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
Today:
– At exactly 6 AM GMT, the trade balance in Switzerland.
– At 9 AM in the Eurozone, the European Consumer Price Index for April is released on a monthly and yearly basis.
– And at 9:50 AM Bank of England Governor Andrew Bailey’s speech.
– At 12:30 PM in the US, the Building Permits Index for April is released.
– And at 2:30 in the afternoon, the US oil stock report will be issued.
Top News in Global Markets:
Yesterday’s main events:
– In England, a number of data appeared, the most important of which was the change in the unemployment rate for the month of April, and the result was higher than expectations, and the rise in unemployment is something that is not good for the economy, as the unemployment rate was issued for the month of March, and the percentage was also higher than expected.
– In Europe, the German ZEW index was also released, which measures the confidence of investors and experts in the economy, and the result was much lower than expected.
– From the European Center for Studies and Statistics, Eurostat, came the GDP report for the first quarter of the year, and the result was similar to expectations and the previous result, while the trade balance was clearly higher than expectations.
– In the American session, the Canadian Consumer Price Index for April was released, and the result was higher than expected.
– In the United States, retail sales fell in April more than expected, but remained higher than the previous reading. Among the indicators for the month of April, industrial production also rose on a monthly basis.
– New York indices declined, and the Dow Jones Industrial Average lost 335 points.
in the morning
– From the Office of the Prime Minister of Japan, the preliminary reading of the GDP for the first quarter of the year was released, and the result was higher than expected.
In Australia, the wage price index for the first quarter came in lower than expected, but similar to the previous reading.
– Asian market indices varied, as the Japanese Nikkei index rose by 0.87%, the Hang Seng index in Hong Kong declined by 1.12%, and the Chinese Shanghai index decreased by 0.61%.
– The gold futures index lost the $2,000 level, rebounded from a historical level, and is currently recording $1,992.55.
Bitcoin fell to 26995 against the US dollar.
Today’s expected events:
Swiss trade balance for the month of April.
– European consumer price index on an annual basis for the month of April.
– From the Energy Information Agency, the weekly report of US oil inventories is issued for the second week of May.
Among the most important events tomorrow:
Employment change and unemployment rate in Australia.
– US jobless claims report for the previous week.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose yesterday, bouncing upward around the support levels of 102.30 as we mentioned yesterday, to approach the aforementioned target around the resistance levels of 102.75 points.
Technically, we expect more bullishness for the index during today’s trading, targeting the next resistance levels around 103.12 points, in case the index close above the highest resistance levels around 102.75.
Gold – 1 Hour Timeframe
Prices of the yellow metal rebounded in the early hours of this morning from its lowest level in two weeks at $1985.47, with fears of the US government defaulting on debt repayment.
Technically, gold trades sideways after forming a support area around $1985.47 levels. We expect some corrections around the $2000 level, and if it is broken, the correction continues near the moving average 100 at $2011.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index declined, as we mentioned yesterday, Tuesday, to trade today around the resistance levels of 33050 points, to rise slightly in an attempt to retest those levels around 33050.
Technically, we expect further decline on the index during today’s trading, targeting the support levels around 32,800 points, especially in case it close below the current resistance levels.
US Crude Oil – 1 Hour Timeframe
Oil is trading sideways with focus on US oil inventories data today, and prices fell sharply as investors worried about recession fears in the United States.
Technically, the sellers succeeded in breaking the $70.55 support, with prices continuing below the 38% Fibonacci area, which is considered the main resistance area, so we see a continued decline in oil prices towards the next support at $69.40.
Bitcoin – 1 Hour Timeframe
The price of the digital currency, Bitcoin, is still trading side ways, despite the positive US retail sales data.
Technically, the digital currency is trading around the 100- and 200-hour moving averages, and below the 38% Fibonacci area. We see the continuation of the downside trend and testing the support levels 26833 and 26500 USD, in case it continues below 27000 USD.
EUR/USD – 1 Hour Timeframe
The (EUR/USD) pair has declined since yesterday, Tuesday, after consolidating below the resistance levels around 1.0900, which we referred to in yesterday’s analysis.
Technically, we expect a further decline on the pair during today’s trading, targeting support levels around 1.0770, in case the pair close below 1.0850 support.
GBP/USD – 4 Hours Timeframe
The (GBP/USD) pair continued to fall for the second day in a row after the weak data of the labor market in the United Kingdom and the recovery of the US dollar.
Technically, the pair is trading below the moving average 200 in a direction that supports more bearishness, so we expect the continuation of the decline towards 38% Fibonacci levels around 1.2423, and if it is broken, the decline will continue towards 1.2385.
GBP/JPY – 1 Hour Timeframe
The ( gbp / jpy ) pair is trading sideways on the short-term intervals, inside the supply zone around 170.11, 170.45, to move today in attempts to breach this zone .
Technically, we expect if the price close above the resistance levels 170.45 during today’s trading, we target more bullishness to the resistance levels around 171.50, while in case the pair decline and breaking the support levels around 170.11, we will return to the decline, targeting 168.85 levels.
USDCHF- 1 Hour TimeFrame
The USDCHF pair rose since yesterday, bouncing above the support levels at 0.8930, continuing this rise today, Wednesday.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 0.8985, and then the next resistance levels around 0.9005.
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USDJPY- 4 Hours TimeFrame
The USD/JPY pair continued to rise despite positive Japanese GDP data.
Technically, the pair’s rise stopped yesterday after testing the resistance levels at 136.70, before breaching this level this morning, to keep the buyers in control of the pair. We expect the rise to continue towards the resistance of 137.20 near the 200-day moving average.
