Analytic reviews

AUDUSD

The pair is trading above the 0.7270, supported by the demand for risk assets amid as Joe Biden is proclaimed as the President-elect. The pair is also supported by the rising expectations of a decrease in tension between Washington and Beijing, which will have a positive impact on the Australia-China trade.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is at the level of the overbought zone. Stoch are entering into this zone.

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

Trading recommendations:
Buy the pair on a possible pullback down to 0.7270 with a subsequent rise to 0.7345.

Friday, November 6th, today’s news—daily new cases of COVID-19 in the US surpass the record-breaking 100,000. Global markets fall amid the uncertainty over the US presidential election results and the escalating pandemic, Treasury yields drop, the dollar is stronger. The price of Brent oil is $40.38, WTI—$38.18, EUR/USD is at 1.1847, GBP/USD—1.3124, gold is $1,948.95 per ounce.

USDJPY

The pair is trading above 103.45. Weak employment data in the US may increase the pressure on the pair, while Joe Biden’s victory in the presidential election expected by investors already weighs on it.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is at the level of the oversold zone. Stoch is turning up in this zone.

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

Trading recommendations:
Sell the pair after the breakout of 103.45 with a probable drop to 103.00.

Gold futures fluctuated in a narrow range that tends to decline during the Asian session, to witness its retracement of the second session from its highest since September 21, overlooking the retracement of the US dollar index for the third session from its highest since the 28th of the same month according to the inverse relationship between them on the cusp of developments and data Economic anticipated Friday by the US economy, the largest economy in the world, and in conjunction with the continued counting of American voters within the actions of the US presidential elections.

At exactly 05:45 am GMT, gold futures contracts for December delivery fell 0.49% to trade at $ 1,940.40 per ounce, compared with the opening at $ 1,950.00 per ounce, knowing that the contracts started the session on a rising price gap after trading concluded Yesterday at $ 1,946.80 per ounce, overlooking the decline of the US dollar index 0.10% to 92.61 compared to the opening at 92.70.

Investors are currently awaiting the US economy to disclose labor market data, with the release of the employment change index reading for sectors other than agricultural, which may reflect 595 thousand added jobs compared to 661 thousand jobs added last September, while the average hourly income index reading may clarify. Growth accelerated to 0.2% versus 0.1%. This is with the unemployment rate reading showing a decline to 7.7% from 7.9% in September.

This comes, before we witness the release of the final reading of the wholesale inventories index, which may confirm a decline of 0.1%, unchanged from the previous initial reading for the month of September and compared to a rise of 0.4% last August, leading to the disclosure of the reading of the consumer credit index, which may Reflects an increase to $ 7.9 billion compared to a decline of $ 7.2 billion in August.

In another context, we have just watched the end of the November 4-5 FOMC meeting via satellite in Washington, during which the Fed’s monetary policymakers decided to maintain the short-term reference interest rates for the sixth consecutive meeting at Its lowest level was between zero and 0.25%, which was in line with expectations.

Yesterday, we also followed the press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, in which he expressed the importance of the fiscal stimulus policy to support the economy amid his emphasis on the Federal Reserve's commitment to using all its tools to support the recovery.

Technical analysis

The price of gold closed yesterday's trading above 1934.86, paving the way to continue the bullish trend in the intraday and short term, on its way to heading towards 1967.90 as a next positive target, noting that the price has completed forming a double bottom pattern that has positive targets beyond the aforementioned level to reach 2008.80.

Thus, we expect to witness more upside during the upcoming sessions, waiting for a positive momentum that will contribute to pushing the price to achieve the suggested targets, bearing in mind that breaking 1934.86 and stabilizing below it will put the price under negative pressure targeting a test of 1901.80 areas initially.

The expected trading range for today is between 1910.00 support and 1970.00 resistance

The expected general trend for today: Bullish

The Australian dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its retracement of the second session from its highest since September 21, while it is still in the process of its best weekly performance since the beginning of this year against the US dollar after the developments and the economic data that followed it on the Australian economy And on the cusp of economic developments and data expected on Friday by the US economy, the largest economy in the world.

