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Friday, September 11th, today’s news—European markets are flat following the ECB meeting, the regulator offered a positive outlook. The UK economy grew 6.6% in July, but new Brexit tensions are escalating, oil continues to fall as stockpiles rise. The price of Brent oil is $40.09, WTI—$37.39. EUR/USD is at 1.1857 GBP/USD—1.2790, gold is $1,953.95 per ounce.

The Australian dollar against the US dollar conducted a retest of the previously broken support of the main ascending channel and rebounded downwards from there, which maintains the bearish trend scenario valid and effective for the upcoming period, supported by the EMA50, waiting to head towards 0.7135 then 0.6964 as next major targets.

Note that the continuation of the bearish wave requires stability below 0.7350.

The expected trading range for today is between 0.7200 support and 0.7320 resistance.

The expected general trend for today: Bearish.

The single currency, the euro, fluctuated in a narrow, upward range during the Asian session, to witness its retracement for the third consecutive session since the 12th of August against the US dollar on the cusp of developments and expected economic data on Friday from the economies of the euro area and the US economy, the largest in the world, which Include Eurogroup meetings later today via satellite in Brussels.

At 06:27 AM GMT, the euro pair rose against the US dollar by 0.16% to 1.1834 levels, compared to opening levels at 1.1815, after the pair achieved its highest level during the session's trading at 1.1840, while it reached its lowest level at 1.1813.

The markets are waiting for Germany to reveal inflation data with the release of the final reading of the consumer price index, which may confirm a contraction of 0.1%, unchanged from the previous initial reading for the month of August and against a contraction of 0.5% last July, in conjunction with the release of the reading. The wholesale inventories price index is also for Germany, which may indicate stable growth at 0.5% during August.

Up to the participation of Deutsche Bundesbank President Jens Weidmann in a panel discussion at a virtual banking conference hosted by the German central bank, before we witness Italy, the third largest economy in the eurozone, the labor market data disclosure with the release of the unemployment rate index reading, which may reflect Down to 8.4% from 8.9% in the first quarter last.

This comes in conjunction with the activities of the Eurogroup meetings, which are attended by the finance ministers of the member states in the region, the Commissioner for Economic and Monetary Affairs and the European Central Governorate, which discusses many financial issues, and hours after the end of the activities of the European Central Meeting, which kept monetary policy makers at the European Central Interest rates are at zero levels, which was in line with expectations.

Other than that, the markets are closely watching the developments of the Brexit file after it entered into negotiations on the reformulation of future relations between the two parties following the implementation of the exit on January 31, in a state of stumbling due to the conflicting views between the two sides in several Main points, most notably immigration and the customs union, which opens the way for Britain to leave without an agreement with the European Union on October 15.

On the other hand, investors are currently awaiting the US economy to disclose inflation data with the release of the consumer price index reading, which may reflect a slowdown in growth to 0.3% compared to 0.6% in July, and the core reading of the same index may also indicate a slowdown in growth to 0.2% against 0.6%, and the annual reading of the index may reflect the stability of growth at 1.6%, while the annual core reading of the index may show an acceleration of growth to 1.2% compared to 1.0%.

Technical analysis

The euro versus dollar ended yesterday's trading negatively without supporting the main ascending channel, as it showed mixed trades in the past sessions, which keeps the bearish trend scenario valid and effective for the upcoming period, awaiting further decline to visit 1.1720, which represents the first negative target.

Thus, a bearish bias will be likely for today, noting that breaching 1.1840 and holding a daily close above it will stop the negative scenario and lead the price to return to the main bullish path again.

The expected trading range for today is between 1.1720 support and 1.1900 resistance.

The expected general trend for today: Bearish.

Gold futures fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound for the second consecutive session from its high since the second of September, overlooking the bounce of the US dollar index for the second session in three sessions from its high on August 12, according to the relationship The opposite occurred between them on the cusp of developments and expected economic data on Friday by the US economy and amid markets ’assessment of the escalation of tensions between Washington and Beijing and the recent tensions between the United Kingdom and the European Union.

At exactly 05:38 a.m. GMT, gold futures contracts for December delivery fell 0.35% to trade at $ 1,947.00 an ounce, compared to the opening at $ 1,953.80 an ounce, knowing that the contracts began trading on a downward price gap after it was concluded Yesterday's trading was at $ 1,964.30 per ounce, while the US dollar index declined 0.07% to 93.27 compared to the opening at 93.34.

Investors are currently awaiting the US economy to unveil inflation data with the release of the consumer price index reading, which may reflect a slowdown in growth to 0.3% compared to 0.6% in July, and the core reading of the same index may also indicate a slowdown in growth to 0.2% compared to 0.6%. The annual core reading of the index may reflect the stability of growth at 1.6%, while the annual core reading of the index may show that growth accelerated to 1.2% versus 1.0%.

