Analytic reviews

Wednesday, November 11th, today’s news—combined market value of Chinese tech giants dropped $250 billion, Asian markets are mixed. In Europe and the US, the markets rise on the new vaccine optimism, though experts warn that no immediate recovery is possible, gold is up, new stimulus hopes in the US. The price of Brent oil is $44.88, WTI—$42.66, EUR/USD is at 1.1801, GBP/USD—1.3294, gold is $1,876.50 per ounce.

The single currency, the euro, fluctuated in a narrow, upward range during the Asian session, to witness its rebound to the fifth session in six sessions from the lowest since July 24 against the US dollar amid economic data on Wednesday by the economies of the euro area and the US economy, the largest economy in the world.
At 06:08 AM GMT, the euro pair rose against the US dollar by 0.07% to 1.1823 levels compared to the opening levels at 1.1815, after the pair achieved its highest level during the session's trading at 1.1833, while it reached its lowest level at 1.1812.
On Thursday, markets may look forward to the participation of Christine Lagarde, Governor of the European Central Bank, Governor of the Bank of England Andrew Bailey, as well as Federal Reserve Governor Jerome Powell in a satellite discussion on monetary policy under the title "Central Banks in a Changing World" in the Bank Forum European Central Bank on central banking.
Other than that, we followed up yesterday. The President of the European Commission, Ursula von der Leyen, expressed her belief that there is a possibility for a partnership between European countries and the United States to define the rules for the digital economy, noting that the time has come to set an agenda between Washington and Brussels to start the initiative and that the European Union is looking forward to The United States joins the Paris climate agreement.
In the same context, the President of the European Commission explained to Line that what is illegal in the non-digital economy will be illegal in the digital economy, adding that it is important for partners to raise their standards in the digital economy and that large digital companies must pay appropriate taxes, with She told her that if there is no international agreement on digital taxes, European countries will act on it.
The President of the European Commission also noted that the deadline for digital taxes is the middle of 2021 and that the European Union cannot return to the agenda with the United States, which was between them five years ago, and in another context, some report stated that the European Parliament has reached an agreement with the European Commission Regarding the size of the budget of the Union in the period between 2021 to 2027, that is about 1.8 trillion euros.
Otherwise, we followed earlier this week the report that touched on the fact that the European Union intends to impose tariffs on the United States of $ 4 billion this week, in the wake of the World Trade Organization ruling on the American Boeing company, especially that the European Trade Commissioner repeatedly asked the United States in advance. And again the necessity of stopping the restrictions it imposed recently on European trade, especially European aircraft.
 
In another context, we also followed on Monday, the chief European commissioner in the file of Britain’s exit from the European Union, Michel Barnier, reported through his official account on Twitter that the European Union and Britain are doubling their efforts to reach an agreement on the future partnership between Brussels and London, and this came amid the market's aspiration for any developments On the reshaping of future relations between the European Union and Britain in the wake of the recent Brexit.

Technical analysis
 

The EUR / USD pair conducted a test to support the ascending channel that appears in the image and bounced back up from there, to keep the bullish trend scenario valid and effective for the upcoming period, and we believe that the path is open to head towards our positive targets which are at 1.1955 then 1.2011.
 
The SMA 50 continues to support the suggested bullish wave, keeping in mind that a break of 1.1795 will pressure the price to test 1.1720 directly before any new attempt to rise.
 
The expected trading range for today is between 1.1750 support and 1.1940 resistance.
 
The expected general trend for today: Bullish

The Australian dollar against the US dollar starts positive trading today, moving above 0.7300, which supports expectations of continuing the bullish trend in the intraday and short term, and the way is open to achieving our awaited target at 0.7413.

The SMA 50 continues to support the suggested bullish wave, keeping in mind that breaking 0.7210 will pressure the price to initially test 0.7055 areas before any new attempt to rise.

The expected trading range for today is between 0.7230 support and 0.7400 resistance

The expected general trend for today: Bullish

Sber Bank rose and managed to breach the upper bound of the descending channel it was moving within after breaching several resistance levels and approaching the main resistance level 243.53

The price is moving above the moving averages 50-20-7. Therefore, the price confirmed the upside path and we await a test of the 250.00 level.

The current price action takes place between the support level 221.80 and the resistance level 250.00 over the intermediate period which will be the main targets of the price action.

