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The single currency, the euro, fluctuated in a narrow range sloping upward during the Asian session, to witness its rebound from its high since August 21 against the US dollar amid scarcity of economic data by the eurozone economies and on the cusp of economic developments and data expected today, Wednesday, by the US economy. A world economy and market pricing amid escalating tensions between the UK and the European Union.

At 06:38 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1781 levels, compared to opening levels at 1.1777, after the pair achieved its highest level during the session's trading at 1.1783, while it achieved its lowest level in three weeks at 1.1757.

Investors are currently awaiting the American economy to release a statistical reading of employment opportunities and job turnover, which may reflect an increase to about 6.05 million compared to about 5.89 million last June, and this comes in the wake of labor market data at the end of last week, the decline in unemployment rates to 8.4%, compared to 10.2% last July, beating expectations for a decline to 9.8%.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 1,371,000 jobs added compared to 1,734,000 added jobs, which was revised from about 1,763,000 jobs added in July, while the average hourly income index reading reflected an acceleration Growth to 0.4% versus 0.1%, contrary to expectations that indicated stability at zero levels.

Technical analysis

The euro against the dollar broke the level of 1.1785 and closed the daily candle below it, to activate the bearish trend scenario in the intraday and short term, confirming the start of a downside correction for the bullish wave that started from 1.0775 up to 1.2011, noting that the first corrective level is at 1.1720, which represents It was broken by the key of the trend towards the next corrective level that reaches 1.1540.

Thus, the bearish bias will be expected in the upcoming sessions, unless the price pushes to breach 1.1825 level and build above it.

The expected trading range for today is between 1.1680 support and 1.1825 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound to the fourth session in six sessions from its highest since August 19, overlooking the bounce of the US dollar index from its high on the 12th of the same month according to the inverse relationship between them.

This comes after the economic developments and data they followed on the Chinese economy, the largest consumer of minerals in the world, and on the cusp of economic developments and data expected today, Wednesday, by the US economy, the largest in the world, and amid the successive escalation of tensions between Washington and Beijing, tensions between the United Kingdom and the European Union, in addition to fears of a second wave outbreak. Of the Coronavirus, especially with no coronavirus vaccine yet.

At exactly 05:30 am GMT, gold futures contracts for December delivery fell 0.12% to trade at $ 1,937.10 per ounce, compared to the opening at $ 1,939.40 per ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading was at $ 1,943.20 per ounce, while the US dollar index fell 0.07% to 93.47 compared to the opening at 93.54.

We have followed the disclosure of the Chinese National Bureau of Statistics on inflation data with the release of the annual consumer price index reading, which showed the slowdown in growth to 2.4%, in line with expectations, compared to 2.7% in the previous annual reading for the month of July. As for the annual reading of the producer price index, it showed Deflation narrowed to 2.0% from 2.4% in July, contrary to expectations that had indicated a contraction of 1.9%.

On the other hand, investors are currently awaiting the American economy to release a statistical reading on employment opportunities and job turnover, which may reflect an increase to about 6.05 million compared to about 5.89 million last June, and this comes in the wake of the labor market data showed at the end of last week, a decline The unemployment rate fell to 8.4%, compared to 10.2% last July, surpassing the expectations that indicated a decline to 9.8%.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 1,371,000 jobs added compared to 1,734,000 added jobs, which was revised from about 1,763,000 jobs added in July, while the average hourly income index reading reflected an acceleration Growth to 0.4% versus 0.1%, contrary to expectations that indicated stability at zero levels.

On the other hand, we followed yesterday the report that touched upon the fact that Washington is studying the imposition of new restrictions on Chinese imports, especially imports of cotton and tomato products from Xinjiang province in western China against the background of allegations of human rights violations within the region, and we also followed yesterday the report that dealt with the fact that the Chinese government has imposed new restrictions The American visas target journalists working for American institutions and organizations inside China.

Technical analysis

Gold price found strong resistance at the broken support of the main ascending channel that appears on the image, to rebound downwards from there, on its way to present new expected negative trades during the upcoming sessions, heading towards a possible test of 1901.80 mainly.

Thus, the bearish bias will remain likely today, supported by the negative pressure formed by the moving average 50, in addition to the negative crossover signal that appears through the stochastic indicator, bearing in mind that breaching 1934.86 then 1942.00 will stop the expected decline and lead the price to restore the main bullish trend again...

The expected trading range for today is between 1900.00 support and 1945.00 resistance.

The expected general trend for today: Bearish.

The US dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness the lowest since the beginning of September against the Japanese yen, following the developments and economic data that they followed on the Japanese economy and on the cusp of economic developments and data expected today, Wednesday, by the US economy, the largest economy in the world.

