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
– At exactly 12:30 GMT, the US consumer price index will be released on an annual basis in the month of April, and the indicator will also issued on a monthly basis.
– At half past two, the International Energy Agency’s weekly report on US crude inventories is issued. The report shows crude oil stocks during the first week of May.
Top News in Global Markets:
The US dollar index rose yesterday, but continues to move around the same levels as the previous weeks, and it currently trades around101.37 against a basket of major currencies.
-New York indices fell yesterday, and Asian indices also declined this morning.
Among the most important events of the day:
– US Consumer Price Index for April on a monthly and yearly basis.
-And from the Energy Information Administration, the weekly report on US crude inventories will be released
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index moved upwards yesterday, Tuesday, after it rebounded from the support levels of 101.50, as we mentioned, bouncing down slightly today, Wednesday, in an attempt to retest levels around 101.50 points.
Technically, we expect more rise on the index during today’s trading, targeting the resistance levels around 102.00 points, and the markets are awaiting today the US inflation data, which in turn will affect the markets.
Gold – 1 Hour Timeframe
Yesterday, Tuesday, the yellow metal prices rose to levels of $2038, before falling again below $2030, as attention turns to inflation data in the United States today.
Technically, gold prices are moving below the 100-hour moving average after breaking 38% Fibonacci levels, so we see that the decline will continue in a corrective movement towards $2019.65 during the day.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial Average continued to decline after bouncing down from the resistance levels around 33720, but it fluctuated between highs and lows in that move.
Technically, our negative outlook remains on the index, targeting support levels around 33,260 points during today’s trading on short-term intervals.
US Crude Oil – 1 Hour Timeframe
Oil continued to trade above levels of $73.00 and near 73.50, after a series of gains that lasted for four days, amid fears of refilling the US Strategic Petroleum Reserve and awaiting the US oil inventories and inflation data.
Technically, prices are moving sideways around 61.8% Fibonacci levels above $73.00, with oil prices continuing to rise, we need to breach the resistance of 73.78 to confirm this trend, and target $75.50.
Bitcoin – 1 Hour Timeframe
The digital currency Bitcoin is trading in a sideways direction after falling from the $29,600 resistance at the beginning of the week, awaiting US inflation data today
Technically, Bitcoin prices are still above the support area of 27,500, and we may witness violent movements by the release of inflation data this evening, so we see that the sideways move.
EUR/USD – 1 Hour Timeframe
The EURUSD pair continued to decline after it rebounded from the resistance levels around 1.10480, bouncing up today to retest the resistance levels around 1.09785.
Technically, we expect further declines on the pair, according to our positive view of the US dollar index today, targeting the support levels around 1.09000, especially if the pair breaks the support levels around 1.09430.
GBP/USD – 1 Hours Timeframe
The (GBP/USD) pair settled above 1.2600 levels, awaiting the US inflation data today.
Technically, the pair continues to trade above the 100-hour moving average and above the main support level at 1.2540, so we see the continuation of the sideways movement until the release of US inflation data, with the target remaining at the high around 1.2668, provided it remains above the support at 1.2540.
GBP/JPY – 1 Hour Timeframe
The support levels around 170.095 succeeded in halting the price’s slide downwards, to complete the rise that it started, bouncing back up from the support levels around 168.050, basing itself on those levels for today’s rise.
Technically, according to price stability above support levels around 170.095, we expect the pair to rise during today’s trading, targeting resistance levels around 172.30.
USD/JPY – 1H TimeFrame
The pair (dollar / yen) rose in the early hours of this morning, near 135.50 levels, to continue the rise of the pair for the fourth day in a row, awaiting the US inflation data.
Technically, the pair is trading around 50% Fibonacci levels and below the 200-hour moving average. We see that the resistance of 135.50 must be breached for the continuation of the bullish trend, targeting 135.93 then 136.70.
USDCHF-1H TimeFrame
The USDCHF pair declined today, Wednesday, within its sideways movement prevailing over short-term intervals, after the resistance levels around 0.89425 succeeded in stopping the price’s upward movement
Technically, if the price remains above the current support levels, we expect more bullishness on the pair during today’s trading, targeting resistance levels around 0.89425 again.
