Analytic reviews

The Australian dollar fluctuated in a narrow, upward range during the Asian session against the US dollar, following the developments and economic data that they followed on the Australian economy and looking forward to a speech by the Governor of the Reserve Bank of Australia, Philip Lowe, and on the cusp of developments and economic data expected today, Wednesday, by the US economy, the largest economy in the world. It includes speeches by several members of the Federal Open Market Committee.
 
At exactly 03:58 am GMT, the Australian dollar against the US dollar rose 0.10% to 0.7168 levels, compared to opening levels at 0.7161, after the pair achieved its highest level during the session's trading at 0.7174, while it reached its lowest level at 0.7153.
 
On the Australian economy, we have followed up on the disclosure of the Wespac Consumer Confidence Index reading, which showed a rise of 11.9% to 105.0, compared to a rise of 18.0% at 93.8 last September. Otherwise, markets are looking forward later today to what will be revealed by the bank’s governor’s speech. Central Australian Philip Lowe, who is scheduled to speak at the annual City Australia and New Zealand Investment Conference via satellite.
 
This comes hours before the release tomorrow, Thursday, of the Australian labor market data for the past month and consumer expectations for inflation for this month, with the release of the unemployment rate index, which may reflect an increase to 7.0% compared to 6.8% in August, and the employment change index reading, which may indicate a decline. By 38.0 thousand jobs, compared to an increase of 111.0 thousand, in addition to the release of the Melbourne Institute reading of consumer expectations for inflation.
 
Other than that, we followed yesterday the report that touched on China’s ban on imports of Australian coal for an "indefinite period" in light of the escalating political tensions between Australia and China, the largest trading partner of Australia, the largest Asian economy and the second largest economy in the world, which led to the survival of many Australian ships. Stuck in Chinese ports and heavier at the beginning of this week, respectively, on the performance of the Australian dollar.
 
In the same context, some report stated that the Chinese authorities reported the prohibition of Australian coke verbally, indicating that the informal approach is politically motivated, given Australia's criticism of China about the global outbreak of the Corona pandemic, while we would like to point out, that this ban is in line with Beijing's goal to reduce Consuming coal as an energy source to reduce carbon emissions coincides with China's work to tighten import quotas for coal.
 
On the other hand, investors are currently waiting for the US economy to release a reading of the producer price index, which is a preliminary indicator of inflation, which may reflect a slowdown in growth to 0.2% compared to 0.4% in August. While the annual reading of the index may show a growth of 0.2% against a contraction of 0.2%, and the substantial annual reading reflects an acceleration of growth to 0.9% versus 0.6%.
 
And this comes before we witness the speech of the members of the Federal Open Market Committee via satellite, each of the Vice Governor of the Federal Reserve, Richard Clarida, who will talk about the economic outlook and monetary policy at the annual meeting of the Institute of International Finance, and Deputy Governor of the Federal Reserve Randall Quarles, who will participate in a panel discussion On financial stability in a seminar hosted by the Systematic Risk Board.
 
All the way to the US Treasury Department's disclosure of the federal budget reading, which may reflect a narrowing of the deficit to a value of $ 123.3 billion compared to $ 200.1 billion in August, before we witness the Federal Reserve Vice Governor Quarles' speech again with a member of the Federal Reserve and Chairman of the Bank of Dallas Federal Reserve Robert Kaplan on financial regulation in the Monetary Policy Hypothetical Series at the Hoover Institution and Kaplan's later talk on economic expectations in monetary policy in the hypothetical Town Hall hosted by the Texas Tribune.

Technical analysis

 
The Australian dollar against the US dollar continues to fluctuate inside the rising wedge, and we are still waiting to break the support of this pattern, which now rises to 0.7160, or breach the resistance 0.7230 to determine the next direction more precisely, which makes us remain neutral so far.
 
We mention that breaking the aforementioned support will pressure the price to achieve negative targets that start at 0.7100 and extend to 0.6964, while breaching the resistance will lead the price to resume the main bullish trend, whose next target is at 0.7400.
 
The expected trading range for today is between 0.7100 support and 0.7230 resistance
 
The expected overall trend for today: Neutral

Futures contracts for prices fluctuated in a narrow range slanting to rise during the Asian session, to witness their rebound from the lowest since the seventh of October, amid the decline of the US dollar index according to the inverse relationship between them on the cusp of developments and economic data expected today, Wednesday, by the US economy, the largest economy in the world. Which includes speeches by several members of the Federal Open Market Committee.
 
