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 in GMT:
We follow up with you today, GMT:
At 6:00 a.m., the Swiss unemployment rate for July is only a quarter away.
– At sixth German industrial production index on a monthly basis for June.
– At 8:30, the investor confidence index in the eurozone will be released from Sentix for financial behavior for the month of August.
Top News in Global Markets:
Yesterday’s main events:
– From Sentix Financial Conduct, the European Investor Confidence Index came out higher than expected for the month of August, but the reading remains negative.
– The performance of US indices improved in the New York session, as the Dow Jones Industrial Average advanced by more than 400 points.
And in the morning:
– From Westpac Bank in Australia, consumer confidence was disappointing and lower than the previous reading, for the current month.
– In China, the trade balance came out higher than expected, indicating that exports were higher than imports, which is good for the economy for the month of July.
Today’s hours are expected:
– Final reading of the German Consumer Price Index on a monthly basis for the month of July.
Canadian Trade Balance for the month of June.
– US Trade Balance for the month of June.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index continued to rally, receiving support from the 50-period moving average, on Monday, for the second time in a row, and settled around the resistance levels of 102.15 points.
Technically, the index is likely to continue rising to the next resistance level around 102.60 points, especially in case the resistance levels around 102.15 are breached.
Gold – 4 Hours Timeframe
Buyers failed to breach the 1946.75 resistance once again yesterday, as the yellow metal rebounded yesterday to 1931.20, awaiting inflation data from China and the United States of America.
Technically, gold is trading below the 100-hour moving average and the Tenkan Sen reversal line. We expect gold to move up in a corrective movement towards 1938, before returning again to fall towards 1919 and 1920 USD.
US Dow Jones – 4 Hours Timeframe
The Dow Jones industrial index is still trading around the moving averages for a period of 20 and 50 days, as the resistance levels around 35,555 points succeed in stopping the price’s attempts to rush upwards.
Technically, the negative outlook still dominates the index, so it is likely that the index will continue to decline during today’s trading, targeting support levels around 35120, then 34855 points.
US Crude Oil – 1 H Timeframe
Oil prices declined towards the levels that we mentioned in yesterday’s report around $81.50, after the hawkish statements of the US Federal Reserve regarding interest and monetary policy.
Technically, oil is trading around the 100-hour moving average and below the Tenkan Sen reversal line, where 82.45 has turned into resistance instead of support. We expect oil to continue falling towards 81.00 USD.
Bitcoin – 1 Hour Timeframe
Bitcoin rebounded from a weekly low of $28,680 to settle back above $29,000.
Technically, the digital currency is trading above the 200-hour moving average, after rebounding from the 50% Fibonacci correction area. We expect the correction to continue upwards to the 38% area around 29500, before returning to decline again.
EUR/USD– 4 Hours Timeframe
The (EUR/USD) pair continued to decline, holding below resistance levels around 1.10325, to hover today around the 20-day weighted average, within the sideways movement prevailing over the medium-term intervals.
Technically, the negative outlook continues for the pair, and it is likely to continue to decline on the pair during today’s trading, targeting the support levels around 1.0890.
GBP/USD – 1 Hour Timeframe
The ( GBP / USD ) pair has been trading sideways since the early hours of this morning, as the price settled around 1.2750 after the consumer spending data in the United Kingdom.
Technically, the pair is trading around the 38% Fibonacci area and the Tenkan Sen reversal line, and we expect that if it stays below the 1.2790 resistance, the downside trend will continue and test the 1.2725 support once again.
GBP/JPY– 4 Hours Timeframe
The ( GBP / JPY ) pair rose since the beginning of the market’s trading for this week, Holding on trading above the moving averages for the period of 20 and 50 days, and breaching the resistance levels around 183.27 points.
According to the technical outlook, we expect the pair to rebound to retest the support levels of around 182.00 yen, after touching the resistance level around 183.27, before continuing the upward movement toward the resistance level of around 185.50 yen.
