End of last week’s news:
– The Swiss Unemployment Rate for April was released, and the results were similar to expectations.
– In Switzerland, the consumer price index came in below expectations for the month of April.
– From Standard & Poor’s Global UK Construction Purchasing Managers’ Index, the result came in slightly above expectations for the month of April.
– From the European statistical center Eurostat, retail sales for the month of March came in below expectations.
– The US jobs data for April was released on Friday evening, as the hourly wage rate was higher than expected, and the change in non-agricultural jobs was also higher than expected, and the unemployment rate decreased, which means an improvement in the employment sector.
– The main indices rose in the New York session after the release of US jobs data.
The most important events for today:
Germany’s industrial production index for the month of March.
– This morning, oil prices rose, as US crude recorded a price of $71.78 per barrel, while Brent crude recorded a price of $75.70 per barrel.
The most important events expected for this week:
On Wednesday, the US Consumer Price Index for April is released.
– On Thursday, the Bank of England announces its interest rate decision, and in the US, the Producer Price Index for April.
– On Friday morning, England will release its GDP for the month of March.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar continued to decline by the beginning of the week’s trading today, Monday, dominated by weak performance over short time intervals, awaiting the data of the Financial Stability Report of the Federal Open Market Committee today and important data during the week.
Technically, we expect further decline in the US dollar index during today’s trading, especially after breaking the support levels around 101.080, targeting the next support levels around 100.85.
Gold – 1 Hour Timeframe
After a correction that lasted until Friday after dropping from a high of $2080, the yellow metal is trading above $2020 awaiting CPI data from the United States this week.
Technically, gold is trading above the 100-hour moving average after breaching the resistance levels of $2020, so that buyers control gold, so we see the continuation of gold’s rise until the 38% Fibonacci retracement levels around 2038.90 prices, provided that it remains above the $2017 support.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index declined today, Monday, with the opening of the week’s trading, forming bearish price action around the resistance levels of 33,720 points. at short intervals.
Technically, we expect further decline on the index during today’s trading, targeting support levels around 33,260 points, especially if 33,600 levels are broken.
US Crude Oil – 1 Hour Timeframe
Oil continues to trade in a sideways trend near $72.00 levels, after the US Non-Farm Payrolls report, which led to lower expectations of an interest rate hike by the Federal Reserve.
Technically, oil is still trading above the 100-hour moving average, but it faces resistance at 61.8% Fibonacci level, near $72.00, so we see that if this resistance is broken, oil will continue to rise, targeting $73.30.
Bitcoin – 4 Hour Timeframe
Bitcoin fell below $29,000 after US jobs data showed positive data that was higher than expected.
Technically, Bitcoin prices are moving below the moving averages 100 and 200, indicating a continuation of the downward trend until $27,630 levels, and if this support is broken, the decline will continue towards 38% Fibonacci levels, near $26,650.
EUR/USD – 1 Hour Timeframe
The (Euro / Dollar) pair rose last Friday after the US jobs report and the continuation of the banking crisis, along with conflicting news about the US debt ceiling, as well as the continuation of the European Bank’s strict policy.
Technically, the pair is trading above the 100-hour moving average, and succeeded in breaching 38% Fibonacci levels, which indicates the continuation of the bullish trend towards the high at 1.1090 again, to test the highest peak that the pair reached since last April, in case it remains above the support of 1.1000.
GBP/USD – 4 Hours Timeframe
The (GBP/USD) rose for the fourth consecutive day, reaching its highest level this year, awaiting US consumer price index data amid the Federal Reserve’s cautious expectations that keep the US dollar low.
Technically, we expect the pair to continue rising, as we mentioned last week, towards the main resistance area around 1.2665, and in case this resistance is breached, the rise will continue to target 1.2740.
GBP/JPY – 1 Hour Timeframe
