Analytic reviews

USDJPY

The pair is turning down against the backdrop of the stronger US dollar as the demand for risk assets has increased due to hopes of Democrats and Republicans agreeing on new stimulus package to support the American economy and citizens.

Technical side:

The price is located above the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the 50% level and is declining. Stoch are steadily falling.

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

Trading recommendations:

Sell the pair after it crosses 105.25 with a probable drop to 104.80.

EURGBP

The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. The downward pattern ended with the breakout of the inclined channel (aC wave). A breakout of the top (aC) will result in the formation of an ascending wave pattern within the overall uptrend.

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

Trading recommendations:

Buy above 0.9163.

Stop Loss: 0.9084.

Target levels: 0.9216; 0.9265.

#APPLE

After the split, the company’s shares became available to a larger number of buyers. However, the share price declined slightly against the backdrop of the overall negative mood on the stock markets. The downward pattern ended with the breakout of an inclined channel. A breakout of the resistance level of 112.37 will result in the formation of an ascending wave pattern.

#APPLE rate inline: monitor the price movement in real time.

Trading recommendations:

Buy above 112.37.

Stop Loss below the support level of 104.57.

Target levels: 118.16; 135.00.

Thursday, September 24th, today’s news—Jerome Powell called for more fiscal stimulus in his speech in Congress. European markets are lower due to the escalating pandemic outbreak and the pessimism over the global economic recovery, the Asian and American markets show similar trends, the dollar is stronger amid the crisis. The price of Brent oil is $41.52, WTI—$39.63, EUR/USD is at 1.1654, GBP/USD—1.2735, gold is $1,856.20 per ounce.

#MT

The stock is trading in the range of 365 and 135 moving averages. Awesome Oscillator indicates a bullish divergence. Stochastic Oscillator indicates an oversold condition.

Trading recommendations:

Buy strictly when the descending wave pattern is completed by the formation of an ascending pattern, where the wave (A) breaks through the inclined channel of the descending pattern.

Stop Loss at the local minimum.

Target levels: 10.84; 11:58.

EURUSD

The pair remains under pressure amid falling demand for risk assets. The dollar is supported by the fears of new COVID-19 restrictions, pre-election tensions in the US, and an evident slowdown in the global economic recovery.

Technical side:

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the oversold zone. Stoch are also there and are uninformative.

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

Trading recommendations:

Sell the pair after it crosses 1.1650 with a likely drop to 1.1600.

GBPCAD

The overall trend is downward. The currency pair is trading in the range of 365 and 135 moving averages. The ascending M30 level pattern is currently truncated. Awesome Oscillator indicates a bearish divergence, while Stochastic Oscillator indicates an overbought condition.

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

Trading recommendations:

Sell when a descending wave pattern is formed, which is completed with an ascending truncated M30 level pattern by breaking through the inclined channel.
Stop Loss: beyond the resistance level of 1.7105.

Target levels: 1.6912; 1.6836.

CISCO continues its downward movement, as it closed yesterday's trading with a strong decline, and breached the support level of 38.48. Thus, the price confirms the downside path it is moving within.

The trading stabilized below the moving averages, which are pressuring the price for further decline, which supports expectations for further decline in the upcoming sessions, provided that the stability is below the 50-20 averages, which form resistance levels.

The expected trading range is between 37.50 support and 42.20 resistance.

The expected general trend for today: Bearish.

The single currency, the euro, fluctuated in a narrow range that tends to decline during the Asian session, to witness the lowest since July 27 against the US dollar on the developments and economic data expected today, Thursday, by the economies of the euro area and the US economy, which include the actions of the second half of the semi-annual certificate of a bank governor Federal Reserve Jerome Powell and US Treasury Secretary Stephen Mnuchin before Congress in Washington.

At 06:52 AM GMT, the euro pair fell against the US dollar by 0.03% to 1.1657 levels, compared to opening levels at 1.1660, after the pair achieved an eight-week low at 1.1645, while it achieved its highest during the session's trading at 1.1680.

The markets are looking for Germany, the largest economy in the euro area, to unveil the IFO business climate index reading, which may show an expansion to 93.9 compared to 92.6 in August, and the same index reading for expectations may show an expansion to 98.0 versus 97.5, reflecting the index reading. The same for the current assessments is also expanding to a value of 89.5 compared to 87.9, in conjunction with the European Central Bank unveiling its monthly bulletin.

