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Speer Bank continues its downtrend after exiting the ascending channel within which it was moving.

The price managed to hold below the 20-50-7 moving averages

They move above the price and form resistance levels

The stochastic indicator has exited the oversold area but it is in a side path near this area and gives a signal to return to it in a sign that the bearish path continues.

The expected movement between 216.8 support and 235.96 resistance.

Overall trend: Bearish.

USDJPY has managed to achieve our first awaited target at 105.50, and we note that the price starts today with a bearish bias to move below this level, supporting the expectations for a short-term downside wave, where our next target is at 104.60.

Therefore, the bearish trend will remain valid and likely for today, keeping in mind that the breach of 106.00 may push the price to start fresh recovery attempts over the intraday basis.

Expected trading range for today is between 104.60 support and 106.00 resistance

Expected trend for today: Bearish.

Gold is showing some slight bearish bias to fluctuate around 1495.00 now, noting that Stochastic is showing oversold now, waiting for the price to stimulate the resumption of the main bullish trend, whose targets start by breaching 1510.00 to confirm the rush towards our awaited main target at 1526.85.

Therefore, we continue to favor the bullish trend provided it holds above 1484.40, as breaking it will press the price to start a bearish corrective wave targeting initially 1468.40 zones.

Expected trading range for today is between 1484.40 support and 1525.00 resistance

Expected trend for today: Bullish.

EURUSD continues to fluctuate in a narrow and sideways path, maintaining stability above 1.1180, thus our bullish outlook will remain intact, targeting 1.1350 then 1.1443 as the next major stops, noting that a break of 1.1180 and stability below it will pressure the pair. The price is down towards 1.1100 initially.

Expected trading range for today is between 1.1130 support and 1.1290 resistance.

Expected trend for today: Bullish.

The stock fell over the bottom of the ascending channel and reached support at 1752.04. He bounced

it up.

The price has moved below the 20 and 50 moving averages that have turned into price resistance levels and are pushing it to the downside and testing the support 1665.45.

Stochastic is exiting the oversold area, thus it is possible to complete the bullish correction and test the resistance levels.

The expected movement between 1664.45 support and 2034.12 resistance

The general direction of the movement is neutral.

The Australian dollar fluctuated in a narrow range sloping in the Asian session to witness the rebound to the third session of the lowest since March 18, 2009 against the US dollar following the testimony of the Reserve Bank of Australia Governor Philip Lowe to the Permanent Economic Committee of the House and disclose the minutes The Australian central bank is on the cusp of economic developments and data expected on Friday by the US economy.

At 02:43 AM GMT, the NZDUSD rose 0.13% to 0.6811 levels compared to the opening levels of 0.6802, after the pair reached its highest level during the session at 0.6817, while the lowest level at 0.6779.

We followed the testimony of RBA Governor Philip Lowe to the House of Representatives in Canberra, in which he noted that the RBA is ready to expand interest rate cuts if needed to support the labor market and stimulate inflation. In quick succession, we believed it was appropriate to wait and assess the consequences of monetary easing.

RBA Governor Lowe said it was reasonable to expect a prolonged period of low interest rates in Australia, saying it was unlikely but likely to move to a minimum level of zero interest rates, adding that he hoped to be able to avoid it. He stated that he would be willing to use exceptional monetary policy if warranted.

This came before we saw the Reserve Bank of Australia released its monetary policy statement hours after the Reserve Bank of Australia's monetary policy makers decided to keep their benchmark short-term interest rates at 1.00% after they were cut by 25 basis points at the previous two lows. Which was expected by market analysts at the time.

In the same context, the monetary policy statement of the Reserve Bank of Australia meeting held on the sixth of this month that monetary policy makers believe that the core inflation rate may reach 1.5% by December, before growth accelerates to 1.75% by the end of Next year to 2% by the middle and end of 2021, amid the indication that near-term risks to economic growth are more to the downside.

On the other hand, investors are awaiting the US economy to reveal the PPI reading, which is a preliminary indicator of inflationary pressures that may reflect the acceleration of growth to 0.2% vs. 0.1% in June, while the core reading of the same indicator may show growth slowed to 0.2%. Against 0.3%, while the annualized reading of the index itself and the core annualized reading of the index may show growth stability at 1.7% and 2.3% respectively.

Technical Analysis

AUDUSD continues to rise to 0.6830, and as we have mentioned in our recent reports, the price needs to hold below this level to keep the bearish scenario valid for the coming period, regularly within the descending channel shown in the chart above, waiting for the bounce to fall towards 0.6700 levels.

