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Euro analysis 17-09-2020

The single currency, the euro, declined during the Asian session, to witness its lowest level since August 12 against the US dollar, on the cusp of economic developments and data expected today, Thursday, by the economies of the euro area and the US economy, the largest economy ...

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Euro analysis 17-09-2020

The single currency, the euro, declined during the Asian session, to witness its lowest level since August 12 against the US dollar, on the cusp of economic developments and data expected today, Thursday, by the economies of the euro area and the US economy, the largest economy in the world.

At 06:20 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1851 levels, compared to opening levels at 1.1847, after the pair achieved its highest level during the session's trading at 1.18952, while the lowest level was at 1.1829.

The markets are looking for Italy, the third-largest economy in the eurozone, to release the trade balance index reading, which may reflect a contraction of the surplus to a value of 5.20 billion euros compared to 6.23 billion euros last June, before the release of inflation data for the economies of the euro area with the release of the final reading. The annual consumer price index, which may confirm a 0.2% contraction, unchanged from the initial reading of last month, and compared to 0.4% growth last July. The core annual reading of the same index may also confirm 0.4% growth versus 1.2% growth.

 

On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.

 

This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.

 

This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.

 

We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at least $ 40 a month.

 

In the same context, we also followed yesterday's 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 stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

  

The EUR / USD pair confirmed the break of the 1.1840 level and pushed downwards to head towards our expected negative target at 1.1720, to activate the bearish correction scenario in the intraday term, with the need to monitor the price's behavior upon reaching the aforementioned level, as breaking it will cause further decline and pave the way for heading towards 1.1540 As a next corrective stop.

 

Thus, the bearish bias will be expected for today, bearing in mind that breaching 1.1840 will lead the price to start recovery attempts and restore the main bullish trend again.

 

The expected trading range for today is between 1.1680 support and 1.1840 resistance.

 

The expected general trend for today: Bearish.

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There is nothing new in the movement of Cisco's stock, as the stock continues to move below the support level 24.27, ending the sideways movement that it was moving within during the past two weeks. The stock fell towards the next support level 39.00

The trading stabilized ...

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There is nothing new in the movement of Cisco's stock, as the stock continues to move below the support level 24.27, ending the sideways movement that it was moving within during the past two weeks. The stock fell towards the next support level 39.00

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 38.32 support and 445.20 resistance.

The expected general trend for today: Bearish.

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Futures contracts for gold prices decreased by more than one percent during the Asian session amid the rebound of the US dollar index to the tenth session in thirteen sessions from its lowest since late April of 2018 according to the inverse relationship between them following the decisions and directions ...

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Futures contracts for gold prices decreased by more than one percent during the Asian session amid the rebound of the US dollar index to the tenth session in thirteen sessions from its lowest since late April of 2018 according to the inverse relationship between them following the decisions and directions of the Bank of Japan and on the cusp of upcoming economic developments and data Thursday by the US economy the largest in the world.

 

At 06:13 a.m. GMT, gold futures contracts for December delivery fell 1.09% to trade at $ 1,946.40 per ounce compared to the opening at $ 1,967.60 an ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading was at $ 1,970.50 an ounce, with the US dollar index rising 0.35% to 93.49 compared to the opening at 93.17.

 

We have followed the decision of monetary policy makers at the Bank of Japan to keep interest rates negative at 0.10%, with the Bank of Japan unveiling the monetary policy statement and also staying on pledging to direct the yield of 10-year government bonds at zero and confirming that additional steps will be taken to facilitate Without hesitation, if necessary, attention is now focused on the press conference to be held by Bank of Japan Governor Haruhiko Kuroda.

 

On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.

 

This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.

 

This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.

 

We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at at least $ 40 a month.

 

In the same context, we also followed yesterday's 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 stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

  

Gold price found it difficult to surpass the level of 1967.90, which constituted a strong resistance in front of the upside wave, to rebound strongly to the downside and head towards a possible test of the pivotal support 1934.86, which requires attention from upcoming trades, as the continuation of negative pressure and breaking this level will lead the price to suffer more losses and turn Downward.

 

So far, the overall positive scenario remains valid, provided that it remains above 1934.86, with a reminder that the breach of 1967.90 is required to confirm the opening of the path towards 2008.80.

 

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

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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 disclosure of the monetary policy data ...