At 07:10 AM GMT, the US dollar against the Japanese yen fell by 0.10% to 105.92 levels compared to the opening levels at 106.03, after the pair achieved its lowest level since the beginning of this month at 105.83, while it achieved its highest during the session's trading at 106.06.

We have followed up on the Japanese economy, the third largest economy in the world and the third largest industrialized country in the world, revealing the annual reading of the M-2 money supply index, which showed an acceleration of growth to 8.6% compared to 7.9% last July, surpassing expectations that indicated an acceleration of growth. To 8.2%, and that came before we saw the annual reading of the machinery orders index showed the decline, to 23.3%, compared to 31.1% in July.

Other than that, markets are looking to succeed Japanese Prime Minister Shinzo Abe, who recently suddenly announced his resignation from office for health reasons, and is among the potential candidates to succeed Abe, former Prime Minister Yoshihide Suga's secretary in addition to former Japanese Foreign Minister Fumio Kishida and former Defense Minister Shigeru Ishiba. Suga is considered the favorite to win the elections scheduled for September 14th.

On the other hand, investors are currently awaiting the American economy to release a statistical reading on employment opportunities and job turnover, which may reflect an increase to about 6.05 million compared to about 5.89 million last June, and this comes in the wake of the labor market data showed at the end of last week, a decline The unemployment rate came to 8.4% from 10.2% in July, surpassing expectations for a decline to 9.8% at the time.

In the same context, last Friday's reading of the employment change index for sectors other than agricultural showed about 1,371,000 jobs added compared to 1,734,000 added jobs, which was revised from about 1,763,000 jobs added in July, while the average hourly income index reading reflected an acceleration Growth to 0.4% versus 0.1%, contrary to expectations that indicated stability at zero levels.

Technical analysis

The dollar versus the yen provided noticeable negative trades yesterday, to move away from 106.44, reinforcing expectations that the bearish trend will continue during the upcoming period, which targets 105.20 as the next major station.

Consequently, the negative scenario will remain valid and effective with support from moving below the EMA 50, reminding you that the continuation of the bearish wave depends on stability below 106.44.

The expected trading range for today is between 105.00 support and 106.44 resistance.

The expected general trend for today: Bearish.

Sberbank's stock breached the support level represented by the lower bound of the ascending channel within which it was moving, which appears in the chart, thus the price confirms the new bearish path. Especially after moving below the EMA 50.

The current price action takes place between the support level 220.10 and the resistance level 223.10 over the intermediate period which will be the main targets of the price action.

  The moving averages -50-20-7 are above the price near 221.80 and add pressure on the price for a further decline. 

The general direction of the movement: a bearish path.

#NESN

The overall trend is upward. The descending pattern is truncated. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. The support level of 107.60 is holding back sellers.

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

Trading recommendations:

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

Stop Loss: 107.60.

Target levels: 111.10; 112.10.

EURUSD

The support level of 1.1756 is holding back sellers. The descending pattern is truncated. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition.

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

Trading recommendations:

Buy strictly when an ascending wave pattern is formed, where wave A breaks through the inclined channel of the descending pattern.

Stop Loss: 1.1756 or local minimum.

Target levels:1.1855; 1.1953; 1.1996.

USDCAD

The pair is trading higher following the selloff in the US stock market and the rising demand for the dollar. The pair may continue to grow if the negative sentiment persists and the monetary policy decision by the Bank of Canada doesn’t create new positive factors for the CAD.

Technical side:

The price is on the upper Bollinger band, above SMA 5 and SMA 14. RSI in the overbought zone. Stoch are also in this zone and are turning down.

The USDCAD rate online: monitor the price movement in real time.

Trading recommendations:

If the pair consolidates above 1.3235, it will go further up to 1.3340.

Tuesday, September 8th, today’s news—French national statistics agency INSEE confirms its forecast of a 9% GDP drop in 2020. Germany's imports and exports data points to slow recovery, Morgan Stanley experts predict a full recovery of the global economy in the next quarter. The price of Brent oil is $41.37, WTI—$38.34. EUR/USD is at 1.1810 GBP/USD—1.3105, gold is $1,929.75 per ounce.

The Australian dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its rebound to the second session in three weeks from its lowest since the 27th of last August against the US dollar, following the developments and economic data that they followed on the Australian economy and on the cusp of economic developments and data expected today, Tuesday from The American economy was before the largest in the world.

At 04:18 AM GMT, the Australian dollar against the US dollar rose 0.03% to 0.7279 levels, compared to opening levels at 0.7277, after the pair achieved its highest level during the session's trading at 0.7287, while the lowest level is at 0.7272.