On the other hand, investors are currently awaiting the US economy for the release of the aid claims index reading for the past week on September 18th, which may reflect a decline of 15,000 requests to 845,000 applications compared to 860,000 requests in the previous weekly reading. The continuing aid for the past week, on the 11th of this month, decreased by 289 thousand applications to 12,339 thousand applications compared to 12,628 thousand applications.

This coincides with the launch of the second half of the bi-annual certification of Federal Reserve Governor Jerome Powell as well as with Treasury Secretary Stephen Mnuchin before the Senate Banking Committee on the "CARES" Act, and this comes hours after Powell testified before the House of Representatives And through which he threw the ball in the Congress court to provide support to companies affected by the aftershocks of the Corona pandemic.

In another context, the markets are looking to reveal the housing market data with the release of the new home sales index reading, which may indicate a 4.0% decline to about 890 thousand homes compared to a 16.6% rise at 901 thousand homes in July, leading to the speech of the Federal Open Market Committee member and chairman New York Federal Reserve John Williams Opening remarks at the New York Fed conference on economic inequality.

Technical analysis

The EUR / USD pair stabilizes near the support of the descending corrective channel, and the price is under continuous negative pressure coming from the EMA50, waiting for the resumption of negative trades to head towards our next main target that reaches 1.1540.

In general, we will continue suggesting the downside trend for the coming period as long as the price remains below 1.1720, as breaching this level will stop the expected negative pressure and lead the price to start recovery attempts targeting 1.1840 levels initially.

The expected trading range for today is between 1.1580 support and 1.1720 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range tending to decline during the Asian session, to witness the lowest since July 24, amid the rise of the US dollar index to the highest since the 22nd of the same month, according to the inverse relationship between them on the cusp of developments and economic data expected today, Thursday, by the economy The US, which includes the actions of the second half of the semi-annual testimony of Fed Governor Jerome Powell and US Treasury Secretary Stephen Mnuchin before Congress and amid growing concern the recent tensions on the Korean Peninsula.

At exactly 05:47 a.m. GMT, gold futures contracts for December delivery fell 0.47% to trade at $ 1,858.20 per ounce compared to the opening at $ 1,866.90 per ounce, knowing that the contracts started trading on a downward price gap after it was concluded Yesterday's trading at $ 1,868.40 per ounce, with the US dollar index rising 0.05% to 94.43 compared to the opening at 94.38.

Investors are currently awaiting the US economy for the release of the aid claims index reading for the past week, on September 18th, which may reflect a decline of 15,000 requests to 845,000 requests compared to 860,000 requests in the previous weekly reading, and the continuous aid requests reading for the week may also appear Last month, on the 11th of this month, there was a decrease of 289,000 requests to 12,339,000, compared to 12,628,000.

This coincides with the launch of the second half of the bi-annual certification of Federal Reserve Governor Jerome Powell as well as with Treasury Secretary Stephen Mnuchin before the Senate Banking Committee on the "CARES" Act, and this comes hours after Powell testified yesterday before a committee The choice of the House of Representatives in Washington regarding the economic consequences of the Corona pandemic on the largest economy in the world.

We would like to point out that Powell said last Tuesday in the first half of his semi-annual testimony before Congress, specifically before the House Financial Services Committee, that the Federal Reserve had temporarily relaxed a number of banking regulations and was open to doing more of that, while referring to the fact that small banks had You bear a greater burden and are exposed to greater things like mortgages.

Powell also noted at the time that a search was made for how not to respond in the commercial real estate market with borrowers, explaining that it is difficult to find a place to have an impact, explaining that the Federal Reserve does not see a demand for very small loans by individual borrowers within a lending program. Main Street, and that corporate bond purchases support financial conditions in the corporate credit market.

Technical analysis

Gold price succeeded in achieving our awaited target at 1860.90 and is trying to break it, which supports the chances of extending the bearish wave in the short and medium terms, supported by the negative pressure that the EMA 50 represents, noting that the next negative leg reaches 1794.85.

Consequently, the bearish trend will remain likely for the upcoming sessions, bearing in mind that the consolidation of 1860.90 in front of negative attempts will push the price to achieve intraday gains targeting the initial visit of 1901.80 before determining the fate of the next trend more clearly.

The expected trading range for today is between 1830.00 support and 1880.00 resistance.

The expected general trend for today: Bearish.