At exactly 05:29 a.m. GMT, gold futures contracts for December delivery rose 0.25% to trade at $ 1,900.10 an ounce compared to the opening at $ 1,895.40 an ounce, knowing that the contracts started the session on a rising price gap after it closed Yesterday's trading at $ 1,894.60 per ounce, with the US dollar index declining 0.03% to 93.51 compared to the opening at 93.54.
 
In addition, investors are awaiting the US economy the release of the producer price index reading, which is a preliminary indicator of inflation, which may reflect a slowdown in growth to 0.2% compared to 0.4% last August, and the core reading of the same index may also indicate a slowdown in growth to 0.2% compared to 0.3%. While the annual reading of the index may show a growth of 0.2% against a contraction of 0.2%, and the substantive annual reading reflects an acceleration of growth to 0.9% against 0.6%.
 
And this comes before we witness the speech of the members of the Federal Open Market Committee via satellite, each of the Vice Governor of the Federal Reserve, Richard Clarida, who will talk about the economic outlook and monetary policy at the annual meeting of the Institute of International Finance, and Deputy Governor of the Federal Reserve Randall Quarles, who will participate in a panel discussion On financial stability in a seminar hosted by the Systematic Risk Board.
 
All the way to the US Treasury Department's disclosure of the federal budget reading, which may reflect a narrowing of the deficit to a value of $ 123.3 billion compared to $ 200.1 billion in August, before we witness the Federal Reserve Vice Governor Quarles' speech again with a member of the Federal Reserve and Chairman of the Bank of Dallas Federal Reserve Robert Kaplan on Financial Regulation in the Hoover Institution’s Monetary Policy Hypothetical Series.
 

Technical analysis

 
Gold price fluctuates around the support of the bullish intraday channel that appears on the image, and we await a breach of this level to confirm the continuation of the bearish trend in the intraday and short term, where our next negative target is at 1860.90.
 
Therefore, we continue to suggest the bearish trend for the coming period supported by the move below the EMA 50, bearing in mind that breaching 1901.80 will stop the expected decline and push the price to achieve intraday gains targeting 1934.86 again.
 
The expected trading range for today is between 1875.00 support and 1910.00 resistance
 
The expected general trend for today: Bearish

EURUSD
The pair continues to correct downwards as the demand for dollar rises while investors abandon risk assets. If the European stock market corrects down, the pair will continue to decline.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below 50% and is turning down. Stoch are in the oversold zone and uninformative.

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

Trading recommendations:
If the price drops below 1.1730, it will go further down to 1.1680.

#SBER

The support level of 204.50 is holding back sellers. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator indicates an oversold condition. A breakout of the sloping channel with the formation of an ascending 1-2-3 pattern will allow the stock to rise as the dividend gap closes.

#SBER rate online: monitor the price movement unreal time.

Trading recommendations:
Buy when an ascending pattern 1-2-3 is formed, where wave 1 breaks through the inclined channel of the descending pattern.

Stop Loss below the local minimum (204.50).

Target levels: 212.50; 223.00; 232.00.

NZDUSD

The ascending H8 level pattern is truncated, the internal H4 level pattern is also truncated. A reversal wave model is likely to form. A bearish divergence has formed on Awesome Oscillator and on the bull strength indicator.

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

Trading recommendations:

Sell when the descending wave pattern is formed below 0.6631.

A Stop Loss of 0.6672.

Target levels: 0.6580; 0.6521.

If the local maximum is broken, rebuild the inclined channel according to the new ascending pattern and rebuild the trading plan according to the new markup.

Tuesday, October 13th, today’s news—Johnson & Johnson pauses the coronavirus vaccine trial after an unexplained illness of a participant. European markets are weaker amid the uncertainty over the vaccine and fears of a new unemployment wave, dollar is stronger, oil is up following the positive economic data from China. The price of Brent oil is $42.39, WTI—$40.12, EUR/USD is at 1.1789, GBP/USD—1.3047, gold is $1,925.80 per ounce.

The Australian dollar against the US dollar rebounded to the downside after it encountered strong resistance for the descending channel that appears in the image, approaching a test of the rising wedge support that confines the recent trades, which requires attention from the upcoming trades, as breaking the support of this pattern at 0.7145 will press the price to achieve Further decline and head towards 0.6964 areas mainly.

On the other hand, recovery and breaching the descending channel resistance at 0.7230 will lead the price to resume the main bullish trend and visit the recently recorded top at 0.7413 initially.

From here, we prefer to remain neutral temporarily until the price confirms breaking the support 0.7145 or breaching the resistance 0.7230, to determine the next destination more precisely.

The expected trading range for today is between 0.7100 support and 0.7230 resistance.

The expected overall trend for today: Neutral.

Gazprom settled below the support level of 186.00, as it continues to move within the descending channel that appears on the chart.

