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 eight-thirty in the morning, inflation expectations are issued in Britain.
– And at nine, the consumer price index in the euro area is issued on an annual basis for the month of May, and the Core consumer price index, that is, excluding energy and food, is issued for the same period.
At 2:00 PM, the University of Michigan Consumer Sentiment Index for June is released.
Top News in Global Markets:
Yesterday’s main events:
– From Switzerland’s Federal Statistical Office, the producer price index was released on a monthly basis for May, and the result was lower than expected.
– To the European Statistical Center Eurostat, the trade balance in the eurozone was issued, and the results were negative for the month of April, meaning that imports exceeded exports, which is not good for the economy.
-The European Central Bank raised interest rates by 25 basis points, bringing the interest rate to 4%.
– A set of economic data was released in the United States, which are:
-Retail sales came in higher than expected, on a monthly basis for the month of May, while the core retail sales index came out similar to expectations.
-The Empire State Manufacturing Index for June, released by the Federal Reserve Bank of New York, was significantly above expectations and the previous reading.
-And from the Ministry of Labor, the number of applications for unemployment benefits was issued for the previous week. The numbers were similar to the previous reading and higher than expected, which indicates that the number of unemployed has not decreased, which is not good for the health of the economy.
-The manufacturing index released by the Federal Reserve Bank of Philadelphia, came in close to expectations and lower than previously, for the month of June.
-The industrial production index on a monthly basis came in lower than expected for the month of May.
-And finally from the International Energy Agency, US natural gas inventories declined in the previous week, which means increased demand.
– The New York session indices rose, as the Dow Jones Industrial index rose by 428 points, the Nasdaq index rose by 156 points, and the Standard & Poor’s 500 index rose by 53 points, to achieve its highest rise in more than a year.
And in the morning:
-The Bank of Japan fixed interest rates at -0.1%, unchanged.
– The Asian session indices rose, as the ASX 200 index advanced by 81 points, the Hang Seng index in Hong Kong also rose by 159 points, and the Japanese Nikkei rose by 84 points.
– The US dollar index rebounds from its lowest level since mid-May and is currently recording 101.81 against a basket of major currencies.
Today it is expected:
– The final reading of the European CPI on an annual basis for the month of May, and the core CPI.
– Preliminary reading of the Consumer Confidence Index from the University of Michigan for the month of June.
Technical Analysis
Dollar Index – 4 Hour Timeframe
The US dollar index continued to slide since yesterday, Thursday, breaking the support levels around 102.45 that we mentioned yesterday, to trade today around the support levels of 101.70 points.
Technically, we expect the index to rise in a corrective movement during today’s trading to reach 101.95 points, then retreat around it again, targeting 101.70 and 101.45.
Gold – 1 Hours Timeframe
Gold prices rose yesterday, from their lowest level since last March, to return to trading above the $1955 support.
Technically, gold is trading above the 200-hour moving average around the Fibonacci 61.8% area. We expect that if the resistance of 1962.07 is breached, the rise will continue, targeting the $1968.51 resistance.
US Dow Jones – 4 Hour Timeframe
The Dow Jones industrial index surged to the upside since yesterday, after building on the support levels around 33775 that we mentioned yesterday.
Technically, we expect more Bullishness during today’s trading on the short-term intervals, targeting the resistance levels around 34850 points.
US Crude Oil – 1 Hour Timeframe
US oil rose as markets stabilized on Thursday, supported by the weakness of the dollar, to trade near $71.00.
Technically, oil is trading above the 200-hour moving average, after successfully breaching the 50% Fibonacci area, we expect more Bullishness To 72.31 levels, after breaching the $70.95 resistance.
Bitcoin – 1 H Timeframe
Bitcoin settled near $25,600 levels, after rebounding from its lowest level since last March, around $24,776.
Technically, the digital currency is moving sideways between the 38% and 50% Fibonacci areas near the 100-hour moving average. We expect the slow movement of the digital currency to continue today between the support of 25,500 and the resistance of $26,022.
EUR/USD – 4 Hours Timeframe
Coinciding with the violent slide of the US dollar, the EUR/USD pair rushed upwards, trading today around the reversal 1.0957 levels.
Technically, we expect the pair to decline to correct around the support levels 1.0925, then rise again and target the resistance levels around 1.1023, especially in case the resistance levels around 1.0955 are breached.
GBP/USD – Daily Timeframe
The pound sterling against the dollar continued its up trend since the Federal Reserve announced leaving interest rates unchanged, to trade today at the highest levels of 1.2800.
Technically, the pair is trading above the 61.8% Fibonacci area and the 100-day moving average. We expect the rise to continue to 1.2870 levels around the 200-week moving average.
GBP/JPY – 4 Hour Timeframe
The (Pound / JPY) pair continued to rally to complete the prevailing up trend over large time intervals, trading today near the resistance levels around 180.55 that we mentioned yesterday.
Technically, we expect the pair to begin to decline during today’s trading around the resistance levels of 180.55, in an attempt to correct, targeting the support levels around 178.00 yen again.