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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 disclosure of the monetary policy data of the Bank of Japan and the decisions and directions of the bank The Japanese central bank and on the cusp of economic developments and data expected today, Thursday, by the US economy, the largest economy in the world.

 

At 07:11 AM GMT, the US dollar against the Japanese yen rose by 0.06% to 105.01 levels compared to the opening levels at 104.95, after the pair achieved its highest level during the session's trading at 105.17, while it reached its lowest level at 104.88.

 

We have followed the decision of monetary policy makers at the Bank of Japan to keep interest rates negative at 0.10%, with the Bank of Japan unveiling the monetary policy statement and also staying on pledging to direct the yield of 10-year government bonds at zero and confirming that additional steps will be taken to facilitate Without hesitation, if necessary, attention is now focused on the press conference to be held by Bank of Japan Governor Haruhiko Kuroda.

 

It is noteworthy that the Japanese central bank adopted at an emergency meeting on May 22 last year, more stimulus, as it launched a new lending program through which it aimed to direct more money to small and medium-sized companies suffering from the economic blow of the outbreak of the coronavirus, with his statement at the time that He extended the deadline for a series of his recent measures to combat the fallout from the Coronavirus.

 

The Bank of Japan also announced in May that it would accelerate the purchase of corporate debt with a period of six months until the end of the current fiscal year 2020, and this comes on the heels of raising, in the April meeting, the limit for the purchase of corporate bonds and commercial securities that he pledged to purchase to 20 trillion. Japanese yen from 7 trillion Japanese yen previously, with his commitment at the time to buy unlimited amounts of government bonds.

 

We would like to point out that in April the Bank of Japan canceled the previous directive to buy it at an annual rate estimated at 80 trillion Japanese yen, as the monetary policy statement at the time included a paragraph, “The Bank of Japan will buy the necessary amounts of government bonds without setting an upper limit, so that it keeps the yield of bonds with a term 10 years at about zero hundred ", and attention is now focused on the actions of the Bank of Japan Governor Haruhiko Kuroda in Tokyo.

 

On the other hand, investors are currently awaiting the American economy for the release of the aid claims index reading for the past week on September 12th, which may reflect a decline of 59,000 requests to 825,000, compared to 884,000 in the previous weekly reading. The continuing aid for the past week, on the fifth of this month, decreased by 385,000 requests to 13.0 million, compared to 13.385 million.

 

This comes in conjunction with the disclosure of housing market data, with the release of the housing starts index and the building permit index reading, and amid expectations that the building permits reading will reflect an increase to about 1.51 million permits compared to about 1.50 million permits in July, while the home reading may clarify The start-up decreased to about 1.47 million homes, compared to about 1.50 million homes in July.

 

This also comes in conjunction with the disclosure by the largest industrial country in the world of industrial sector data with the release of the Philadelphia Industrial Index reading, which may reflect a contraction of the expansion to a value of 15.0 compared to 17.2 last August, and this comes hours after the end of the committee meeting. The Federal Reserve Open Market September 15-16, during which interest rates were kept between zero and 0.25%.

 

We would like to point out that the Federal Reserve revealed yesterday, after the meeting, the expectations of the members of the Federal Commission for growth rates, inflation and unemployment in addition to the future interest rates for the next three years, and it is reported that the Federal Reserve previously adopted several stimulus programs until the economy showed signs of recovery, on top of which is a purchase program Treasury bills at $ 80 billion a month and mortgage notes at least $ 40 a month.

 

In the same context, we also followed yesterday's 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 stay the leader at zero levels until 2023, in which he expressed the importance of fiscal policy The stimulus package to support the economy, as it affirmed the Federal Reserve’s commitment to using all its tools to support the recovery.

Technical analysis

  

The dollar versus yen managed to break the 105.20 level and hold steady with a daily close below it, which supports the continuation of our bearish expectations in the short and medium-term, on its way to visit 103.65, which represents the next negative target.

 

The SMA 50 continues to press negatively on the price to support the downside expectations, which will remain valid as long as it is established below 105.20.

 

The expected trading range for today is between 104.40 support and 105.70 resistance.

 

The expected general trend for today: Bearish.

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USDJPY

The pair is declining as tensions rise in the markets after the Fed’s outlook for the US economy and labor market was unveiled on Wednesday. This started redistribution of capital from the stock that was in demand on the peak of the pandemic to the industrial, financial and ...

