Analytic reviews

The Australian dollar fluctuated in a narrow, upward range during the Asian session, to witness its highest since the ninth of August of 2018 against the US dollar, following the economic developments and data that were followed on Monday by the Australian economy and amid looking forward to the decisions and directions of monetary policy makers at the Bank of Australia Reserve and on the cusp of economic developments and data expected today, Tuesday, by the US economy.

At 04:55 am GMT, the Australian dollar against the US dollar rose 0.38% to 0.7404 levels, compared to opening levels at 0.7376, after the pair achieved its highest level in two years at 0.7414, while the lowest level during the session's trading is at 0.7368.

We followed up on the Australian economy the release of the manufacturing index reading by the Australian Industrial Group (AIG), which showed a contraction at a value of 49.3 compared to an expansion of 53.5 in the previous reading for the month of July, and we would like to indicate that the release of the reading of 50 is the first highest. Reflects the expansion of the sector, while its issuance of less than 50 reflects the contraction of the sector.

This came before we witness the disclosure of housing market data, with the release of the building permits reading, which showed an increase of 12.0% compared to a decline of 4.2% in July, contrary to expectations that indicated a contraction of the decline to 0.9%, in conjunction with the current account reading showed the surplus widening to 17.7 billion Australian dollars compared to 9.0 billion Australian dollars in the first quarter, beating expectations that the surplus would widen to 13.0 billion Australian dollars.

This comes amid looking forward to the decisions and directions of monetary policy makers at the Central Bank of Australia and the Reserve Bank of Australia unveiled the interest rate statement amid expectations that short-term reference interest rates will be fixed at the lowest ever at 0.25%, hours before the unveiling on Wednesday of the output index reading The gross domestic product, which may reflect a widening contraction during the second quarter, and the entry of the Australian economy into a technical recession.

On the other hand, the markets are looking to unveil the final reading of the manufacturing PMI by Markit from the United States, which may reflect the stability of the expansion at a value of 53.6, unchanged from the initial reading for the past month and against 50.9 in July, before we witnessed it before. The US economy released the reading of the construction spending index, which showed an increase of 1.0% against a decline of 0.7% in June.

Up to the disclosure by the largest industrial country in the world of a reading of the Industrial Supply Institute index, which may show an expansion to 54.6 compared to 54.2 in July, while the reading of the same index measured by prices may indicate a decrease in the breadth to 52.0 compared to 52.3, before we witness the participation of a member of the Federal Reserve Open Market and Fed Deputy Governor Lyle Brainard in a hypothetical discussion on the economic outlook hosted by the Brookings Institution.

Technical analysis

The Australian dollar versus the US dollar managed to breach the bullish flag resistance mentioned in our recent report, to obtain a good positive incentive that pushes the price to surpass 0.7400 now, which supports the continuation of our bullish expectations effectively during the upcoming sessions, which targets 0.7485 as a next station.

Therefore, we await more incline during the upcoming sessions, keeping in mind that stability above 0.7325 is important to achieve the awaited targets.

The expected trading range for today is between 0.7350 support and 0.7480 resistance

The expected general trend for today: Bullish

The single currency, the euro, rose during the Asian session, to witness its highest since the third of May of 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 the world.

At 06:27 AM GMT, the euro pair rose against the US dollar by 0.43% to 1.1987 levels, compared to opening levels at 1.1936, after the pair achieved its highest level during the session's trading at 1.1997, while it reached its lowest level at 1.1935.

The markets are looking forward to the disclosure by the fourth-largest economy in the euro area, Spain, of the manufacturing PMI reading, which may reflect a contraction of the expansion to a value of 52.5 compared to 53.5 in July, before we witness about Italy, the third-largest economy in the region, the release of the same index reading. It might show an expansion to 52.0, compared to 51.9 in July.

This comes before we witness the release of the final reading of the manufacturing PMI for France, the second-largest economy in the euro area, and Germany, the largest economy in the region, in addition to the economies of the euro area as a whole, which may reflect the stability of the contraction in France at 49.0 compared to an expansion of 52.4 in July, and the stability The breadth in Germany is at 53.0 versus 51.0, in addition to the stability in the region as a whole at 51.7 versus 51.8.

In the same context, the markets are looking to reveal labor market data for the major economies of the euro area, starting from the release of the unemployment change index reading for Germany, which may show the decline to 3 thousand compared to 18 thousand in July, through the issuance of the unemployment rate reading for Italy, which may indicate an increase To 9.1% compared to 8.8% in July, leading to the release of the unemployment rate reading for the euro area as a whole, which may reflect an increase to 8.0% compared to 7.8% in July.

