Analytic reviews

The Australian dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its rebound for the second consecutive session from the lowest since July 20 against the US dollar after the developments and economic data that they followed on the Australian economy and on the cusp of economic developments and data expected today, Friday before The American economy is the largest in the world.

At exactly 04:58 am GMT, the Australian dollar against the US dollar rose 0.30% to 0.7050 levels compared to opening levels at 0.7029, after the pair achieved its highest level during the session's trading at 0.7056, while it reached its lowest level at 0.7022.

We have followed up by the Australian economy the release of the producer price index reading, which is a preliminary indicator of inflationary pressures, which showed a growth of 0.4% in line with expectations, compared to a contraction of 1.2% in the last second quarter, while the annual reading of the same index indicated that the deflation had stabilized at 0.4%, without much change. The previous annual reading for the second quarter, contrary to expectations that indicated a widening of the deflation to 0.8%.

On the other hand, investors are currently awaiting the US economy to unveil data on personal spending and income, which may reflect the stability of personal spending growth at 1.0% in September, and an increase in personal income of 0.3% compared to a decline of 2.7% in August. Core PCE growth slowed to 0.3%, from 0.2% in August.

This also comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.5% during the third quarter, and before we witness the disclosure of the industrial sector data for the largest industrial country in the world with the release of the Chicago PMI reading, which may reflect the contraction of the expansion. To a value of 58.2, compared to 62.4 last September.

Up to the disclosure of the final reading of the University of Michigan Consumer Confidence Index, which may confirm an expansion of 81.2, unchanged from the previous initial reading for the current month, and an expansion of 80.4 in September, with the release of consumer expectations for inflation for the month of October. / October for one year and for the next five years.

Technical analysis

The Australian dollar versus the US dollar managed to touch our first awaited target at 0.7000, and some slight bullish tendency appears affected by the positivity of the stochastic indicator, while the SMA 50 continues to press negatively on the price, awaiting the resumption of negative trades to test the 0.6964 level as a next main target.

Thus, we will maintain our expectations for the downside, provided that it remains below 0.7145.

The expected trading range for today is between 0.6970 support and 0.7100 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its rebound for the second session from its lowest since September 28, amid the bounce of the US dollar index for the second session from its highest since the end of the same month according to the inverse relationship between them on the cusp of economic developments and data Today, Friday, the US economy is the largest economy in the world, and investors are concerned about the outbreak of the second wave of the Corona virus globally.

At 06:08 a.m. GMT, gold futures contracts for December delivery rose 0.35% to trade at $ 1,874.40 per ounce, compared to the opening at $ 1,867.90 an ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading at $ 1,868.00 per ounce, amid the US dollar index retreating 0.05% to 93.85 compared to the opening at 93.89.

Investors' attention is currently directed to the activities of the meeting of senior Chinese leaders in the Central Committee of the Communist Party of China, which began at the beginning of this week and continues until Friday to plan the course of economic development for the next fifteen years for the largest Asian economy, the second largest economy in the world, the largest consumer of minerals in the world and the second largest country. Industrial in the world.

On the other hand, investors are currently awaiting the US economy to unveil data on personal spending and income, which may reflect the stability of personal spending growth at 1.0% in September, and an increase in personal income of 0.3% compared to a decline of 2.7% in August. Core PCE growth slowed to 0.3%, from 0.2% in August.

This also comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.5% during the third quarter, and before we witness the disclosure of the industrial sector data for the largest industrial country in the world with the release of the Chicago PMI reading, which may reflect the contraction of the expansion. To a value of 58.2, compared to 62.4 last September.

Up to the disclosure of the final reading of the University of Michigan Consumer Confidence Index, which may confirm an expansion of 81.2, unchanged from the previous initial reading for the current month, and an expansion of 80.4 in September, with the release of consumer expectations for inflation for the month of October. / October for one year and for the next five years.

