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 9:00 am, the retail sales in the Eurozone on a monthly basis for the month of May are released.
– At eleven thirty, the Challenger index in the United States decreased jobs on an annual basis.
– At 12:15 noon, ADP Non-Farm Employment Change for the month of June
At half past twelve:
The rate of unemployment claims in the United States.
US Trade Balance for the month of May.
Canadian Trade Balance for May.
– In the second quarter, the US Purchasing Managers’ Index for the services sector for June.
Finally, at 2:00 PM, the US PMI in the non-manufacturing sector is released by the Institute for Supply Management for June.
– at the Same Time with JOLTS Job Openings for the month of May
Top News in Global Markets:
Yesterday’s main events:
From Standard & Poor’s Global released for the month of June:
– The final PMI reading for the services sector in Germany was similar to expectations.
– In the eurozone, the reading of the same indicator was lower than expected.
– In Britain, the index reading was similar to expectations.
– From the European statistical center Eurostat, the producer price index was lower than expected and higher than previously on a monthly basis for the month of May.
. New York indices declined, with the Dow Jones closing down 129 points
And in the morning:
– From the Australian Statistical Centre, the trade balance was higher than expected for the month of May.
– The Asian market indices declined, as the Australian ASX 200 index fell by 88 points, the Japanese Nikkei index fell by 585 points, and the Hang Seng index in Hong Kong fell by 570 points.
We are waiting during the hours of the day:
– UK Construction PMI for June.
– Eurozone retail sales on a monthly basis for the month of May.
– Change in non-agricultural payrolls for the month of June from the Corporation
ADP.
Canadian Trade Balance for the month of May.
Unemployment claims for the previous week in the United States.
US Trade Balance in May.
– The final reading of the purchasing managers’ index for the services sector in the United States for the month of June, and reading the same indicator from the Institute for Supply Management as well.
Employment survey in the United States for the month of May.
– US Crude Inventories report for the previous week.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index continued to rise yesterday, Tuesday, to reach the resistance levels around 103.050 that we mentioned yesterday, retreating around it in the early hours of this morning.
Technically, the index is still trading above the moving averages for the period of 20 and 50 days, so the index is likely to decline to retest the support levels around 102.90 points, before resuming the rush and forming a new top around the levels of 103.40 points.
Gold – 1 Hours Timeframe
The yellow metal witnessed a decline to $1914.80 levels, with US Treasury yields rising to their highest levels in several months, after expectations of the Fed continuing to tighten.
Technically, gold is trading below the $1921 resistance, after breaking the 38% Fibonacci support area. We expect the decline to continue if it continues below the current resistance and broke the 1914 support, to then target $1892 again
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index continued its decline since yesterday strongly after more disturbing data was issued about the health of the manufacturing sector: as the industry continues to slide deeper into the contraction zone, which led to breaking the support levels around 34300 that we referred to yesterday, now trading around the following support levels 34,160 points.
Technically, we expect the index to continue to decline during today’s trading, targeting support levels around 34,000 points.
US Crude Oil – 1 Hour Timeframe
Oil prices rose for the third day in a row, reaching $72.00, after rebounding from $70.25 yesterday.
Technically, oil is trading above the 100-hour moving average, after basing on the support of $72.25. Oil continues inside the bullish channel, and we expect the rise to continue towards 72.50, on the condition of returning above the $72.00 resistance.
Bitcoin – 1H Timeframe
The digital currency Bitcoin declined yesterday to levels of $30,179, as we mentioned, before bouncing upwards in the early hours of this morning, to held near $30,600.
Technically, the digital currency is trading above the 200-hour moving average and the 38% Fibonacci area, which is today’s resistance. We expect prices to decline if it continues below 30750, and we target the current support 30179 again.
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 case the support levels around 1.0850 are broken.
GBP/USD – 1 Hour Timeframe
The pound sterling against the dollar regained the upward movement above 1.2700 in the European period, despite expectations that the Federal Reserve will continue to raise interest rates.
Technically, the pair is trading between the areas of 50 and 38% of Fibonacci retracement, and we expect the pair to decline to 1.2700 once again, and if it is broken, the decline will continue towards 1.2670.