Then 0.6625 which represents the main targets of the expected bearish wave.

Expected trading range for today is between 0.6720 support and 0.6850 resistance

Expected trend for today: Bearish.

The single currency of the European Union fluctuated in a narrow range upward during the Asian session to witness its fifth session rebound in seven sessions from the lowest since May 16, 2017 against the US dollar on the eve of developments and economic data expected on Friday by the economies of the region The euro and the US economy are the largest in the world.

At 05:26 AM GMT the EURUSD rose 0.15% to 1.1197 levels compared to the opening at 1.180, the pair's lowest level during the trading session, while the pair reached its highest level at 1.1198.

Markets are currently looking ahead to the euro zone's largest economy, Germany, to reveal the current account reading, which could reflect a widening surplus to 21.4 billion euros from 16.5 billion euros in May, coinciding with the release of the trade balance which could show the surplus narrowed to It was worth 18.5 billion euros against 18.7 billion euros in May, amid expectations of lower exports and higher imports during June.

This comes before the release of the second largest economy in the euro-zone, the release of the industrial production index which may reflect the stability of growth at 2.1%, little changed from the previous reading for the month of May, and to reveal the trade balance reading for Italy, the third largest economy in the region which It could show the surplus shrank to € 4.23 billion from € 5.35 billion in May.

On the other hand, investors are awaiting the US economy to reveal the PPI reading, which is a preliminary indicator of inflationary pressures that may reflect the acceleration of growth to 0.2% vs. 0.1% in June, while the core reading of the same indicator may show growth slowed to 0.2%. Against 0.3%, while the annualized reading of the index itself and the core annualized reading of the index may show growth stability at 1.7% and 2.3% respectively.

Technical Analysis

EURUSD is fluctuating at the pivotal support level of 1.1180 and remains above it so far, as the price is affected by the negativity of Stochastic, waiting for a positive incentive enough to push the price to resume positive trading again.

In general, we continue to favor the bullish trend over the coming period provided that stability above the mentioned support, as a break will press the price down again and move towards achieving negative targets starting at 1.1100 and extending to 1.1000, while the positive targets for the suggested upside wave are at 1.1350 then 1.1443.

Expected trading range for today is between 1.1130 support and 1.1290 resistance

Expected trend for today: Bullish.

The US dollar fell during the Asian session to witness the bounce for the sixth session in seven sessions from its highest since May 31 last and is the second weekly loss in a row against the Japanese yen following the developments and economic data that followed from the Japanese economy and on the eve of developments and economic data expected today Friday by the largest US economy in the world.

At 06:10 am GMT, the US dollar against the Japanese yen fell 0.20% to 105.86 levels compared to the opening levels at 106.07, after the pair reached its lowest level since August 7, when it tested the lowest since the third of Last January it was at 105.73, while it hit a session high of 106.09.

The Japanese economy followed the release of the seasonally adjusted preliminary GDP figure, which showed growth slowed to 0.4% vs. 0.6% in the previous quarter, surpassing expectations for a slowdown to 0.1%. Growth slowed to 1.8% versus 2.8% in the prior quarterly reading, contrary to expectations for a slowdown of 0.5%.

In the same context, the preliminary annualized GDP reading showed that growth accelerated to 0.4% vs. 0.1%, beating expectations of 0.3%. This coincided with the disclosure of the annual reading of the bank lending index which showed that the growth accelerated to 2.4% compared to the annual reading. Last June and forecasts at 2.3%.

On the other hand, investors are awaiting the US economy to reveal the PPI reading, which is a preliminary indicator of inflationary pressures that may reflect the acceleration of growth to 0.2% vs. 0.1% in June, while the core reading of the same indicator may show growth slowed to 0.2%. Against 0.3%, while the annualized reading of the index itself and the core annualized reading of the index may show growth stability at 1.7% and 2.3% respectively.

Technical Analysis

USDJPY is showing a slight bearish bias after the rally seen in the previous sessions, and we note that Stochastic is providing negative signs that support the chances of continuing the decline in the coming period, to continue to favor the downside targeting 105.50 then 104.60 as the next major stops.

SMA 50 supports the bearish outlook, while stability below 106.97 is an important condition for achieving the suggested targets.

Expected trading range for today is between 105.10 support and 106.60 resistance

Expected trend for today: Bearish.

Gold futures fluctuated in a narrow, bullish range during the Asian session to stabilize near the highest in more than six years amid the decline of the US dollar index for the fifth session in seven sessions from the highest since May 15, 2017 according to the inverse relationship WASHINGTON (AP) - The US economy, the world's largest economy, is in the shadow of worries about trade tensions.

