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 12:00 noon, the German consumer price index is on a monthly basis for the month of August.
A quarter of an hour later, in the United States, the rate of change in private sector non-farm payrolls for August, issued by the
ADP
– At half past twelve, the US GDP for the second quarter of the year, and the GDP price index for the same period.
– At 2 p.m. the US pending home sales index on a monthly basis for July.
– At half past two, US crude inventories for the previous week.
Top News in Global Markets:
Yesterday’s main events:
– The GFK Institute’s German consumer climate index came in below expectations for the month of August.
– The US Consumer Confidence Index for the current month came in below expectations.
– The US JOLTS Job Openings declined for the month of July.
– The indices of the American session rose to continue their gains, the Dow Jones Industrial Index rose 292 points, and the Nasdaq Technology Index rose 238 points.
in the morning:
– The Australian consumer price index declined on an annual basis for the month of July.
– From the Japanese Cabinet Office, the Consumer Confidence Index for August was released, and the result came in below expectations.
– The Asian session indices rose, with the Japanese Nikkei index advancing 235 points.
– The yen advanced from its lowest level in 10 months against the dollar, and the dollar-yen pair currently records a price of 146.23 yen.
– Bitcoin retreated today, after its clear rise yesterday, and is currently recording a price of $27,493.
Today’s hours are expected:
– Preliminary reading of the German Consumer Price Index on a monthly basis for the month of August.
– The rate of change in US non-farm payrolls for the month of August, released by the IFC ADP
– Preliminary reading of US GDP for the second quarter of the year.
US Crude Inventories for the previous week.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The dollar index settled below 103.75 levels on Wednesday, after yesterday’s slide, affected by less-than-expected US economic data that boosted bets that the US Federal Reserve will likely end interest rate increases.
Technically, the index is likely to decline again during today’s trading, after retesting the resistance levels around 103.75, targeting 103.10 points, as a decline.
Gold – 1 Hour Timeframe
The yellow metal rose yesterday, to the level of 1938.15, after the weak JOLTS Job Openings data, and today’s private sector jobs data may push gold to rise further.
Technically, the buyers succeeded in breaching the $1923 resistance around the 38% Fibonacci area that we referred to yesterday, after the rebound from the 1914 level and the continuation of gold above the 100-hour moving average, we expect gold to continue rising to the $1946 resistance.
US Dow Jones – 4 Hours Timeframe
The Dow Jones industrial index rushed to the upside yesterday, bouncing from the support levels of around 34,000 that we mentioned, to break through the resistance levels of around 34,800 points.
Technically, the moving averages showed positive signs with the index breaching the resistance levels, so it is likely that the rise on the index will continue during today’s trading, targeting the resistance levels around 35170 points.
US Crude Oil – 1 H Timeframe
Oil continued to rise for the fifth day in a row, reaching 81.79 as we expected yesterday, and the weak US jobs data may push prices to continue rising.
Technically, oil is trading near the 61.8% Fibonacci retracement area and above the Tenkan Sen reversal line, with a buying cloud forming on the Ichimoku indicator, so we expect the rise to continue towards the $82.56 resistance.
Bitcoin – 4H Timeframe
Yesterday, the digital currency Bitcoin rose by nearly 290 points, reaching its highest level in two weeks, and settling around the price of $27,400.
Technically, the digital currency is trading above the 50% Fibonacci retracement area and above the 200-day moving average, after rebounding from the 28138 resistance to return to the 27400 level. We expect that there will be a corrective movement around $27,000 before it returns to resume the rise again to the 28000 resistance. rise back to the $26,250 level.
EUR/USD– 4 Hours Timeframe
The ( Euro / USD ) pair advanced since yesterday’s trading, breaching the resistance levels around 1.0840, and settling in its trading above the 20- and 50-day moving averages.
Technically, the pair is likely to continue rallying during today’s trading, targeting the next resistance level around 1.0951.
GBP/USD – 1 H Timeframe
The (GBP/USD) pair rose to 1.2654 after yesterday’s weak JOLTS Job Openings data, before bouncing around 1.2610 this morning.
Technically, the pair returns to the bottom of the 38% Fibonacci correction area, after failing to maintain the price above the 1.2650 resistance, so we expect the price to rebound to the 1.2600 level, before returning to rise again towards the $1.2675 resistance.
USD/JPY– 4 Hours Timeframe
The (USD/JPY) pair retreated near the resistance levels around 147.80, breaking the support levels around 146.50, rebounding to the upside in the early hours of today’s trading in an attempt to retest those levels.
According to the technical outlook, it is likely that the pair’s upside move will end around the resistance levels of 146.50 yen, then decline once again, targeting 145.00 yen.
