Analytic reviews

The US dollar fluctuated in a narrow bullish range during the Asian session against the Japanese Yen following the developments and economic data that followed on the Japanese economy and on the eve of developments and economic data expected Wednesday from the US economy, the largest economy in the world.

At 05:42 am GMT, the pair rose 0.09% to 113.91 compared to the opening levels at 113.81 after the pair hit a session high of 113.99 and a low of 113.76.

We followed the Japanese economy to reveal the preliminary reading of GDP for the third quarter, which showed a 0.3% contraction in line with expectations versus 0.7% growth in the second quarter. The initial annual reading of the index showed a 1.2% contraction versus 3.0% growth, The annual reading of the index showed a contraction of 0.3% against stability at zero levels, worse than expected 0.1% contraction.

Technical analysis:

USD / JPY remains steady above 113.56, and continues to receive positive support from SMA 50, noting that Stochastic is shedding negative and approaching oversold areas.

Therefore, these factors encourage us to continue with the bullishness in the coming sessions, targeting 114.55 and 115.50 as the next major stops, noting that the continuation of the expected rally depends on stability above 113.56.

The trading range for today is among the key support at 113.50 and resistance at 114.70.

Support and resistance:

Support: 113.85-113.50;

Resistance: 114.10-114.50.

The general trend for today is bullish.

EURUSD

The pair is trading below 1.1300 following yesterday’s growth triggered by the reports of some positive developments in Brexit deal talks and by weaker USD rate due to the ongoing government conflict in the US and the start of Beijing-Washington trade talks. The pair may reverse downwards if today’s GBP data in Germany and the eurozone turn out to be weak.

The price is on the middle Bollinger band, above SMA 5 and SMA 14. RSI is below the level of 50% and is reversing downwards. Stoch are in the overbought territory.

Trading recommendations:

If the pair doesn’t pass 1.1300 and take hold above this level, it may drop to 1.1220.

EURUSD

The pair is trading above 1.1220 as the USD rate is getting stronger due to the expectation of the Fed raising interest rates not only in December, but also for the next two years. It’s also under pressure because of the Italian debt crisis threatening to erupt again.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is moving within the oversold territory. Stoch are also there.

Trading recommendations:

If the pair passes 1.1220, it may drop further to 1.1150.

Crude oil futures fluctuated during the US session to see Nymex crude fall for the 11th straight session, showing the longest daily losses since mid-1984 and stabilizing near the nine-month low. Brent crude is stabilizing near the seven- USD has been in the highest since 22 January of 2017 according to the inverse relationship between them.

US crude futures for November delivery fell 0.17% to $ 60.09 per barrel, compared to the opening at $ 60.19 a barrel. Brent crude futures for January delivery rose 0.26% to $ 70.36 per barrel. Opening at $ 70.18 per barrel, while the dollar index rose 0.65% to 97.53 levels, the highest since the beginning of last year compared to the opening at 96.90.

In another context, data from the Russian Energy Ministry earlier this month Russian oil production rose to its highest in three decades during the past month to levels of 11.41 million barrels per day, before we see the report of the US Energy Information Administration showed a rise US production of oil by 400 thousand barrels per day to 11.6 million barrels per day, the highest ever to reflect the skewed states to produce Russia and to become America's largest producer of crude oil globally.

Technical analysis:

The price of oil is currently trading with a negative negativity after the lower descending channel line is stimulated by the stochastic negativity as it is trading in oversold areas, awaiting further downside during the coming sessions as our next target is at 58.00, depends on stability below 61.60.

Support and resistance:

Support: 59.00-58.00;

Resistance: 60.00-62.00.

Gold futures fluctuated in a tight range slipping into the US session to reflect their longest daily losing streak since the beginning of October 2016 with the US dollar rising since January 22, 2017 according to the inverse relationship between them Amid a lack of economic data by the US economy on Monday because of the Veterans Day holiday in the United States.

Gold futures for December delivery fell 0.28% to trade at $ 1,205.20 an ounce, after hitting a low of 1199.80 and the lowest since October 11 compared to the opening at $ 1,225.10 an ounce. The US dollar index rose 0.44% to 97.33, the highest level since the beginning of last year compared to the opening at 96.90.

