Join us as we follow the market’s most significant events and provide technical analysis of the most important financial assets, so you are more aware of the factors driving daily price changes and economic data.
Today’s Economic Calendar
We follow today in GMT:
– At exactly noon, the speech of Joachim Nagel, President of the Federal Bank of Germany.
– At five in the evening, the two-year US bond auction and the five-year bond auction.
Top News in Global Markets:
last week events
– The final reading of German GDP was similar to expectations for the second quarter of the year.
– The Consumer Confidence Index issued by the University of Michigan for August declined.
– The second day of the Jackson Hole Economic Symposium.
– Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium.
Speech by Christine Lagarde, President of the European Central Bank, at the Jackson Hole Symposium.
New York session indices advanced, and the Nasdaq Technology Index closed up 126 points
And in the morning:
– Australian retail sales rose month over month – for July.
– Asia session indices rose, with the Japanese Nikkei index advancing by more than 520 points.
Bitcoin fell 177 points to record 25,942 against the US dollar.
– The US dollar index is moving around 103.97 against a basket of major currencies.
We are waiting during the following hours of the day:
– Statement by Joachim Nagel, President of the German Federal Bank.
Among the most important events of the week:
– The US consumer confidence index for the current month, on Tuesday.
– The preliminary reading of the US GDP for the second quarter of the year on Wednesday.
– US core personal consumption expenditures rate month over month for July on Thursday.
– US jobs report for August on Friday.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index declined at the start of the week’s trading, continuing to trade below the resistance level around 104.20, which it closed below at the end of last week’s trading.
Technically, the index is trading below the 20-day moving average on short-term intervals, so it is likely to continue to decline on the index during the day, targeting the support levels around 103.75 points, from which we expect a rebound once again.
Gold – 1 Hour Timeframe
The yellow metal rebounded to the highest level of $1914.25, after falling last Friday during Powell’s comments from the US Federal Reserve, as it reached a low of 1903.80.
Technically, gold is trading below the 38% Fibonacci correction area, after the rebound from the $1923 resistance, as this price is the main resistance that we await to be breached to resume the rise towards $1935.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial index traded in a weak performance over the medium-term intervals, forming a price gap with the start of the week’s trading by completing the upward climb.
Technically, the corrective rise is likely to stop around 34,500 levels, which corresponds to the weighted average for 50 days, then reversing downwards around it again, targeting 33,700 levels. ,
US Crude Oil – 1 H Timeframe
Oil is moving in a sideways direction, above the $80.00 resistance, after bouncing from a low of $78.14. Oil witnessed a decline during the past two weeks, as it reached $77.84.
Technically, oil is trading below the 38% Fibonacci correction area, and above the 200-hour moving average. We expect the 80.60 resistance to be tested, and if it is breached, the rise will continue towards the next resistance 81.30, then 81.50 USD.
Bitcoin – 1H Timeframe
The digital currency Bitcoin witnessed a slight decline this morning, reaching the bottom of 25850, while continuing to move in a sideways direction, to hold below the $26,000 resistance.
Technically, the digital currency is moving below the 100 and 200 hourly moving averages, to continue the selling pressure with some slow corrections to the upside. We expect there to be a correction towards 26815 before returning to the decline again.
EUR/USD– 4 Hours Timeframe
The (Euro / Dollar) pair rose at the start of this week’s trading, rebounding from the support levels around 1.0788, approaching the 20-day moving average this morning.
Technically, we expect more bullishness on the pair, targeting the resistance levels around 1.0841, around which it is likely to bounce down again, targeting the support levels around 1.0715, especially after breaking 1.0788 levels.
GBP/USD – 4 Hour Timeframe
The GBP/USD pair is trading above 1.2600, gaining some bullish momentum amid the weakness of the US dollar and the UK holiday.
Technically, the pair is trading below the 61.8 Fibonacci area, after buyers failed to stay above the 1.2654 resistance last week. We expect this resistance to be tested again today, waiting for its breach to continue the upward trend towards $1.2700.
USD/JPY– 4 Hours Timeframe
The (USD/JPY) pair hovered around the 146.50 resistance levels, Holding above the 20- and 50-day moving averages, which are mixed in their direction.
According to the technical outlook, we expect more Bullishness on the pair during today’s trading, targeting the resistance levels around 147.80, especially in case of breaching the levels around 146.50.
