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:
– 8:30 am UK, Construction PMI (July).
– 9 am Eurozone Retail Sales (MoM) (Jun)
– 9 am Eurozone Producer Price Index (MoM) (Jun).”
– At 12:30 pm from the United States of America, then the Non-Farm Payrolls report (July), and finally the Unemployment Rate (July), Average Hourly Earnings (Monthly) (July).
At the same time in Canada, the rate of change in employment (July) and then the unemployment rate (July).
Top News in Global Markets:
Highlights of yesterday’s events:
– The Swiss manufacturing PMI was lower than expected for July.
– US oil inventories came in lower than expected, which means increased demand for the past week.
And in the morning:
– Australia’s trade balance was higher than expected for the month of June, which means that exports were higher than imports.
The Purchasing Managers’ Index for the services sector in China increased for the month of July.
Expected during the day:
German Trade Balance for June.
Swiss Consumer Price Index for July on a monthly basis.
– The final reading of the PMI for the services sector in Germany, for the month of July.
– Then the same indicator is issued in the Eurozone and the United Kingdom for the month of July.
– Producer price index in Europe on a monthly basis for the month of June.
OPEC meeting.
British interest rate decision.
– US jobless claims for the previous week.
– Purchasing Managers’ Index for the US services sector from the Institute for Supply Management for July.
US natural gas inventories from the Energy Information Administration
Today’s hours are expected:
– Purchasing Managers’ Index for the British construction sector for the month of July.
Eurozone retail sales on a monthly basis for the month of June.
Canadian Unemployment Rate and Employment Change for July.
– The US jobs report for July, which includes the unemployment rate, average hourly earnings on a monthly basis, and the change in non-farm payrolls
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index continued the rally on Wednesday, breaching today the resistance levels around 102.35 points that we mentioned yesterday, supported by the positive non-farm employment data.
Technically, the moving averages are still positively intersecting and the price is trading above it, so the index is likely to bounce down around the resistance levels around 102.95 points.
Gold – 4 Hours Timeframe
The yellow metal continues under selling pressure below the 1940 resistance ahead of the US Nonfarm Payrolls report.
Technically, gold is trading around the Tenkan Sen trend line between the 50 and 61.8% Fibonacci retracement areas around the price of 1933 and 1935 dollars. We expect the downside trend to continue and test the support of 1923.85 USD.
US Dow Jones – 4 Hours Timeframe
After a slide that lasted for 3 consecutive days on the Dow Jones industrial index, the index rose slightly during the first hours of trading today in an attempt to correct the prevailing decline over the medium intervals.
Technically, the upward correction movement is likely to stop around 35395 levels, which corresponds to the price touching around the 20-day moving average, then the index is expected to decline again during the day to target support levels around 34850 points.
US Crude Oil – 1 H Timeframe
Oil rebounded from a weekly low of $74.70 to settle at $81.60 after Saudi Arabia and Russia extended a voluntary cut in oil production.
Technically, oil is trading around the Tenkan Sen trend line and above the 100 hourly moving average. We expect, in the event of a breach of 81.85 resistance, that the rise will continue towards the rising trend line resistance of 82.75 USD.
EUR/USD – 4 Hours Timeframe
The (Euro / Dollar) pair rose at the end of trading yesterday, Thursday, to correct, targeting the 20-day moving average, so that the average succeeded today in resisting the price and stopping further increases.
Technically, we expect the pair to continue to decline during today’s trading, targeting support levels around $1.0888.
GBP/JPY – 4 Hours Timeframe
The (GBP / JPY) pair rebounded at the beginning of today’s trading, Friday, after the support levels around 180.55, whose shadows we showed us yesterday, succeeded in stopping further slippage on the pair.
According to the technical outlook, we expect the pair to continue rising during today’s trading, targeting 182.15, and in case of a breach, we will target the next level around 183.27.