Gold holdings at SBDR Gold Trust, the world's largest gold-backed fund, last Friday stabilized for a second straight session at 755.23 metric tons, the lowest level since early this month. Gold ended last month's longest monthly loss rally since late 1996, rising in October for the first time in seven months.

Technical analysis:

The price of gold showed negative trading to reach our next target at 1198.00, awaiting further downside under the influence of the previously completed double top pattern

The price of gold is negatively impacting the pivotal support 1208.40 and moving below it now, supporting the expectations for the extension of the downside wave over the short term and intraday basis, noting that our next targets are at 1198.00 then 1180.00, while stability below 1223.00 is important for the continuation of the expected decline for today.

The Stochastic is currently trading near the saturation area and the SMA 7 is pushing the price for further decline supported by the SMA20 and SMA50.

The trading range for today is among the support at 1190.00 and resistance at 1224.50.

Support and resistance:

Support: 1198.00-1190.00-1186.60-1180.0

Resistance: 1208.40-1212.00-12118.00-1224.50

The general trend for today is bearish.

The single currency of the European Union (EU) region fell broadly during the US session, its lowest since January 27 last year against the US dollar following developments and economic data followed Monday by the Euro-zone economies and the absence of the US market this weekend due to holiday Veterans Day.

At 05:46 pm GMT, the EURUSD fell 0.79% to 1.1246, compared with the opening levels at 1.1331 after hitting the lowest level since early 2017 at 1.1240 while the highest at 1.1332.

EU chief negotiator Michel Barnier told the EU's 27 remaining members that the main elements of the text of Britain's exit agreement from the European Union were ready for submission to the British cabinet on Tuesday and that he remained optimistic about an agreement between the parties.

In a similar vein, another report said that European Council President Donald Tusk had earlier told British Prime Minister Theresa May that the deadline for ending the exit agreement for the November summit is after Wednesday and therefore if the agreement is concluded after It is time to postpone the summit to the middle of next month.

Technical analysis:

The EUR / USD pair is showing further bearishness to continue to approach our main target at 1.1181, reinforcing expectations for the bearishness over the short and short term, with price to be monitored at the mentioned level as breaching it will cause an extension of the downside wave over the longer term.

The EUR / USD pair resumed its negative trading strongly to break the 1.1300 level and push down towards the next target at 1.1181. The bearish scenario remains valid for the coming sessions, supported by negative pressure formed by SMA 50 and Stochastic remains intact.

Noting that stability below 1.1300 represents a precondition for the continuation of the expected decline.

The trading range for today is expected among 1.1180 support and 1.1400 resistance.

Support and resistance:

Support: -1.1180-1.1100

Resistance: 1.1275-1.1350-1.1400

The general trend for today is bearish.

The average price is moving around SMA 50 remains stable below 6500.00 while Stochastic is overbought.

Therefore, our bearish outlook remains intact, relying on stability below 6500.00, with our main awaited targets at 6040.00 and 5880.00.

The trading range for today is among the support at 6000.00 and resistance at 6500.00.

Support and resistance:

 support 6400-6330-6000

Resistance: 6470.50-6600-6770

The general trend for today is bearish.

Crude oil futures rose more than 1 percent during the Asian session to see Nymex crude rise for the first time in 11 sessions, ending the longest daily losses since mid-1984 and seeing Brent crude rise for the second session in 11 sessions, The fourth lowest since October 22, according to the inverse relationship between them amid a lack of economic data by the US economy on Monday because of the Veterans Day holiday in the United States.

Crude oil futures for December delivery rose 1.26% to trade at $ 60.95 a barrel from $ 60.19 a barrel. Brent crude futures rose 15% (January) 1.74% to trade at $ 71.40 a barrel compared to the opening at $ 70.18 per barrel, while the dollar index rose 0.13% to 97.03, the highest since the beginning of this month compared to the opening at 96.90.

Saudi Energy Minister Khalid al-Falih said on Sunday in Abu Dhabi during a meeting of the committee that oversees the agreement to cut world oil production in 2016 by 1.2 million barrels per day, which was expanded to 1.8 million barrels per day earlier this year between OPEC And its allies producers from outside, led by Russia, because the demand for Saudi oil is declining due to seasonal factors and then Saudi Arabia will reduce production.

