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
We follow today in GMT:
At twelve-thirty in the afternoon:
Core US consumer price index excluding energy and food, on a monthly basis for July.
US consumer price index on a monthly and yearly basis for the month of July.
Applications for unemployment benefits in the United States.
Top News in Global Markets:
Yesterday’s main events:
– US crude inventories issued by the Energy Information Agency rose compared to expectations, and the index measures inventories for the previous week, and their rise means lower demand.
– The main New York indices fell, the Dow Jones Industrial Index declined 191 points, and the Nasdaq Technology Index fell 162 points.
And in the morning:
– From the Bank of Japan’s PPI released, the rate was higher than expected on an annual basis for July.
The movements of Asian indices varied, as the Japanese Nikkei index rose 185 points, and the Hang Seng index in Hong Kong fell 182 points.
Events expected during the day:
– US Consumer Price Index on a monthly and yearly basis for the month of July.
Unemployment claims for the previous week.
US natural gas inventories for the previous week.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index has been trading in a weak performance since yesterday, Wednesday, to hover around the moving averages for a period of 20 and 50 days, after rebounding to the top of the support levels around 102.18 points.
Technically, the index held above the moving averages for a period of 20 and 50 days, so it is likely to continue rising during today’s trading, targeting the resistance levels around 102.60.
Gold – 4 Hours Timeframe
Yesterday, the price of the yellow metal declined by nearly 200 points, reaching the 1914 level, due to the rise in the US dollar and waiting for inflation data to give a new pushing power.
Technically, gold is trading below the Tenkan Sen reversal line and the downward cloud of the Ichimoku indicator, and the 1921 level has turned into resistance instead of support. We expect gold to test the current resistance in a corrective move in 1921, before returning to fall again towards the support of 1902 and 1900 USD.
US Dow Jones – 4 Hours Timeframe
The Dow Jones industrial index continued to move sideways over the middle intervals, holding in trading below the moving averages for a period of 20 and 50 days.
Technically, the negative view remains on the index, and the index is likely to decline to target support levels of around 34,855 points.
US Crude Oil – 4 H Timeframe
Oil continued to rise for the third day in a row, reaching a new record of $84.57, awaiting inflation data from the United States of America today.
Technically, oil is trading inside the bullish channel, with the Tenkan Sen reversal line continuing to pressure prices on the upside, we expect the rise to continue towards the $85.00 resistance.
Bitcoin – 1 Hour Timeframe
The price of the digital currency Bitcoin declined near $ 29,400 yesterday, after the strong reaction the day before yesterday, as a result of the continuing banking crisis in the United States.
Technically, the digital currency is trading between the 38 and 50% Fibonacci retracement areas, and we expect the corrective downside movement to continue until the $29,000 level, before returning to rise again towards the main resistance at $30,000.
EUR/USD– 4 Hours Timeframe
The (Euro/Dollar) pair rose due to the weakness of the US dollar since the end of yesterday’s trading, bouncing to the upside near the minimum sideways movement prevailing around 1.0915.
Technically, we expect more rises during today’s trading on the pair, targeting the resistance levels around 1.1032..
GBP/USD – 1 Hour Timeframe
The (GBP/USD) pair continued to trade in a bearish trend after bouncing back from 1.2782 resistance, as attention is drawn to inflation news from the United States, in addition to the Kingdom’s sanctions to ban investment in Chinese technology companies.
Technically, the pair is trading below the 38% Fibonacci correction area and around the Tenkan Sen reversal line, and we expect a correction towards 1.2753, before returning to decline again towards the $1.2645 support.
GBP/JPY– 4 Hours Timeframe
The ( GBP / Jpy ) pair continued its rise yesterday, stabilizing in trading above the moving averages for a period of 20 and 50 days, and touching the resistance levels around 183.27 yen that we mentioned yesterday.
According to the technical outlook, the pair is likely to continue rising during today’s trading, targeting the resistance levels around 185.50 yen.
