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 6:00 am the GDP of England is on a monthly basis for the month of April.
– And in the ninth index of industrial production in the eurozone on a monthly basis for the month of April.
– At 12:30 in the afternoon, the US Producer Price Index will be released on a monthly basis for the month of May, in addition to the Core Producer Price Index excluding food and energy.
– At 2:30 pm, the US Crude Inventories report will be released.
— 6 p.m. FOMC Statement
-At 6:30, the FOMC Press Conference will be held.
Top News in Global Markets:
Yesterday’s highlights:
– German CPI remained unchanged on a monthly basis for the month of May.
– The change in the number of claimants for unemployment benefits in England came much less than expected for the month of May, which indicates a decrease in the number of unemployed, and this is in favor of the economy.
The English unemployment rate for the month of April also fell, which is good for the economy.
– From the Zew Research Institute, the confidence index in the German economy came higher than expected for the month of June, and for the economy in the eurozone as a whole, confidence in the European economy for the same month was higher than expected, but it remains lower than the previous value.
– US inflation data for the month of May was released, and the consumer price index was less than expected on a monthly basis.
– The indices of the American session advanced, and the Dow Jones industrial index closed up by 145 points, the Standard & Poor’s 500 index by 30 points, and the Nasdaq Technology index also rose by 111 points.
And in the morning:
– The performance of the Asian session indices varied, with the Japanese Nikkei index rising by more than 580 points.
– Oil prices rose, as US crude currently records a price of $69.7 a barrel, while Brent crude records a price of $74.6 a barrel.
Today’s hours are expected:
– Gross domestic product in England on a monthly basis for the month of April.
– Eurozone industrial production index on a monthly basis for the month of April.
– US Producer Price Index on a monthly basis for the month of May.
– The weekly report of US oil inventories.
Finally, the Fed’s interest rate decision.
Technical Analysis
Dollar Index – 1 Hour Timeframe
Yesterday, Tuesday, the US dollar index declined violently, following the slowing down inflation data, to reach the 103.00 levels that we mentioned yesterday, bouncing back as well in the same range, to trade today near the resistance levels around 103.40 points.
Technically, we expect more Bullishness during today’s trading, targeting the resistance levels around 103.60 points, from which we expect the pair to rebound down once again.
Gold – 1 Hours Timeframe
Yesterday, the price of the yellow metal rebounded from $1940 levels, after declining from the Resistance of $1970.87, awaiting the Federal Reserve’s interest rate decision.
Technically, gold has been moving since the end of yesterday’s trading session in an upward corrective movement that may extend to $1951.87 levels around the 38% Fibonacci area. If this resistance is breached, the ascent will continue towards the 100-hour moving average of around $1956.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index is still trading around the resistance levels of 34,175 points, forming a price gap around those levels during the Asian trading session.
Technically, we expect further decline on the index during today’s trading, targeting the support levels around 33,775 points.
US Crude Oil – 1 Hour Timeframe
Oil is moving sideways from yesterday, after rebounding from its lowest levels in the last 6 weeks, awaiting today’s interest rate decision issued by the Federal Reserve.
Technically, oil is trading near the 100-hour moving average and the 38% Fibonacci area. We expect that if the current resistance of 69.66 is breached, the rise will continue near 70.00 USD.
Bitcoin – 1 Hour Timeframe
Bitcoin fell below $26,000 after rebounding from a week’s high of around $26,400.
Technically, the digital currency is trading below the 100-hour moving average, after returning again below the resistance of 26000. We expect the decline to continue towards the support of 25330, and if it is broken, the decline will continue towards 25100 USD.
EUR/USD – 1 Hours Timeframe
The euro declined against the US dollar, at the beginning of trading today, Wednesday, bouncing down from the resistance levels around 1.0825 that we mentioned yesterday.
Technically, we expect a further decline on the pair during today’s trading, targeting support levels around 1.0760, and if broken, we target the next support levels around 1.0730.
GBP/USD – 1 Hours Timeframe
The rise of the pound sterling against the dollar continued, as we expected yesterday, after the negative data on inflation figures in the United States. Today, Wednesday, all eyes will be on the interest rate decision issued by the Federal Reserve.
Technically, buyers are trying to stay above 1.2600 to continue pushing the pair higher, the pair is trading near the 100-hour moving average, we expect there to be a corrective move down near 1.2540, before returning to the upside again, targeting 1.2640.
GBP/JPY – 1 Hour Timeframe
The resistance levels around 176.80 succeeded in Stopping the (Pound/Yen) pair’s rush on the short-term intervals, to close below it at the beginning of today’s trading, coinciding with the decline in purchasing power on momentum indicators.
Technically, we expect more corrective decline during today’s trading on the pair, to target the support levels around 175.50 again, before resuming the rise over the larger time intervals.