On the Australian economy, we have followed up on the disclosure of the Australian National Bank’s index of business confidence, which showed a contraction of contraction to a value of 8 compared to 14 in July, surpassing expectations that indicated the expansion of deflation to 22, while the reading of the same index indicated confidence in conditions. The current contraction value of 6 versus stability at zero levels in July, worse than expectations that indicated an expansion at 2.

On the other hand, investors are waiting for the US economy to unveil the consumer credit index reading, which may reflect an increase to $ 12.9 billion compared to $ 8.9 billion last June. Otherwise, according to the latest figures issued by the World Health Organization, the number of cases has increased. Coronavirus-infected more than 27 million people and 881,464 people have died in 216 countries.

Technical analysis

The Australian dollar versus the US dollar has shown sideways and narrow-range trading since yesterday, stabilizing around the support of the main ascending channel, noting that the stochastic indicator is gaining positive momentum significantly, waiting to stimulate the price to resume the main bullish trend, whose targets start at 0.7440.

Therefore, the bullish trend scenario will remain valid for the upcoming period unless breaking 0.7230 level and holding below it.

The expected trading range for today is between 0.7225 support and 0.7340 resistance.

The expected general trend for today: Bullish.

The single currency, the euro, fluctuated in a narrow range that tends to decline during the Asian session, to witness its rebound for the sixth session in a row from its highest since the second of May 2018 against the US dollar on the cusp of economic developments and data expected today, Tuesday by the economies of the euro area and the US economy, the largest economy in World and market pricing to escalating tensions between the UK and the European Union.

At exactly 06:40 am GMT, the euro pair fell against the US dollar by 0.11% to 1.1804 levels, compared to opening levels at 1.1817, after the pair achieved its lowest level during the session's trading at 1.1795, while it achieved its highest at 1.1822.

The markets are looking for France, the second largest economy in the euro area, for the release of the final reading of the change in employment in sectors other than agricultural, which may confirm a 0.6% decline during the second quarter compared to a decline of 2.5% in the first quarter last, before we also witness the release of the trade balance reading from France. For France, which may explain the narrowing of the deficit to a value of 7.0 billion euros compared to 8.0 billion euros last June.

This comes in conjunction with the disclosure by Germany, the largest economy of the euro area, of the seasonally unadjusted reading of the current account index, which may reflect a contraction of the surplus to a value of 20.3 billion euros compared to 22.4 billion euros in June. The seasonally adjusted reading of the trade balance index showed the expansion of the surplus to 14.9 billion euros compared to 14.5 billion euros, and amid expectations that the seasonally adjusted reading of exports will show slowing growth and imports accelerating growth.

Up to the disclosure by Italy, the third-largest economy in the region, of the seasonally adjusted reading of the retail sales index, which may indicate a slowdown in the pace of growth to 1.1% compared to 12.1% in June, before we witness the economies of the euro area as a whole, the disclosure of labor market data with the release of The final reading of the change in employment, which may confirm a decline of 2.8%, unchanged from the initial reading for the second quarter and compared to a decline of 0.2% in the first quarter last.

This also comes in conjunction with the disclosure of the final seasonally adjusted final reading of the GDP index for the euro area as a whole, which may confirm a contraction of 12.1%, unchanged from the previous initial reading for the second quarter and against a contraction of 0.3% in the first quarter, and the annual reading of the same index may also confirm a contraction 15.0% versus a contraction of 3.2% in the previous annual reading for the first quarter.

On the other hand, investors are waiting for the US economy to unveil the consumer credit index reading, which may reflect an increase to $ 12.9 billion compared to $ 8.9 billion last June. Otherwise, according to the latest figures issued by the World Health Organization, the number of cases has increased. Coronavirus-infected more than 27 million people and 881,464 people have died in 216 countries.

Technical analysis

The EUR / USD pair provided negative trades yesterday, to test the support of the main ascending channel, and today begins with an additional bearish tendency to try to break this support, which requires attention from upcoming trades, as the continuation of negative pressure and breaching the 1.1785 level will push the price to continue the decline and start a bearish correction to the rally that started. From the second quarter of this year, targeting 1.1720 areas initially, noting that breaking this level will extend the downside wave to reach 1.1540.

On the other hand, consolidation above current support areas and rebounding upwards to breach 1.1860 will push the price to resume the main bullish trend, whose main targets start at 1.1916 then 1.2045.

From here, we prefer to remain neutral temporarily until the price confirms its next destination by breaking 1.1785 support or breaching 1.1860 resistance.

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

The expected overall trend for today: Neutral.