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
-Today at 06:00 GMT, the UK’s Gross Domestic Product (GDP) for the month of March will be released, on a monthly and yearly basis.
– At exactly two o’clock in the afternoon, the University of Michigan Consumer Confidence Index for the month of May will be released in the United States.
Top News in Global Markets:
Yesterday:
The Bank of England raised interest rates by 25 basis points, bringing the interest rate to 4.50%.
– In the US, the Producer Price Index rose from the previous reading in April on a monthly basis, but remains below expectations.
– From the US Department of Labor, the weekly report of jobless claims was released. The number of applicants increased during the first week of May.
– From the Energy Information Administration, natural gas inventories rose in the first week of May, which means lower demand.
-Indices closed lower in the New York session, and the Dow Jones Industrial Average fell by 0.66%.
– The dollar index recorded its highest rise in a week until it reached 101.97 yesterday against a basket of major currencies, and today it
records 101.83.
In the morning:
– Indices fell in the Asian session, while the Japanese Nikkei index rose by more than 0.80%.
Bitcoin fell against the US dollar, and it is currently recording a price of $26,682.
– Oil prices declined against the US dollar, with US crude recording a price of $70.49 per barrel, while Brent crude recording a price of $74.53 per barrel.
Among the most important upcoming events today:
– The release of Britain’s Gross Domestic Product for the month of March on a monthly basis.
– In the United States and from the University of Michigan, the preliminary reading of the Consumer Confidence Index for the month of May.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index has declined since the end of yesterday, in a corrective movement for the prevailing bullish movement on the index over the short-term intervals, bouncing down around the resistance levels 102.125.
Technically, we expect the index to decline to the support levels around 101.70 points, around which we expect the bearish correction to end, and the index to rise again, targeting the resistance levels around 102.300.
Gold – 1 Hour Timeframe
The yellow metal prices fell for the third day in a row today, Friday, hitting a five-day low near $2005. The US dollar is holding on to yesterday’s gains amid a cautious mood in the market.
Technically, prices rebounded yesterday from 38% Fibonacci levels, as buyers failed to stay above 2040 USD, the price of gold is now trading below the 200-hour moving average, so we see the continuation of gold’s decline, targeting support levels around $1987.48. Provided it closes below $2007.40
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial Average rose slightly in an attempt to retest the resistance levels around 33369 since the end of yesterday.
Technically, we expect the index to decline during today’s trading around those levels, supported by weak purchasing power around those levels, targeting the support levels around 32515
US Crude Oil – 1 Hour Timeframe
US oil prices continue to be under pressure for the third day in a row after rebounding from a one-week high.
Technically, oil is trading near the 38% Fibonacci retracement level around $69.65, and this is supported by the continuation of prices below the 200-hour EMA, so we target the current support at 69.65, and if this level is broken, the decline will continue towards $68.40.
Bitcoin – 1 Hour Timeframe
Sellers continued to control bitcoin prices for the third consecutive day after rebounding from the top of $28,295.
Technically, Bitcoin price is moving below the 38% Fibonacci area after breaking it this morning, the decline stops temporarily around the 100-day moving average, we see the price continuing to fall, but we must wait until it breaks the current support levels at $25,950 to target the next support around $25,280.
EUR/USD – 4 Hour Timeframe
The euro against the US dollar rose today to correct within the prevailing bearish trend, touching resistance levels around 1.09300, in an attempt to retest those levels on short-term intervals.
Technically, we expect the pair to decline around the resistance levels 1.0976, around which we expect the bullish correction to stop, and the pair to return to the decline, targeting the support levels around 1.0930 then 1.0850..
GBP/USD – 1 Hours Timeframe
GBP/USD regained bullish momentum and rose near 1.2550 on Friday morning after hitting its lowest level in the week, data from the UK showed that the monthly GDP grew by 0.1% in the first quarter. Industrial Production and Industrial Production expanded by 0.7% in March.
Technically, we see that the correction continued upwards towards the 200-hour moving average around 1.2574 levels, on the condition that it remains above the current support levels at 1.2495.
GBP/JPY – 1 Hour Timeframe
Support levels around 168.100 on the (GBP/JPY) pair succeeded in stopping the price’s slide downwards, bouncing from those levels upwards to correct over the short term.
Technically, we see the pair targeting the resistance levels around 168.85, around which we expect the correction to end, and the pair retreated, targeting the support levels around 168.100, 167.50, while in the event of a breach of 168.85 levels, we will target the resistance levels around 170.100 again.
USD/JPY – 1H TimeFrame
The (USD/JPY) pair is moving sideways over the short-term intervals, bouncing up from the support levels around 133.400, which represents the lower boundary of that move.
Technically, we expect the pair to rise to touch the resistance levels around 135.100, then to retreat around it to the downside again, targeting the lower boundary once again.
USDCHF-1H TimeFrame
the USD/CHF pair moved sideways over the short-term intervals, bouncing down around the upper boundary levels of that move at 0.8960, today approaching the levels around 0.8910.
Technically, we expect if the support levels around 0.8910 are broken, we will target the next support levels around 0.8886.
