Analytic reviews

Lukoil continues to trade within the intraday downtrend supported by the moving averages. The price is moving to rich the bottom line of the ascending channel that has been trading inside since October 25, 2017.

The moving averages press the price, especially the SMA50, which leads to further downside.

We see that the Stochastic has reached the oversold area, reinforcing the bearishness.

Support and resistance:

Support: 4722.40-4592.35;

Resistance: 4854.29-4913.00.

The trading range between support 4592.30 and resistance 4913.

The US dollar fluctuated in a narrow bullish range during the Asian session to witness a second consecutive session of its lowest since October 30 against the Japanese yen amid a lack of economic data by the Japanese economy and on the eve of developments and economic data expected on Wednesday by The US economy is the largest economy in the world.

At 0610 GMT, the pair rose 0.05% to 112.83 compared with the opening levels at 112.77 after the pair reached a high of 112.94 and the lowest at 112.65.

Investors are looking for the US economy to see the Durable Goods Index, which accounts for nearly half of consumer spending, which accounts for more than two-thirds of US GDP, which may reflect a 2.2% drop from September's 0.7% rise, while the core reading of the same index Up 0.4% versus stability at zero levels in September.

Technical analysis:

The USD / JPY pair is testing the first pivotal resistance 112.96, accompanied by Stochastic reaching overbought areas, while SMA 50 is a negative pressure against the price.

Therefore, we believe that opportunities are available for a bearish rebound and resumption of the downside movement during the coming sessions. The price needs to break the 112.46 level to confirm the 111.97 target, noting that the continuation of the expected decline depends on stability below 112.96 and above 113.56.

The trading range for today is expected among the support at 112.00 and the resistance at 113.30.

Support and Resistance:

Support: 112.5-111.80;

Resistance: 112.96-113.30-113.56.

The general trend for today is bearish.

Gold futures fluctuated in a tight range slipping towards the Asian session to see their rebound to its second highest session since Nov. 7, as the US dollar index for the fifth lows in eight sessions from its highest since January 22 from In 2017 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.

Gold futures for December delivery fell 0.02% to currently trade at $ 1,221.00 an ounce, showing a two-week rally from the top of $ 1.221.20 per ounce. 0.01% to 96.83, a continuation of its uptrend since the beginning of 2017 compared to the opening at 96.84.

Technical analysis:

The price of gold shows more narrow range trading that sits above SMA 50 and below the moving averages of 7-20, while Stochastic is reaching oversold levels now to provide a positive catalyst that is expected to help push the price higher.

Therefore, we will maintain our bullish trend unless 1208.40 is breached and stability below it, noting that our main awaited target resides at 1238.30.

The trading range for today is among the support at 1210.00 and resistance at 1240.00.

Support and resistance:

Support: 1216.3-1210.4-1205.6;

Resistance: 1224.10-1227.4-1235.3.

The general trend for today is bullish.

The GBP / USD is trading sideways ahead of Wednesday's session, trading near 1.2785 after Tuesday's rally on the broader markets, as well as the revival of the UK's falling-out headlines, Brexit, Gibraltar's Spanish overthrow and the Northern Ireland border issue as the next issue is impossible to solve.

The Brexit meeting is expected to be held at 16:30 GMT.

Between British Prime Minister Teresa Mae and European Commission President Jean-Paul Juncker is scheduled to meet today to discuss the Brexit agreement.

The Sterling Pound opened the day at a slight high where it opened at 1.2845 recording the highest price at 1.2870 and the lowest 1.2739.

Technical analysis:

The GBPUSD traded yesterday with negative resistance to settle below the 1.2800 barrier, reinforcing expectations that the bearishness will continue for the short and medium term, and we believe that the way is open to visit the 1.2636 level which is our next main target.

SMA 50 supports the expected decline, which requires stability to remain below 1.2962. The Stochastic is trading in the overbought area and this increases the chances of a bounce.

The trading range for today is expected among 1.2680 support and 1.2850 resistance.

Support and resistance:

Support: 1.2740-1.2682-1.2613

Resistance: 1.2828-1.2895-1.2970

The general trend for today is bearish.

EURUSD

The pair is recovering after yesterday’s drop caused by the decreasing demand for risk assets on the world markets. This recovery resembles a partial profit taking against the backdrop of the American stock futures growth. It’s safe to assume that this growth will prove temporary due to lower expectations of the US-China trade war resolving in a compromise.

The price is below the middle Bollinger band, above SMA 5, but still below SMA 14. RSI is crossing the level of 50% while moving upwards. Soch have reversed in the oversold zone.

Trading recommendations:

Sell the pair as it’s growing, approximately from 1.1415 with a possible target of 1.1300.

