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:
– At 6:00 a.m., the German consumer price index on a monthly basis for August.
– At 12:30 p.m., the rate of change in jobs and the Canadian unemployment rate for August.
Top News in Global Markets:
yesterday’s most important events:
The Swiss unemployment rate came in line with expectations for August.
– The German industrial production index came in below expectations on a monthly basis for July.
The European job change index was similar to expectations for the second quarter of the year.
US unemployment claims were lower than expected for the previous week, which is good for the economy.
– Inventories of natural gas and US crude oil declined during the previous week, which is good because it indicates an increase in demand.
New York session indicators varied, with the Dow Jones Industrial Index advancing 57 points.
And in the morning:
– Japanese GDP came in below expectations for the year’s second quarter.
– Asian session indicators declined, and Japan’s Nikkei index fell more than 465 points.
The price of Bitcoin rose to 26,392 against the US dollar.
We are waiting during today’s hours:
– German Consumer Price Index (m/m)for August.
– The unemployment rate and Canadian job change index for August.
Technical Analysis
Dollar Index – 4 Hours frame
The resistance levels around 105.20 that we mentioned yesterday succeeded in stopping the price’s upward push, and it bounced down from it to touch the 20-day swing average this morning.
Technically, we expect a further decline in the index during today’s trading, targeting support levels around 104.30 points
Gold – 1 Hour Timeframe
The price of the yellow metal rose to the $1927 level, after rebounding from the $1916.22 support, with increasing expectations that the Federal Reserve will stop raising interest rates at the next meeting.
Technically, gold is trading near the 100-hour moving average and the 38% Fibonacci retracement area, but it faces resistance at $1927. We expect, if it is breached, that the rise will continue towards the levels of 1931 and 1932 USD.
US Dow Jones – 4 Hours Timeframe
The Dow Jones Industrial Index rose at the end of yesterday’s trading to correct on medium time intervals, touching the 20-day moving average.
Technically, the upward correction on the index is likely to continue with the aim of retesting the resistance levels around 34,700 points, around which we expect the price to bounce down again.
US Crude Oil – 1H Timeframe
Oil prices fell as we expected to below the level of $87.00 a barrel, after the decline in US oil inventories more than expected.
Technically, oil is trading below the 100-hour moving average, and below the resistance of 86.65, and we expect the drop to continue towards the 38% Fibonacci area, around $85.45.
GBP/USD – 1 H Timeframe
The price of the GBP/USD pair rose again to the 1.2500 level in a corrective move after a series of declines that lasted for three days.
Technically, the pair is trading near the 100-hour moving average below the 1.2510 resistance, which, if breached, we expect to continue the rise to the 1.2548 level at the 38% Fibonacci retracement area.
AUD/USD – 1 Hour Timeframe
The AUD/USD pair continued to rise to the highest level of 0.6400 after rebounding from the low of 0.6360 with the weakness of the US dollar this morning.
Technically, the pair is trading around the 38% Fibonacci retracement area and above the 100 hourly moving average, and we expect the rise to continue towards 0.6443 in the event of a breach of the 0.64200 US dollar resistance.
USD/JPY– 4 Hours Timeframe
The pair (USD/JPY) declined to hold in its trading below the resistance levels around 145.50, also closing below the 20-day moving average.
Technically, the pair is likely to continue to decline during today’s trading, targeting the support level around 146.50, then in the event of a break, we will target the 145.40 yen level.
