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 6:15 pm Switzerland’s seasonally adjusted unemployment rate for May.
– And at 6 am the German industrial production index on a monthly basis for the month of April.
– At 12:30 in the afternoon we follow the US trade balance for the month of April.
In the second, the interest rate decision is issued by the Canadian Central Bank.
– At half past two, the weekly report of US oil inventories is released.
Top News in Global Markets:
Yesterday’s main events:
– From the European statistical center Eurostat, retail sales were released on a monthly basis for the month of April, which was lower than expected but higher than the previous reading.
And in the morning:
– From the Australian Statistical Center released the gross domestic product for the first quarter of the year, and the ratio was lower than expected.
– China’s Trade Balance came in lower than expected in May, which means that exports fell short of imports.
– Asian indices were mixed, as the Japanese Nikkei index fell by 361 points, and the Hang Seng index in Hong Kong advanced by more than 220 points.
During the day it is expected:
The Swiss unemployment rate for the month of May.
– German Industrial Production Index on a monthly basis for the month of April.
Canadian Trade Balance in April.
US Trade Balance in April.
The Bank of Canada’s interest rate decision.
– From the Energy Information Agency weekly report of US oil inventories.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar continued to move sideways over the short-term intervals, rising today near the support levels around 103.85 points, and trading above the 20- and 50-day averages.
Technically, we expect the index to continue to move sideways and target resistance levels around 104.25 points, which we monitor the price Action around as it forms negative price Action. We suggest the pair will return to decline and target 103.85 points.
Gold – 1 Hours Timeframe
The bulls continued to dominate the yellow metal with a slow US dollar and mixed Chinese data.
Technically, gold is still trading sideways after the rebound from the $1954 support and above the 100-hour moving average. We expect the slow move to continue in the upward direction towards the 38% Fibonacci area around the $1974.57 price.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial index is still trading below the resistance levels of 33600, but in a slow Sideways movement, over the short-term intervals.
Technically, we expect that if the index continues to trade below the resistance levels of 33600, we will see more Bearishness on the index during today’s trading, targeting 33250 points.
US Crude Oil – 1 Hour Timeframe
Oil prices fell to levels of 70.00 before bouncing back up around the price of 72.30 US dollars, with a slight decline in the early hours of this morning amid fears of a global recession.
Technically, oil prices have returned below the 38% Fibonacci area once again to trade around the 100 and 200 hourly price averages. We expect more Bearishness to 70.69 levels, and if broken, we target $70.00.
Bitcoin – 1 Hour Timeframe
The digital currency continued to decline yesterday to the support level that we mentioned at $25,320, before bouncing back to the top of $27,000.
Technically, the price of the digital currency rebounded from $27,350 resistance around the 61.8% Fibonacci area in the early hours of this morning, for prices to stabilize between the 100 and 200 hourly averages. 27,000 levels.
EUR/USD – 1 Hours Timeframe
The (Euro / Dollar) pair declined, continuing its random movement over the short-term intervals, with the support of the US dollar’s movements, after the purchasing power failed to push more to 1.0730 levels.
Technically, the pair targets support levels around 1.0675 during today’s trading, and in the event of a break and stability below it, we target support levels around 1.0636.
GBP/USD – 1 Hours Timeframe
The GBP sterling against the USD is still moving sideways in the upper side, above the 1.2400 level, amid concerns about the problems of the British economy, and awaiting data from members of the Federal Reserve and the Bank of England.
Technically, buyers are struggling to stay above 1.2400 and the 200-hour average. After yesterday’s rebound from 1.2391 support, we expect the sideway move to continue with a slow rise towards the levels we previously identified 1.2454, and last week’s top 1.2540.
GBP/JPY – 1 Hour Timeframe
The (GBP/ JPY) pair continued to decline, as we mentioned yesterday, continuing its targeting of successive support levels, and breaking the support levels around 173.30 yen, to trade below it today.
Technically, our bearish outlook remains valid for the pair, as the pair targets during today’s trading the support levels around 172.50 yen, around which we expect the pair to rise again to 173.30 levels.