Otherwise, the tension still exists between the two poles of US policy, Republicans and Democrats over the approval of a second stimulus package to support the economy in the face of the negative repercussions of the Corona pandemic, and we would like to point out that the US Republican President Donald Trump expressed yesterday that Democratic House Speaker Nancy Blossi does not want to Reaching an agreement on the stimulus package before the upcoming US presidential elections next week.

The forty-fifth US President also noted that Trump is heading to approve a huge and very large stimulus package and that he wants a huge stimulus package more than Blossi wants, expressing that the Republicans will win the majority of the House of Representatives and perform well with the Senate, and adding that we will propose a huge stimulus package once the elections are over, and he mentions Trump said earlier this week that he would likely pass a second stimulus package after the US presidential election.

Other than that, we followed last Tuesday the data of the Gold Association in China that gold consumption increased during the past three months on September 30th from the second quarter by 29% to about 548 tons of gold, while the data reflected a decline in the same percentage for the same months of 2019. We would like to point out that the Union had previously reported that China's consumption declined 38% on an annual basis in the first half of 2020 due to the outbreak of Corona and the slowdown in the Chinese economy.

Technical analysis

Gold price shows some bullish tendency after touching our main awaited target at 1860.90, which indicates the strength and importance of this level, and it heads towards retesting the previously broken horizontal support that turns into resistance now at 1882.40, with the need to monitor the price at this level, as it needs to hold below it to remain The negative scenario exists for the upcoming period.

Consequently, we are continuing to suggest the bearish trend in the intraday and short term, whose targets start with breaking 1860.90 to open the way to heading towards 1794.85 as the next main target, bearing in mind that breaching 1882.40 will stop the expected decline and push the price to initially test 1901.80 before any new attempt to decline.

The expected trading range for today is between 1850.00 support and 1890.00 resistance.

The expected general trend for today: Bearish.

The US dollar retreated during the Asian session to reflect the resumption of the rebound from its high since September 14 for the ninth session in seventeen sessions against the Japanese yen, following developments and economic data that they followed on the Japanese economy and on the cusp of economic developments and data expected today, Friday by the US economy, the largest economy In the world.

At 07:27 AM GMT, the US dollar against the Japanese yen fell by 0.37% to 104.22 levels compared to the opening levels at 104.61, after the pair achieved its lowest level during the session’s trading at 104.13, while it achieved its highest at 104.63

We followed up on the Japanese economy, the second largest in Asia and the third largest in the world, revealing inflation data with the release of the annual Tokyo Consumer Price Index, which showed a contraction of 0.3% against a growth of 0.2% last September, contrary to expectations that indicated stability at zero levels. While the annual core reading of the index, which excludes food, the contraction widened to 0.5%, in line with expectations versus 0.2%.

In the same context, the core reading of the Tokyo Consumer Price Index excluding food and energy showed a 0.2% contraction against stability at zero levels in September, outperforming the expectations that indicated a 0.3% contraction, and this came in conjunction with the release of the unemployment rate index reading, which showed stability. At 3.0% in September, beating expectations for a rise to 3.1%.

We also monitored the second largest industrial country in Asia and the third largest industrial country in the world, revealing industrial sector data with the release of the preliminary industrial production reading, which showed an acceleration of growth to 4.0% compared to 1.0% in August, beating expectations of 3.0%, while the reading indicated The annual decline for the same index narrowed to 9.0% compared to 13.8% in the month of August, contrary to expectations that indicated a decrease in the decline to 7.2%.

Up to the disclosure of housing market data, with the release of the annual reading of the Housing Starts Index, which showed a widening decline to 9.9% compared to 9.1% in August, contrary to expectations that indicated a contraction of the decline to 8.6%, otherwise, yesterday Japanese Prime Minister Yoshihide expressed Suga said that he will work to strengthen the budget to support the economy of his country, which has been exhausted by the Corona pandemic, according to Reuters news agency.

On the other hand, investors are currently awaiting the US economy to unveil data on personal spending and income, which may reflect the stability of personal spending growth at 1.0% in September, and an increase in personal income of 0.3% compared to a decline of 2.7% in August. Core PCE growth slowed to 0.3%, from 0.2% in August.