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USDJPY

The pair is declining as tensions rise in the markets after the Fed’s outlook for the US economy and labor market was unveiled on Wednesday. This started redistribution of capital from the stock that was in demand on the peak of the pandemic to the industrial, financial and commodity sectors, which stimulated the US dollar and the demand for defensive assets, including the yen.

Technical side:

The price is located below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold zone and is declining. Stoch are below the 50% level and turn down.

Technical side:

The price is located below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold zone and is declining. Stoch below the 50% level and turn down.

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

Trading recommendations:
Sell the pair locally with a likely decline to 104.35.

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#GPRO

The overall trend is upward. The 3.70 support level is holding back sellers. Stochastic Oscillator indicates an oversold condition. The inclined channel of the descending pattern is broken by the formation of the assumed wave (A) an the ascending pattern.

Trading recommendations:

Buy when an ascending wave pattern ...

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#GPRO

The overall trend is upward. The 3.70 support level is holding back sellers. Stochastic Oscillator indicates an oversold condition. The inclined channel of the descending pattern is broken by the formation of the assumed wave (A) an the ascending pattern.

Trading recommendations:

Buy when an ascending wave pattern is formed, above 4.12.

Stop Loss: 3.70.

Target levels: 4.72; 5.67.

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AUDUSD

The currency pair is trading in the range of 365 and 135 moving averages directed upwards. The 0.7260 support level is holding back sellers. The descending pattern is likely a correction wave (B) of the H8 level ascending wave pattern.

AUDUSD rate online: monitor the price movement in ...

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AUDUSD

The currency pair is trading in the range of 365 and 135 moving averages directed upwards. The 0.7260 support level is holding back sellers. The descending pattern is likely a correction wave (B) of the H8 level ascending wave pattern.

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

Trading recommendations:

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

Stop Loss: 0.7260.

Target levels: 0.7340; 0.7402.

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Wednesday, September 16th, today’s news—oil prices jump as the US closes production due to the hurricane, as well as amid the weak dollar and declining stockpiles. Treasury yields fall, American, European, and Asian markets rise ahead of the Fed meeting. The price of Brent oil is $41.38 ...

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Wednesday, September 16th, today’s news—oil prices jump as the US closes production due to the hurricane, as well as amid the weak dollar and declining stockpiles. Treasury yields fall, American, European, and Asian markets rise ahead of the Fed meeting. The price of Brent oil is $41.38, WTI—$39.17. EUR/USD is at 1.1877 GBP/USD—1.2942, gold is $1,973.05 per ounce.

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The Australian dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement to the fifth session in six sessions from the lowest since August 26 against the US dollar, following the developments and economic data that they followed on the Australian economy ...

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The Australian dollar fluctuated in a narrow range that tends to rise during the Asian session, to witness its retracement to the fifth session in six sessions from the lowest since August 26 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, Wednesday, before The US economy, which includes the proceedings of the FOMC meeting, and in anticipation of the press conference to be held by Fed Governor Jerome Powell later.

 

At exactly 03:46 AM GMT, the Australian dollar against the US dollar rose 0.21% to 0.7317 levels compared to opening levels at 0.7302, after the pair achieved its highest level during the session's trading at 0.7319, while the lowest level is at 0.7288.

 

The Australian economy followed up the disclosure of housing market data with the release of the new home sales index, which showed a 14.4% decline compared to a 64.4% rise in July, contrary to expectations that indicated an acceleration of growth to 79.6%, and this came before we see the release of the reading. Leading indicators by the Melbourne Institute showed that growth accelerated to 0.5%, in line with expectations, versus 0.1% in the previous reading for July.

 

On the other hand, investors are currently awaiting the US economy, the largest economy in the world, to reveal a reading of retail sales, which represents about half of consumer spending, which accounts for more than two-thirds of the US GDP, and which may reflect a slowdown in growth to 1.1% compared to 7.5% in July. In July, the core reading of the retail sales index may also show growth slowing to 1.0% from 1.9% in July.

 

This comes before the largest industrial country in the world witnesses the disclosure of industrial sector data with the release of the final reading of the wholesale inventories index, which may show a 0.2% rise compared to a 1.1% decline last June, coinciding with the disclosure of housing market data with the release of The housing index reading by the National Association of Home Builders may reflect stability at a value of 78 this September.

