Yesterday:
– Standard & Poor’s Global released its Services PMI for the Eurozone, and the results came in lower than expected for the month of April.
– The same indicator was also issued in Britain, and the results were higher than expected for the month of April.
– And from the European statistical center Eurostat released the producer price index for the month of March, and the results were less than expected.
– The European Central Bank raised interest rates to be 3.75%.
– In Canada, the results showed a clear rise in the trade balance index for the month of March, which is good for the economy, as exports exceeded imports.
– In the United States, the Ministry of Labor announced its weekly report on applications for unemployment benefits. Applications increased in the past week, which means an increase in the number of unemployed.
– The US trade balance index fell in March from expectations, which indicates a deficit in the trade balance or a decline in exports over imports.
In the morning:
– In China, the Standard & Poor’s Global report measuring the purchasing managers’ index for the services sector showed a clear decline in the month of April.
Among the most important events expected today:
– Swiss consumer price index for the month of April.
– Retail sales in the eurozone for the month of March.
– The change in employment and the unemployment rate in Canada for the month of April.
Finally, the US labor data, which is the change in non-agricultural jobs, the unemployment rate, and the average hourly wages for the month of April.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose yesterday, Thursday, in a corrective movement over short-term intervals, ending this movement around the resistance levels of 101.65, and bouncing down from it, to approach back the support levels around 101.080.
Technically, we expect further decline in the US dollar index during today’s trading, especially if prices break below the support levels around 101.080, targeting the next support levels around 100.85.
Gold – 1 Hour Timeframe
The yellow metal continues to move sideways around $2050 levels, awaiting US jobs data today, Friday.
Technically, the sellers failed to break the $2030.15 support, for the price to rebound again above the 61.8% , so we believe that if the resistance is broken, the target will be 2060.00, then the highest peak for this week around $2079.48. .
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index rose in a corrective move today within the prevailing bearish trend over the short-term, in an attempt to retest the resistance levels around 33260 points.
Technically, we expect the correction to end around the resistance levels of 33,260 points, and then the index will decline once again, targeting the support levels around 32,750 points.
US Crude Oil – 1 Hour Timeframe
US oil recorded some minor gains this morning, breaking above the $69.00 mark, after rebounding from its lowest level since December 2021.
Technically, oil continues above the 38% Fibonacci retracement area, with a breach of $69.00 levels, to trade now around $69.40, so we see a continuation of the bullish trend, targeting prices of 70.35 then $71.50, provided it stays above $68.70.
Bitcoin – 1 Hour Timeframe
The digital currency, Bitcoin, recorded a slight decline this morning, after the rise it witnessed for this week, with the continuation of the banking crisis, and awaiting the US jobs data today.
Technically, Bitcoin prices continue to move above the $28,870 support, but prices failed to breach the $29,500 resistance, so we see that the current resistance must be breached to stay on the upside, and target the main $30,000 resistance again.
EUR/USD – 1 Hour Timeframe
The EUR/USD pair is still trading in high volatility on all time intervals, bouncing to the top since yesterday from the support levels around 1.1015.
Technically, we expect more bullishness on the pair during today’s trading, targeting the next resistance levels around 1.1108, then in the event of a break and close above it, we target 1.1155.
GBP/USD – 4 Hours Timeframe
The pound sterling pound rose against the US dollar (GBP/USD) for the third day in a row, to record a new peak, the highest for this year, awaiting the US jobs report today.
Technically, we see a continuation of the bullish momentum, especially after breaching the 1.2600 resistance and remaining above the EMA 100, so that the next target will be the 1.2665 resistance.
GBP/JPY – 1 Hour Timeframe
The (Pound/Yen) pair continued the rise that it started at the end of yesterday, bouncing from the support levels around 168.050, in a corrective move over the short-term.
Technically, we expect more bullishness on the pair and targeting the resistance levels around 170.095, around which we expect the bullish correction to end, especially in the case of a bearish price action.