At exactly 03:40 am GMT, the Australian dollar against the US dollar fell 0.29% to 0.7262 levels compared to opening levels at 0.7283, after the pair achieved its lowest level during the session's trading at 0.7250, while achieving its highest at 0.7284.

We have followed up on the Australian economy the release of the services index reading by the Australian Industrial Group (AIG), which reflected an expansion of 51.4 compared to a contraction of 36.2 last September. This came before we witnessed the Reserve Bank of Australia unveiling the monetary policy statement for the meeting that took place. Last Tuesday, during which it was approved to cut interest rates by 15 basis points to 0.10%, which was in line with expectations at the time.

The statement stated that the Central Bank of Australia that the Corona pandemic will have "long-term effects" on the Australian economy and that the gross domestic product is "unlikely" to return to the level it was before the pandemic until the end of next year 2021, explaining that "in general, from The economy is expected to be significantly smaller at the end of the forecast period than was projected before the pandemic, in part due to the sharp slowdown in population growth.

The Australian Central Bank’s statement also stated that it is not considering lowering interest rates, but rather focuses on buying bonds, with reference to the fact that the Australian economy will grow 6% in the twelve months that end at the end of June 2021 and will grow 4% in the fiscal year that ends in June 2022 And it is also expected that employment growth will slow in the next few months, while the core inflation rate is heading to the "lowest level" below 1% during 2021.

We would like to point out that monetary policymakers at the Reserve Bank of Australia approved at the November 3 meeting to increase the volume of purchases of government bonds by 100 billion Australian dollars for a period of six months and to buy government bonds with a maturity of five and ten years, while maintaining the target of yielding bonds. Three-year maturities at 0.10%, in addition to their approval of reducing the lead on credit facility loans to 0.10%.

On the other hand, investors are currently awaiting the US economy to disclose labor market data, with the release of the employment change index reading for the sectors other than agricultural, which may reflect 595 thousand jobs added compared to 661 thousand jobs added last September, while the average index reading may indicate Hourly income growth accelerated to 0.2% from 0.1%. This is with the unemployment rate reading showing a decline to 7.7% from 7.9% in September.

This comes, before we witness the release of the final reading of the wholesale inventories index, which may confirm a decline of 0.1%, unchanged from the previous initial reading for the month of September and compared to a rise of 0.4% last August, leading to the disclosure of the reading of the consumer credit index, which may Reflects an increase to $ 7.9 billion compared to a decline of $ 7.2 billion in August.

In another context, we have just watched the end of the November 4-5 FOMC meeting via satellite in Washington, during which the Fed’s monetary policymakers decided to maintain the short-term reference interest rates for the sixth consecutive meeting at Its lowest level was between zero and 0.25%, which was in line with expectations.

Yesterday, we also followed the press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, in which he expressed the importance of the fiscal stimulus policy to support the economy amid his emphasis on the Federal Reserve's commitment to using all its tools to support the recovery.

Technical analysis

The Australian dollar against the US dollar traded on a positive note, approaching the 0.7300 barrier, which strengthens expectations for the continuation of the bullish trend during the upcoming sessions, reminding you that our targets start at 0.7325 and extend to 0.7413.

The SMA 50 continues to support the suggested bullish wave, which will remain valid as long as the price maintains its stability above 0.7120.

The expected trading range for today is between 0.7200 support and 0.7360 resistance

The expected general trend for today: Bullish

AUDJPY

The currency pair is trading in the range of the upper limit of the descending price channel built on the H4 timeframe. Stochastic Oscillator indicates an overbought condition, and an ascending H4 level pattern is truncated.

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

Trading recommendations:

Sell when a descending wave pattern is formed, where wave A breaks through the inclined channel of the ascending wave pattern.
Stop Loss beyond the local maximum.

Target levels: 74.20; 73.21.

#JNJ

The stock is trading in the range of the lower limit of the flat range. Stochastic Oscillator signals an oversold condition. A breakout of the resistance level of 142.50 will result in the formation of a 1-2-3 ascending pattern.

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

Trading recommendations:

Buy on the breakout of 142.50.

Stop Loss 135.00.

Target levels: 150.00; 156.00.