 

This coincides with the proceedings of the Federal Open Market Committee meeting September 15-16 via satellite in Washington, during which it is expected that the short-term reference rates for the fifth meeting in a row will be kept between zero and 0.25%, and the expectations of the members of the committee are revealed. Federal Reserve rates of growth, inflation and unemployment in addition to the future of interest rates for the next three years.

 

Later today, markets are looking forward to the activities of the upcoming press conference of Federal Reserve Governor Jerome Powell, which he will hold half an hour after the end of the meeting to comment on the decisions of the committee that recently adopted several stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell recently announced the adoption of Fed to new inflation policy and average targeting of 2% inflation for some time.

Technical analysis

  

The Australian dollar versus the US dollar stabilizes trading above the support of the ascending channel, and starts today with a slight bullish slope, supporting the continuation of the expected bullish trend scenario in the intraday and short term, which depends on stability above 0.7260, reminding you that our next main target is at 0.7413.

 

The expected trading range for today is between 0.7280 support and 0.7380 resistance.

 

The expected general trend for today: Bullish.

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The single currency, the euro, fluctuated in a narrow, upward range, during the Asian session, to witness its rebound to the fifth session in six sessions from the lowest since August 12 against the US dollar before the developments and economic data expected on Wednesday by the economies of the ...

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The single currency, the euro, fluctuated in a narrow, upward range, during the Asian session, to witness its rebound to the fifth session in six sessions from the lowest since August 12 against the US dollar before the developments and economic data expected on Wednesday by the economies of the euro area and the US economy, which include the actions of the meeting The FOMC and ahead of the press conference of Fed Governor Jerome Powell.

 

At 06:20 AM GMT, the euro pair rose against the US dollar by 0.03% to 1.1851 levels, compared to opening levels at 1.1847, after the pair achieved its highest level during the session's trading at 1.18952, while the lowest level was at 1.1829.

 

The markets are looking forward to the region’s economies for the release of the seasonally adjusted reading of the trade balance index, which may reflect the widening of the surplus to a value of 19.3 billion euros compared to 17.1 billion euros last June. The seasonally unadjusted reading of the same index may also indicate the expansion of the surplus to a value of 21.3. 1 billion euros, compared to 21.2 billion euros in June.

 

On the other hand, investors are currently awaiting the US economy, the largest economy in the world, to reveal a reading of retail sales, which represents about half of consumer spending, which accounts for more than two-thirds of the US GDP, and which may reflect a slowdown in growth to 1.1% compared to 7.5% in July. In July, the core reading of the retail sales index may also show growth slowing to 1.0% from 1.9% in July.

 

This comes before the largest industrial country in the world witnesses the disclosure of industrial sector data with the release of the final reading of the wholesale inventories index, which may show a 0.2% rise compared to a 1.1% decline last June, coinciding with the disclosure of housing market data with the release of The housing index reading by the National Association of Home Builders may reflect stability at a value of 78 this September.

 

This coincides with the proceedings of the Federal Open Market Committee meeting September 15-16 via satellite in Washington, during which it is expected that the short-term reference rates for the fifth meeting in a row will be kept between zero and 0.25%, and the expectations of the members of the committee are revealed. Federal Reserve rates of growth, inflation and unemployment in addition to the future of interest rates for the next three years.

 

Later today, markets are looking forward to the activities of the upcoming press conference of Federal Reserve Governor Jerome Powell, which he will hold half an hour after the end of the meeting to comment on the decisions of the committee that recently adopted several stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell recently announced the adoption of Fed to new inflation policy and average targeting of 2% inflation for some time.

Technical analysis

  

The euro versus dollar ended trading yesterday without supporting the main ascending channel, which provides signs of the price's direction to conduct a downward correction during the upcoming period, but it finds a good support floor at 1.1840 trying to protect the price from incurring more losses, as the stochastic indicator shows positive signs that may It contributes to pushing the price back to the rising channel again.

 

Therefore, we prefer to remain neutral until we get a clearer signal for the next direction, noting that the breach of 1.1840 will confirm the continuation of the decline and head towards 1.1720 as an initial corrective target, while the breach of 1.1885 represents the key to returning to the main bullish path and visiting the 1.2011 level as a first positive target.

 

The expected trading range for today is between 1.1760 support and 1.1940 resistance.

 

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

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