Technical analysis

Gold price shows more bearish tendency with today's opening after it succeeded in achieving our first awaited positive target at 1967.90, to reach the pivotal support 1934.86 now, and we note that the price has completed forming a negative combination that may push the price to break the aforementioned support and achieve further decline during the upcoming sessions, while On the other hand, the stochastic oscillator is showing an oversold pattern that supports the strength of the current support areas and chances of a return to the upside.

Therefore, this conflict between technical factors makes us prefer to stay neutral until we get a clearer signal for the next trend, noting that breaking the support 1934.86 will pressure the price to continue the decline and head towards the level of 1901.80 as a next negative target, while the breach of the resistance 1950.50 is the key to resuming the trend. The main bullish one, whose targets start at 1967.90 and extend to 2008.80.

The expected trading range for today is between 1920.00 support and 1970.00 resistance.

The expected trend for today: depends on the levels mentioned in the report.

The US dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness a rebound for the second session in three sessions from the lowest since the beginning of September against the Japanese yen, following the developments and economic data that they followed from the Japanese economy and on the cusp of developments and economic data expected today, Friday before. The American economy is the largest in the world.

At 06:59 am GMT, the US dollar against the Japanese yen rose by 0.04% to 106.17 levels compared to the opening levels at 106.13, after the pair achieved its highest level during the session's trading at 106.21, while it reached its lowest level at 106.08.

On the Japanese economy, we followed up on the release of the producer price index reading, which showed a slowdown in growth to 0.2%, in line with expectations, compared to 0.6% in July, while the annual reading of the same index showed that deflation had shrunk to 0.5%, also in line with expectations, compared to 0.9%. In conjunction with the manufacturing business sector statistic showed an expansion to 0.1 versus a contraction of 52.3 in the second quarter, beating expectations for a contraction of 36.1.

On the other hand, investors are currently awaiting the US economy to disclose inflation data with the release of the consumer price index reading, which may reflect a slowdown in growth to 0.3% compared to 0.6% in July, and the core reading of the same index may also indicate a slowdown in growth to 0.2% against 0.6%, and the annual reading of the index may reflect the stability of growth at 1.6%, while the annual core reading of the index may show an acceleration of growth to 1.2% compared to 1.0%.

Technical analysis

The dollar versus yen pair shows sideways trading and stabilizes around the moving average 50, and as long as the price is below 106.44, our bearish expectations will remain valid for the upcoming period, as breaching this level will push the price to recover and achieve gains in the intraday term, while the price needs to break the 106.00 level to facilitate the task. Heading towards our main waited target at 105.20.

The expected trading range for today is between 105.40 support and 106.60 resistance.

The expected general trend for today: Bearish.

Arrow continues correcting the upside move, as the price is testing the support at 330.50, after it broke through the resistance level of 340.00 on the downside and reached the support level near the 50 SMA. Which is moving near the main support 330.50 while the average 20 is moving above the price

The stochastic oscillator has approached the oversold zone and is forming a change in its path, which coincides with the price test of the support level

The expected trading range is between 301.40 support and 350.50 resistance

The expected general trend for today: Bullish.

GBPUSD

The pair broke out of a short-term uptrend amid the growing concerns in the market that the UK and the EU will not be able to agree on the terms of mutual trade at the end of the transition period on December 31, 2020. This uncertainty will push sterling down against the US dollar.

Technical side:

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is in the oversold zone and is growing. Stoch also turn upwards.

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

Trading recommendations:

Sell the pair on as it rises if it doesn’t go above 1.2850 with a likely decline to 1.2715.

EURNZD

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

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

Trading recommendations:

Sell when a descending wave pattern is formed, where the wave (A) breaks through the inclined channel of the ascending truncated pattern.

Stop Loss – 1.7831.

Target: 1.7488.

#NISSAN

The overall trend is upward. The downward, presumably corrective pattern ended with a breakout of the inclined channel. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. A breakout of the resistance level of 416.00 will result in the formation of an upward wave pattern within the general uptrend.

Trading recommendations:
Buy above 416.0.

Stop Loss: 406.4.

Target levels: 427.8; 443.8.

Thursday, September 10th, today’s news—American markets slip following a quick rebound of the tech stocks, dollar and Treasury yields are weaker. European markets are mixed ahead of the ECB meeting: the regulator is expected to keep the monetary policy unchanged, but may lay the groundwork for the future stimulus. The price of Brent oil is $40.34, WTI—$37.52. EUR/USD is at 1.1834 GBP/USD—1.3016, gold is $1,954.60 per ounce.