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 you in GMT:
– At six in the morning, the German trade balance for July.
– At seventh, the Swiss GDP for the second quarter of the year.
– At 1:30 p.m., a speech by Christine Lagarde, Governor of the European Central Bank.
Top News in Global Markets:
The most important events of last week:
The Swiss Consumer Price Index came in line with expectations for August on a monthly basis.
– Manufacturing PMI for August: In Switzerland it came in below expectations.
In Germany, it was similar to expected.
In the euro zone, it came in below expectations.
In Britain it was higher than expected. In Canada, it was lower than the previous reading.
In the United States it was higher than expected.
– Canada’s GDP was similar to expectations on a monthly basis for June.
-The US jobs report for August was released. Average hourly wages were lower than expectations on a monthly basis, while the change in jobs outside the agricultural sector was higher than expected, and the unemployment rate rose, which is not good for the economy.
– The US Purchasing Managers’ Index issued by the Institute for Supply Management was higher than expected for August.
And this morning:-
-Asian session indices advanced, with the Nikkei index rising 156 points.
-Bitcoin is moving around the $26,000 level.
We wait during the day:
– German trade balance for July.
– Swiss GDP for the second quarter of the year.
– European Investor Confidence Index from Sentix for the current month.
– Speech by Christine Lagarde, Governor of the European Central Bank.
– The US Purchasing Managers’ Index issued by the Institute for Supply Management was higher than expected for August.
And this morning:-
-Asian session indices advanced, with the Nikkei index rising 156 points.
-Bitcoin is moving around the $26,000 level.
We wait during the day:
– German trade balance for July.
– Swiss GDP for the second quarter of the year.
– European Investor Confidence Index from Sentix for the current month.
– Speech by Christine Lagarde, Governor of the European Central Bank.
The most important events of the week:
– Interest rate decision from the Reserve Bank of Australia tomorrow.
– Canadian interest rate decision on Wednesday.
Technical Analysis
Dollar Index – 1 Hour frame
The US dollar index continued to decline on Monday morning, near 104 points, after rebounding last week from a peak of 104.29, affected by the US Labor Day holiday.
Technically, the index is trading below the Tenkan Sen trend line and we expect the correction to continue downward until 103.90 levels at the 38% Fibonacci retracement area.
Gold – 1 Hour Timeframe
The yellow metal continued the upward trend around the $1945 level after rebounding last Friday from the low of 1934.76 after the release of the non-farm payrolls report in the United States.
Technically, gold is trading above the 100-hour moving average after forming support around $1934, and we expect the rise to continue towards the $1959 and $1960 levels.
US Dow Jones – 15 MIN Timeframe
The Dow Jones Industrial Average began this week to rise to the level of 34870, after rebounding from a low of 34717 last week, influenced by US employment data.
Technically, the index is trading above the 200 moving average and the 38% Fibonacci retracement area, but it is still below the downward trend line. We expect that in the event of a decline below 34800, the index will return to decline again and target the 34600 level.
US Crude Oil – DAILY Timeframe
Low crude oil inventories and expectations of oil production cuts by Saudi Arabia and OPEC+ have boosted oil prices near a year-to-date high of $86.22.
Technically, oil is trading near the 38% Fibonacci retracement area, as prices fell below $86 this morning, and we expect oil to rise again towards resistance at 86.22 and then $86.90.
GBP/USD – 1 Hour Timeframe
The (GBP/USD) pair is trading in an upward trend above $1.2600 after rebounding from the low of 1.2577 amid weak demand for the US dollar and uncertainty about the path of raising interest rates.
Technically, the pair is trading near the 200-hour moving average, and we expect the correction to continue upward until the 38% Fibonacci retracement area at 1.2640 and 1.2645 US dollars.
USD/JPY – 1 Hour Timeframe
The pair (USD/JPY) is moving in a sideways direction above 146.00 with the Labor Day holiday in the United States of America and weak Asian data this morning.
Technically, the pair is trading around the 38% Fibonacci retracement area, and we expect that if it declines below 146.00, the decline will continue towards the 145.55 yen level.
