in 2018 to their highest level since 1967. Purchases rose to 651.5 metric tons, up 74% from 2017 to 375 tons Metric tonnes, with many countries buying gold, topped by Russia, at 274 metric tons, which surpassed China, the world's largest consumer of metals, and inspire both Poland and Kazakhstan.

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 slightly positive after the SMA 50 test yesterday, reaching the pivotal resistance of 1316.65 now, accompanied by the stochastic loss of the positive momentum markedly and approaching the areas of overbought areas, which is a negative factor we expect to press the price to drop again, The negative scenario is valid for the coming period, awaiting targets targeting 1296.00 and then 1286.70 mainly.

Keep in mind that a breach of 1316.65 and stability above it will stop the expected decline and lead the price to resume the short term bullish trend, which has the next target at 1335.00.

The trading range for today is among the support at 1295.00 and resistance at 1325.00

Support and resistance:

Support: 1310.17-1302.50-1293.60

Resistance: 1316.65-1321.65-1333.78

The general trend for today is bearish

The single currency of the European Union (EU) region fluctuated in a narrowly bearish range during the Asian session to see its rebound for a third session in four sessions from its highest since January 11 on the eve of developments and economic data expected on Tuesday by Eurozone economies and the US economy. World economy.

At 4:35 am GMT, the EURUSD dropped 0.04% to 1.1433 compared to the opening at 1.1438 after the pair hit a session low of 1.1431 and a high of 1.1441.

Investors are currently waiting for the PMI to release the PMI reading, which may show a contraction of 53.1 versus 54.0 last December, and the same indicator for Italy, the third largest economy in the region, may see a contraction to 50.0 versus 50.5 in December.

Before the release of the final reading of the PMI for France and Germany, which may show deflation stabilizing at 47.5, little change from the previous reading of last month in France, against a contraction of 49.0 in December and a widening stability of 53.1 in Germany versus 51.8, The final reading of the index for the euro area as a whole reflects the stability of the widening at 50.8 and 51.2.

To the release of the Retail Sales reading for the Eurozone as a whole, which may show a decline of 1.5% from 0.6% last November, while the same annualized reading may show a slowdown in growth to 0.5% versus 1.1%. This week, German Chancellor Angela Merkel expressed her unwillingness to open the door to negotiations on the British exit agreement from the European Union and the failure to reach Britain's exit without an agreement.

On the other hand, investors are looking for the US economy to reveal the final reading of the index of the Institute of Service Supply by Markit for the United States, which may reflect the stability of the breadth at 54.2 compared to 54.4 in December, before the disclosure of the index of the Institute of Service Suppliers, which may appear The gap narrowed to 57.2 from 57.6 in December, and we would like to point out that service delivery is important because the service sector in America represents more than two-thirds of GDP.

Federal Reserve monetary policy makers kept interest rates between 2.25% and 2.50% last week while continuing to cut bond purchases by $ 50 billion per month. Federal Commissioner Jerome Powell said that the committee would be patient and monitor economic data as the downside risks to the economy worsened due to the weakening of global growth and volatility of the financial week. Whether or not this approach will continue depends on economic data.

Technical Analysis

The EUR / USD pair is under continuous negative pressure to move below 1.1443 now as the stochastic is still exerting pressure on the price while SMA 50 is trying to protect the price from losses. Therefore, the contradiction between the technical factors makes us prefer to stop neutral until we get The signal is clearer for the next direction.

We note that the continuation of the decline and break 1.1370 will put the price under strong negative pressure to push the trading towards 1.1181 directly while breaching 1.1443 and stability above it will reactivate the scenario of the upward trend targeting levels 1.1550 and 1.1705.

The trading range for today is among the key support at 1.1340 and resistance at 1.1540

Support and resistance:

Support: 1.1386-1.1341-1.1300

Resistance: 1.1443-1.1512-1.1583

The expected general trend for today: neutral

The Australian dollar fell during the Asian session to see its fourth session retreat since December 5 against the US dollar following the economic developments and data that followed on the Australian economy and on the heels of the decisions and directions of monetary policymakers at the Reserve Bank of Australia in addition to the developments and economic data expected On Tuesday by the US economy, the world's largest economy.

At 02:38 GMT, the AUDUSD fell 0.28% to 0.7206 compared to the opening levels of 0.7226, after recording a low of 0.7194, while recording a high of 0.7228.

On the Australian economy, Australia's Industrial Services Index (AIG), which showed contraction to 44.3 versus 52.1 in December, followed the release of the trade balance, which showed a surplus of 3.68 billion Australian dollars against A $ 2.26 billion in November, contrary to expectations of 2.25 billion Australian dollars.

This came in conjunction with the release of the Retail Sales Index which showed a 0.4% decline from 0.5% in the previous reading for November, as opposed to expectations for stability at zero levels. The same indicator excluding inflation for the fourth quarter showed a slowdown of growth to 0.1 Compared to 0.2% in the third quarter, as opposed to expectations that accelerated growth to 0.5%.