This comes in conjunction with the disclosure of inflation data for the euro area as a whole with the release of the annual consumer price index reading, which may reflect a slowdown in the pace of growth to 0.2% compared to 0.4% in the previous annual reading for July, as the core annual reading of the index may indicate the slowing pace of growth to 0.9%, compared to 1.2% in July.

On the other hand, the markets are looking to unveil the final reading of the manufacturing PMI by Markit from the United States, which may reflect the stability of the expansion at a value of 53.6, unchanged from the initial reading for the past month and against 50.9 in July, before we witnessed it before. The US economy released the reading of the construction spending index, which showed an increase of 1.0% against a decline of 0.7% in June.

Up to the disclosure by the largest industrial country in the world of a reading of the Industrial Supply Institute index, which may show an expansion to 54.6 compared to 54.2 in July, while the reading of the same index measured by prices may indicate a decrease in the breadth to 52.0 compared to 52.3, before we witness the participation of a member of the Federal Reserve Open Market and Fed Deputy Governor Lyle Brainard in a hypothetical discussion on the economic outlook hosted by the Brookings Institution.

Technical analysis

The euro versus dollar pair opens today's trading with a strong bullish tendency to surpass 1.1965 and try to return to the minor ascending channel that appears in the image, which supports the continuation of our expectations for the bullish trend effectively for the coming period, paving the way to head towards our next target, which reaches 1.2160.

The SMA 50 continues to support the suggested bullish wave, noting that holding above 1.1935 represents a prerequisite for the continuation of the bullish rally, as breaking it may pressure the price to initially test 1.1845 areas before any new attempt to rise.

The expected trading range for today is between 1.1900 support and 1.2090 resistance.

The expected general trend for today: Bullish.

Gazprom settled below the support level 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 returns towards 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.

Gold futures rose by more than one percent during the Asian session amid the decline of the US dollar index to its lowest since late April of 2018, 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.

At exactly 05:46 a.m. GMT, gold futures contracts for December delivery rose 1.12% to trade at $ 1,995.80 an ounce, compared to the opening at $ 1,973.70 per ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading at $ 1,978.60 an ounce, with the US dollar index declining 0.39% to 91.80 compared to the opening at 92.17.

Markets are looking forward to unveiling the final reading of the Manufacturing PMI by Markit from the United States, which may reflect the stability of the expansion at a value of 53.6, unchanged from the initial reading for last month and against 50.9 last July, before we witness the US economy. The release of the construction spending index reading, which shows an increase of 1.0%, compared to a decline of 0.7% in June.

Up to the disclosure by the largest industrial country in the world for a reading of the Industrial Supply Institute index, which may show an expansion to 54.6 compared to 54.2 in July, while the reading of the same index measured by prices may indicate a decrease in the breadth to 52.0 compared to 52.3, before we witness the participation of the committee member Open Market FBI and Fed Deputy Governor Lyle Brainard in a hypothetical discussion on the economic outlook hosted by the Brookings Institution.

Technical analysis

The price of gold opens today with a new high to move away from the level of 1967.90, which supports the continuation of our expectations for an effective bullish trend in the coming sessions, and the way is open to head towards our next target at 2008.80, noting that surpassing this level will push the price to visit the recently recorded peak at 2074.87.

Therefore, we will continue suggesting the bullish trend in the intraday and short term, noting that a break of 1967.90 will pressure the price to visit 1934.86 before returning to rise again.

The expected trading range for today is between 1960.00 support and 2010.00 resistance.

The expected general trend for today: Bullish.

The US dollar fluctuated in a narrow range tilted towards a decline during the Asian session against the Japanese yen, following the developments and economic data that were followed by 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 06:52 am GMT, the US dollar against the Japanese yen fell by 0.24% to 105.66 levels compared to the opening levels at 105.91, after the pair achieved its lowest level during the session's trading at 105.60, while it achieved its highest at 106.03.

We have followed up on the Japanese economy, the unemployment rate index reading, which showed a rise to 2.9% compared to 2.8% last June, beating expectations for a rise to 3.0%, in conjunction with the capital spending index reading showed a decline of 11.3% against a rise of 0.1%. Last first quarter, it was worse than expectations that indicated a 4.0% decline,

This came before the disclosure of the final reading of the manufacturing PMI by Markit on Japan, which showed the contraction of the contraction to a value of 47.2 compared to the initial reading for last month and expectations at 46.6 and compared to 45.2 in July, otherwise Japan is still looking for a new prime minister to succeed The Japanese Prime Minister, who announced last Friday surprisingly, abruptly resigned from his post for health reasons.

