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Friday, September 18th, today’s news—the world's total number of the new coronavirus cases hits 30 million, new pandemic spikes caused pessimism in the European markets. The American markets are mixed, the dollar is weaker following the release of negative employment and housing data, oil prices are up after the Saudi energy minister warned OPEC members to stick to the output quotas. The price of Brent oil is $43.50, WTI—$41.12. EUR/USD is at 1.1843 GBP/USD—1.2985, gold is $1,961.35 per ounce.

The Australian dollar fluctuated in a narrow range sloping towards an upward trend during the Asian session to promise its first weekly gains in three weeks against the US dollar amid scarce economic data in the last sessions of this week by the Australian economy and on the cusp of economic developments and data expected today, Friday by the US economy, the largest economy. In the world.

At exactly 03:41 AM GMT, the Australian dollar against the US dollar rose 0.01% to 0.7314 levels compared to opening levels at 0.7313, after the pair achieved its highest level during the session's trading at 0.7334, while the lowest level was at 0.7303.

Investors are awaiting the American economy the release of the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion during the first quarter of the past, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% compared to 1.4% in July. / July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting on September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In the same context, we followed last Wednesday the press conference held by Federal Reserve Governor Jerome Powell, half an hour after the end of the meeting, to comment on the decisions and directions of the committee, which included expectations to remain the leader at zero levels until 2023, in which he expressed the importance of the fiscal stimulus policy To support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

The Australian dollar against the US dollar is stabilizing above the support of the ascending channel, and it gets positive support from the MA 50, to support the chances of achieving potential gains during the upcoming sessions, on its way to test the recently recorded high at 0.7413 initially.

Thus, a bullish bias will be likely for today, keeping in mind that a break of 0.7250 will stop the expected rise and pressure the price to turn to the downside.

The expected trading range for today is between 0.7260 support and 0.7400 resistance

The expected general trend for today: Bullish.

The single currency, the euro, fluctuated in a narrow range sloping to an upside during the Asian session, to witness its rebound for the second consecutive session from the lowest since August 12 against the US dollar on the cusp of economic developments and data expected on Friday by the economies of the eurozone and the US economy the world.

At 06:39 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1852 levels, compared to opening levels at 1.1848, after the pair achieved its highest level during the session's trading at 1.1862, while it reached its lowest level at 1.1843.

The markets are currently looking forward by the largest economy in the euro area, Germany, to the release of the producer price index reading, which is a preliminary indicator of inflationary pressures, which may show stability at zero levels against a growth of 0.2% last July, and this comes before we witness the disclosure of the current account reading of economies. The euro area as a whole, which may explain the contraction of the surplus to a value of 12.0 billion euros, compared to 20.7 billion euros last June.

Other than that, we followed yesterday the chief negotiator of the European Union for the Brexit file, Michel Barnier, that the coming days will be decisive for the exit negotiations, explaining that the British proposals regarding fisheries give a ray of hope, but they are not sufficient, and that the draft domestic market law in Britain It will make the EU's stance tougher, resurrecting that Brussels still hopes for a trade agreement with London.

It is noteworthy that the negotiations to reformulate future relations between the United Kingdom and the European Union are in a state of stumbling in the wake of Britain's intention to bypass international law by violating the withdrawal agreement it reached with the Union, which provides for the demarcation of the border between England and Northern Ireland, due to the latter's refusal to leave the European Union. The European customs, which Britain seeks to overcome, arguing that it will not allow the division of the United Kingdom.

On the other hand, investors in the US economy are awaiting the release of the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion in the first quarter, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% versus 1.4%. In July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting on September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In the same context, last Wednesday, we followed the press conference held by Federal Reserve Governor Jerome Powell after the end of the meeting to comment on the decisions and directions of the committee, which included expectations to remain the leader at zero levels until at least 2023, in which he expressed the importance of the fiscal stimulus policy to support The economy is confirming the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

The euro versus dollar provided noticeable positive trades, surpassing the SMA 50, and we note that the rally stopped at the resistance of the bearish intraday channel that appears in the image, in conjunction with the emergence of clear overbought signs through the stochastic indicator, which supports the chances of a rebound to the downside to resume the bearish corrective trend.

Therefore, we expect to witness negative trading today, awaiting a visit to 1.1720 as a next major stop, bearing in mind that breaching 1.1870 will stop the expected decline and stimulate the price to achieve additional gains targeting a test of 1.1910 and then 1.2011 levels as initial positive targets.

The expected trading range for today is between 1.1750 support and 1.1910 resistance.

The expected general trend for today: Bearish.

Futures contracts for gold prices fluctuated in a narrow range that tends to rise during the Asian session, overlooking the resumption of the US dollar index rebound from its lowest since late April of 2018 for the tenth session in fourteen sessions according to the inverse relationship between them on the cusp of developments and expected economic data today, Friday. By the US economy, the largest in the world, and with concern over a second wave of Coronavirus.

At 06:41 a.m. GMT, gold futures contracts for December delivery rose 0.38% to trade at $ 1,958.60 an ounce, compared to the opening at $ 1,951.10 per ounce, knowing that the contracts started the session on a rising price gap after it concluded Yesterday's trading was at $ 1,949.90 an ounce, while the US dollar index rose 0.02% to 92.91, compared to the opening at 92.89.

Investors are currently waiting for the US economy to release the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion in the first quarter of the past, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% compared to 1.4% in July. / July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting on September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In another context, the chief EU negotiator for the Brexit file, Michel Barnier, yesterday noted that the coming days will be decisive for the exit negotiations, explaining that the British proposals regarding fisheries give a ray of hope, but they are not sufficient, and that the draft domestic market law in Britain will make a position The European Union is tougher, dismissing as Brussels still hopes for a trade deal with London.

