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 6:00 am, the Swiss Trade Balance for the month of May is released.
– And at the same time German Producer Price Index is on a monthly basis for May.
At 12:30 noon, building permits are issued in the United States for the month of May, and the index for the start of home construction for the same month is issued.
Top News in Global Markets:
Yesterday’s highlights:
– The New Zealand consumer confidence index, according to Westpac Bank, is higher than the previous reading, for the second quarter of the year.
And in the morning:
In Japan, the Ministry of Economy released the industrial production rate on a monthly basis, and it came higher than expected for the month of April.
– The Japanese Nikkei index fell by 111 points, and the Hang Seng index in Hong Kong fell by 303 points.
– Bitcoin price rose by 320 points, and is currently recording a price of $26,954.
– The US dollar index jumps to the level of 102.16 against the basket of major currencies.
Among the expected events today:
Swiss trade balance for the month of May.
German Producer Price Index on a monthly basis for May.
Tomorrow will be released:
– UK consumer price index on an annual basis for the month of May.
Federal Reserve Governor Jerome Powell’s testimony before the US Congressional Financial Services Committee.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose at the beginning of trading for this week yesterday, Monday, in a corrective movement, trading today around 102.20 levels that we mentioned yesterday.
Technically, we expect that if the resistance levels around 102.20 points are breached, we will target more rise during today’s trading to the next resistance levels around 102.60 points, which we expect the bullish correction to end around and the index to decline again.
Gold – 1 Hours Timeframe
The yellow metal prices fell to 1945 dollars, after rising in the early hours of this morning, near 1954 dollars, amid fears of an economic slowdown in China after the interest rate cut.
Technically, gold is trading below the 100-hour moving average, after the sellers succeeded in breaking the support of 1950 and the 38% Fibonacci area. We expect the move down to $1942.60 near the 61.8% Fibonacci area, waiting for the rebound from this point to resume the rise again.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index declined yesterday, Monday, after approaching the resistance levels around 34,650 that we referred to yesterday at its highest level in 6 months, trading today below the 20- and 50-day moving averages that crossed negatively.
Technically, we expect the index to target the support levels around 34050 points, which we monitor the price Action around, as in the case of a break, we target the next support levels around 33775, while in the case of a positive price Action, we target the rise again.
US Crude Oil – 1 Hour Timeframe
US oil prices declined below $71.00 after rebounding from $72.00 yesterday.
Technically, oil is trading near the support of 70.75, above the 200 hourly moving average, we expect the bearish movement to continue towards 70.50, then 70.05, provided it continues below the $71.10 resistance.
Bitcoin – 1 H Timeframe
Bitcoin digital currency prices rose to 27167 levels before rebounding in the early hours of this morning to $26826 prices.
Technically, the buyers succeeded in breaching the resistance level that we mentioned yesterday at $26,600. The digital currency is trading above the 100-hour moving average, and we expect the rise to continue, provided that the $27,050 resistance is breached once again, to target $27,650.
EUR/USD – 1 Hour Timeframe
The (Euro / USD) pair continued its decline, which started from the end of last week’s trading, in a corrective movement towards the prevailing bullish trend, as the resistance levels around 1.0957 succeeded in stopping the price’s upward push, to continue trading below it for the third day.
Technically, we expect the corrective movement to end during today’s trading around the support levels 1.0883, around which we expect the pair to rise again.
GBP/USD – 1 Hour Timeframe
The GBP pair continued to decline against the dollar today, Tuesday, in a corrective downward movement, before the expected inflation data on Wednesday.
Technically, the pair is trading near the 38% Fibonacci retracement area and the 100-hour moving average. We need to break the support 1.2763 to continue the decline towards 1.2740, then the main support area around 1.2700
GBP/JPY – 4 Hour Timeframe
The ( GBP/ JPY ) pair is moving sideways over the short-term intervals, with the highest levels of support around 180.55 yen, in the markets’ anticipation of the Monetary Policy Committee decision of the Bank of England, which will be issued on Thursday of this week.
Technically, we expect the pair to continue moving sideways toward the upside during today’s trading, and Try to target the next resistance levels around 183.30.
