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
GMT we follow today:
– At 12:00 noon, a set of indicators will be issued, namely:
US core retail sales on a monthly basis for the month of June, and retail sales for the same month.
Core CPI and Canadian CPI on a monthly basis for June.
– At 2:00 pm, the US housing market index for July NAHB
– At 3:00 pm, the New Zealand price index will be issued GlobalDairyTrade
Top News in Global Markets:
Yesterday’s main events:
– From the Federal Reserve Bank of New York, the Empire State Manufacturing Index for the current month was released, higher than expected but lower than the previous reading.
– The recovery of the main New York indices, the Dow Jones index closed up by 76 points, the Standard & Poor’s 500 index also rose by 17 points, and the Nasdaq technology index closed ahead by 131 points.
And in the morning:
– The euro against the dollar records its highest level since March 2022, and the pair is currently recording a price of $1.125.
– The US dollar index is moving at its lowest levels since April 2022 and is currently recording 99.38 against a basket of major currencies.
Today it is expected:
Canadian Consumer Price Index on a monthly basis for the month of June, in addition to the core CPI.
– US Retail Sales on a monthly basis for the month of June, Core Retail Sales Index.
– Industrial production index on a monthly basis for the month of June.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index declined since yesterday, after trying to retest the resistance levels around 99.92, receiving more pressure around the 20-day average, to continue to decline this morning, touching the support levels around 99.23 points.
Technically, the index is likely to continue to decline during today’s trading, especially if it breaks the support levels around 99.23 points, targeting the next support levels around 98.50, waiting for the core retail sales data, which in turn will affect the movement.
Gold – 1 Hour Timeframe
The yellow metal rose in the early hours of this morning to 1961.75 levels, after the US dollar lost its bullish momentum, awaiting retail sales figures from the United States of America.
Technically, gold is trading above the 100-hour moving average and heading toward the main resistance of 1964. We expect, if this resistance is breached, that the rise will continue towards the level of 1968, then 1984 USD.
US Dow Jones – 4Hours Timeframe
The Dow Jones industrial index rose, after witnessing bullish support from level 34,360, to trade today around support levels 34,550 points, and holding above the 20-day moving average.
Technically, we expect a further rise in the index during today’s trading, targeting the next resistance level around 35,000 points.
US Crude Oil – 1H Timeframe
US oil lost upward momentum and is trading near $74.20 after weak numbers of Chinese data show concerns about the slowdown in the Chinese economy, the second largest oil importer.
Technically, oil is trading below the Fibonacci 38.2% area, and around the 200-hour moving average, 3we expect oil to continue falling toward $72.94
Bitcoin – 15M Timeframe
The decline of the digital currency Bitcoin continued, as we mentioned yesterday, after the digital currency market lost 0.5% of its capital, to reach $ 1.2 trillion.
Technically, the digital currency is trading at a price of $30,000, above the 38% Fibonacci correction area, which we may witness after the corrections at the resistance of 30150, before returning to decline again to test the support, and if it is broken, the decline will continue towards $29,810.
EUR/USD – 1 Hour Timeframe
The (Euro / Dollar) pair rose, supported by the dollar’s decline again since yesterday, to settle the pair in trading at the highest levels of $1.11850.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around $1.14030, to complete the prevailing bullish trend over the larger time intervals.
GBP/USD – 1 H Timeframe
The GBP against the dollar declined towards the support levels that we mentioned yesterday at 1.3074, before rising again, between mixed expectations for the US Federal Reserve’s decision.
Technically, the pair is trading above the 100-hour moving average, after the rebound from the 38% Fibonacci correction, we expect the corrective movement to continue upwards, until the resistance of 1.3147.
GBP/JPY – 4 Hours Timeframe
The ( GBP / JPY ) pair has been trading at the beginning of this week’s trading in a random movement around the resistance levels 181.55 yen, trading today below these levels.
Technically, the negative outlook remains valid for the pair, and it is likely to continue its decline during today’s trading, targeting the support levels around 178.00 yen. .