It is noteworthy that the negotiations to reformulate future relations between the United Kingdom and the European Union are in a state of stumbling in the wake of Britain's intention to bypass international law by violating the withdrawal agreement it reached with the Union, which provides for the demarcation of the border between England and Northern Ireland, due to the latter's refusal to leave the European Union. The European customs, which Britain seeks to overcome, arguing that it will not allow the division of the United Kingdom.

Technical analysis

Gold price tested 1934.86 and rebounded upwards from there, which keeps our bullish expectations valid for the upcoming period, as the price crossed the EMA 50 to head towards our first awaited target at 1967.90, reminding you that breaching this level will extend the bullish wave to reach 2008.80 as a next station.

Consequently, we will continue suggesting the bullish trend in the intraday and short term, noting that breaching 1934.86 and holding below it will stop the expected rise and pressure the price to turn downward.

The expected trading range for today is between 1930.00 support and 1980.00 resistance.

The expected trend for today: overall bullish.

The US dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement of the second session from its lowest since late July, when it tested its lowest since March 12 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 on Friday by the US economy, the largest in the world.

At 06:50 am GMT, the US dollar against the Japanese yen rose by 0.04% to 104.78 levels compared to the opening levels at 104.74, after the pair achieved its highest level during the session’s trading at 104.87, while it achieved the lowest level at 104.68.

We followed up on the Japanese economy, revealing inflation data with the release of the annual reading of the national consumer price index, which showed a slowdown in growth to 0.2% compared to 0.3% in July, contrary to expectations that indicated an acceleration of growth to 0.6%, while the annual reading of the same index explained the exception Of which fresh food is a contraction of 0.4%, in line with expectations versus stability at zero levels in the previous annual reading.

In the same context, the annual CPI reading, excluding energy and fresh food, reflected the slowdown in growth to 0.2% compared to the previous annual reading for July and expectations of 0.4%, and this comes hours after the decision of monetary policymakers at the Bank of Japan to stay on interest rates Negative at 0.10%, and the BoJ unveiled its monetary policy statement.

On the other hand, investors in the US economy are awaiting the release of the current account reading, which may reflect the widening of the deficit to $ 158 billion compared to $ 104 billion in the first quarter, before we witness the release of the leading indicators reading, which may reflect a slowdown in growth to 1.3% versus 1.4%. In July, coinciding with the disclosure of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to 75.0 versus 74.1 in August.

This comes hours after the expiry of the FOMC meeting September 15-16, during which interest rates were kept between zero and 0.25%, the program to purchase Treasury bonds by $ 80 billion per month and mortgage bonds by $ 40. At least monthly, and the disclosure at the time of the expectations of members of the Federal Commission for growth rates, inflation and unemployment in addition to the future of interest rates for the next three years.

In the same context, last Wednesday, we followed the press conference held by Federal Reserve Governor Jerome Powell after the end of the meeting to comment on the decisions and directions of the committee, which included expectations to remain the leader at zero levels until at least 2023, in which he expressed the importance of the fiscal stimulus policy to support The economy is confirming the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

The dollar versus the yen provided negative trades to move away from 105.20, reinforcing expectations that the bearish trend will continue during the upcoming sessions, which targets 103.65 as a next major stop, noting that the SMA 50 continues to support the suggested descending wave.

The current positivity of the stochastic oscillator may cause some temporary sideways fluctuation before resuming the expected decline, which will remain valid as long as 105.20 is not breached and stability above it.

The expected trading range for today is between 104.00 support and 105.40 resistance.

The expected general trend for today: Bearish.

Arrow returns to the upside move, as the price is testing the resistance 340.85 after testing the support level of 330.70 to the downside, and it reached the support level near the 50 SMA. Which is moving near the major support at 330.50.

The stochastic indicator approached the overbought zone, coinciding with the price testing of the support level

The expected trading range is between 301.40 support and 350.50 resistance

The expected general trend for today: Bullish.

GBPCHF

The currency pair is trading in the range of 365 and 135 moving averages directed down. A start fractal has formed below the 135 EMA. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator moving averages are directed down from the overbought zone.

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

Trading recommendations:

Sell on the formation of a 1-2-3 descending pattern.

Stop Loss: 1.1834.

Target levels: 1.1650; 1.1453.

EURUSD

The pair remains in a narrow range of 1.1750–1.1915. The pair is supported by the positive German PPI release.

Technical side:

The price is above the middle Bollinger band, above SMA 5 and SMA 14. Moving Averages intersect and suggest buying. RSI is above the 50% level and growing. Stoch are in the overbought zone and uninformative.

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

Trading recommendations:

Buy the pair locally after it rises above 1.1860 with likely further growth to 1.1915.

#CBK

The overall trend is upward. The stock is trading in the range of the lower border of the ascending price channel. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator indicates an oversold condition.

Trading recommendations:

Buy when a 1-2-3 ascending pattern is formed, where wave 1 breaks through the inclined channel of the descending pattern.

Stop Loss: 4.58.

Target levels: 5.020; 5.270.

Thursday, September 17th, today’s news—eurozone banks get 73 billion euros in pandemic relief from the ECB. The Fed plans no rate hikes until 2023, the news sent the American and European markets falling, the dollar is stronger. The price of Brent oil is $42.11, WTI—$40.02. EUR/USD is at 1.1795 GBP/USD—1.2972, gold is $1,947.35 per ounce.