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Today’s Economic Calendar
GMT we follow today:
We follow today in GMT:
– At exactly eight o’clock in the morning, the German business climate index for the month of July.
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– At 1 pm the house price index in the United States, on a monthly basis for the month of May.
– And in the second, the US Consumer Confidence Index for the month of July.
Top News in Global Markets:
Yesterday’s main events:
– The following data from S&P Global was released for July:
In Germany, Eurozone and UK the Manufacturing and Services PMIs came in below expectations.
In the US the Manufacturing PMI was higher than expected, while the Services PMI was lower than expected.
– The US indices advanced, and the Dow Jones Industrial Average recorded a climb of 183 points.
In the morning:
Core CPI in Japan was similar to expectations on a yearly basis.
News highly awaited for today:
US Consumer Confidence Index for July.
US Richmond Manufacturing Index for July.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index rose yesterday, targeting 101.33 points as we mentioned yesterday, after trading above the support levels around 100.65 points
Technically, the bullish momentum declined on the index, although it continued to rise, so the index is likely to decline slightly to touch the 20-day moving average around 101.00 points, then rise again and target the resistance levels around 101.90 points.
Gold – 1 Hour Timeframe
The yellow metal settled above the $1960 level, after rebounding from its lowest level in six days at 1953.22, and this comes after the US dollar lost its bullish momentum.
Technically, gold is trading above the 38.2% Fibonacci retracement area, and around the 200-hour moving average. We expect the rise to continue towards $1972, in case it stays above $1955.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial index edged slowly higher despite hotter-than-expected manufacturing data, consolidating above its 20- and 50-period moving averages.
Technically, the index is still receiving support from the 20-day moving average, so it is likely to continue to climb, heading to target the resistance levels around 35,555 points.
US Crude Oil – 1H Timeframe
The rise in oil prices continued for the fourth day in a row. Yesterday, oil prices reached levels of $79.33, amid an increase in global demand for oil.
Technically, oil is trading above $79.00, with the formation of a bullish Ichimouko cloud and the Tenkan Sen indicator pushing prices to rise further, so we expect the bullish trend to continue, targeting $80.25.
Bitcoin – 1D Timeframe
The decline of the digital currency Bitcoin continued towards the levels that we mentioned yesterday, as the price of Bitcoin reached the level of 28900, and the price now settles around $29,000.
Technically, the digital currency is trading below the 38% Fibonacci retracement area and near the 100-day moving average, and we expect it to continue falling toward $28,400.
EUR/USD – 4 Hours Timeframe
The (Euro / Dollar) pair continued its decline yesterday, breaking the support levels around 1.1090 that we mentioned, and today it returned to a slight rise in an attempt to retest 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 1.1000.
GBP/USD – 4 H Timeframe
The pound sterling pair fell against the dollar to the level of 1.2800, before returning to rise to 1.2840, awaiting the interest rate decision from the US Federal Reserve.
Technically, the pair is trading below the 38% Fibonacci correction area, and we expect a corrective move near 1.2860, before the pair returns to fall again, targeting $1.2755.
GBP/JPY – 4 Hours Timeframe
The (GBP / JPY) pair is moving sideways over the medium-term intervals, trading around the resistance levels of 181.55 yen
Technically, if the resistance levels around 181.55 yen are breached today, we expect the pair to resume its climb and target the resistance around 183.25 yen
