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Today’s Economic Calendar
GMT we follow today:
At six in the morning:
Swiss Trade Balance for the month of June.
German Producer Price Index on a monthly basis for June.
– At 12:30 in the afternoon, the rate of unemployment benefits in the United States.
And at two o’clock in the afternoon:
Consumer Confidence Index in the Eurozone for the month of July.
US existing home sales for the month of June.
Top News in Global Markets:
Yesterday’s main events:
– From the Eurostat Statistical Center, the final reading of the consumer price index in the eurozone was issued, and the result was similar to expectations on an annual basis for the month of June. As for the core consumer price index, the reading came above expectations.
In the US, the Home Starts Index was lower than expected for the month of June.
– From the Energy Information Agency, US crude inventories were released, and the reading was higher than expected for the previous week, which means a decline in demand for oil.
New York indices advanced, and the Dow Jones Industrial index increased by 109 points.
And in the morning:
– From the Ministry of Finance in Japan released the trade balance, the result was higher than expected for the month of June.
– From the Australian Statistical Bureau, the change in jobs was higher than expected for the month of June, while the unemployment rate was less than expected, which means a decrease in the unemployment rate, which is good for the economy.
– Asian session indicators varied, and the Japanese Nikkei index fell by 395 points.
Today’s hours are expected:
Swiss trade balance for the month of June.
– Producer price index in Germany on a monthly basis for the month of June.
– The number of jobless claims and claims for the previous week in the United States.
– Philadelphia Manufacturing Index for the month of July in the United States.
– Consumer Confidence Index for July in the Eurozone.
US natural gas inventories for the previous week..
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index declined slightly this morning, after bouncing down from the resistance levels of 100.50 points that we mentioned yesterday, touching this morning with the 20-day moving average, trading above it.
Technically, the corrective rise is likely to continue during today’s trading, targeting resistance levels around 100.50 once again, and in case of a breach, we will target 101.00 points.
Gold – 4 Hours Timeframe
The yellow metal continued its rise after breaching the $1975 resistance, to reach 1987.50, before the US unemployment data today, Thursday.
Technically, gold is trading around the 50% Fibonacci area below the resistance of 1987.50, and we expect the rise to continue if this resistance is breached and held above it, targeting $2002.
US Dow Jones – 4Hours Timeframe
The Dow Jones Industrial index declined in the first hours of trading today, falling slightly over the medium intervals, trying to retest levels around 35,000.
Technically, the index is still trading above the moving averages for a period of 20 and 50 days, and continuing to trade the highest levels of support around 35,000, so it is likely that the index will receive more push to return to the rise again and target the resistance levels around 35,335.
US Crude Oil – 1H Timeframe
Oil price rebounded yesterday from the $76.92 resistance, after the US oil inventories data, to reach the $75.09 level.
Technically, oil is trading around the 100-hour moving average near 75.40, and we expect it to continue falling toward support at 74.90, to continue moving in a narrow range between these levels.
Bitcoin – 1H Timeframe
The digital currency continues to move sideways after dropping from its high of $31,835, to settle around $30,000.
Technically, the digital currency is trading below the 100-hour moving average, and we expect that if the current support at 30,000 is broken, the downward movement will continue toward $29,500.
EUR/USD – 4 Hours Timeframe
The (Euro / Dollar) pair declined yesterday to touch 1.1202 levels, which is the minimum random movement prevailing over it for a 4-hour interval, rising today slightly above those levels.
Technically, the negative outlook remains valid for the pair, and it is likely that it will continue to decline on the pair during today’s trading, targeting the support levels around 1.1090.
GBP/USD – 1 H Timeframe
The GBP pair fell against the dollar yesterday, to levels of 1.2867 dollars, before the pair returned to rise again to the level of 1.2964.
Technically, the pair is trading around the 38% Fibonacci retracement area below the 200-hour moving average. We expect that if it returns below the 1.2920 support, the drop will continue towards 1.2850 levels.
GBP/JPY – 4 Hours Timeframe
The movement is still slow on the (GBP / JPY ) pair, to hold on trading below the resistance levels around 181.55 yen, and continuing below the 20- and 50-day moving averages.
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.
