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 exactly six in the morning, the unemployment rate for the month of May in England, and the unemployment rate for the month of April.
– At 9 o’clock, the Zew Institute survey of sentiment towards the European economy for the month of June.
– At twelve-thirty in the afternoon in the United States, the US consumer price index is released on a monthly basis for the month of May and on an annual basis, and the core consumer price index, that is, the value of the index, excluding energy and food prices.
– At 2:00 p.m. Speech by Andrew Bailey, Governor of the Bank of England.
Top News in Global Markets:
Yesterday’s main events:
– New York indices rose in the American session, as the Dow Jones Industrial Average closed up by 189 points, the Standard & Poor’s index rose by 40 points, and the rise of the Nasdaq index exceeded 200 points.
And in the morning:
– Australian Consumer Confidence rose according to Westpac Bank in June.
– The Japanese Nikkei index rose by more than 600 points.
– Bitcoin is currently recording a price of 26078.76 against the US dollar.
– The US dollar index fell to 102.94 against a basket of major currencies.
It is expected during the hours of the day:
– Final reading of the German Consumer Price Index on a monthly basis for the month of May.
– The numbers of claimants for unemployment benefits in England for the month of May, and the unemployment rate for the month of April.
– Indicator of confidence in the European and German economy, according to the ZEW Research Institute, for the month of June.
– US Consumer Price Index on a monthly and yearly basis for the month of May.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index continued its decline yesterday, as the resistance levels around 103.70 points succeeded in stopping the price’s upward push, bouncing down from it to trade today around 103.30 points.
Technically, we expect a further decline on the index during today’s trading, targeting support levels around 103.00, especially if the price close below 103.30 points, as the index is trading below the averages for a period of 50.20 days.
Gold – 1 Hours Timeframe
The yellow metal is trading in a narrow range after rebounding from $1949.20 support yesterday, awaiting US inflation data on Tuesday evening.
Technically, gold is trading between the 100- and 200-hour moving averages, after rebounding from the 61.8% Fibonacci area, for prices to return again in an upward trend. We expect the 1964 resistance to be tested again, and in the event of its breach, the rise will continue towards 1973 USD levels.
US Dow Jones – 1 Hour Timeframe
Purchasing power succeeded in pushing the Dow Jones industrial index higher yesterday, to approach the level of 34150 points, continuing the rise today.
Technically, we expect the index to rebound during today’s trading around 34150 levels, to target the support levels around 33780 again, especially in case of a close below 34145 points.
US Crude Oil – 1 Hour Timeframe
Yesterday, oil prices fell to their lowest level since last May, bringing the price per barrel to 66.80 US dollars, amid increasing fears of inflation and declining demand.
Technically, oil prices rebounded this morning from their lowest level around 66.80 to trade above $67.00 again. We expect that there will be a corrective upward movement that may reach levels of $68.16, and if breached, the rise will continue to reach $70.10 again.
Bitcoin – 1 Hour Timeframe
The price of the digital currency, Bitcoin, rose after yesterday’s rebound from $25,638, bringing prices back above $26,000 once again.
Technically, the rise of the digital currency stopped at the 38% Fibonacci area, which forms a resistance area near $26,200. We expect the correction to continue towards $26,500, provided it breaches the current resistance at 26150, before returning to decline again.
EUR/USD – 1 Hours Timeframe
The euro pair rose against the US dollar since yesterday, Monday, based on the support levels around 1.0730, and breaching the resistance levels around 1.0760 on the short-term intervals.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 1.0825.
GBP/USD – 1 Hours Timeframe
The pound sterling pair rose against the dollar after the release of job data for the United Kingdom, which showed a recovery greater than expected, to reach the level of 1.2566.
Technically, the price of the pair rebounded yesterday from its highest level near 1.2600, to fall to levels of 1.2486, before prices returned to rise again above the 100-hour moving average. 1.2670. We expect the pair to continue rising and test the 1.2600 resistance once again, and if it is breached, the climb will continue toward our targets of around 1.2670.
GBP/JPY – 1 Hour Timeframe
The support levels around 174.50 succeeded in stopping the price fell for the (GBP/ JPY) pair, which we mentioned yesterday, to rebound to the upside, and continue the rise today over the short-term intervals.
Technically, we expect more bullishness on the pair today, Tuesday, and target the resistance levels around 175.50 yen again.