Otherwise, the markets are now looking at the RBA's decision on interest rates and the Reserve Bank of Australia's interest rate statement, amid expectations of a short-term benchmark interest rate of 1.50% for the 28th consecutive meeting. Australian Philip Lo at the National Press Club in Sydney.

On the other hand, investors are looking for the US economy to reveal the final reading of the index of the Institute of Service Supply by Markit for the United States, which may reflect the stability of the breadth at 54.2 compared to 54.4 in December, before the disclosure of the index of the Institute of Service Suppliers, which may appear The gap narrowed to 57.2 from 57.6 in December, and we would like to point out that service delivery is important because the service sector in America represents more than two-thirds of GDP.

Federal Reserve monetary policy makers kept interest rates between 2.25% and 2.50% last week while continuing to cut bond purchases by $ 50 billion per month. Federal Commissioner Jerome Powell said that the committee would be patient and monitor economic data as the downside risks to the economy worsened due to the weakening of global growth and volatility of the financial week. Whether or not this approach will continue depends on economic data.

Technical Analysis

The AUDUSD is opening higher today with a strong rally on the Australian Central Bank, pushing the pair to breach the 0.7235 level, so we prefer to stay neutral temporarily until the pair confirms its position on the mentioned level.

We note that stability above this level will push the price to achieve further gains and move towards 0.7335 as the next major station, while stability below it will reactivate the scenario of the bearish trend, which the next targets are located at 0.7170 and 0.7100.

The trading range for today is among the key support at 0.7180 and resistance at 0.7330

The expected general trend for today: neutral

EURUSD

The pair is trading below 1.1430 against the background of uncertainty surrounding Brexit, as well as higher expectations of the slower eurozone economy growth that is likely to force the ECB to keep interest rates low for an extended period of time.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is slowly moving down. Stoch are indicating a possible local reversal.

Trading recommendations:

Sell the pair with a possible target of 1.1375.

AUDUSD

The pair is trading above 0.7225. It’s still under pressure due to the lack of a US-China trade deal. Donald Trump has postponed the final decision until the meeting with Xi Jinping later this month.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI has stopped falling and is above the 50% level now. Stoch indicate a slower decline.

Trading recommendations:

If the pair crosses 0.7225, it may drop to 0.7175.

The Australian dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound for the third session since December 5 against the US dollar following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected on Monday by the economy The largest economy in the world.

At 02:36 GMT, the AUDUSD fell 0.11% to 0.7242, compared to the opening levels at 0.7250, after reaching a low of 0.7229, while reaching a high of 0.7254.

On the Australian economy, the inflation index released by the Melbourne Institute (MI) last month showed a 0.1% drop from 0.1% last January, before we saw the release of preliminary data for the labor market with a reading The job ads index, which showed a widening decline to 1.7% from 0.7% in December.

In addition to the release of the Australian housing market data, with the release of the building permit reading, which showed a contraction of 8.4% compared to 9.8% in November, contrary to expectations of a 2.1% rise. The annual reading of the same index shrank to 22.5% Compared to 32.8% in November's annual reading, worse than the 10.9% decline.

Otherwise, markets are looking to reveal Tuesday the RBA's interest rate decision and the Australian Central Bank's interest rate statement, amid expectations of a short-term benchmark interest rate of 1.50% for the 27th consecutive meeting. Australian Central Bank Philip Lo at the National Press Club in Sydney.

On the other hand, investors are currently looking for the US economy to reveal the factory demand index, which may show a rise of 0.3% compared to a decline of 2.1% in October, and this comes hours after the data showed the labor market last month, which showed high unemployment for the month The second consecutive month to 4.0% compared to the previous forecast for December at 3.9%.

In the same context, the average hourly earnings reading showed a slowdown in growth to 0.1% from 0.4% in December, worse than expectations of 0.3%, while the Nonfarm Employment Change Index showed that job creation accelerated to 304K Adding an added 222,000 jobs in December, beyond expectations for 165,000 jobs.

Federal Reserve monetary policy makers kept the federal funds rate at 2.25% to 2.50% at the Federal Open Market Committee meeting held on 29-30 of last month as they continued to cut back on bond purchases by $ 50 billion a month. Federal Reserve Governor Jerome Powell said at the time that the committee would be patient about raising interest rates.

Technical Analysis

AUDUSD is under negative pressure to attack the 0.7235 level and is moving below it now, and we note that the price complements the formation of a double-top model now, which makes us likely to see further declines in the coming sessions, targeting 0.7170 and 0.7100 respectively.

Therefore, the bearish bias will be expected for today unless the price is able to rise above 0.7235 and stabilize above it again.

The trading range for today is expected among the support at 0.7170 and resistance at 0.7270

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 the second session in three sessions of its highest since January 11 on the eve of developments and economic data expected on Monday by the Eurozone economies and the US economy. World economy.

At 04:58 GMT, the EURUSD dropped 0.11% to 1.1443 compared to the opening at 1.1456 after the pair reached a low of 1.1422 and a high of 1.1466.

