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 6:00 am the German Consumer Climate Index for September.
– In the tenth economic forecast of the European Union.
– And at 2:00 pm, the US Consumer Confidence Index for August, along with the US Employment Opportunities for July.
Top News in Global Markets:
yesterday’s events:
– The American session indices rose, as the Dow Jones Industrial Index closed up 213 points, and the Nasdaq Technology Index also rose 114 points.
And in the morning:
– The Japanese unemployment rate rose for the month of July, which is not good for the economy.
-The Asian session indices advanced, with the Japanese Nikkei index up 120 points, and the Chinese Shanghai index up 43 points.
– The dollar is trading at the highest level against the Japanese yen since last November, and the dollar-yen pair recorded a price of 146.55 yen.
Among the expected events during the day:
US Consumer Confidence Index for the current month.
– The job turnover rate in the United States for the month of July.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The dollar index showed to be rising within the first hours of trading today, but it is still trading below levels of 103.90 points, bouncing back up from the support levels of around 103.75 that we mentioned yesterday.
Technically, the 20- and 50-day moving averages show negative signs on the index, so the index is likely to continue to decline during today’s trading, after touching 103.90 points and closing the gap around it.
Gold – 1 Hour Timeframe
The yellow metal is gaining after the bullish momentum today, and reaches 1925, with the continuous decline in US bond yields
Technically, gold is trading above the 38% Fibonacci retracement area and reaching the $1925 resistance. We expect the continuation of the rise towards the 1935 level, provided it continues above the $1919 support.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial index is still hovering around 34,500 points, as the 50-day moving average failed to stop the price’s upward push, to trade above today.
Technically, it is likely to continue rising on the index, targeting resistance levels around 34806, then retreating again, targeting levels around 34,500, and 34,000 points.
US Crude Oil – 1 H Timeframe
Oil consolidates above $80 as the US dollar continues to weaken, but expectations of lower global demand continue to pressure prices.
Technically, oil is trading in a sideways direction below the 38% Fibonacci correction area and near the 200-hour moving average. We expect that if it breaches the 80.66 resistance, oil will witness a rise towards 81.80, provided that it does not retreat below the $79.74 support.
Bitcoin – 15m Timeframe
The Bitcoin digital currency has been moving since yesterday in a narrow range that does not exceed 30 points, in a continuous cross movement since last week, in light of the decline in the market value of cryptocurrencies.
Technically, the digital currency is moving around the 50% Fibonacci retracement area, after bouncing below the 38% area, with consolidation above the $26,000 level. We expect the digital currency to rise back to the $26,250 level.
EUR/USD– 4 Hours Timeframe
The (EUR/USD) pair declined slightly in the early hours of this morning, as the 50-day moving average succeeded in stopping the price’s upward push.
Technically, we expect the pair to decline during today’s trading, targeting support levels around 1.0788, then Bullish again in sideway trading around these levels.
GBP/USD – 1 H Timeframe
The (GBP/USD) pair is still holding above 1.2600, with the continued decline in US bond yields and ignoring expectations of a Fed rate increase.
Technically, the pair is trading at the 100-hour moving average at 1.2625, and we expect that if this resistance is breached, the rise will continue towards 1.2654, then 1.2677 USD.
USD/JPY– 4 Hours Timeframe
The resistance levels around 146.50 succeeded in stopping the (USD/JPY) pair’s upward push, today approaching the 20-day moving average.
According to the technical outlook, we expect more decline in the pair during trading today, targeting the support levels around 145 yen.