The price is now moving below the 20-50 averages that form resistance levels and pressurize it to decline.

While we have major resistance at 202.70 and major support at 158.75.

We see that the stochastic indicator is trying to exit the oversold area and return to the upside towards the overbought area and start the movement within an upward path. This coincides with the price reaching the lower bound of the descending channel within which it is moving, so we may see an upward correction in the price.

The price action will be between the support level 158.75 and the resistance level 202.20.

The general direction of the movement is bearish.

Futures contracts for gold prices fluctuated in a narrow range that tends to decline during the Asian session, to witness a rebound for the second consecutive session from its highest since September 21, with the US dollar index rebounding for the second session from its lowest since the same day according to the inverse relationship between them following developments and economic data They were followed by 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.

At exactly 05:37 am GMT, gold futures contracts for December delivery fell 0.60% to trade at $ 1,915.80 an ounce, compared to the opening at $ 1,927.30 per ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading at $ 1,928.90 an ounce, with the US dollar index rising 0.15% to 93.18 compared to the opening at 93.04.

We have followed up on the disclosure of the General Administration of Customs in China of reading the Trade Balance Index, which showed a narrowing of the surplus to a value of 258 billion yuan, equivalent to $ 37.0 billion, against a surplus of 417 billion yuan, equivalent to $ 58.9 billion in August, contrary to the expectations that indicated The surplus widened to 420 billion yuan, equivalent to $ 59.3 billion, with export growth accelerating below expectations and imports rising more than expected during the past month.

On the other hand, investors are currently awaiting the US economy to reveal inflation data with the release of the consumer price index reading, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.4% in the previous reading for August. The core reading of the index itself may also indicate a slowdown. The pace of growth to 0.2%, compared to 0.4% in August.

In the same context, the annual CPI reading may reflect an acceleration of growth to 1.4% compared to 1.3% in the previous annual reading for August, and the core annual reading of the same index also shows an acceleration of growth to 1.8% compared to 1.7%, and comes before We are witnessing the Treasury Department's disclosure of the federal budget reading, which may show the deficit narrowing to $ 62.3 billion compared to $ 200.1 billion in August.

Technical analysis

The price of gold starts trading today with an additional bearish tendency to start testing the 1911.00 level, reinforcing expectations that the bearish trend will continue in the intraday and short term, waiting for further decline in the coming sessions, reminding you that our next target is at 1901.80, whose break represents the key to extending the downside wave to reach 1890.00 Then 1860.90.

Consequently, we will continue to suggest the bearish trend, provided that the price keeps its stability below 1934.86.

The expected trading range for today is between 1890.00 support and 1930.00 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 of the second session from its lowest since the fifth of October against the Japanese yen, following the developments and economic data they followed on the Japanese economy and on the cusp of economic developments and data expected today, Tuesday, by the US economy The largest economy in the world.

At exactly 06:54 AM GMT, the US dollar against the Japanese yen rose by 0.06% to 105.39 levels compared to the opening levels at 105.33, after the pair achieved its highest level during the session's trading at 105.45, while the pair achieved its lowest level at 105.28.

We have followed up on the Japanese economy the release of the annual reading of the M-2 money supply index, which showed an acceleration of growth to 9.0% compared to 8.6% last August, below expectations of 9.1%. Otherwise, we followed the statement of Bank of Japan Governor Haruhiko Kuroda at the meeting. The annual membership of the Institute of International Finance reports that the Bank of Japan is still carefully studying participation in addressing climate change while monitoring its impact on business.

On the other hand, investors are currently awaiting the US economy to reveal inflation data with the release of the consumer price index reading, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.4% in the previous reading for August. The core reading of the index itself may also indicate a slowdown. The pace of growth to 0.2%, compared to 0.4% in August.

In the same context, the annual CPI reading may reflect an acceleration of growth to 1.4% compared to 1.3% in the previous annual reading for August, and the core annual reading of the same index also shows an acceleration of growth to 1.8% compared to 1.7%, and comes before We are witnessing the Treasury Department's disclosure of the federal budget reading, which may show the deficit narrowing to $ 62.3 billion compared to $ 200.1 billion in August.

Technical analysis

The dollar versus yen managed to break the support of the aforementioned rising wedge yesterday, to start pressure on the pivotal support 105.20, which supports the continuation of our expectations for the bearish trend, reminding you that breaking the aforementioned level will push the price to achieve extended negative targets starting at 104.40 then 103.65.

Thus, we await more decline during the coming sessions, keeping in mind that breaching 105.70 will push the price to initially test 106.44 areas before any new attempt to decline.

The expected trading range for today is between 104.60 support and 105.80 resistance.

The expected general trend for today: Bearish.