Investors are currently looking for the Spanish economy, the region's fourth-largest economy, to release the Unemployment Change Index, which could reflect a rise of 60.3K versus a 50.6K drop in December before the Sintex Consumer Confidence Index for the region as a whole The contraction shrank to 1.1 versus 1.5 in January.

To the eurozone as a whole, as the producer price index (PPI), a preliminary index of inflationary pressures that could show a contraction of 0.7% versus 0.3% in November, coincided with the release of Italy's third-biggest consumer price index Which could reflect 0.1% growth versus 0.1% contraction in December.

On the other hand, investors are currently looking for the US economy to reveal the factory demand index, which may show a rise of 0.3% compared to a decline of 2.1% in October, and this comes hours after the data showed the labor market last month, which showed high unemployment for the month The second consecutive month to 4.0% compared to the previous forecast for December at 3.9%.

In the same context, the average hourly earnings reading showed a slowdown in growth to 0.1% from 0.4% in December, worse than expectations of 0.3%, while the Nonfarm Employment Change Index showed that job creation accelerated to 304K Adding an added 222,000 jobs in December, beyond expectations for 165,000 jobs.

Federal Reserve monetary policy makers kept the federal funds rate at 2.25% to 2.50% at the Federal Open Market Committee meeting held on 29-30 of last month as they continued to cut back on bond purchases by $ 50 billion a month. Federal Reserve Governor Jerome Powell said at the time that the committee would be patient about raising interest rates.

Technical Analysis

The EUR / USD pair is trading at the pivotal support level of 1.1443, and as we mentioned in our recent reports, the price needs to remain above this level to keep the bullish scenario intact for the next period, targeting 1.1550 then 1.1705 as the next major stops.

SMA 50 continues to support the pair from the bottom, to remain the positive scenario for today, taking into account that breaking 1.1443 and stability below it will push the price down towards levels starting at 1.1355 and extending to 1.1181 after breaking the previous level.

The trading range for today is among the key support at 1.1355 and resistance at 1.1550

Support and resistance:

Support: 1.1443-1.1386-1.1341

Resistance: 1.1512-1.1583

The general trend for today is bullish

Gold futures fell during the Asian session to rebound to its second-highest session since April 25 as the US dollar index rose for the third consecutive session from its lowest level since January 10 according to the inverse relationship between them on the eve of developments and data Economic outlook on Monday by the US economy, the world's largest economy.

Gold futures for April delivery fell 0.29% to currently trade at $ 1,318.20 an ounce, showing a 10-month high from the opening at $ 1,322.60 per ounce, amid a rally in the US dollar 0.05% to 95.66, showing a rebound from its lowest level in four weeks compared to the opening at 95.60.

he markets are currently looking for the US economy to release the factory demand index, which may rise 0.3% from 2.1% in October, To 4.0% from December's 3.9%.

In the same context, the average hourly earnings reading showed a slowdown in growth to 0.1% from 0.4% in December, worse than expectations of 0.3%, while the Nonfarm Employment Change Index showed that job creation accelerated to 304K Adding an added 222,000 jobs in December, beyond expectations for 165,000 jobs.

Federal Reserve monetary policy makers kept the federal funds rate at 2.25% to 2.50% at the Federal Open Market Committee meeting held on 29-30 of last month as they continued to cut back on bond purchases by $ 50 billion a month. Federal Reserve Governor Jerome Powell said at the time that the committee would be patient about raising interest rates.

On the other hand, the World Gold Council's statistics last week pointed to the global purchases of gold by the global central banks in 2018 to their highest level since 1967. Purchases rose to 651.5 mt, up 74% from 2017, Of countries to buy the yellow metal topped by China, the world's largest consumer of metals, then Poland and Russia in addition to Kazakhstan.

The global gold consumption ratio rose to 4,345.1 tons last year from 4,159.9 tons in 2017. Retail investment in bullion and gold coins rose 4% to 1,090.2 tons, supported by an increase in Iranian demand by 222% to 62 tons. Demand for jewelery Approximately 2,200 tons with offset increased consumption in both China, the United States and Russia demand drop from the Middle East and India.

In contrast, demand for financial institutions fell by 67% from the year 2017, when the global supply of gold rose 1% to 4,490.2 in 2018. Gold futures last month made their fourth consecutive monthly gain, showing the longest run Has seen monthly gains since late 2010, after ending its longest monthly loss march since October 1996.

Technical Analysis

The price of gold opens today with a bearish move to break the 1316.65 level and settle below it, placing the price under negative pressure expected over the intraday basis, targeting the levels of 1295.00 and then 1286.70 mainly.

Therefore, the bearish bias will be likely in the coming sessions unless the price is able to breach the 1316.65 level and stabilize above it again.

The moving averages support the downside as we note that the mediums -20 above the price near the resistance level 1316.65 will increase the negative pressure on the price for further decline.

Stochastic is also trading negatively in the overbought area, increasing the downside.

The trading range for today is among the support at 1295.00 and resistance at 1320.00

Support and resistance:

Support: 1310.17-1302.51-1293.60

Resistance: 1316.65-1321.65-1333.78

The general trend for today is bearish