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’s events in GMT:
– At 5:00 p.m. 10-year US bond auction.
– And on the sixth the general budget of the federal treasury for the month of May.
Top News in Global Markets:
Highlights of the weekend:
– Canadian employment data was released for the month of May, as the change in employment was significantly less than expected, while the unemployment rate was higher than expected, which means an increase in the number of unemployed, and this is harmful to the economy.
This morning’s events:
– The Bank of Japan issued the producer price index on an annual basis for the month of May, and the rate was lower than expected, and it is one of the most important indicators that express inflation in the country.
– The Japanese Nikkei index rose by 167 points.
Bitcoin price fell by 284 points, to currently record 25,773 against the US dollar.
– The decline in oil prices, with Brent crude recording a price of $73.91 per barrel, and US crude recording a price of $69.33.
– The dollar index begins the week at 103.16 against a basket of major currencies.
Highlights of this week:
On Tuesday, the US Consumer Price Index is released on a monthly and annual basis for the month of May.
– On Wednesday:
UK Gross Domestic Product on a monthly basis for the month of April.
US Producer Price Index on a monthly basis for the month of May
US interest rate decision
– On Thursday:
New Zealand GDP for the first quarter of the year.
Employment Change and the Australian Unemployment Rate for May.
China’s industrial production year on year for the month of May.
interest rate decision in the eurozone.
US Retail Sales on a monthly basis for the month of May.
– And finally on Friday, the Japanese interest rate decision.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index declined slightly with the opening of the market’s trading this week, trading around the resistance levels of 103.60 points, to approach the 20.50-day average, but the price is still moving above the 50-day average.
Technically, we expect the price to rise again during today’s trading, as the price continues to trade above the 50-day average, targeting the resistance levels around 103.85 points.
Gold – 1 Hours Timeframe
The yellow metal decreased at the beginning of the week’s sessions, nearly 60 points, before returning to rise again, pending US inflation data this week
Technically, gold is trading around the moving average of 200 hours and below the 38% correction zone, Fibonacci, to return under the pressure of 1960.50 resistance, we expect the Sideway movement will continue today between the 1954 support levels and the current resistance.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index continued its rise at the beginning of this week’s trading today, Monday, to focus on that rise on the support levels around 33780 points.
Technically, we expect more Bullishness on the index during today’s trading on short-term intervals, targeting the resistance levels around 34,150 points, as the 20- and 50-day moving averages are still giving signs of positivity.
US Crude Oil – 1 Hour Timeframe
The decline in oil prices continued after the subsidies were broken by $ 69.98, which we referred to last Friday with the weak demand despite the reduction of production.
Technically, the oil wore $ 69.15 to return again to the top of 50% Vibonacci in a corrective movement that could span about 69.95 in the event of penetration of $ 69.50 resistance.
Bitcoin – 1 Hour Timeframe
The price of the digital currency, Bitcoin, fell below $26,000 at the opening of this week’s trading sessions, after rebounding from the resistance of 26,197 last Friday.
Technically, the digital currency is trading below the 100-hour moving average and the Fibonacci 61.8% area. We expect the decline to continue towards the support of $25,325, provided it continues below the current resistance of $26,000.
EUR/USD – 1 Hours Timeframe
The euro against the dollar continued to decline today, Monday, to continue trading below the averages for a period of 20 and 50 days, after bouncing down from the resistance levels around 1.0760 and approaching the support levels around 1.0730.
Technically, we are waiting for the pair to break the support levels around 1.0730, to target further declines on the pair until the next support levels around 1.06750.
GBP/USD – 1 Hours Timeframe
The sterling pair of the pound moves against the dollar in a cross direction with the opening of the markets this morning, so the pair continues in the up trend from last week.
Technically, the pair trades the highest support of 1.2560 and the 61% Fibonacci region after the bounce of 1.2535 support last week, to continue to take control of buyers in the midst of a slow move since this morning, we expect the rising trend to our goal will continue to 1.2610 with some nearby declining corrections
GBP/JPY – 1 Hour Timeframe
The resistance levels around 175.50 yen succeeded in stopping the (GBP / JPY ) pair’s Bullish for more ascending, to be a negative price Divergence on momentum indicators, trading around the 20-day average.
Technically, we expect the pair to decline during today’s trading on short-term intervals, targeting support levels around 174.50 again, especially if the pair continues to trade below 174.50 levels and starts moving below the 20-day average.
