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Tuesday, September 29th, today’s news—total deaths from COVID-19 globally hit 1 million. European markets fall amid the escalating pandemic and the unresolved Brexit issues, global markets are weak ahead of the presidential debates in the US, the dollar and the pound sterling are stronger. The price of Brent oil is $42.65, WTI—$40.34, EUR/USD is at 1.1694, GBP/USD—1.2868, gold is $1,890.60 per ounce.

The Australian dollar fluctuated in a narrow range slanting to an upward trend during the Asian session, to witness its retracement of the third session from its lowest since July 20 against the US dollar amid scarcity of economic data at the beginning of this week by the Australian economy and on the cusp of economic developments and data expected today, Tuesday, before The US economy is the largest economy in the world, which includes speeches by members of the Federal Open Market Committee.

At exactly 03:49 AM GMT, the Australian dollar against the US dollar rose 0.14% to 0.7081 levels, compared to opening levels at 0.7071, after the pair achieved its highest level during the session's trading at 0.7096, while it reached its lowest level at 0.7070.

Investors are currently awaiting the US economy for the release of the merchandise trade balance index reading, which may explain the widening of the deficit to a value of $ 81.8 billion compared to $ 79.3 billion last July, in conjunction with the release of the preliminary reading of the wholesale stocks index, which may reflect a contraction of 0.1% versus 0.3% in the previous reading for July.

This comes before we witness the disclosure of housing market data with the release of the annual home price index reading, which may show an acceleration of growth to 3.6% compared to 3.5% last June, and before the Federal Open Market Committee member and New York Federal Reserve Chairman John Williams spoke via satellite. Industrial in the US Treasury Market 2020 conference.

Markets are also looking forward to a speech by a member of the Federal Open Market Committee and Chairman of the Philadelphia Federal Reserve Bank Patrick Harker about the economics of artificial intelligence and machine learning in a webinar hosted by the Official Financial and Monetary Institutions Forum, leading to the disclosure of the Consumer Confidence Index reading, which may reflect an expansion to a value of 90.0 compared to 84.8 last August.

And this comes before we witness other members of the Federal Reserve speaking via satellite: Fed Governor Richard Clarida, who will participate in a panel discussion titled "Future Considerations for Treasury Market Resilience" at the US Treasury Market Conference, and Fed Deputy Governor Randall Quarles and who He will participate in a virtual panel discussion on financial regulation at a seminar hosted by Harvard Law School.

Technical analysis

The Australian dollar against the US dollar has been trading in a calm positive since yesterday, to test the 0.7085 level, and as we indicated in our latest report, the price needs to stabilize below this level in order for the bearish trend to remain intact for the coming period, as breaching it will push the price to test 0.7190 areas before any new attempt to decline.

The stochastic oscillator is losing its positive momentum to support the chances of resuming the expected decline, in addition to the negative pressure that the EMA 50 represents, to maintain our expectations for the bearish trend that require stability below 0.7085, noting that our next target is at 0.6964.

The expected trading range for today is between 0.7000 support and 0.7120 resistance.

The expected general trend for today: Bearish.

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 exited from the overbought area and returns to the oversold area and the movement within a bearish path will therefore press the price for further decline.

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 tending to decline during the Asian session amid the positive stability of the US dollar index according to the inverse relationship between them on the cusp of developments and economic data expected today, Tuesday, by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee.

At exactly 05:55 am GMT, gold futures contracts for December delivery fell 0.01% to trade at $ 1,886.20 an ounce compared to the opening at $ 1,886.40 per ounce, knowing that the contracts started the session on a rising price gap after it was concluded Yesterday's trading was at $ 1,882.30 per ounce, amid the US dollar index rising 0.01% to 94.22 compared to the opening at 94.22.

Investors are currently awaiting the US economy for the release of the merchandise trade balance index reading, which may explain the widening of the deficit to a value of $ 81.8 billion compared to $ 79.3 billion last July, in conjunction with the release of the preliminary reading of the wholesale stocks index, which may reflect a contraction of 0.1% versus 0.3% in the previous reading for July.

This comes before we witness the disclosure of housing market data with the release of the annual home price index reading, which may show an acceleration of growth to 3.6% compared to 3.5% last June, and before the Federal Open Market Committee member and New York Federal Reserve Chairman John Williams spoke via satellite. Industrial in the US Treasury Market 2020 conference.

Markets are also looking forward to a speech by a member of the Federal Open Market Committee and Chairman of the Philadelphia Federal Reserve Bank Patrick Harker about the economics of artificial intelligence and machine learning in a webinar hosted by the Official Financial and Monetary Institutions Forum, leading to the disclosure of the Consumer Confidence Index reading, which may reflect an expansion to a value of 90.0 compared to 84.8 last August.

And this comes before we witness other members of the Federal Reserve speaking via satellite: Fed Governor Richard Clarida, who will participate in a panel discussion titled "Future Considerations for Treasury Market Resilience" at the US Treasury Market Conference, and Fed Deputy Governor Randall Quarles and who He will participate in a virtual panel discussion on financial regulation at a seminar hosted by Harvard Law School.