On the other hand, the markets are looking to unveil the final reading of the manufacturing PMI by Markit from the United States, which may reflect the stability of the expansion at a value of 53.6, unchanged from the initial reading for the past month and against 50.9 in July, before we witnessed it before. The US economy released the reading of the construction spending index, which showed an increase of 1.0% against a decline of 0.7% in June.

Up to the disclosure by the largest industrial country in the world of a reading of the Industrial Supply Institute index, which may show an expansion to 54.6 compared to 54.2 in July, while the reading of the same index measured by prices may indicate a decrease in the breadth to 52.0 compared to 52.3, before we witness the participation of a member of the Federal Reserve Open Market and Fed Deputy Governor Lyle Brainard in a hypothetical discussion on the economic outlook hosted by the Brookings Institution.

Technical analysis

The dollar versus the yen presented noticeable positive trades yesterday after it found strong resistance at 105.20, to test the 106.00 barrier, noting that the price begins to rebound down now, on its way to resume the suggested downside trend in our recent reports, whose targets start with breaking 105.20 to confirm the trend Towards 103.65 as a next major stop.

The stochastic indicator provides a negative crossover signal that supports the bearish expectations, bearing in mind that the continuation of the bearish wave requires stability below 106.44.

The expected trading range for today is between 104.80 support and 106.10 resistance

The expected general trend for today: Bearish

#EDF

The stock is trading in the range of the lower limit of the ascending price channel. Stochastic Oscillator showed an exit from the oversold zone. A breakout of the resistance level of 8.95 will result in the formation of 1-2-3 (an upward pattern).

Trading recommendations:

Buy above 8.95.

Stop Loss: 8.70.

Target levels: 9.14; 9.56.

EURCAD

The currency pair is trading in the range of the lower border of the ascending price channel. The descending H8 level pattern ended with the breakout of an inclined channel. Bullish divergence has formed Awesome Oscillator. The price pivot zone of 1.5606 is holding back buyers.

Trading recommendations:

Buy above 1.5606.

Stop Loss: 1.5467.

Target levels: 1.5750; 1.5973.

EURUSD

The pair is testing the resistance line of the “rising flag” trend continuation pattern. It’s supported by the globally weak US dollar following the Fed’s new inflation target and rising demand for risk assets corporate stocks.

Technical side:

The price is at the level of the upper Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought zone. Stoch are located under this zone and are uninformative.

The pair will continue to grow either after a corrective pullback down to 1.1950, or immediately after breaking through 1.1985 with the possibility of further growth to 1.2085.

Monday, August 31st, today’s news—Wall Street closes its best August in 30 years. Asian share are at their 29-month-high, European markets rise following the Fed's policy shift last week, gold and oil are up, the dollar may have its worst August in five years. The price of Brent oil is $46.49, WTI—$43.48. EUR/USD is at 1.1904, GBP/USD—1.3316, gold is $1,966.10 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

EURCHF analysis

The overall trend is downward. The currency pair is trading in the range of 364 and 135 moving averages, and the ascending H1 level pattern is truncated. Stochastic Oscillator also signals an overbought condition.

Trading recommendations: sell when a descending pattern is formed, where the wave (aC) breaks through the inclined channel of the ascending truncated pattern.

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Trading ideas for PJSC TATNEFT

The descending pattern is truncated. A bullish divergence has formed on Awesome Oscillator indicator (the price has overstepped the balance line at the point (B) — “breaking the bear’s back”, then the minimum on the chart was updated without updating the indicator’s minimum). Stochastic Oscillator indicates an oversold condition.

Trading recommendations: buy when an upward wave pattern is formed, where wave (A) breaks through the inclined channel of the ascending truncated pattern.

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NZDUSD technical analysis

The pair began to correct following today’s weak economic data from China. The pair is being driven down due to the local overbought condition, which may result in a limited decline.

Trading recommendations: the price falling below 0.6720 may result in a further drop to 0.6685, which would make a 23% Fibonacci pullback.

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^{*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.}

There is nothing new in the movement of Aeroflot, as the stock tried to test the resistance level 86.50 at the end of last week's trading, but failed to breach this level. The stock returned to the sideways movement it was trading in during the past two weeks, as it tested the key support level of 78.50, which is considered one of the important levels that the price is exposed to.

The price is moving around the level of the moving average 507-20- which moves in one level at the level of 84.00 and forms the first support levels for the price and prevents it from falling further.

The stochastic oscillator gives a sign of a change in the path, thus it will try to pressure the price to return to the sideways track, after the support level 83.50 remained.

The stock can be bought with confirmation of the breach of the support level 86.50, and targets will be 94.90-101.20 and a stop loss below 82.70