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session against the US dollar amid a lack of economic data from Eurozone economies and on the eve of economic developments and data expected Wednesday by the US economy, the world's largest economy.

At 5:34 am GMT, the EURUSD rose 0.03% to 1.1373 compared to the opening at 1.1370 after the pair hit a session high of 1.1375 and a low of 1.1365.

Investors are looking forward to the response of the Commission of the European Commission to the proposal of the Italian budget adjusted for 2019, which targets the Italian government deficit of 2.4%, overshadowing the European Union rules that follow that the deficit target in the general budget of the Union countries of the two percent, European Commission President Valdis Dombrovskis said last Friday that Italy is publicly defying EU rules on the budget.

On the other hand, investors are looking for the US economy to see the durable goods sales index, which accounts for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 2.2% drop from 0.7% in September, The core of the index itself rose 0.4% against stability at zero levels in September.

Technical analysis:

The EURUSD finished yesterday's trading below 1.1443, confirming the rebound to the downside as the price found it difficult to surpass the SMA 50 which formed a strong resistance to last positive price attempts while Stochastic is providing a negative cross.

Therefore, the bearish bias will likely be valid in the coming sessions with steady price below 1.1443, noting that our main targets start at 1.1300 and extend to 1.1181 after breaking the previous level.

The trading range for today is expected between 1.1270 and 1.1443 support.

Support and resistance:

Support: 1.1250-1.1300-1.1270;

Resistance: 1.1443-1.1500-1.1550.

The general trend for today is bearish.

USDJPY

The pair is trading below 112.65. It’s under pressure due to the decreasing probability of interest rates hike this December, as was hinted at by the Fed member Patrick T. Harker this Friday. 

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the oversold territory, Stoch aren’t informative.

Trading recommendations:

If the pair stays below 112.65, it may drop further to 111.85.

Cisco shares are trading sideways between the 42.47 support level and the 48.42 resistance level and the SMA 50 is pushing the price and pushing it down.

We note a lack of correlation between the indicators where the moving averages give negative signals while the Stochastic indicator gives a bullish cross signal

The intraday path is bearish towards support 43.77 provided stability below 50

Support and resistance:

Support: 45.20-43.66-42.50

Resistance: 46.60-47.22-48.42

The single currency of the European Union (EU) region rose during the US session, showing a rebound to its sixth lowest session since 27 January 2017 against the US dollar following developments and economic data that followed Monday on the economies of the Eurozone and the US economy. The meetings of the Euro group in Brussels.

The euro closed yesterday at 1.1452 after opening at 1.1411.

Today at the Asian session, the Euro opened at 1.1451 and there was little movement.

Technical analysis:

The EUR / USD pair is trading positively with attempts to break through 1.1443, which signals the direction of the price to achieve further gains in the coming period, but needs to get a daily close above it to confirm the continuation of the bullish trend towards 1.1550 as the next positive stop, noting that SMA 50 Is a negative barrier to the attempts of the current price to rise as the price is trading between the moving average 20 and the moving average 50.

We note that the Stochastic is trading in the overbought area, which may give the price more upside as it does not give any bearish signals.

Support and resistance:

Support: 1.1420-1.1360-1.1310

Resistance: 1.1500-1.1550-1.1600

The general trend of neutral trading is waiting for confirmation of any upcoming movement.

Gold futures traded in a tight range slipping towards the Asian session to see their rebound to its second highest session since Nov. 8, capping the US dollar's fifth decline in seven sessions from its highest since January 22 from In 2017 according to the inverse relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.

Gold futures for December delivery fell 0.20% to currently trade at $ 1,222.80 per ounce, showing a two-week rally from the top of the week at $ 1,225.30 per ounce, while the dollar index The US 0.03% to the levels of 96.17 showing a continuation of the bounce from the highest since the beginning of last year compared to the opening at 96.19.

Investors are looking for the US economy to reveal housing market data with the Housing Starts reading and the Construction Permits Index reading last month. The Building Permits Index is expected to reflect a 0.8% rise to 1,260,000 versus 0.6% at 1,241K. The reading of the Construction Starts Index may show a rise of 2.4% to 1,230,000 versus 5.3% at 1,201,000.

Technical analysis:

The price of gold is showing a stable trading above SMA 50 and is gradually creeping towards our positive target at 1238.30, while stochastic negates positive attempts.

Therefore, we will maintain the positive scenario for the upcoming sessions as it did not break the 1208.40 level and stability with daily closing below it.

The trading range for today is among the support at 1210.00 and resistance at 1240.00.

Support and resistance:

Support: 1216.3-1211.3-1208.6

Resistance: 1225.00-1235.00-1240.00

The general trend for today is bullish.