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Today’s Economic Calendar
GMT we follow today:
We follow today in GMT:
– At 05:00 am, the German Manufacturing PMI for July will be released.
– At eight, the same indicator is issued for the eurozone.
– At 8:30, the PMI for the manufacturing sector in Britain will be released for the month of July as well.
-Half an hour later, the European Unemployment Rate for June.
– At 2:15 pm, the Manufacturing PMI for the month of July in the United States.
– In the second, the same indicator is issued, but by the Institute for Supply Management, and the US Employment Opportunity Survey for the month of June is issued.
Top News in Global Markets:
Yesterday’s main events:
– German Retail Sales was lower than expected, on a monthly basis for the month of June.
– From the European statistical center Eurostat, the Eurozone CPI was released and was similar to expectations on a yearly basis for July, while the core CPI came in above expectations.
– Gross domestic product in the euro area, was higher than expected as a preliminary reading, for the second quarter of the year.
– The Institute for Supply Management’s Chicago Purchasing Managers’ Index came out lower than expected for July.
The New York session indices advanced, as the Dow Jones Industrial Index rose 176 points, the Standard & Poor’s Index rose 44 points, and the Nasdaq Technology Index rose 266 points.
In the morning:
– The unemployment rate in Japan was lower than expected for the month of June, which is better for the economy, as it reflects the decline of the unemployed, and from Standard & Poor’s Global, the final reading of the purchasing managers’ index for the industrial sector appeared for the month of July, and the result was easily higher than expectations.
-In China, the Manufacturing PMI came out, lower than expected for July.
– The Reserve Bank of Australia fixed the interest rate at 4.10%.
Today’s expected events:
– The final reading for July of the manufacturing PMI in Germany and in the eurozone, along with Britain, Canada and the United States.
– Change in German Unemployment for the month of June.
– European unemployment rate for June.
– Employment Opportunity Survey for the month of June in the United States.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index rose with the beginning of this week’s trading, breaching the levels of 100.70 points, and trading today above the moving averages for a period of 20 and 50 days, with the presence of a purchasing motive force on the momentum indicators.
According to the technical outlook, we expect a continuation of the rise to the resistance levels around 102.35, which we mentioned yesterday, and which we are likely to see a decline around it to the downside again, to 100.70 points.
Gold – 1 Hour Timeframe
The yellow metal rose yesterday, in a positive beginning, as the price reached 1972.32, before returning to decline again this morning, below 1960, with the US dollar regaining its strength before today’s data.
Technically, gold is trading below the 38% Fibonacci retracement area and a strong selling cloud for the Ichimoku indicator, we expect the decline to continue towards the $1950.48 support area.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial Average settled around the resistance 35570, coinciding with the fading of the selling strength shown by the momentum indicators, basing its momentum on the 50-day moving average.
Technically, the index is likely to continue rising during today’s trading on short-term intervals, targeting resistance levels around 36000.
US Crude Oil – 1 H Timeframe
Oil is moving in a sideways direction after rising yesterday to $82.00, awaiting the ISM Manufacturing PMI data on Tuesday.
Technically, oil is trading below the Tenkan Sen trend line in the direction of the 100-hour moving average, and we expect a bearish corrective movement to reach 80.50, before returning to the upside again.
Bitcoin – 4 H Timeframe
Bitcoin fell near 28,700, after bouncing from 29,520 yesterday, to settle below $29,000.
Technically, the digital currency is trading below the 38% Fibonacci retracement area, with a strong selling cloud forming on the Ichimoku indicator. We expect the series of declines for Bitcoin to continue until the support level of $27,200.
EUR/USD – 4 Hours Timeframe
The (Euro/Dollar) pair continued its decline with the start of the week’s trading yesterday, settling in trading below the resistance levels around 1.10250 over the short-term intervals, also supported by the basic consumer inflation data, which remained stable around 5.3%, unchanged from the previous reading.
Technically, we expect the decline to continue during today’s trading, targeting the next support levels around 1.0940, and in case of a break, we target the next support level around 10860.
GBP/USD – 1 H Timeframe
The (Pound / Dollar) pair fell to the level of 1.2814 this morning, Tuesday, after rebounding yesterday from the level of 1.2870, awaiting the US data.
Technically, the pair is trading below the 38% Fibonacci retracement area and around the Tenkan Sen trend line, in an attempt to correct around 1.2850, and we expect the pair to fall back towards the predetermined levels around $1.2700
GBP/JPY – 4 Hours Timeframe
The (GBP / JPY ) pair settled in the first hours of trading today, Tuesday, around the resistance levels of 183.27 yen, stable in trading above the moving averages for a period of 20, 50 days.
According to the technical outlook, we expect the pair to continue climbing during today’s trading, targeting the resistance levels around 185.50 yen.
