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’s events in GMT:
-At 6:00 a.m. German trade balance for May.
At 12:00 noon, a price index will be issued in New Zealand
Global dairy trade
. At 1:30 pm the RBC Manufacturing Purchasing Managers’ Index for June is released –
Top News in Global Markets:
Yesterday’s main events:
The Swiss Consumer Price Index was lower than expected on a monthly basis for the month of June, while the Manufacturing PMI was higher than expected for the same month.
In Germany, the final manufacturing PMI was lower than expected for June.
– Also from Standard & Poor’s Global:
The final Eurozone manufacturing PMI was lower than expected.
The same indicator in Britain was higher than expected.
In the United States, the result of this indicator was similar to expectations.
– From the Institute for Supply Management, the US Manufacturing PMI was lower than expected for June.
And in the morning:
– The Reserve Bank of Australia fixed the interest rate at 4.10%.
– The movements of the Asian indices varied, and the Japanese Nikkei index fell by 349 points.
Today’s hours are expected:
German Trade Balance for May.
– Canada’s Manufacturing PMI for June.
The most important upcoming events tomorrow:
– The meeting of the Organization of Petroleum Exporting Countries (OPEC) is held.
– Releases the Fed’s minutes of the previous meeting.
Technical Analysis
Dollar Index – 1 Hour Timeframe
Since yesterday, Monday, the US dollar index has been moving in a narrow range, trading today in a slow rise due to the US Independence Day holiday, to settle in trading at the highest levels of support around 102.60 points.
Technically, the price is trading around the 50-day moving average, with the highest resistance at 102.60 points. It is likely to continue rising during today’s trading, targeting the next resistance level around 102.90 points.
Gold – 1 Hours Timeframe
The yellow metal trades today, in a sideways direction, above $1920 levels, and the weak movement is likely to continue, as the US markets are closed in celebration of Independence Day.
Technically, the buyers succeeded in breaching the $1920 resistance and the 38% Fibonacci area, the prices reached the next target around the 50% area at $1931.07. We expect the price to continue moving between the $1920 and $1931 support.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index is trading in a weak performance today, to held just below the resistance levels around 334,450 points that we mentioned yesterday, but it is still trading above the 50-day moving average.
Technically, we expect the index’s weak performance to continue during today’s trading due to the US Independence Day holiday, and in case the move continues to decline and the index falls below the 50-day moving average, we target the following support levels around 34,300 points again.
US Crude Oil – 1 Hour Timeframe
Oil prices rose yesterday to levels of $71.66 a barrel, as the markets indicate the continuation of the bullish trend with Saudi Arabia discussing the continuation of production cuts.
Technically, oil is trading above the 100 and 200-hour moving averages, after returning below the 61.8% Fibonacci area, to stabilize prices above $70.00. We expect oil to return to the upside and test yesterday’s resistance 71.66, in case it returns above the price of $70.46.
Bitcoin – 1H Timeframe
The rise of the Bitcoin digital currency continued yesterday, to levels of $31,390, before it declined again to 30,873, to hold above $31,000 today, Tuesday.
Technically, the digital currency is trading above the 31,000 support, and we expect if it is broken and continues below, the downward trend will continue in a corrective movement to the 100-hour moving average around the price of 30,645 USD.
