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
-At exactly 2:00 pm GMT, the European Consumer Confidence Index for the month of May in the Eurozone.
– At 11, the two indices are purchasing managers for the industrial sector and purchasing managers for the services sector in Australia.
Top News in Global Markets:
last week:
– From the German Federal Statistical Office the Producer Managers’ Index came out higher than expected in Germany on a monthly basis for the month of April.
– In Canada, from the statistical center, the retail sales index was lower than expected on a monthly basis for the month of March.
– The New York session indices closed lower, led by the Dow Jones Industrial Average, which fell by 109 points.
Among the expected events today:
– From the Eurostat Statistical Center, the European Consumer Confidence Index for May is released.
In the morning:
Bitcoin continues its decline and moves around 26700 against the US dollar.
– The US dollar index is moving around the level of 102.92 against the basket of major currencies.
Among the most important events this week:
– On Tuesday, Standard & Poor’s Global releases the US manufacturing and services PMI ( May).
– On Wednesday, the New Zealand central bank will issue an interest rate decision.
On Thursday, the preliminary reading of US GDP for the first quarter of this year will be released.
annual basis and the ratio was higher than the previous one.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose at the beginning of trading today, to trade over support levels at 103.10, but still within the supply area around 103.25 points.
Technically, we await the price to close above the resistance level around 103.25, to target more bullishness during today’s trading around the resistance level 103.65.
Gold – 1Hour Timeframe
The yellow metal prices stabilized after rebounding on Friday from its lowest level since last April in US dollars, amid increasing fears of the US defaulting on debt repayments.
Technically, gold is trading below the 100-hour moving average and around the 38% Fibonacci retracement area. We expect the upside trend to continue towards the $1987.10 resistance as long as prices continue above the current support at $1968.30.
US Dow Jones – 1 Hour Timeframe
the Dow Jones Industrial Index declined at the end of last week’s trading, breaking the support levels around 33,500 points, and trading this morning in weak performance over the short-term intervals.
Technically, we expect the index to decline during today’s trading and continue its decline, targeting support levels around 33270 points.
US Crude Oil – 1 Hour Timeframe
Oil remains under pressure amid fears of lower energy demand, higher production and concerns about the US debt ceiling.
Technically, oil prices rebounded last Friday from $73.50, to trade again below the 100 and 200 hourly moving averages, with a break of the 38% Fibonacci area. as long as the oil trading above the main support around $70.00, we expect oil to return to the upside and test the 73.50 resistance once again, then the $75.00 resistance as long as prices continue above the current support.
Bitcoin – 1 Hour Timeframe
Bitcoin price interacted positively with Federal Reserve Chairman Jerome Powell’s speech, as prices rose near $27,140, before returning again below $26,800.
Technically, Bitcoin’s decline continued as markets opened around $26,500, before bouncing back up again above 26,700. We expect the correction to continue towards $27,000 again near the 100-hour moving average and the 38% Fibonacci area.
EUR/USD – 1 Hour Timeframe
The (EUR / USD) pair continued to rise at the beginning of this week’s trading, approaching the resistance levels around 1.0850 that we referred to at the end of last week.
Technically, we expect the pair to bounce down around the resistance levels of 1.0850, and target the support levels around 1.0770 again.
GBP/USD – 1 Hours Timeframe
The (GBP/ USD ) pair rose last Friday to the upside of 1.2484, after reaching the support around 1.2390, where the Fed is considering stopping the tightening policy.
Technically, the pair’s price declined in the early hours of this morning and is trading below the 100-hour moving average. We expect the bearish trend to continue and test the current support of 1.2390, and if this support is broken, the bearishness will continue toward 1.2360.
GBP/JPY – 1 Hour Timeframe
The ( GBP / JPY ) pair is trading sideways on the short-term intervals between the support and resistance levels of 172.20 and 171.50, trading today, with the opening of the week’s trading around the support levels of 171.50.
Technically, if the pair breaks the support levels around 171.50, during today’s trading, we will target a further decline to the next support levels around 171.00, while if the pair close above the lower boundary of the sideways movement around 171.50, the pair will return to the consolidation move, targeting 172.20 again.
USDCHF- 1 Hour TimeFrame
The (USD / CHF ) pair declined at the end of the last week’s trading, stopping its decline at the beginning of this week’s trading around the lower boundary of the prevailing bullish trend, trading around the support levels 0.8975
Technically, as the price traded above support levels, it is likely that we will see more bullishness on the pair during today’s trading, targeting resistance levels around 0.9017.
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USDJPY- 1Hours TimeFrame
The (USD/JPY) pair rose after rebounding from the support of 137.40, for buyers to continue to control the pair and push it to the upside once again.
Technically, the US dollar against the yen is trading above the 100-hour moving average, to trade near 138.00 levels. We expect that if the resistance of 137.14 is breached, the bullish trend will continue towards 139.50, then 140.00, where the main resistance area of the pair.