Saudi Arabia, the world's third largest oil producer and the largest producer of the Organization of the Petroleum Exporting Countries (Opec) and the world's largest oil exporter, has said it plans to cut its oil exports by 500,000 bpd next month, coinciding with a warning from OPEC and its producer allies. Over the weekend that they may need "new strategies", which enhances opportunities for expansion of production reduction policies.

Earlier this month, the Russian Energy Ministry reported that Russia's oil production rose to its highest level in three decades during the past month to 11.41 million barrels per day. We would like to point out that Russia is still committed to OPEC with the agreement to reduce global production Of oil by 1.8 million barrels per day until the end of this year, Russia's share of the agreement about 600 thousand barrels per day.

In addition, last week we followed US Secretary of State Mike Pompeo's statement that the United States had decided to exempt eight countries - China, India, South Korea, Japan, Italy, Greece and Taiwan and Turkey - from abiding by US economic sanctions. Iran, where they will be allowed to import Iranian oil for 180 days without signing any US sanctions on them.

Technical Analysis:

The price of oil is showing some bullishness approaching the resistance test of the descending channel, which is currently at 61.60, accompanied by stochastic loss of the positive momentum and approaching the overbought areas. The 20 MA is pushing the price down while SMA 50 continues to protect the trades Within the descending channel.

Therefore, we will maintain our bearish outlook for the upcoming sessions unless the 61.60 level is breached and stability above it, noting that our next main target is at 58.00.

Support and resistance:

Support: 60.22-59.80-57.90

Resistance: 61.30-62.00-62.65

The trading range for today is expected among the support at 59.00 and the resistance at 62.00

The general trend for today is bearish.

Gold futures fluctuated in a narrow upward range during the Asian session to see their rebound to its second lowest session since October 11, capping the US dollar's rebound to its fourth straight session since 22nd of the same month according to the inverse relationship between them Amid a lack of economic data by the US economy on Monday because of the Veterans Day holiday in the United States.

Gold futures for December delivery rose 0.16% to currently trade at $ 1,210.50 per ounce, compared with the opening at $ 1,208.60 an ounce, while the dollar index rose 0.09% to 96.99 levels compared to the opening at 96.90.

Technical Analysis:

Gold is trading at 1208.40, and we note that the price completed the formation of a double top pattern shown in the picture on the stock, which supports the chances of the extension of the short-term bearish wave, noting that breaking the levels of 1208.40 and then 1198.00 will confirm opening the way to target areas of 1180.00 during the coming sessions.

Indicators confirm the bearishness as the Stochastic in the oversold areas and the moving averages 7-20-50 in an ideal order for the hedge and press the price for further decline.

Therefore, we will continue to bias the downside move for today, unless the 1223.00 level is breached and stability above it.

The trading range for today is among the support at 1190.00 and resistance at 1223.00.

Support and resistance:

Support: 1208.60-1198.00-1186.60

Resistance: 1214.40-1223.00-1227.70

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 to its fourth-highest session since October 22 against the US dollar on the eve of developments and economic data expected on Monday by the third largest economy of the euro zone Italy Amid the US market absent Monday due to Veterans Day holiday.

At 5:18 am GMT, the EURUSD dropped 0.17% to 1.1317 compared to the opening at 1.1336 after hitting its lowest level since the beginning of November at 1.1312 while the highest at 1.1332 .

The markets are currently eyeing the release of the Industrial Production Index, which could reflect a 0.5% drop from a 1.7% rise in August, coinciding with a rise in Italian bond yields following the EU warning from Kon The budget deficit of the Italian government will move dangerously near the Union's borders by three percent.

Technical Analysis:

EURUSD is trading around the 1.1325 level, and the price is under further negative pressure which makes us expect the bearish bias to continue in the coming sessions, waiting for the break of 1.1300 to confirm the extension of the downside wave towards 1.1181 as the next major station.

Stability below 1.1443 is important for the continuation of the expected decline, as breaching it will lead the price to start recovery attempts targeting the areas of 1.1550 then 1.1705 initially.

The indicators give a negative view of the decline as the Stochastic is still in the oversold area.

The SMA 7 is pushing the price to push for further downside while we wait for the cross of the SMA20-SMA50 to confirm the ideal descending order.

The trading range for today is expected among 1.1230 support and 1.1400 resistance.

Support and resistance:

Support: 1.1300-1.1230-1.1180

Resistance: 1.1360-1.1400-1.1450

The general trend for today is bearish.