General direction of movement: Bullish path

#NFLX

The price pivot zone of 459.00 holds back sellers. An “inverted hammer” reversal pattern has formed on the daily chart, a likely reversal was confirmed by the bullish candle. Awesome Oscillator indicates a bullish divergence, while the moving averages of Stochastic Oscillator are in the oversold zone.

#NFLX rate online: monitor the price movement in real time.

Trading recommendations:

Buy from the current levels.

Stop Loss under the price pivot zone of 459.00.

Target levels: 510.00; 553.00.

GBPUSD

The pair has grown significantly in the recent days amid a weaker US dollar following the increased demand for risk assets. But it’s technically overbought, and the rally has stopped in the stock markets, which may result in a downward correction of the pair.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is under the overbought zone. Stoch also indicate the possibility of a downward reversal.

GBPUSD rate online: monitor the price movement in real time.

Sell the pair after its decline below 1.3245 with a possible drop to 1.3165.

USDCHF

The overall trend is downward. The ascending truncated H1 level pattern ended with the breakout of the inclined channel. A breakout of 0.9127 will result in the formation of a descending wave pattern. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator indicates an overbought condition.

USDCHF rate online: monitor the price movement in real time.

Trading recommendations:

Sell when a descending wave pattern is formed on the breakout of 0.9127.

Stop Loss: 0.9200.

Target levels: 0.9033; 0.8984

Tuesday, November 10th, today’s news—Pfizer and BioNTech announced the successful end of phase three trial of coronavirus vaccine that was found 90% effective. Global markets reacted with enthusiasm, Dow and S&P 500 hit record highs, stocks of airline and digital companies rise in Asia, European markets are mixed, unemployment in France reached 9%. The price of Brent oil is $43.11, WTI—$40.89, EUR/USD is at 1.1833, GBP/USD—1.3221, gold is $1,883.40 per ounce.

The single currency, the euro, fluctuated in a narrow, rising range during the Asian session, to witness its rebound to the fourth session in five sessions from the lowest since July 24 against the US dollar on the cusp of economic developments and data expected today, Tuesday, by the economies of the euro area and the US economy, the largest economy in The world which includes the speech of the members of the Federal Open Market Committee

At exactly 06:37 AM GMT, the euro pair rose against the US dollar by 0.19% to 1.1835 levels compared to the opening levels at 1.1813, after the pair achieved its highest level during the session's trading at 1.1838, while it reached its lowest level at 1.1807.

The markets are looking forward to France, the second largest economy in the euro area, the release of the industrial production index reading, which may reflect a slowdown in the pace of growth to 0.8% compared to 1.3% last August, before we see Italy, the third largest economy in the region, the release of the index reading itself, which may It shows a 1.9% decline, compared to a 7.7% rise in August.

This comes before we witness by the economies of the euro area as a whole the disclosure of the statistics of the ZEW index of confidence in the economy, which may indicate a contraction to a value of 43.3 compared to an expansion of 52.3 in the previous reading of last October, as the reading of the ZEW confidence index may show In the economy of Germany, the largest economy in the eurozone, shrank to a value of 45.0, compared to a widening of 56.1 in October.

Otherwise, we followed the report that touched on the fact that the European Union intends to impose tariffs on the United States of $ 4 billion this week, in the wake of the World Trade Organization ruling on the American company Boeing, especially that the European Trade Commissioner has repeatedly called on the United States in advance to stop the restrictions It imposed recently on European trade, especially European aircraft.

In another context, we followed yesterday the chief European commissioner in the file of Brexit from the European Union, Michel Barnier, through his official account on Twitter, that the European Union and Britain are doubling their efforts to reach an agreement on the future partnership between Brussels and London, and this came amid the market's aspiration for any developments. On the reshaping of future relations between the European Union and Britain in the wake of the recent Brexit.

On the other hand, investors are currently awaiting the American economy for the release of a statistical reading of employment opportunities and job turnover, which may reflect an increase to about 6.50 million compared to about 6.49 million in August, and this comes in the wake of the labor market data showed at the end of last week, the decline in rates Unemployment reached 6.9%, compared to 7.9% in September, beating expectations for a decline to 7.7%.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 638,000 jobs added compared to 672,000 added jobs, which was revised from about 661,000 jobs added in September, while the average hourly income index reading reflected the growth of 0.1% versus zero levels in September, contrary to expectations for 0.2% growth.