This also comes in conjunction with the disclosure of the unit labor cost index reading, which may reflect the stability of growth at 0.5% during the third quarter, and before we witness the disclosure of the industrial sector data for the largest industrial country in the world with the release of the Chicago PMI reading, which may reflect the contraction of the expansion. To a value of 58.2, compared to 62.4 last September.

Up to the disclosure of the final reading of the University of Michigan Consumer Confidence Index, which may confirm an expansion of 81.2, unchanged from the previous initial reading for the current month, and an expansion of 80.4 in September, with the release of consumer expectations for inflation for the month of October. / October for one year and for the next five years.

Technical analysis

The dollar against the yen made an attempt to breach the resistance of the descending intraday channel that appears in the image, but we notice that the EMA50 formed a strong resistance barrier against the positive attempts, pushing the price down again, motivated by the negativity that is clearly visible through the stochastic indicator.

Thus, we will maintain our expectations for the downside move for the upcoming period, which depends on stability below 105.20, reminding you that our next main target is at 103.65.

The expected trading range for today is between 103.60 support and 105.00 resistance.

The expected general trend for today: Bearish.

#MTS
The stock is trading in the range of the support level 312.0. A “hammer” (reversal candlestick pattern) has formed on the H4 timeframe. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator indicates an oversold condition.
#MTS rate online: monitor the price movement in real time.

Trading recommendations:

Buy on the breakout of the the candlestick’s daily high: above 315.40.

Stop Loss: 308.50.

Target levels: 322.60; 329.40; 345.00.

NZDUSD
The currency pair is trading in the range of the lower border of the ascending price channel. Awesome Oscillator indicates a bullish divergence. A breakout of 0.6642 will result in the formation of an ascending wave pattern within the ascending price channel.
NZDUSD rate online: monitor the price movement in real time.

Trading recommendations:

Buy above 0.6642.

Stop Loss: 0.6596.

Target levels: 0.6695; 0.6780.

If the support level of 0.6596 is broken, cancel the trading plan.

EURUSD

The increasing demand for safe haven assets, including the dollar, weighs on the pair. If the market sentiment doesn’t improve, which is unlikely, the pair will resume falling amid the second wave of COVID-19 in Europe and the uncertainty around the presidential election in the US.

Technical side:

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is above the oversold zone and moves horizontally. Stoch are rising confidently.

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

Trading recommendations:

If the pair doesn’t rise above 1.1695, it will go further down to 1.1615.

Thursday, October 29th, today’s news—combined market value of American tech giants dropped $270 in the last two days, but the markets start to rebound. Dow went up 200 points, European markets rise slightly on positive earnings, Shell increased dividends after reporting better-than-expected profits, but oil is still falling, dollar is stronger. The price of Brent oil is $38.38, WTI—$36.12, EUR/USD is at 1.1725, GBP/USD—1.3014, gold is $1,877.15 per ounce.

Cisco share fell below the support level of 38.50, as it closed yesterday's trading below this level, in continuation of its bearish path.

The trades stabilized below the MA 50, which is pressuring the price for a further decline, which supports expectations for further decline in the upcoming sessions, and this confirms the stability below the 7-20 averages.

The expected trading range is between 32.50 support and 38.50 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness their rebound for the second session from its lowest since September 28, amid the US dollar index rebounding for the second session from its lowest since October 19 according to the inverse relationship between them in conjunction with The continuation of the activities of the senior leaders of China meeting in the Central Committee of the Communist Party of China and following the decisions and directions of the Bank of Japan
 
And on the cusp of economic developments and data expected today, Thursday, by the US economy, the largest economy in the world, and looking forward to decisions and directions of European Central Bank in conjunction with the new closures by the largest economies of the euro area due to the outbreak of the second wave of Corona virus globally, and amid aspiration for the results of the ongoing negotiations between Brussels and London about Future and business relations between them following Brexit.
 
