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 6:30 a.m., the Swiss consumer price index is monthly for the month of August.
– At eight, the European Manufacturing PMI for August.
– At twelve-thirty in the afternoon:
The US jobs report for August includes average US hourly wages monthly, changes in US jobs in the private non-farm sector, and the unemployment rate.
Canadian GDP monthly for June.
– At 2 p.m., the US Manufacturing Purchasing Managers’ Index issued by the Institute for Supply Management for August.
Top News in Global Markets:
Yesterday’s most important events:
– German retail sales came in below expectations for July monthly.
– Swiss retail sales were also below expectations on an annual basis for July.
– The European CPI rose higher than expected on an annual basis for August, while the core CPI came in line with expectations.
The European unemployment rate was similar to expectations for July.
– The US core personal consumption expenditures rate remained steady every month for July.
The rate of US unemployment claims was lower than the previous week.
– Chicago Manufacturing PMI rose for August.
– New York session indicators varied, and the Dow Jones Industrial index fell 168 points.
And this morning:
– The final reading of the Japanese Manufacturing PMI for August fell.
– The August manufacturing PMI rose in China.
Oil prices are trading at $83.78 per barrel for American oil, and Brent crude is at $87.03 per barrel. $87.03 per barrel.
We are waiting today:
– Swiss Consumer Price Index every month for August.
– Swiss, German, European, British, Canadian, and US industrial purchasing managers’ index for August.
– Canadian GDP for June every month.
– US jobs report for August, including average hourly wages every month, the unemployment rate, and the change in non-farm jobs.
– US Manufacturing Purchasing Managers’ Index issued by the Institute for Supply Management for August
Technical Analysis
Dollar Index – 4 Hours frame
The US dollar index rose yesterday, Thursday, rebounding above the support levels of around 103.05 that we mentioned yesterday, supported by data indicating that the economy has slowed and that the US Federal Reserve may have ended its monetary tightening cycle.
Technically, the index is likely to rise during today’s trading, targeting resistance levels around 104.00 points.
Gold – 4 Hour Timeframe
The yellow metal declined this morning, erasing some of its gains yesterday, bouncing down from resistance levels around $1,950 per ounce, against the backdrop of the dollar’s recovery following data indicating that the US Federal Reserve has ended its tightening policy.
Technically, we expect a further decline in the yellow metal during today’s trading, targeting support levels around $1925.80 per ounce, especially in the event of breaking the 1935 levels, which are compatible with the 200-day moving average.
US Dow Jones – 4 Hours Timeframe
Yesterday’s purchasing power failed to push the Dow Jones Industrial Index further upward, bouncing down near the resistance levels around 35170 that we referred to yesterday, breaking the support levels around 3480 with the first hours of today’s trading.
Technically, the index is likely to continue its decline today, targeting support levels around 34,550, then 34,000 points.
US Crude Oil – 4 H Timeframe
Oil prices continued to rush since yesterday, basing it on the support levels around $81.70 a barrel, receiving more buying power around the 20-day moving average.
Technically, the black gold is likely to continue to rally during today’s trading and target the resistance levels around $84.65, and then in case of a breach, we target $87.70 per barrel.
EUR/USD – 4 Hour Timeframe
The (EUR/USD) pair retreated from the resistance levels around 1.0951, supported by the strength of the US dollar due to yesterday’s data, which reinforced expectations that the Federal Reserve has finished tightening policy.
Technically, the pair is likely to rebound and rush again from around the support levels of 1.0761, targeting the next rise at levels of 1.0890 and then 1.0951.
GBP/USD – 4 H Timeframe
The GBP/USD pair declined, bouncing down from the resistance levels around $1.2750, supported by the strength of the US dollar since yesterday, hovering around the 103.60 levels again,
Technically, the pair is likely to continue to decline at the medium timeframe during today’s trading, targeting the support level around 1.2600, and then in case of a break, we will target the next support level around $1.2400.
USD/JPY– 4 Hours Timeframe
The pair (USD/JPY) declined yesterday, approaching the levels of 145 yen, as we mentioned yesterday, and held below the moving averages for a period of 20 and 50 days in the intermediate timeframe.
According to the technical outlook, the pair is likely to continue its decline during today’s trading, targeting the support levels around 145.00 yen again, and then return to rise again and target the levels around 146.50 yen
