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Today’s Economic Calendar
GMT we follow today:
We follow today in GMT:
– At exactly 8:00 am, the Manufacturing and Services PMI for the month of July in the Eurozone.
– At 8:30 PM manufacturing and services PMI in Britain.
– At 2:15 pm, the Purchasing Managers’ Index for the industrial and services sectors in the United States for the month of July as well
Top News in Global Markets:
Highlights of the weekend:
– British Consumer Confidence fell short of expectations, compared to the current month.
– Core CPI in Japan came out similar to expectations, on a yearly basis for June.
In Britain, the National Statistical Office said retail sales rose above expectations, on a monthly basis for the month of June.
– In Canada, retail sales fell below expectations on a monthly basis for the month of May, and the core retail sales index also declined.
And in the morning:
– In New Zealand, the trade balance fell far short of expectations for the month of June.
– From Standard & Poor’s Global, a set of economic data was released for the current month:
Australia’s manufacturing PMI rose from the previous reading, while the services PMI declined.
Japan’s manufacturing PMI fell short of expectations.
Bitcoin fell to $29,788.
– US crude records a price of $76.85 per barrel, while Brent crude records a price of $80.85 per barrel.
– The US dollar index records 100.78 against a basket of major currencies.
Today’s hours are expected:
The issuance of the industrial and services purchasing managers’ indices for several countries for the current month, namely: Britain, the eurozone, Germany, and the United States.
The most important upcoming events during the week:
– US Consumer Confidence for the current month on Tuesday.
– Australian consumer price index for the second quarter of the year on Wednesday, and the same day in the evening the US interest rate decision.
Thursday’s Eurozone interest rate decision, along with US GDP for the second quarter of the year.
– On Friday, the decision of the Japanese interest rate and the Canadian GDP for the month of May, in addition to the core personal consumption expenditures index for the month of June in the United States.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index declined slightly this morning, after bouncing down near the resistance levels around 101.33 points, Crossing with the 20-day moving average, which represents a supportive level for the bullish push a week ago.
Technically, the purchasing power declined on the index in anticipation of the manufacturing and services sector data during the day, so the index is likely to touch the resistance levels around 101.33, then bounce down and target the support levels around 100.65 points.
Gold – 1 Hour Timeframe
The yellow metal declined to 1959 $ this morning after rebounding from 1972.27 last Friday, awaiting the manufacturing PMI data from the United States of America.
Technically, gold is trading near $1960 levels around the 200-hour moving average, and we expect the drop to continue towards 1955.20, then $1948
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index declined in the first hours of trading this week, falling slightly over the short intervals, in an attempt to retest the levels around 35170 points.
Technically, the price now crossing with the moving averages, the highest levels of support around 25,170 points, so if the index receives a purchasing power with the US manufacturing sector data during the day, the index will head to target the next resistance levels around 35,555 points.
US Crude Oil – 1H Timeframe
Oil consolidated its gains above $76.60, after reaching last week’s highs of 77.35, amid the OPEC group’s continued production cuts.
Technically, oil is trading above the 100-hour moving average, and we expect the price to reach last week’s resistance at 77.35, and if it is breached, the rise will continue towards 78.70 USD.
Bitcoin – 1H Timeframe
The digital currency declined to the $29,639 level after last Friday’s rebound from the $30,358 peak, continuing to fail to stay above the $30,000 level.
Technically, the digital currency is trading below the 100-hour moving average, indicating the continuation of the selling pressure, and we expect the decline to continue towards $29,150, provided it stays below the $30,000 resistance.
EUR/USD – 4 Hours Timeframe
The (Euro / Dollar) pair continued its decline today, with the start of this week’s trading, after bouncing below the resistance levels around 1.12030, trading in a slow performance, anticipating the data of the German and European manufacturing and services sectors.
Technically, the negative outlook remains on the pair, and it is likely that it will continue to decline on the pair during today’s trading, targeting the support levels around 1.1000, especially in case the support levels around 1.1090 are broken.
GBP/USD – 4 H Timeframe
The GBP pair rose against the dollar, above 1.2860, after rebounding from 1.2815, its lowest level in two weeks, with increasing expectations that the Bank of England will continue to raise interest rates.
Technically, the pair is trading around the moving average of 100 for the 4-hour period, near 1.2880. We expect that if it continues below the 38% Fibonacci area, the pair will return to fall again, targeting 1.2780, then 1.2740 dollars.
GBP/JPY – 4 Hours Timeframe
The (GBP / JPY) pair rose since the end of last week’s trading, after bouncing from the support levels around 179.60, settling at the highest support level around 181.55, to return today trying to retest those levels.
Technically, the averages started to cross positively on the pair over the medium-term intervals, coinciding with that, as the pair approached the pair’s touch with the support levels around 181.55, so the pair is likely to rise during today’s trading, targeting the resistance levels around 183.25.