At 07:10 AM GMT, gold futures contracts for December delivery rose 0.27% to trade at $ 1,882.60 an ounce, compared to the opening at $ 1,877.50 an ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading at $ 1,879.20 an ounce, amid the US dollar index retreating 0.05% to 93.39 compared to the opening at 93.43.
 
Investors' attention is currently directed to the activities of the meeting of senior Chinese leaders in the Central Committee of the Communist Party of China, which began at the beginning of this week and continues until tomorrow Friday to plan the course of economic development for the next fifteen years for the largest Asian economy, the second largest economy in the world, the largest consumer of minerals in the world and the second largest country. Industrial in the world.
 
Other than that, we followed the approval of monetary policy makers at the Bank of Japan at its October 28-29 meeting to maintain negative short-term reference interest rates at 0.10%, which came in line with expectations, with the Bank of Japan unveiling its monetary policy statement. And also stay on the pledge to guide the yield of 10-year government bonds at zero.
 
In the same context, monetary policy makers at the Bank of Japan also reaffirmed that additional steps will be taken for monetary easing without hesitation if necessary, and attention is now turning to the actions of the press conference to be held by the Governor of the Bank of Japan Haruhiko Kuroda later today. To comment on the decisions and directions of the Japanese central bank.
 
On the other hand, investors are currently awaiting the American economy to unveil the preliminary reading of the GDP of the United States for the third quarter, which may show the largest economy in the world expanding $ 32.0 compared to a contraction of 31.4% in the second quarter, as it may reflect the initial reading of the measured GDP. In prices for the last quarter, a growth of 2.9%, compared to a contraction of 1.8% in the second quarter.
 
This comes in conjunction with the release of the aid requests index reading for the past week on October 24th, which may reflect a decrease of 14 thousand requests to 773 thousand applications compared to 787 thousand applications in the previous reading, and the reading of the continuous aid requests for the past week may appear on the 17th of This month, a decrease of 673 thousand applications decreased to 8,373 thousand, compared to 7.7 million applications in the previous reading.
 
Coming to the disclosure of housing market data, with the release of the existing home sales reading, which may show a slowdown in the pace of growth to 3.1% compared to 8.8% last August. Otherwise, the tension remains between the two poles of US policy, Republicans and Democrats over the approval of a second stimulus package. To support the economy in the face of the negative repercussions of the Corona pandemic.
 
We would like to point out, however, that the chances of adopting the second stimulus package to support the US economy to face the negative repercussions of the outbreak of the second wave of the coronavirus before the start of the upcoming US presidential elections on the third of next November have diminished over time, and according to the latest figures issued by the World Health Organization. The number of cases infected with the Coronavirus increased to nearly 43.77 million, and 1,163,459 people were killed in 219 countries.
 
This comes before we witness the activities of the ECB meeting and the disclosure of the monetary policy statement amid expectations that interest rates will remain at zero levels, leading to the press conference of the European Central Bank Christine Lagarde to comment on the decisions and directions of the European Central, and the markets hope for the Central Bank to adopt preventive stimulus following the new closings By the largest economies of the euro area, Germany and France, due to the outbreak of the Coronavirus.
 
In another context, negotiators from the European Union and the United Kingdom made progress towards resolving some of the biggest differences existing between Brussels and London, which raised hopes for reaching an agreement between the two parties by early next November on future and trade relations after Britain's exit from the European Union. In late January.
 
Other than that, we followed Tuesday the data of the Gold Association in China that gold consumption increased during the past three months on September 30 from the second quarter by 29% to about 548 tons of gold, while the data reflected a similar decline in the same percentage for the same months of 2019, We would like to point out that the Union had previously reported that China's consumption declined 38% on an annual basis in the first half of 2020 due to the outbreak of Corona and the slowdown in the Chinese economy.

Technical analysis

 
Gold price stabilized around 1880.00 after the strong decline it witnessed yesterday evening, awaiting further decline to achieve our main waited target at 1860.90, noting that the price is facing negative pressure that supports the chances of breaking the aforementioned level and then paving the way for an extension of the downside wave in the short term, Noting that breaking it will push the price to 1794.85 as a next negative target.
 
