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Today’s Economic Calendar
We follow today in GMT:
At twelve-thirty in the afternoon:
– At twelve o’clock in the afternoon Jackson Hole symposium in the United States.
– At 12:30 US Durable Goods Orders and Core Durable Goods Orders, on a monthly basis for the month of July.
– Same time as US jobless claims rates.
Top News in Global Markets:
Yesterday’s main events:
– A set of data was issued by Standard & Poor’s Global for the month of August,
which are:
The French Manufacturing PMI is higher than expected, while the Services PMI
came in lower than expected.
German Manufacturing PMI is higher than expected, while Services came in lower
than expected.
The Eurozone manufacturing PMI is higher than expected, while services came in
lower than expected.
The UK and US manufacturing and services PMIs came in below expectations
On a monthly basis for the month of June, the Canadian Retail Sales Index came in
above expectations, while the Core Retail Sales Index came in lower than expected.
From the European Statistical Center Eurostat, the Consumer Confidence Index fell for
the month of July.
– From the Energy Information Administration, US crude inventories declined for the
previous week, which indicates an increase in demand for crude.
– US indices advanced, the Dow Jones Industrial Index rose 184 points, and the
Nasdaq Technology Index rose 215 points.
And in the morning:
– Brent crude records a price of $83.20 per barrel, while American crude records a
price of $78.84.
– Spot gold contracts rose to record $1921.22 an ounce.
We are waiting during the hours of the day:
– US jobless claims for the previous week.
– US Durable Goods Orders and Core Durable Goods Orders, on a monthly basis for the
month of July.
US natural gas inventories for the previous week.
Jackson Hole Symposium in the United States.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index retreated after retreating from its highest levels in more than two months in the previous session, and holding below the resistance levels of 103.50, as investors cautiously await Federal Reserve Chairman Jerome Powell’s speech at the annual symposium of the Central Bank in Jackson.
Technically, the index is trading around the support levels of 103.20 points, settling below the 50-day moving average, so the index is likely to continue declining, targeting 102.95 points during today’s trading.
Gold – 1 Hour Timeframe
The yellow metal continued its recovery after bouncing from its lowest level at 1884.85 to reach a high of $1920, with the continued decline of US Treasury bonds.
Technically, gold is trading above the Tenkan Sen reversal line, with a buying cloud forming on the Ichimoku indicator, which indicates more bullish pressures. We expect the rise to continue towards 1934 resistance, provided a breach of $1923 resistance.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial index rose slightly since yesterday, trading above the 20-day moving average, within the bearish movement prevailing on the index over the medium intervals.
Technically, the index is likely to decline again during today’s trading, targeting the support levels around 33930, especially in case the levels around 34250 are broken,
US Crude Oil – 4 H Timeframe
Oil prices decline to a low of 77.90 dollars yesterday, Wednesday, after negative PMI data worldwide. The price of oil is now settling above 79 dollars after rebounding Thursday morning.
Technically, oil prices rebounded from the 38% level at $77.90 to settle above 79.00, the price is trading near the moving average 200, and we expect the correction to continue until the $79.30 level.
Bitcoin – Daily Timeframe
Bitcoin rose to a high of $26,804 yesterday, after bouncing back from its lowest level this week at $25,285.
Technically, the digital currency continues above the 38% Fibonacci area, in an attempt to continue the correction upwards, and we expect it to continue rising towards the $27,315 level, before returning to decline again.
EUR/USD– 4 Hours Timeframe
The euro pair retreated sharply yesterday, Wednesday, touching the support levels around 1.08052, to succeed in stopping the slide of the price, bouncing back to the upside with the end of yesterday’s trading, within the prevailing bearish trend on the pair.
Technically, we expect more corrective rise on the pair during today’s trading, targeting the resistance levels around 1.0883, then in case of a breach, we will target 1.09380.
GBP/USD – 1 Hour Timeframe
The ( GBP / USD ) pair fell to its lowest level in two weeks at 1.2614, before bouncing this morning to hold above 1.27 dollars, awaiting the statements of the US Federal Reserve Chairman, Powell.
Technically, the pair is trading near the 61.8% Fibonacci correction area, and around the 200-hour moving average, the pair faces resistance at 1.2738, which if breached, the price will return to test the $1.2783 resistance again.
USD/JPY– 4 Hours Timeframe
The (USD/JPY) pair rose in the early hours of this morning, as the yen is still close to its lowest level in nine months amid widening spreads, trading the pair above 145 levels in a corrective upward move over the medium-term.
According to the technical outlook, the pair is likely to rebound to fall again around 145.60 yen, to target support levels around 143.60 yen.
