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
At 6:15 am the seasonally adjusted Swiss unemployment rate for June.
– At 7:30 Bank of England Governor Andrew Bailey.
At half past twelve in the afternoon:
In the US for June: average hourly earnings on a monthly basis, Non-Farm Employment Change
, and the unemployment rate.
Also in Canada for the month of June: the unemployment rate, and the rate of change in employment.
– At a quarter to five in the evening Christine Lagarde, President of the European Central Bank.
Top News in Global Markets:
Yesterday’s main events:
From Standard & Poor’s Global for the month of June:
The UK Construction PMI was lower than expected.
The final PMI reading for the services sector in the US was almost in line with expectations.
– From the European statistical center Eurostat, retail sales fell short of expectations on a monthly basis for the month of May in the Eurozone.
– In the United States, the change in non-farm payrolls was higher than the forecast for June from the Corporation
ADP
– In Canada, the trade balance was less than expected and carried a negative sign for the month of May, which means that exports fell short of imports, which harms the economy.
– From the US Department of Labor, jobless claims were issued for the previous week, and the result was almost identical to expectations.
In the United States, several statements were issued:
The Trade Balance came in below expectations for the month of May.
The Institute for Supply Management’s Services PMI was higher than forecast for June.
The employment survey was lower than expected for the month of May.
From the Energy Information Administration, the weekly report on US crude inventories was released for the previous week, and the results were higher than expectations, which means lower demand for crude.
– New York indices declined, the Dow Jones Industrial index declined 366 points.
-Bitcoin recorded its highest level since June 2022, then retreated from this level, and is currently recording a price of $30,104.
Today’s upcoming events:
-Swiss Unemployment Rate for June.
– German Industrial Production Index on a monthly basis for the month of May.
The Canadian unemployment rate and the amount of job changes for the month of June.
– US jobs data for June, which contains average hourly earnings on a monthly basis, the change in non-farm payrolls, and the unemployment rate.
– Weekly report of natural gas inventories in the United States.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index adopted the sideways movement before the release of the US jobs report today, retreating below the resistance levels around 103.05, and 102.90 points, and settling below the 20- and 50-day moving averages.
Technically, we expect more Bearishness on the index during today’s trading, targeting support levels around 102.55 points.
Gold – 1 Hours Timeframe
Gold prices declined from 1927.69 levels, after the mixed US data yesterday, to 1902 dollars, before returning to rise again, to held just near 1915 dollars.
Technically, gold is trading below the 200-hour moving average, for the price to continue below the $1916 resistance. We expect a correction to occur until 1920 levels, before returning and falling again.
US Dow Jones – 1 Hour Timeframe
the Dow Jones industrial index continued it’s sliding over the short-term intervals, breaking the support levels around 34,000 that we mentioned yesterday, settling in the first hours of today’s trading below the 20-day moving average after trying to retest the resistance levels around 34,000.
Technically, we expect the index to continue to decline during today’s trading, targeting support levels around 35,500 points, whenever the index holds below the 20- and 50-day moving averages.
US Crude Oil – 1 Hour Timeframe
Oil prices declined yesterday, reaching support at 70.14, before returning to rise again near $72.25, awaiting the US employment data today,
Technically, oil is trading above the 100-hour moving average after rebounding from support of 70.14. We expect the rise to continue to 73.48 levels, in case the current resistance of 72.25 USD is breached.
Bitcoin – 1H Timeframe
The Bitcoin digital currency continued to fall for the fourth consecutive day, to fall to $29,681 levels, losing more than 180 points yesterday only.
Technically, the digital currency is trading below the $30,470 resistance and the 200-hour moving average, in a sign of continued selling pressures, so we expect the decline to continue until the $29,480 level.
EUR/USD – 1 Hour Timeframe
The (EUR/USD) pair continued to move sideways over the short-term intervals, rushing from the Support of that prevailing sideways movement around 1.08500 levels, supported by the US dollar’s decline since yesterday.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 1.0930.
GBP/USD – 1 Hour Timeframe
The pound pair declined against the dollar to 1.2673 levels, before returning to rise again near 1.2750, awaiting the US employment data today, which will be decisive for the direction of the pair.
Technically, the price of the pair rebounded from the 38% Fibonacci area, to hold above the 100-hour moving average. We expect the bullish trend to continue and retest 1.2780 levels.