Technical analysis

Gold price confirmed the breach of 1877.00 after closing the daily candlestick above it, which activates the bullish trend scenario on the intraday basis, heading towards testing the 1901.80 level mainly, and it may extend to test the previously broken horizontal support that turns into an important resistance now at 1911.00.

From here, a bullish bias will be likely for today, bearing in mind that breaking 1877.00 and holding below it will put the price under negative pressure, whose targets start with testing 1860.90.

The expected trading range for today is between 1855.00 support and 1911.00 resistance.

The expected general trend for today: Bullish.

EURUSD

The pair may continue to rise locally as the demand for risk assets and stocks remains strong. Markets hope that the $2.4 trillion stimulus plan for the citizens and businesses proposed last week by the Democratic Party will support the positive sentiment. The dollar will remain under pressure if these conditions persist.

Technical side:
The price is above the middle Bollinger band, above SMA 5 and SMA 14. Moving Averages suggest buying. RSI is at 50%. Stoch are entering the overbought zone.

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

Trading recommendations:
Buy the pair after it crosses 1.1680 with a further growth to 1.1710.

#MMM

The price strayed from the lower border of the ascending price channel. Awesome Oscillator indicates a bullish divergence, while the moving averages of Stochastic Oscillator are directed outwards from the oversold zone. A breakout of 164.10 will result in the formation of an ascending 1-2-3 pattern within the ascending price channel.

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

Trading recommendations:

Buy on the breakout of 164.10.

Stop Loss: 158.00.

Target levels: 169.44; 173.10.

USDJPY

The overall trend is downward. The ascending H4 level pattern is truncated and ended with the breakout of an inclined channel. Awesome Oscillator indicates a bearish divergence. A breakout of 105.33 will result in the formation of a descending wave pattern within the general downtrend.

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

Trading recommendations:

Sell when a descending wave pattern is formed – at the breakout of 105.33.

Stop Loss: 105.70.

Target levels: 104.86; 104.00.

If the price returns to the resistance level of 105.70, readjust the trading plan according to a new ascending pattern.

Monday, September 28th, today’s news—European markets rise with the banking sector on the positive data from China. Oil falls amid the second wave of coronavirus, American markets rise, while the dollar is weaker ahead of the first US presidential debates. The price of Brent oil is $42.02, WTI—$39.84, EUR/USD is at 1.1647, GBP/USD—1.2837, gold is $1,854.75 per ounce.

Aeroflot confirmed the breach of the support 78.50 and started the downside move towards the 68.30 level, after it managed to breach the support level 82.00 before that.

The price is moving below the moving averages 507-20- which move in a bearish order above the price near the 78.50 resistance level and pressurize the price for further decline.

The stochastic oscillator has entered the oversold area and is moving within this area within a sideways path, therefore we may see a further drop in the price.

The Australian dollar rose during the Asian session, to witness its rebound to the second session from its lowest since July 20 against the US dollar amid scarcity of economic data at the beginning of this week by the Australian economy and its US counterpart, the largest economy in the world, and with an eye for the speech of a member of the Federal Open Market Committee And Cleveland Fed Chair Loretta Meester, later Monday.

At exactly 03:35 am GMT, the Australian dollar against the US dollar rose 0.41% to 0.7058 levels compared to the opening levels at 0.7029, which is the lowest level for the pair during the session's trading, while the pair achieved its highest level during the session's trading at 0.7060, knowing that The pair started the session on a descending gap after ending last week’s trading at 0.7031 levels.

Investors are currently awaiting the American economy for what will be revealed by a member of the Federal Open Market Committee and President of the Cleveland Federal Reserve, Loretta Meester, about equality in a webinar hosted by the African American Chamber of Commerce in Pennsylvania, and the markets are looking forward this week to the speech of many members of the committee Federal Open Market.

Otherwise, the markets are looking forward to tomorrow, Wednesday, to reveal the final reading of the GDP index, which may confirm the contraction of the largest economy in the world 31.7%, unchanged from the previous preliminary reading for the second quarter and against a contraction of 5.0% in the previous reading of the last first quarter, as it may confirm. The final reading of the same index measured by prices showed a shrinkage of 2.0%, unchanged from the previous initial reading, and against a growth of 1.4% in the first quarter.

This coincides with the disclosure of preliminary data for the US labor market with the release of the index of change in private sector jobs, which may reflect the acceleration of job creation to 650,000 jobs compared to 428,000 jobs last August, and this comes hours before the disclosure next Friday For the monthly report on employment except agricultural and unemployment rates in addition to the average hourly income for the month of September.

Technical analysis

The Australian dollar against the US dollar is crawling to the upside to move around 0.7050, affected by the positivity of the stochastic indicator, while the SMA 50 forms continuous negative pressure against the price, supporting the continuation of the bearish trend scenario that targets 0.6964 as a next major station.

Thus, the bearish trend will remain likely for the upcoming period, noting that breaching 0.7085 will push the price to achieve additional gains and test 0.7190 areas before any new attempt to decline.

The expected trading range for today is between 0.6980 support and 0.7100 resistance.

The expected general trend for today: Bearish.