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 6:30 am GMT, Switzerland’s Producer Price Index for April will be released on a monthly basis.
– At exactly twelve o’clock in the afternoon, the meeting of the Eurozone countries will be held.
– At twelve-thirty, the Empire State Industry Index for the month of May is released in the United States.
Top News in Global Markets:
At the end of last week:
– UK GDP came in lower than expected in March on a monthly basis.
– The University of Michigan Consumer Sentiment Index came out lower than expected in May.
– New York’s main indices declined at the end of the week.
And in the morning:
– Oil prices decreased, with Brent crude recording a price of $73.53 per barrel, while West Texas Intermediate crude recording a price of $69.54 per barrel.
– The price of gold fell to 2019.10 dollars an ounce.
– The US dollar index is moving at its highest level since the beginning of April, and is currently recording 102.48 against a basket of major currencies.
– Japanese PPI for April declined from the previous reading, but remains higher than expected according to the Bank of Japan.
What we look for during the day:
– The meeting of the Eurogroup, which includes the finance ministers of the countries of the Euro region and the President of the European Central Bank, Christine Lagarde.
– From the Federal Reserve Bank of New York City, the Empire State Manufacturing Index for May will be released today.
What we look forward to throughout the week:
-On Tuesday, the US retail sales for the month of April will be released on a monthly basis.
-On the same day, the Canadian Consumer Price Index for the month of April will also be released on a monthly basis.
-On Thursday, the Australian Unemployment Rate and Employment Change for the month of April will be released.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The dollar index ended last week with an upward climb, targeting the resistance levels around 102.75, which succeeded in the beginning of this week’s trading in halting the upward rush, reversing the price down to correct on the short-term intervals.
Technically, we expect the index to decline during today’s trading in a corrective movement, targeting the support levels around 102.30, around which we monitor the price action.
Gold – 1 Hour Timeframe
The yellow metal rebounded from the $2000 support levels after a three-day bearish streak, with the US dollar rising.
Technically, gold trades at the highest levels of 61.8% Fibonacci correction, reaching $2019.27 levels in a corrective movement. The correction may extend to $2023 levels around the 100-hour moving average area, and if it is broken, the correction will continue towards 2026.60, on the condition that it stays above the current $2011 support area.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index rose at the end of last week’s trading, to rebound from the support levels around 33150 points, completing the rise today, Monday, by the opening of the week’s trading.
Technically, we expect more gains on the index during today’s trading, targeting the resistance levels around 33450 points within the sideways movement dominating the index
US Crude Oil – 1 Hour Timeframe
Oil is trading around $70.00, with the selling pressure continuing for four days, with fears of a recession in the economy.
Technically, oil is trading around 38% Fibonacci retracement levels in a sideways trend, oil is still below the $70.00 resistance, so we see a continuation of the price decline after completing the correction towards the 200-hour moving average around $71.20.
Bitcoin – 1 Hour Timeframe
Bitcoin prices rose near $27,520 levels, after bouncing from a low of 25,750 after falling for more than two weeks.
Technically, the digital currency is trading around the 200-hour moving average, with a break above the 38% Fibonacci correction, so we see that the current resistance 27,500 must be breached to continue the upward trend towards 28,000 USD.
EUR/USD – 1 Hour Timeframe
After a long slide on the EURUSD pair during last week’s trading, the pair bounced upwards to correct on short-term intervals around 1.08500 levels, which are strong support levels.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 1.09015, around which we expect the corrective movement to end.
GBP/USD – 4 Hours Timeframe
The price of the GBP / USD pair rose in the early hours of this morning with the fluctuation of the US dollar index. Traders are waiting for the US retail sales data for more clarity on the Federal Reserve’s measures for the coming period.
Technically, the pair is trading below the EMA 200 on the 4-hour chart. This resistance may put more pressure on the pair and push it to fall again towards the current support levels around 1.2440, and if it is broken, the drop will continue to 1.2385 levels.
GBP/JPY – 1 Hour Timeframe
The (GBP / JPY) pair continued to rise with the beginning of the week’s trading today, Monday, in a corrective movement over the medium-term intervals, to form a new high.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 170,420, around which we expect the corrective rise to end.
USDCHF-1H TimeFrame
Coinciding with the movement of the US dollar, the pair (dollar / franc) retreated from the resistance levels around 0.8980, forming a group of candles that suggest a rebound.
Technically, we expect more decline on the pair during today’s trading, targeting the support levels around 0.8950.