The stock of Amazon (AMAZON) jumped higher in its last session, so that the stock succeeded with this rise in regaining its trades along a major rising trend line in the medium term, as shown in the attached chart, amid the positive signs in the relative strength indicators, after reaching very oversold areas, The stock achieved sharp gains of 6.32%, equivalent to 192.75 points, to settle at $ 3,241.16, and with this rise, the stock also succeeded in getting rid of the negative pressure of the simple moving average for the previous 50 days, to open the door for it to achieve more gains.

Therefore, our expectations indicate a further rise for the stock during its upcoming trading, as long as it stabilized above 3,082.53, targeting the pivotal resistance 3,545.11.

The expected direction for the stock's upcoming trades: To the upside

Thursday, November 5th, today’s news—votes are still being counted a day after the polls closed. The dollar is weaker, Asian markets hit a three-year maximum, European markets rise despite the weak German data, new stimulus from the Bank of England, Dow is up 300 points. The price of Brent oil is $40.79, WTI—$38.69, EUR/USD is at 1.1761, GBP/USD—1.3014, gold is $1,918.15 per ounce.

The US dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound for the second session from its highest since October 21 against the Japanese yen amid a scarcity of economic data by the Japanese economy and on the cusp of economic developments and data expected today, Thursday, by the largest US economy An economy in the world, which includes the meeting of the Federal Open Market Committee and the continued counting of the American voters' votes in the 2020 US presidential elections.

At exactly 06:58 am GMT, the US dollar against the Japanese yen declined by 0.20% to 104.31 levels compared to the opening levels at 104.52, after the pair achieved its lowest level during the session’s trading at 104.22, while it reached its highest at 104.54.

Investors are currently looking forward to the US economy, the release of the aid claims index reading for last week in late October, which may reflect a decrease of 11,000 requests to 740,000 requests compared to 751,000 requests in the previous reading, and the reading of the continuing aid requests for last week may also appear. On the 24th of last month, a decrease of 556 thousand applications decreased to 7.2 million, compared to 7,756 thousand applications in the previous reading.

This comes in conjunction with the disclosure of the preliminary reading of the non-agricultural sector productivity index, which reflects a slowdown in growth to 3.6% compared to 10.1% in the last second quarter, while the preliminary reading of the labor cost index may show a decrease of 10.0% compared to a rise of 9.0% in the second quarter. This coincided with the November 4-5 FOMC meeting via satellite in Washington.

During the current meeting, monetary policymakers at the Federal Reserve Bank are expected to keep interest rates at the lowest ever, between zero and 0.25%, before we witness the press conference that Fed Governor Jerome Powell will hold half an hour after the meeting has ended to comment. On the decisions and directions of the committee that previously approved many stimulus programs to support the economy in the face of the repercussions of the Corona pandemic.

Otherwise, we would like to point out that the preliminary indications for the US elections currently reflect the Democratic candidate, Joe Biden, winning 264 electoral votes, while the forty-fifth US president, Republican Donald Trump, got 214, and we would like to point out that winning the White House requires that the candidate for the post of President of the United States win 270 electoral votes. At least out of 538 electoral votes representing 50 states of the United States of America.

In the same context, and in view of the results of the US congressional elections, the Republican Party won about 48 seats in the Senate and the Democratic Party won about 46 seats, while other parties won two seats, out of 100 seats. For one of the poles of American politics, the Democratic Party Or his Republican counterpart on the majority in the Senate requires winning about 51 seats.

As for the House of Representatives, the Democrats won 204 seats while the Republicans won 190 seats out of 435 seats, and it takes to win a majority of the House one party to get 218 seats, and the vote count of the American electorate is still ongoing amid global follow-up to that event, which will determine the orientations and policies of the states. United political and economic development in the next four years, which will be reflected in one way or another on politics and the global economy.

Technical analysis

The dollar against the yen bounced down sharply, after testing the 105.20 level yesterday, which supports the continuation of the bearish trend scenario effectively during the upcoming sessions, and the road is open to achieve our main waited target at 103.65.

The SMA 50 continues to support the suggested descending wave, noting that breaking the target level will extend the downside wave to reach 103.00 as a next negative station, while the expected decline will remain valid unless the price pushes to breach 105.20 and stabilize above it.

The expected trading range for today is between 103.00 support and 105.20 resistance.