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 six o’clock in the morning GMT, the unemployment rate (m/m) for April will be released in England , and the unemployment rate for the month of March.
– At nine, the result of the German ZEW Institute on the general outlook and expert sentiment regarding the German economy for the month of May is issued.
– At 12:30 pm, the US retail sales index will be released on a monthly basis for the month of April.
– At the same time in Canada, the Consumer Price Index for April is released on a monthly basis.
– At 2:00 p.m. Speech by European Central Bank Governor Christine Lagarde.
Top News in Global Markets:
yesterday:
–In Switzerland, the Producer Price Index was released on a monthly basis for the month of April, and the result was higher than expected.
–In Europe as well, and to the Eurostat Statistical Center, the industrial production index for March was released on a monthly basis, and the results were less than expected, and it is one of the indicators expressing the health of production and the economy in the eurozone.– In the US, the Empire State Manufacturing Index for May was released, and the result came in much lower than expected.
– The indices of the New York session rebounded and closed on a positive note.
And in the morning:
– The Westpac Australian Consumer Confidence Index for the month of May was released, and the result was lower than the previous reading.
– In China, a group of economic indicators were issued. The results of the industrial production index and the retail sales index for April were lower than expected but higher than the previous reading on an annual basis.
– The Chinese unemployment rate for April was also released, and the rate was lower than expected, which is good for the health of the economy.
– Most of the indices of the Asian session rebounded, while the Australian Essex 200 index declined by 0.38%.
– Oil prices rose, as US crude recorded a price of $71.39 per barrel, while Brent crude recorded a price of $75.54 per barrel.
Among the most important indicators and events issued today:
– In Britain, the unemployment change is issued for the month of April, and the unemployment rate is issued for the month of March.
– From the German Zew Institute, the consumer confidence index for the month of May is issued, which is one of the indicators that show the health of the economy, as well as the result of the confidence survey in the eurozone economy in the previous six months.
– And from the European statistical center Eurostat releases the GDP for the first quarter of the year, in addition to the trade balance for the month of March.
– During the American session, the Canadian Consumer Price Index for April is released on a monthly basis.
- Finally, in the US, retail sales are released on a monthly basis for the month of April.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index has declined since yesterday, as we mentioned, and is now trading near support levels of around 102.30 points.
Technically, in case the index closes above levels of 102.30 points during today’s trading, we target Bullishness again on the short-term intervals to the resistance levels around 102.75 points.
Gold – 1 Hour Timeframe
The yellow metal is moving sideways this morning, awaiting the US retail sales data and the debt ceiling decision.
Technically, gold is moving around the 61.8% Fibonacci retracement area below the main resistance area of 2022 and support of $2000. We expect gold to return to test the current support, That is if support around 2011.0$ is broken and the price close below it.
US Dow Jones – 1 Hour Timeframe
The resistance levels around 33450, which we mentioned yesterday, succeeded in stopping the price’s rush to the top, bouncing down from it during yesterday’s trading, and the purchasing power failed to push the index once again to those levels.
Technically, we expect further decline on the index during today’s trading, targeting the support levels around 33150 points, then the next levels around 33050 points.
US Crude Oil – 1 Hour Timeframe
Oil prices reached around $71.80 amid fears of a supply crisis and a weak US dollar amid weak data.
Technically, oil is trading between the 100 and 200 hourly moving average, bouncing from $71.78. We expect oil to test 70.58 before returning to rise again towards $73.30 during the day.
Bitcoin – 1 Hour Timeframe
The digital currency, Bitcoin, is trading near the price of $26,830, after the decline it witnessed since yesterday, from the level of $27,650.
Technically, the digital currency is trading sideways between the 100 and 200 hourly moving averages after returning below the 38% Fibonacci area, so we expect the decline to continue towards the price of 26500 after breaking the current support of 26830 USD.
EUR/USD – 1 Hour Timeframe
The euro pair rose against the US dollar, as we mentioned yesterday at the beginning of this week’s trading, rebounding from the support levels around 1.08500, which are strong and historical support levels on the (EUR / USD ) pair, touching today with the 20-day average.
Technically, we expect the bullish corrective movement to end around the resistance level of 1.09000, and the pair will return to decline to target the support levels around 1.08500, then 1.07700.
GBP/USD – 1 Hours Timeframe
The (GBP/USD) pair fell in the early hours of this morning, after reaching nearly 1.2540, in light of the continued high inflation and the lack of employment in the United Kingdom.
Technically, the pair is trading below the 100-hour moving average, after failing to continue toward the resistance of 1.2550, to return the pair under selling pressures once again. We expect the decline to continue toward the support area of 1.2440 if the current support of 1.2483 is broken.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY) pair rose yesterday, Monday, as we mentioned, to hit the resistance level around 170.420, bouncing down from it at the beginning of trading today.
Technically, we expect more declines on the pair during today’s trading, and the pair will target the support levels around 168.85 once again.
USDCHF-1H TimeFrame
After yesterday’s decline on the (USD / CHF) pair, hitting the support levels around 0.89500, the pair started today, Tuesday, to rise from those levels, supported by the positivity of the US dollar this morning.
Technically, we expect that if the pair close above the current support levels, we expect more bullishness for the pair to reach around the resistance levels of 0.89800.
USDJPY-1H TimeFrame
The (USD/JPY) pair fell this morning to return below 136.00, as investors expect the Fed to temporarily stop it’s tightening policy and wait for the US debt ceiling decision.
Technically, the pair is trading in a sideways direction below the 38% Fibonacci area, and we expect sellers to continue to dominate today to test the 100-hour moving average around 135.14 prices.
