Join us as we follow the market’s most significant events and provide technical analysis of the most important financial assets, so you are more aware of the factors driving daily price changes and economic data.
Today’s Economic Calendar
– At exactly 8:30 am, the Sentix Investor Confidence Index (July).
– at 2 pm Wholesale Inventories (MoM) (May).
– At 3:00 pm consumer inflation expectations from the United States of America
At seven in the evening, Bailey, Governor of the Bank of England, spoke.
Top News in Global Markets:
What happened over the weekend:
“The Biden administration still does not rule out the risk of a recession in the United States, even amid a strong labor market,” Treasury Secretary Yellen said. Regarding China, Yellen warned that Washington and its allies would resist “unfair economic practices” while she called for reforms. The market is in the second-largest economy in the world.
The Canadian unemployment rate rose but remained below pre-pandemic averages at 5.4%. While 60,000 jobs were added to the Canadian economy in June, it is three times hotter than markets expect
This morning’s events
The dollar index settled below 103 levels today, as investors re-evaluated the need for more interest rates in the United States, after US jobs data missed market expectations for the first time in 15 months.
The service sector sentiment in Japan is down 1.4 points to 53.6 in June 2023. It is the lowest reading since March.
The Japanese current account surplus jumped to 1862.4 billion yen in May 2023 compared to the same month in the previous year. It is the fourth consecutive month of the current account surplus.
Shares in New Zealand fell 0.5% in early trading at the start of the week after closing positive during the previous session, weighed down by a weak session on Wall Street on Friday after US government jobs data.
Stable consumer prices and producer prices falling for the ninth consecutive month in China show rising deflationary risks in the country in June.
Among the expected events during the week: –
Investors are awaiting speaks from several Federal Reserve officials this week
Markets are looking forward to a batch of US inflation data on Wednesday and Thursday.
The release of UK May GDP growth and employment data
The Bank of Canada and the Reserve Bank of New Zealand provide updates on the path of monetary policy.
– The release of the German ZEW Economic Sentiment Index
Plus Consumer Confidence in Australia’s business and consumer sector.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar continued moving sideways over the short-term intervals, rebounding to the upside at the beginning of this week’s trading today from the support levels around 101.95 points, touching the 20-day moving average.
Technically, we expect more Bullishness on the index during today’s trading, to target the resistance levels around 102.45 points.
Gold – 1 Hours Timeframe
The yellow metal prices declined with the recovery of demand for the US dollar, reaching $1919 this morning.
Technically, gold is trading above the 38% Fibonacci area and around the 100-hour moving average. We expect gold to rebound from this area upwards, to target $1934.10 again, provided it stays above $1916.90.
US Dow Jones – 4-Hours Timeframe
The Dow Jones industrial index continued to slide with the opening of the week’s trading today and held just below the resistance levels of around 34,000 points.
Technically, the moving averages are still negatively intersecting the index, as the index trades below the 20- and 50-day averages, so it is likely to continue the decline on the index during today’s trading, targeting support levels around 35,500 points, and in the event of a break, we target the next support levels around 33010.
US Crude Oil – 1 Hour Timeframe
oil prices are still above $73.00 as Saudi Arabia and Russia continue to cut production, but there is concern that raising interest rates will lead to slower growth and lower demand.
Technically, the oil loses the bullish momentum, returning below the price of $73.50 and approaching the 100-hour moving average. Therefore, we expect a decline to the 72.45 level, and if this level is broken, the bearishness will continue towards 72.00, then 71.65 USD.
Bitcoin – 1H Timeframe
The digital currency Bitcoin declined near the $29,900 level in the early hours of this morning.
Technically, the digital currency rebounded again from 38% Fibonacci levels, to trade below the 100-hour moving average, and we expect more bearishness towards $29,450.
EUR/USD – 1 Hour Timeframe
The (Euro / Dollar) pair declined at the opening of the week’s trading, to bounce down from the resistance levels around $1.0971, continuing the sideways move over the short-term intervals.
Technically, on the background of the positive outlook for the US dollar, we expect more Bearishness on the pair during today’s trading, targeting support levels around $1.0902.
GBP/USD – 1 Hour Timeframe
The GBP pair rose against the dollar, near 1.2850, before returning again to trade near 1.2800, with continued expectations of raising the Fed’s interest rate at the next meeting.
Technically, the pair is trading below the resistance of 1.2825, near the 100-hour moving average, and the 38% Fibonacci area. Therefore, we expect the decline to continue and test the support of 1.2780, and if it is broken, the decline will continue towards 1.2740 levels.
GBP/JPY – 1 Hours Timeframe
The (GBP / JPY ) pair is still trading randomly without a clear direction, bouncing upwards in the early hours of this morning around the support level of 182.10, which represents the support level for that horizontal move.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 183.75, which is the upper bound of the prevailing horizontal move.
