– The industrial production index in Germany declined significantly in March from what was expected and from the previous reading.
-In Europe, investor confidence also declined, according to Sentix, after examining investors’ opinions about the eurozone economy in the last six months.
In the morning:
– Retail sales released in Australia, the reading was similar to what was expected in March.
-In China, the trade balance index rose in April more than expected, which means that exports exceeded imports, which is good for the economy.
Among the most important news expected tomorrow:
US Consumer Price Index for April, results released on a monthly and yearly basis
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar retreated by the early hours of this morning, after a sharp rise yesterday, but bounced down from 101.50 points.
Technically, we expect the index to declin and touch 101.35 levels, from which we expect a rebound to the upside and target the resistance levels around 101.65, while in the event of a break and close below 101.35, we target a decline on the index to the support levels 101.050 points.
Gold – 1 Hour Timeframe
The price of the yellow metal rose near $2030 amid a decline in US Treasury bond yields. Markets appear calm, as investors await US CPI data.
Technically, gold trades around 50% Fibonacci levels and the 100-hour moving average, in addition to the failure of buyers to breach the $2030 levels, so we expect a decline in prices to target $2014, and if this support is broken, the decline continues towards 2009, provided it stays below $2030. .
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial Average continued the decline that we mentioned on Monday, bouncing from the resistance levels around 33720 down over the short-term.
Technically, we expect more declines on the index during today’s trading, targeting the support levels around 33,260 points.
US Crude Oil – 1 Hour Timeframe
Oil witnessed a rise yesterday, until prices reached $73.68, before settling again in a sideways move, with some slight decline in the early hours of this morning, amid the return of fears of US inflation.
Technically, oil is trading below the 200 hourly moving average to give some preference to sellers, so we may witness a downward move to $71.45, provided it holds below $73.25
Bitcoin – 1 Hour Timeframe
Bitcoin fell below $28,000 as all crypto markets suffer since the beginning of this week’s trading.
Technically, prices are moving in a downward trend after failing to stay above $28,000, so we see that the prevailing trend is downward, targeting $26,930 levels, and if broken, the decline will continue towards $26,650.
EUR/USD – 1 Hour Timeframe
The euro declined against the US dollar due to the increasing selling pressure on the euro, and the dollar rebounded yesterday due to expectations that the US economy is unlikely to fall into recession.
Technically, the pair is trading below the resistance levels around 1.1015, so we expect a further decline on the pair, targeting the support levels around 1.0965, from which we expect it to rise again..
GBP/USD – 1 Hours Timeframe
The (GBP/USD) pair retreated from the high at 1.2668, after the strong performance of the pound sterling since last week, awaiting US inflation data.
