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 8 am GMT, the Manufacturing PMI for the month of May in the Eurozone.
– And at 8:30 Am the manufacturing PMI in England.
– At 12:30 PM, the Canadian Industrial Producer Price Index, on a monthly basis for the month of April.
– In the second to only a quarter manufacturing PMI in the US for May.
Top News in Global Markets:
From yesterday’s events:
– From the European statistical center Eurostat, the consumer confidence index in the eurozone was released, and the result was similar to expectations in May.
And in the morning:
– The Standard & Poor’s Global Purchasing Managers’ Index for the industrial and service sectors in Australia was issued. The reading was similar to the previous reading in the manufacturing sector, while the result for services was lower than the previous one in May.
– From the same source, the Japanese Manufacturing PMI was higher than the previous month of May.
– The Bank of Japan released the core CPI on an annual basis for the month of April, and the result was higher than expected in the month of April.
–Bitcoin rose by more than 550 points, to currently record $27,400.
– Oil prices rose, as US crude recorded a price of $72.22 per barrel, while Brent crude recorded a price of $76.14.
– Gold fell to the level of 1963.90 dollars an ounce.
Today it is expected:
Standard & Poor’s Global issues a set of indices for a number of countries, which are purchasing managers’ indices for the industrial and service sectors in Germany, France, the eurozone as a whole, England, and the United States, for the month of May.
– From the Federal Reserve Bank of Richmond in the US, the Richmond Manufacturing Index for May is released.
Tomorrow’s most important events:
New Zealand’s interest rate decision.
UK consumer price index on an annual basis.
Minutes of the last Fed meeting.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose at the beginning of this week’s trading, rebounding from the support levels around 103 points, to trade today around the resistance levels at 103.30 points.
Technically, we await price close above the resistance levels around 103.00 points, to continue the bullishness during today’s trading around the resistance levels 103.60.
Gold – 1Hour Timeframe
The yellow metal declined yesterday, after the sellers managed to break the $1968 support, to come close to testing its lowest level since April once again.
Technically, gold continues to trade below the 100-hour moving average and the 38% Fibonacci retracement area. We expect more Bearishness $1941.85 around the 50% area and the 100-day moving average.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial index declined as we mentioned yesterday, Monday, trading today around the support levels of 33,270 points.
Technically, we expect a further decline on the index during today’s trading and a continuation of the decline, targeting the next support levels around 33050 points.
US Crude Oil – 1 Hour Timeframe
Yesterday, US oil rose near $72.60, before falling back towards 72.00 again this morning, awaiting the PMI data for Tuesday.
Technically, oil is trading near the 100-hour moving average and around the 38% Fibonacci area. We expect oil to continue below the resistance of 72.50 and return to test 72.00 and 71.80 USD, in the continuation of the slow movements and anticipation of the outcome of the negotiations on the US debt.
Bitcoin – 1 Hour Timeframe
Bitcoin rose this morning, as we mentioned yesterday, to trade above $27,000, with the continuation of the US debt ceiling crisis.
Technically, the digital currency is trading above the 100-hour moving average, after buyers succeeded in breaching the 38% Fibonacci area trying to stay above $27,000. We expect the rise to continue towards the $27,650 and $27,850 resistance.
EUR/USD – 1 Hour Timeframe
The euro against the US dollar is still trading in a limited range near the resistance levels around 1.0850, despite the dollar’s upward move, coinciding with the approaching intersection of the 50-day moving average with the 20-day moving average.
Technically, the negative outlook remains valid for the pair, and it is likely during today’s trading that the pair will retreat to the support levels around 1.0770, then 1.0752.
GBP/USD – 1 Hours Timeframe
The (GBP/USD) pair continued to decline, as hopes for a deal on the US debt ceiling increased, and eyes turned towards the PMI reports in the United Kingdom and the United States.
Technically, the sideways movement of the pair continues below the 100-hour moving average, after returning from the top of 1.2484. We expect the decline to continue towards the support of 1.2390 again, and in case this price is broken, the drop will continue towards 1.2344.
GBP/JPY – 1 Hour Timeframe
The (GBP/JPY) pair rose yesterday, Monday, bouncing back above the support levels around 171.50 Yen. To target the resistance levels around 172.50, trading below it today, Tuesday.
Technically, we expect a further decline on the pair during today’s trading, targeting the resistance levels around 171.50 again, and in case it is broken, we will target the next levels around 171.00.
USDCHF- 1 Hour TimeFrame
After the (USD/CHF) pair’s further decline yesterday to the support levels around 0.8945, the pair rebounded above those levels, and continued that rise today, Tuesday, forming the Head and Shoulders pattern on short-term intervals.
Technically, according to the formed head and shoulders pattern, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 0.9025 francs.
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USDJPY- 1Hours TimeFrame
The (dollar / yen) pair declined in the early hours of this morning, after reaching its highest level since the beginning of the year 2023, near 139.00.
Technically, the pair is in a corrective move towards the 100-hour moving average near 138.00, and in case of breaking the support, the decline will continue towards 137.40, before returning to the upside again.