Consequently, the bearish trend will remain valid and effective for the upcoming period, unless the price pushes to breach 1901.80 and stabilize above it.
 
The expected trading range for today is between 1860.00 support and 1900.00 resistance.
 
The expected general trend for today: Bearish.

The US dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement to the second session from its lowest since September 21, when it tested its lowest since March 12 against the Japanese yen following developments and economic data that they followed on the Japanese economy, which include The Bank of Japan monetary policy statements, decisions and directions of the Bank of Japan, and on the cusp of economic developments and data expected today, were revealed by the US economy, the largest economy in the world.

At 07:17 AM GMT, the US dollar against the Japanese yen rose by 0.05% to 104.37 levels compared to opening levels at 104.32, after the pair achieved its highest level during the session’s trading at 104.50, while the lowest level was at 104.28.

On the Japanese economy, we have followed the release of the seasonally adjusted reading of the retail sales index, which showed a decline of 0.1% compared to an increase of 4.6% last August, while the annual reading of the same index showed the widening of the decline to 8.7% compared to 1.9% in the previous annual reading for August. Worse than expectations, which indicated a widening decline to 7.5%.

This came before we witnessed the approval of monetary policy makers at the Bank of Japan at its October 28-29 meeting to maintain negative short-term reference interest rates at 0.10%, which came in line with expectations, with the Bank of Japan disclosing its policy statement. The cash and also stay on the pledge to guide the yield of 10-year government bonds at zero.

The Bank of Japan has confirmed that additional steps will be taken for monetary easing without hesitation if necessary. Otherwise, we have followed the release of the consumer confidence reading, which showed the contraction of 33.6 compared to 32.7 last September, worse than expectations when 35.2. Attention is now focused on the actions of the Bank of Japan Governor Haruhiko Kuroda to comment on the decisions and directions of the Bank of Japan.

On the other hand, investors are currently awaiting the American economy to unveil the preliminary reading of the GDP of the United States for the third quarter, which may show the largest economy in the world expanding $ 32.0 compared to a contraction of 31.4% in the second quarter, as it may reflect the initial reading of the measured GDP. In prices for the last quarter, a growth of 2.9%, compared to a contraction of 1.8% in the second quarter.

This comes in conjunction with the release of the aid requests index reading for the past week on October 24th, which may reflect a decrease of 14 thousand requests to 773 thousand applications compared to 787 thousand applications in the previous reading, and the reading of the continuous aid requests for the past week may appear on the 17th of This month, a decrease of 673 thousand applications decreased to 8,373 thousand, compared to 7.7 million applications in the previous reading.

Coming to the disclosure of housing market data with the release of the existing home sales reading, which may show a slowdown in the pace of growth to 3.1% compared to 8.8% in August, otherwise, the tension is still between the two poles of US policy, Republicans and Democrats about the approval of a second stimulus package to support The economy in the face of the negative repercussions of the Corona pandemic.

We would like to point out, however, that with the passage of time the chances of adopting the second stimulus package to support the largest economy in the world diminish amid the outbreak of the second wave of the coronavirus in America, less than a week before the US presidential elections on the third of next November, and according to the latest figures issued by the Health Organization Global, the number of cases infected with the Coronavirus increased to nearly 43.77 million, and 1,163,459 people were killed in 219 countries.

Technical analysis

The dollar against the yen shows some slight bullish tendency to test the resistance of the bullish intraday channel that appears in the image, noting that the stochastic indicator is clearly losing its positive momentum to reach overbought areas, which forms a negative motive that we are waiting to contribute to pushing the price to resume the main bearish trend, which It targets 103.65 as a next major station.

The SMA 50 continues to press negatively on the price, to maintain our bearish trend forecast, provided that the price keeps its stability below 105.20.

The expected trading range for today is between 103.60 support and 105.00 resistance.

The expected general trend for today: Bearish.