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Today’s Economic Calendar
Today:
At 12:30 GMT, the US Unemployment Claims will be released.
at 2 pm, Existing Home Sales for the month of April are released.
– And at 3 in the afternoon, the speech of the Governor of the Central Bank of Canada, Tiff Macklem.
Top News in Global Markets:
From yesterday’s events:
– From the Eurostat statistical center, the European consumer price index was released, and the results were unchanged for the month of April on a year-on-year basis.
– From the US Energy Information Administration, the US Crude Inventories report appeared, and inventories were higher than expected in the second week of May, which indicates weak demand for oil.
– The rise in US stock indices, including the Dow Jones Industrial Average and Nasdaq.
Yesterday, the US dollar index achieved its highest level in seven weeks and is currently recording 102.81 against a basket of major currencies.
And in the morning:
– In Japan, the Ministry of Finance’s trade balance index came out higher than expected for the month of April.
– Australian unemployment data was released for the month of April, where the change in the employment rate was much less than expected, and the unemployment rate was higher than before, which indicates an increase in the number of unemployed, which is harmful to the economy.
– The recovery of Asian stock indices, led by the Japanese Nikkei index.
Today’s hours are expected:
– From the US Department of Labor, the Unemployment Claims report for the previous week is released.
– From the International Energy Agency natural gas stocks report.
– In Canada, a speech by Tiff Macklem, Governor of the Bank of Canada.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose at the beginning of trading today, after bouncing up from support levels around 102.75, after Trying to retest yesterday.
Technically, we expect more bullishness on the index during today’s trading and target the next resistance level around 103.12 points again, and then the resistance level around 103.60 points, especially if the 103.12 level is breached.
Gold – 4 Hour Timeframe
The yellow metal fell to its lowest level since last April, as all its gains vanished, reaching the $1975 level, to bounce back a little later this morning to the $1985 level.
Technically, gold is trading below the moving average of 200 between the levels of 1985 and 1975 dollars. We expect more bearishness, in case the current support is broken, and then the sellers will target the next support around 1961.10 USD.
US Dow Jones – 1 Hour Timeframe
Support levels around 33050 succeeded yesterday, Wednesday, in stopping the Dow Jones Industrial Index slide downwards, to rebound upwards around those levels, reaching near the resistance levels of around 33,500 points.
Technically, according to the index’s decline near the resistance levels around 33,500 points, we expect further decline on the index during today’s trading, to target the support levels around 33270, then in the event of a break and close below it, we target the next support levels around 33050 again.
US Crude Oil – 1 Hour Timeframe
Oil fell slightly in the early hours of Thursday morning after reaching the weekly high of 73.30.
Technically, oil prices are still trading above the 61.8% Fibonacci area with a bearish corrective movement near the 200-hour Moving Average. We expect the correction to continue to the levels of 71.75 and 71.40 $ before prices return to rise again.
Bitcoin – 1 Hour Timeframe
Buyers failed to breach the $27,500 level, and Bitcoin prices returned near $27,200 in a downward trend.
Technically, the price of the digital currency has returned below the 38% Fibonacci area, to trade near the 100 and 200 hourly moving averages, in a downward movement, which we expect to continue towards $27,070 levels, and in case this support is broken, we target $26,550
EUR/USD – 1 Hour Timeframe
The euro pair rose against the US dollar at the end of yesterday, in an attempt to retest the resistance levels around 1.08500, bouncing around it down with the beginning of Thursday’s trading.
Technically, we expect a further decline on the pair during today’s trading, targeting support levels around 1.0780.
GBP/USD – 4 Hours Timeframe
The (GBP / USD) pair rebounded to 1.2510 levels from the support of 1.2420, which we mentioned yesterday, to return to the decline again this morning, due to the weak performance of the Sterling Pound.
Technically, the pair is trading below the moving average 200 again, and we expect prices to test the current support around 1.2420, waiting for breaking this area to continue the decline towards 1.2345.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY ) pair retreated with the start of trading today, Thursday, after rising to the upside yesterday, with which it breached the resistance levels around 171.50, targeting the highest level since the beginning of May.
Technically, we expect a further reversal on the pair, targeting support levels around 171.00, and meeting it with the 40-day moving average, then in the event of a break, we target the next support levels around 170.45.
USDCHF- 1 Hour TimeFrame
The dollar pair rose against the Swiss franc, as we mentioned yesterday, bouncing down near the resistance levels around 0.90050, starting today in an attempt to retest those levels again.
Technically, we expect the pair to rise to correct around the resistance levels at 0.90050, then decline again, and target the support levels around 0.89850, then 0.89300.
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USDJPY- 1Hours TimeFrame
The (USD/JPY) pair declined after reaching its highest level in two weeks, awaiting the US jobless claims data on Thursday.
Technically, we mentioned yesterday to the continuation of the bullish trend for the (USD/JPY) pair, as the pair breached the resistance of 137.20 and reached the top of 137.72, to rebound from this level in a corrective movement, which we expect to continue towards the current support 137.28 and 137.15, and if it is broken, the decline will continue near 136.96.
