Top News in Global Markets:
– The Bank of Japan’s Core Consumer Price Index report showed a significant improvement on an annual basis for the month of April.
– During the hours of the day, economic data is set to be released, the most important of which are:
– The Swiss trade balance for the month of March, and if the number is positive, this means that exports exceed imports, and this is beneficial to the country’s economy.
– In Britain, the forecasts for industrial orders are set to be released by the Confederation of British Industry, which is a survey that expects the volume of demand of the manufacturing executives during the next three months.
– In the hours of the New York session, the US Consumer Confidence Index for the month of April will be released, which is also an opinion poll that predicts upcoming economic conditions, work conditions, and the availability of employment, in addition to evaluating the general economic situation.
– Yesterday, the American session ended its trading with a slight increase in the Dow Jones and the Standard & Poor’s indexes, whereas the Nasdaq fell slightly.
– Gold rises again above the 2000 level, and is currently trading around those levels.
– Most of the Asian indices declined and the Japanese Nikkei rose slightly.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar showed a decline in the early hours of this morning by 50 points, pending clearer data on inflation and the US labor market this week.
Technically, the index moves below the 200-hour average, to stop the decline at 38% Fibonacci levels around 101,330 points, so we see that there may be a corrective movement upwards as long as it continues above the support, so that the target today is 101.500 around the 50% Fibonacci level..
Gold – 1 Hour Timeframe
The yellow metal fell in the first hours of trading today, Tuesday, with trading halted on the dollar after the major central banks agreed to reduce the pace of their operations in dollars.
Technically, we expect gold to break the support levels around $1985.60 an ounce, then target the support levels around $1973.20 again..
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index retreated today, Tuesday, in a bearish corrective movement over the short-term intervals, bouncing near the resistance levels around 33920 points, and now trading around the support levels 33700 points.
Technically, we expect further decline on the index during today’s trading, targeting the support levels around 33,550 points
US Crude Oil – 1 Hour Timeframe
Oil prices climbed rise yesterday, reaching a price of 79.20 dollars, after news indicating the continuation of raising interest rates and increasing Chinese demand for oil.
Technically, oil is trading in a sideways direction between the 38% Fibonacci area at $79.20 and the 100-hour average. The continuation below the current resistance indicates a continued decline in prices to $76.850 again, and if broken, it will continue to $75.700.
Bitcoin – 1 Hour Timeframe
After the decline in the digital currency Bitcoin at the beginning of the week, prices move in a horizontal trend.
Technically, the price of the digital currency Bitcoin continues below the 100-hour average, which puts pressure on prices in a downward trend, so we see a continuation of the decline, targeting $26,550.
EUR/USD – 1 Hour Timeframe
The EUR/USD pair bounced from the resistance levels around 1.10570 that we mentioned yesterday, Monday and is starting to move lower.
Technically, we expect that if the pair breaks the current support levels and holds below them around 1.10220, we will target the next support levels around 1.09830.
GBP/USD – 1 Hour Timeframe
The (Pound / Dollar) pair rose yesterday, before returning to decline again in the early hours of this morning, after reports indicating that the Federal Reserve will continue to raise interest rates.
Technically, the pair is trading above the support of 1.24550, waiting to break this area, to continue the downward trend, and to test the 100 and 200 hourly averages, and in the event of a break, the drop will continue to 1.24250 and the 38% Fibonacci area.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY) pair retreated today, Tuesday, after the purchasing power failed to push prices up and breach the resistance levels around 168.00, bouncing around it down over the short-term intervals.
Technically, we expect further decline on the pair during today’s trading, to target the support levels around 165.60, especially in the event of breaking the current support levels around 167.00 and holding below it..
