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 exactly 8:00 am, the PMI for the services sector in the eurozone, for the month of June, will be released
. Half an hour later, the same indicator is issued in Britain
. At 9:00 a.m. Eurozone producer price index on a monthly basis for May
. At 2 pm US Factory Orders on a monthly basis for May
. At six in the evening, the minutes of the Federal Open Market Committee meeting in the United States are issued –
Top News in Global Markets:
Yesterday’s main events:
– German trade balance for the month of May was lower than expected.
– In Canada, from S&P Global, the Manufacturing PMI for June was released, and it was slightly lower than the previous reading.
Among the most important events of the morning:
– From the Australian Bureau of Statistics, retail sales came in similar to expectations on a monthly basis for the month of May.
– In China, the Standard & Poor’s Global Service PMI was released, and the result was less than expected for the month of June.
Indices declined in the Asian session, as the Japanese Nikkei index fell by 157 points, and the Hang Seng index in Hong Kong fell by 268 points.
We are waiting during the hours of the day:
From Standard & Poor’s Global:
The final reading of the services sector PMI in Germany for the month of June, we also await the result of the same index in the Eurozone and Britain.
– In the euro area as well, and from the European statistical center Eurostat, today, the Producer Price Index is issued on a monthly basis for the month of May.
– Today, the OPEC summit is held to determine the oil-exporting countries and their allies, the policy and quantity of oil production.
– The US Federal Reserve issues the minutes of the last meeting of monetary policy leaders.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rebounded with the first hours of today’s trading, settling in trading at the highest support level around 102.60 points, and moving above the moving averages for a period of 20,50 days.
Technically, we expect more Bullishness on the index during today’s trading to visit the resistance levels around 102.90 points, which we monitor the price Action around, as in case of a breach, we target the next resistance levels around 103.050, while in negative price Action, we expect the index to target 102.60 again
Gold – 1 Hours Timeframe
The yellow metal is trading today, within the range that we referred to yesterday, between 1920 and 1931 US dollars, awaiting the minutes of the Federal Committee meeting for the month of June.
Technically, gold is still below the 1931 resistance near the 200-hour moving average. We expect gold to move in downward towards the support of $1915.38, waiting to break it to confirm the decline again.
US Dow Jones – 1 Hour Timeframe
The weak performance still dominates the movement of the Dow Jones industrial index, holding just below the resistance levels around 34450 as we mentioned yesterday, and trading below the moving averages for a period of 20 and 50 days.
Technically, we expect the index to continue to decline during today’s trading, targeting support levels around 34,300 points.
US Crude Oil – 1 Hour Timeframe
Oil prices continued to the upside near $71.00, with recession fears persisting and Saudi Arabia cutting production alongside negative Chinese data this morning.
Technically, oil is trading above the 100-hour moving average and the Fibonacci 61.8% area. We expect more bullishness towards the 71.66 resistance, with some corrections down to $70.20.
Bitcoin – 1H Timeframe
Bitcoin has been moving sideways since the end of trading sessions on Tuesday, after rebounding from the $31,390 resistance.
Technically, the digital currency is trading near the 100-hour moving average, with the price continuing below the 30873 resistance, we expect the correction to continue downward, targeting the $30,400 support.
EUR/USD – 1 Hour Timeframe
The (EUR/USD) pair continued to move sideways over the short-term intervals, gaining more pressure to move in the early hours of today’s trading near the minimum levels of that sideways movement around 1.0850, the strongest historically on the pair.
Technically, we expect further decline on the pair during today’s trading on the pair, targeting support levels around 1.0775, especially in the event of breaking the support levels around 1.0850,
GBP/USD – 1 Hour Timeframe
The British pound declined against the dollar, in continuation of the selling pressures with the strength of the US dollar and the rise in interest rate expectations. Today, attention is directed to the minutes of the Federal Committee meeting.
Technically, the pair is trading near the 200-hour moving average and the 38% Fibonacci area, which we expect, if broken, the drop will continue towards 1.2680, then 1.2660.
