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 twelve-thirty in the afternoon, we follow from Canada the producer price index for the industrial sector on a monthly and annual basis for the month of May.
— at 2pm the US housing market index for June.
Top News in Global Markets:
Highlights of the weekend:
– From the European Statistical Center Eurostat, the final reading of the consumer price index was issued, and the result was similar to expectations and the previous reading on an annual basis for the month of May, and the final reading of the basic consumer price index was also similar to the above.
– In the United States and from the University of Michigan, the preliminary reading of consumer confidence came higher than expected for the month of June, and as for inflation expectations, it came lower than previously.
– The New York session indices declined, as the Dow Jones Industrial Index closed down by 108 points, and the Nasdaq Technology Index also fell by 93 points.
And in the morning:
Most of the indices of the Asian session declined, as the Japanese Nikkei index fell by 393 points, and the Hang Seng index in Hong Kong fell by 260 points.
Highlights of this week:
On Wednesday:
– UK consumer price index on an annual basis for the month of May.
– Testimony of US Federal Reserve Governor Jerome Powell before the House Financial Services Committee, for Powell to deliver the semi-annual monetary policy report.
On Thursday:
– Interest rate decision of the Swiss National Bank.
– British interest rate decision from the Bank of England.
– The second day of the federal government’s testimony before Congress.
on Friday:
From Standard & Poor’s Global, the Purchasing Managers’ Index (PMI) for the manufacturing and services sectors for June is issued for several countries, namely Germany, the Eurozone, England, and the United States.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rebounded from its lowest levels since last May, in a corrective move after declining for 3 consecutive weeks due to economic data, to trade today around the resistance levels of 101.95 points.
Technically, we expect the index to rise during today’s trading and target the next resistance levels around 102.20 points, in case the support around 101.95 points is breached.
Gold – 1 Hours Timeframe
The yellow metal is trading above $1,950 this morning, Monday, amid weak market conditions in the United States of America.
Technically, gold is trading above the 200-hour moving average and the 50% Fibonacci retracement area, in continuation of the sideways move on the upside. We expect gold to rise slightly today, to $1968 levels, In case of continuation above the current support at $1950.
US Dow Jones – 1 Hour Timeframe
The resistance levels around 34,650 points succeeded in stopping further rise on the Dow Jones industrial index, to bounce down from it, targeting the support levels around 34,145 points.
Technically, we expect if the index breaks during today’s trading the current support levels are around 34145 points, we target a further decline around the support levels 33775 points.
US Crude Oil – 1 Hour Timeframe
US oil prices fell this morning, Monday, to 70.64 dollars, before settling above 71.00 dollars.
Technically, oil is trading near the 200-hour moving average, after returning again below the 61.8% Fibonacci correction area. We expect more Bearishness to $69.50 and test the 38% Fibonacci correction area.
Bitcoin – 1 H Timeframe
Bitcoin prices declined yesterday, from 26,696 to 26,229 dollars, to Trade today, Monday, near 26,500 USD.
Technically, the digital currency is trading above the 100-hour moving average, and buyers are trying to return above the $26,600 resistance. We expect that if this resistance is breached, the rise will continue slowly toward $26,801.
EUR/USD – 1 Hour Timeframe
The (Euro / USD) pair has declined since the end of last week’s trading, in a corrective movement towards the prevailing bullish trend, so that the resistance levels around 1.0957 succeeded in stopping the price’s upward push, to bounce back from it to downside, and it trades today around the support levels 1.0925.
Technically, we expect the corrective movement to end during today’s trading around the support level 1.0903, around which we expect the pair to rise again.
GBP/USD – 1 Hour Timeframe
The pound sterling against the dollar revised from its highest level since April 2022, to continue in the sideways trend, with which it concluded last week’s trading, near 1.2810.
Technically, the pair is trading above the support of 1.2800, despite last Friday’s rebound from its highs, we expect that if we break the support of 1.2800, we will witness a corrective downward movement that extends to the 100-hour moving average around 1.2710, before returning to the upside again.
GBP/JPY – 4 Hour Timeframe
The (GBP / JPY ) pair declined at the start of the week’s trading today, Monday, trying to retest the support levels around 180.55 points, which it breached on Friday at the end of last week’s trading.
Technically, we expect more bullishness on the pair during today’s trading, to target the resistance levels around 183.30 yen.
