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 nine o’clock in the morning:
European CPI and core CPI (excluding food and energy), on an annual basis for August.
European unemployment rate for July.
– At twelve-thirty in the afternoon:
US core personal consumption expenditures price index, on a monthly and annual basis for July.
Rate of unemployment claims in the United States for the previous week.
Top News in Global Markets:
yesterday’s events:
– The initial reading of the German Consumer Price Index was similar to expectations, monthly for August.
– ADP released the change in US non-farm payrolls, and the result was lower than expected for August.
– The preliminary reading of the US gross domestic product was lower than expectations for the second quarter of the year.
– US oil inventories declined for the previous week, indicating increased demand.
– New York session indices closed higher, as the Dow Jones Industrial Index rose more than 37 points, and the Nasdaq technology index rose more than 75 points.
And in the morning:
In Japan, the preliminary reading of the industrial production index was released, and it was lower than expectations monthly for July, while retail sales were higher than expectations on an annual basis for the same month.
– In China, the manufacturing PMI came in above expectations for August, while the non-manufacturing PMI fell.
Indicators for the Asian session varied, as Japan’s Nikkei index advanced 349 points, and the Shanghai index declined 19 points.
Bitcoin currently records a price of $27,236.
– American crude oil records a price of $81.65 per barrel, while Brent crude oil records a price of $85.90.
Among the expected events today:
– German retail sales monthly for July.
– Swiss retail sales year-on-year for July.
– Change in German unemployment for July.
– European CPI and core CPI year-on-year for August.
– European unemployment rate for July.
– Core US PCE rate every month for July.
– Rate of applications for unemployment complaints and benefits for the previous week.
– From the Institute for Supply Management Chicago Purchasing Managers’ Index for August.
– US natural gas inventories for the previous week.
Technical Analysis
Dollar Index – 4 Hours frame
The US dollar index continued to slide since yesterday, but it appeared higher today, hovering around the levels of 103.05 points, while it is still trading below the moving averages for a period of 20 and 50 days.
Technically, the index is likely to rise during today’s trading to retest the levels around 103.50 points, then return to decline again, especially in the case of stability below the resistance levels of 103.05 points, thus targeting the support levels around 102.50 points.
Gold – 4 Hour Timeframe
The yellow metal is trading at the high levels it reached yesterday, around 1949.10, awaiting unemployment data and the price index for personal consumption expenditures.
Technically, gold continued to rise after breaching the 1935 resistance yesterday, which became a support area. We expect the rise to continue towards the 1958 and 1960 levels at the 38% Fibonacci retracement area.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial Average jumped yesterday, Wednesday, after breaching the resistance levels around 34,806 points, as we indicated yesterday, while the moving averages intersect positively.
Technically, the positive outlook still prevails on the index, as it is likely to continue rising during today’s trading, targeting resistance levels around 35,170 points.
US Crude Oil – 1 H Timeframe
Oil prices fell yesterday to the $81 support area before returning once again to $81.88 this morning, awaiting the data coming from the United States of America.
Technically, sellers failed to continue below the 50% Fibonacci retracement area, causing prices to rebound near the $82.00 level. We expect that if the 82.20 resistance is breached, oil will return to the uptrend towards 83.00 in the medium term.
Bitcoin – 1H 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 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 – 1 Hour 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.
