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 exactly twelve-thirty in the afternoon, building permits are issued in Canada on a monthly basis for the month of June.
– At 2:30 pm, US Crude Oil Inventories.
Top News in Global Markets:
Yesterday’s main events:
– The final reading of the German CPI was similar to expectations, for the month of July on a monthly basis.
– Canada’s Trade Balance declined lower than the expectations for June.
– The US Trade Balance came in lower than expected for the month of June.
New York session indices declined, with the Dow Jones Industrial Index losing 158 points, and the Nasdaq Technology Index also dropping 110 points.
And in the morning:
– From China’s National Statistical Bureau, China’s consumer price index roses year
-over-year for July, while the producer price index also declined year-on-year for the same month.
– Asian session indicators varied, with the Japanese Nikkei index losing 172 points, and the Shanghai index also declining 16 points.
We are waiting during the hours of the day:
US Crude Inventories for the previous week.
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index has declined since the end of yesterday’s trading, as the resistance levels around 102.60 that we mentioned yesterday succeeded in stopping the price’s upward push.
Technically, the index is trading near the 20-day moving average, while the index receives support around the 50-day moving average, so it is likely that the decline will continue on the index during today’s trading, targeting the support levels around 101.95, which is expected to bounce around to the upside again.
Gold – 1 Hour Timeframe
The yellow metal rebounded from its lowest level during the week of 1923, with the dollar index retreating from its highest level during the past weeks.
Technically, gold is trading near the 100-hour moving average and around the 38% Fibonacci retracement area, but it still misses bullish momentum with the continuation of the Tenkan Sen reversal line on the lower side, and we expect gold to continue rising in a corrective movement until the 1934 level, before returning to fall again towards the 1923 support.
US Dow Jones – 4 Hours Timeframe
The Dow Jones industrial index is still hovering around the 20- and 50-day moving averages, within the prevailing sideways movement over the medium-term, targeting yesterday the 35,120 points that we mentioned yesterday.
Technically, the index is likely to decline again during today’s trading, targeting support levels around 34960 points.
US Crude Oil – 4 H Timeframe
Oil prices witnessed an increase since yesterday, Tuesday, after they rebounded from the price of 79.93 dollars to reach the highest level of 83.50, after the Chinese inflation data.
Technically, oil is trading above the Tenkan Sen reversal line with the formation of the Ichimoku buying cloud, and we expect oil to continue rising toward 84.50 and then $86.00 per barrel.
Bitcoin – 1 Hour Timeframe
The digital currency Bitcoin rose to its highest level in a month, rising by 2.5% and reaching the level of $30,238, after Moody’s downgraded the rating of several US banks.
Technically, after the sudden rise, the digital currency is under selling pressure again, after failing to maintain levels above 30,000. Bitcoin is trading around the 38% Fibonacci retracement area, which we expect, if broken, to return to the $20,300 level.
EUR/USD– 4 Hours Timeframe
The (Euro/Dollar) pair rose due to the weakness of the US dollar since the end of yesterday’s trading, rebounding to the upside near the minimum sideways movement prevailing over it around 1.09150, and touching today around the 20-day weighted average.
Technically, we expect more rises during today’s trading on the pair, targeting the resistance levels around 1.10325, especially in the event of a breach of 1.09850
GBP/USD – 1 Hour Timeframe
The ( GBP / USD ) pair rose to the highest level of 1.2750, after rebounding from the level of 1.2683 yesterday, with the weakness of the US dollar and the persistence of inflation fears in China and the banking crisis in the United States of America.
Technically, the pair is trading near the 200-hour moving average and above the 38% Fibonacci retracement area, and we expect that if it breaches the 1.2780 resistance, the pair will continue to rise toward the $1.2867 resistance.
GBP/JPY– 4 Hours Timeframe
The ( GBP / JPY) pair continued its rise at the end of yesterday’s trading, rebounding to the upside, after targeting the support levels around 182.00 that we referred to yesterday, and concentrating on the moving averages for the period of 20 and 50 days.
According to the technical outlook, the pair is likely to continue rising during today’s trading, targeting the resistance levels around 183.27 yen, then 185.50 yen.