Gold futures for December 15 delivery rose 0.17% to currently trade at $ 1,518.50 an ounce compared to the opening at $ 1,515.90 an ounce, knowing that the contracts started the session on a bullish gap after the close of trading Yesterday at $ 1,509.50 an ounce, with the US dollar index down 0.02% to 97.55 compared to the opening at 97.57.

Japan's second-largest economy followed the release of growth data which showed the world's third-largest economy grew by 0.4% in the second quarter, beating expectations for 0.1% growth and 0.6% growth in the first quarter. Reserve Bank of Australia Philip Lowe before the Standing Economic Committee of the House of Representatives in Canberra before witnessing the disclosure of the minutes of the Australian central meeting.

The Reserve Bank of Australia kept interest rates at an all-time low of 1.00% on Tuesday after cutting them by 25 basis points in the previous two meetings, before last Wednesday's Reserve Bank of New Zealand cut interest rates by 50 basis points to an all-time low. At 1.00%, contrary to expectations for a 25bp cut.

This came before the release of inflation data for the largest economies of Asia and the second largest economy in the world, which came in contrast with the annual reading of the CPI showed that the pace of growth accelerated to 2.8% compared to the previous annual reading for the month of June and expectations of 2.7%, while the reading showed The annual PPI contraction shrank 0.3% compared to the previous annual reading and expectations of steadyness at zero levels.

In another context, we followed yesterday's Washington decision to ban US companies from signing contracts with Huawei China as well as a number of other Chinese companies starting from 13 of this month, noting that exemptions may be granted in certain circumstances for up to two years by a president. A federal agency or in other cases by the director of national intelligence services, in return, Beijing offered that decision considering it unfair.

Earlier this week, the US administration criticized China after the yuan fell below 7 yuan per dollar for the first time in more than a decade, describing it as manipulating the exchange rate to take advantage of competitive export advantages over others. In return, the Chinese central bank rejected accusations by the US Treasury Department of manipulating the exchange rate of the yuan and fighting a currency war within the trade war.

This follows the recent escalation of trade tensions between the United States and China following Chinese Commerce Ministry statements over the weekend that Chinese companies may stop buying US agricultural products in response to US President Donald Trump's decision last week to impose 10% tariffs on Chinese imports to his country worth 300 $ Billion by early next month.

The Chinese Ministry of Commerce reported earlier this week that it would not "exclude" tariffs on agricultural goods purchased after August 3, and China is one of the largest importers of US agricultural products. Jang also said last Monday that his country would not use currency exchange rates as a tool in the escalating trade dispute with the United States.

On the other hand, investors are awaiting the US economy to reveal the PPI reading, which is a preliminary indicator of inflationary pressures that may reflect the acceleration of growth to 0.2% vs. 0.1% in June, while the core reading of the same indicator may show growth slowed to 0.2%. Against 0.3%, while the annualized reading of the index itself and the core annualized reading of the index may show growth stability at 1.7% and 2.3% respectively.

President Donald Trump said yesterday that as president of the United States, some people think he is happy about the strength of his nation's currency, but this is not true, as it negatively affects the activities of American companies. It is the backbone of the largest economy in the world, especially its exports to foreign markets.

US President Trump on Wednesday hinted that the main problem lies not in China, but in the Federal Reserve, with accusing the Federal Reserve of stubbornly admitting its erroneous tendencies and hastening to raise interest rates on federal funds, while appealing to him to cut rates faster and faster. Stop all the tightening steps, and touched on the weakness of inflationary pressures and the widening of the yield curve gap.

Technical Analysis

The price of gold was able to breach the resistance of the bullish flag mentioned yesterday to activate the positive effect of this pattern, which supports our continuation of the bullish trend effectively during the coming period, and the way is open to achieve our next target at 1526.85.

Thereby, we are waiting for a further rise for today supported by SMA 50, provided that the price maintains its stability above 1484.40.

Expected trading range for today is between 1495.00 support and 1525.00 resistance

Expected trend for today: Bullish.

AUDUSD

The pair is trading below 0.6830 after local growth prior to the explosive demand for risk assets. If the market sentiment gets worse again, the pair will turn down.

The price is above the middle Bollinger band, above the SMA 5 and SMA 14. RSI moves horizontally above the level of 50%. Stoch are in decline.

Trading recommendations: 

If the pair drops below 0.6800, it will go further down to 0.6680.