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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:
– The final German Manufacturing PMI was similar to expectations, for the month of July.
– In Germany, the change in unemployment also declined to a negative value for the month of June, which is good for the economy.
From Standard & Poor’s Global for the month of July:
The final Eurozone manufacturing PMI was similar to expectations.
The same indicator in Britain rose above expectations.
The index advanced in Canada from the previous reading.
In the US it was similar to expectations.
The unemployment rate declined in the eurozone for the month of June.
– From the Institute for Supply Management, the US manufacturing PMI fell for July.
– The US Employment Opportunity Survey for June fell.
And in the morning:
– The change in jobs in New Zealand was higher than expected, for the second quarter of the year.
New Zealand’s unemployment rate rose for the second quarter of the year.
Expected during the day:
– Swiss Manufacturing PMI for July.
– Change in non-farm payrolls for July, in the US from ADP
US oil inventories for the previous week.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index declined slightly in the early hours of this morning, trying to retest the support levels around 101.70 points, receiving support around the 20-day moving average, and close above.
Technically, the moving averages are still positively intersecting, and the price is trading above it, so the index is likely to rebound upwards during today’s trading around the support levels of 101.70, targeting the resistance levels around 102.35 points.
Gold – 4 Hours Timeframe
The yellow metal rose today, to the 1952.40 resistance level, after rebounding from the 1941.25 level, after the recovery of the US dollar, awaiting the jobs report today.
Technically, gold is trading below the 38% Fibonacci retracement area and the main trend line, Tenkan Sen, indicating continued selling pressures. We expect the continuation of the downside trend to 1925 levels, provided it continues below the 1953 USD resistance.
US Dow Jones – 4 Hours Timeframe
The Dow Jones industrial index held in trading around the resistance levels 35555 for the second week in a row, holding just below those levels this morning, to touch the 20- and 50-day moving averages.
Technically, the index is likely to continue its corrective decline during today’s trading, targeting support levels around 34,850 points, especially in the case of close below 34,430 levels.
US Crude Oil – 4 H Timeframe
Oil rose to the level of $82.44 yesterday, with the continuation of the decline in energy supplies, and is trading today in a sideways direction, above the level of $82.00, awaiting the US jobs report.
Technically, oil is trading below the 61.8% Fibonacci area, but it is still holding above the level of 82.00. We expect that there will be a downward correction in the event of breaking the current support at $82.00, and targeting support at 81.45 around the rising trend line.
EUR/USD – 4 Hours Timeframe
The (EUR/USD) pair continued to trade below the resistance levels around 1.10250 over the medium-term, after retesting the resistance levels around 1.1025 yesterday.
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 levels around 10860.
GBP/JPY – 4 Hours Timeframe
The (GBP / JPY ) pair declined for the third day in a row, to hold in trading below the resistance levels around 183.27, as the levels succeeded in stopping more of the price’s upward rush.
According to the technical outlook, we expect the pair’s corrective decline to continue during today’s trading, targeting the support levels around 181.55 yen.