Down to the Fed's Deputy Governor and Federal Open Market Committee member Randall Quarles testifying about overseeing the Securities and Exchange Commission before the Senate Banking Committee in Washington, before we witness his counterpart, Deputy Governor of the Federal Reserve and Federal Committee member Lyle Brainard, on the Community Reinvestment Act. At an online event hosted by the National Congress of the Amerindians.

Technical analysis

The EUR / USD pair opens today's trading with a bullish bias after the strong decline it witnessed yesterday, as it bounces up from the support areas of the intraday ascending channel that appears in the image, which supports the continuation of the main bullish trend scenario, which mainly targets 1.2011 areas.

The stochastic oscillator is showing positive signs that support the expected rise, which will remain valid as long as the stability is above 1.1790, and the most important above 1.1720.

The expected trading range for today is between 1.1760 support and 1.1940 resistance.

The expected general trend for today: Bullish.

Gold futures rose about 1 percent in corrective operations during the Asian session after its worst daily performance since January 20 of 2013 and to reflect its rebound to the second session from its lowest since July 22, with the US dollar index resuming its rebound from the top He has since September 28 for the third session in five sessions according to the inverse relationship between them.

This comes on the heels of the economic developments and data that they followed on the Chinese economy, the largest consumer of minerals in the world, and on the cusp of economic developments and data expected today, Tuesday, by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee and amid optimism about the effectiveness of the joint vaccine for Pfizer and Biontech In the prevention of coronavirus by 90% for those who have not previously been infected with the virus.

At exactly 05:44 am GMT, gold futures contracts for December delivery rose 0.95% to trade at $ 1,881.80 an ounce, compared to the opening at $ 1,864.10 per ounce, knowing that the contracts started the session on an upward price gap after trading concluded Yesterday at $ 1,854.40 per ounce, with the US dollar index declining 0.21% to 92.64 compared to the opening at 92.84.

We have followed up on the Chinese National Bureau of Statistics disclosing inflation data with the release of the annual consumer price index reading, which showed the slowdown in growth to 0.5% compared to 2.4% last September, worse than the expectations that indicated a slowdown in growth to 0.8%, as for the annual reading of the index. Producer prices showed that the deflation had stabilized at 2.1% over the past month, contrary to expectations that indicated a contraction of the deflation to 1.9%.

On the other hand, investors are currently awaiting the American economy to release a statistical reading on employment opportunities and job turnover, which may reflect an increase to about 6.50 million compared to about 6.49 million last August, and this comes in the wake of the labor market data showed at the end of last week, a decline The unemployment rate came to 6.9% from 7.9% in September, surpassing expectations for a decline to 7.7% at the time.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 638,000 jobs added compared to 672,000 added jobs, which was revised from about 661,000 jobs added in September, while the average hourly income index reading reflected the growth of 0.1% versus zero levels in September, contrary to expectations for 0.2% growth.

Down to the Fed's Deputy Governor and Federal Open Market Committee member Randall Quarles testifying about overseeing the Securities and Exchange Commission before the Senate Banking Committee in Washington, before we witness his counterpart, Deputy Governor of the Federal Reserve and Federal Committee member Lyle Brainard, on the Community Reinvestment Act. At an online event hosted by the National Congress of the Amerindians.

On the other hand, we followed yesterday the statement of the World Health Organization, which touched on the fact that the arrival of the Corona vaccine may completely change the situation by the end of the year, especially the very positive results of the third phase of clinical trials of the vaccine produced by the American company Pfizer in cooperation with the German company Biontech, which was announced Monday, with the report that the Corona vaccine needs $ 4.5 billion to be ready by early next year.

Technical analysis

The price of gold found strong support at the level of 1860.90, as it withstood the strong decline that the price witnessed yesterday, to bounce up and head towards compensating for the losses it incurred in the past sessions, on its way to visit the levels of 1901.80 and then 1934.86 initially.

Consequently, we expect to witness positive trading today, supported by the positivity of the stochastic indicator, bearing in mind that breaking 1860.90 and holding below it will stop the suggested rise and pressurize the price to incur more losses in the short term.

The expected trading range for today is between 1860.00 support and 1910.00 resistance

The expected general trend for today: Bullish