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Today’s Economic Calendar
GMT we follow today:
We follow today in GMT:
At 8:00 am, German GDP for the second quarter of the year.
– At 12:00 noon, the German consumer price index was on a monthly basis for the month of July.
At half past twelve:
Core personal consumption expenditures index in the US on a monthly basis for June.
This is in addition to the American personal income index and the personal expenditure index for the same month.
In Canada, GDP is released on a monthly basis.
Top News in Global Markets:
Yesterday’s main events:
– The European Central Bank raised interest rates by 25 basis points, bringing the interest rate to 4.25%.
US GDP was higher than expected for the second quarter of the year.
– From the Ministry of Labor, the weekly report of unemployment benefits came less than expected, which means a decline in the number of unemployed people for the past week.
– Durable goods orders in the US rose above expectations, on a monthly basis for the month of June.
– US natural gas inventories rose more than expected, which indicates a decline in demand.
And in the morning:
– Core CPI in Tokyo was higher than expected, on an annual basis for July.
– Australian PPI came in below expectations for the second quarter of the year, while Australian retail sales were also below expectations on a monthly basis for the month of June.
The Bank of Japan fixed the interest rate at -0.1%.
It is expected during the hours of the day:
– Preliminary German CPI reading on a monthly basis for July.
Canadian GDP on a monthly basis for the month of May.
Basic personal consumption expenditures in the US, on a monthly basis for the month of June.
– US consumer confidence index from the University of Michigan for the month of July
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index rose since yesterday, based on support levels around 100.25 points and a 50-day moving average, supported by the monetary policy statement of the European Central Bank, by raising interest rates by 25 basis points.
According to the momentary outlook, the index is now trading around the resistance levels of 100.70 points, stable above the moving average for the period of 20 and 50 days, so the index is likely to continue trading and target levels of 102.65 points.
Gold – 1 Hour Timeframe
The yellow metal rose this morning to 1956.77, after falling 360 points after the European Central Bank’s interest rate decision and Lagarde’s statement.
Technically, gold is trading below the 38% Fibonacci retracement area, and we expect it to stay below the 1957 resistance, to return to the decline and test the current support level at 1942.60 USD.
US Dow Jones – 4 Hour Timeframe
The resistance levels around 35555 succeeded in stopping the Dow Jones industrial index’s push to the upside, to bounce around it, touching today’s 50-day moving average.
Technically, the index is likely to continue to decline around support levels 34850 during today’s trading, especially in the event of breaking 35200 points, before resuming the rise again.
US Crude Oil – 4 H Timeframe
Oil continued to rise for the second day in a row, to settle above $80.00 a barrel, as it gained bullish momentum supported by positive data from the United States before personal consumption expenditures in the United States.
Technically, oil continued trading above the bullish Ichimoku cloud and the main turning line Tenkan Sen above the bullish trend line, and we expect more upside at our next target around 81.40 USD.
Bitcoin – 4 H Timeframe
Bitcoin fell again after rebounding from the $29,550 level yesterday, to continue trading in bearish areas near 29,000.
Technically, the digital currency is trading around the 38% Fibonacci retracement area, with the price continuing below the Tenkan Sen trend line, which increases the selling pressure for Bitcoin. We expect the continuation of the decline, provided it breaks the current support at 29,000, and then we target $28,600
EUR/USD – 4 Hours Timeframe
The (Euro / Dollar) pair fell since yesterday, supported by the decision to raise the European interest rate by 25 basis points, breaking levels around 1.1024, and touching today with levels of $1.0940.
Technically, we expect the pair to rise during today’s trading to retest $1.10240 levels, before retreating and resuming the decline once again to support levels around 1.0800.
GBP/USD – 4 H Timeframe
The (GBP-USD) pair fell for the second day in a row, reaching its lowest level in 3 weeks around $1.2760, as the US dollar recovered after yesterday’s positive data.
Technically, the pair is trading below the EMA 200 for the 4-hour period and below the Tenkan Sen trend line, which indicates more selling pressures and a continuation of the decline toward our target of around $1.2700.
GBP/JPY – 4 Hours Timeframe
the ( GBP / JPY ) pair fell surprisingly to the markets after a slow movement that lasted for more than two weeks, bouncing down from 181.55 levels, which we have mentioned repeatedly, and which corresponds to the moving averages for a period of 20 and 50 days.
According to the technical outlook, we expect the pair to retest the resistance levels around 179.60, before bouncing down and targeting the support levels around 176.50, 173.70.
