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 British retail sales index on a monthly basis for the month of May.
– At 7:30 am the PMI for the manufacturing sector for June in the eurozone.
Half an hour later at 8 the Eurozone services PMI for the same month.
– At eight thirty, the PMI for the industrial and service sectors in Britain.
– And at 2:15 pm, the Purchasing Managers’ Index for the industrial and service sectors in the United States for June.
Top News in Global Markets:
Highlights of yesterday’s events:
– The Swiss National Bank decided to raise interest rates by 25 basis points, bringing the interest rate to 1.75%.
– The Bank of England raised the interest rate by 50 basis points, so that the interest rate will be 5%.
– From the US Department of Labor, the weekly report of jobless claims for the previous week was released, as the result was similar to the previous reading.
– From the European statistical center Eurostat, consumer confidence rose above expectations for June.
– From the International Energy Agency, natural gas inventories rose last week in the United States, which indicates a decrease in demand, while US oil inventories fell significantly, which means an increase in demand.
– The performance of New York indices varied, and the Nasdaq index closed up by 128 points.
And in the morning:-
– From Standard & Poor’s Global released for the month of June:
Manufacturing PMI in Australia, the result was higher than the previous reading, while the same index fell for the services sector.
Japan’s manufacturing PMI was lower than expectations.
– In Britain, the GfK Consumer Confidence Index was released, and the result was higher than expected for the month of June.
– From the National Statistical Bureau of Japan, the core CPI was released, higher than expected and lower than the previous reading on a year-on-year basis.
– The Asian session indices declined, as the Australian ASX 200 index fell by 105 points, the Japanese Nikkei index fell by 638 points, and in Hong Kong the Hang Seng index fell by 373 points.
Bitcoin price fell to 30027 against the US dollar.
– Oil prices declined, with Brent crude recording a price of $73.43 per barrel, while US crude recording a price of $68.82 per barrel.
– Gold records a price of 1927 dollars an ounce.
– The US dollar index continues to recover for the second day in a row, to record 102.27 against a basket of major currencies.
Among the expected events during the day: –
British retail sales on a monthly basis for the month of May.
– From Standard & Poor’s, the purchasing managers’ indices for the industrial and services sectors are issued for the month of June for several countries, namely: France, Germany, the Eurozone, Britain and the United States.
Technical Analysis
Dollar Index – 4 Hour Timeframe
The US dollar index stabilized after reaching its lowest levels during the month, continuing under selling pressure, awaiting Powell’s testimony and the US unemployment claims numbers.
Technically, the index is trading below the 100-hour moving average, after rebounding from 102.304 points. We expect the index to move in a corrective move towards 101.90 and 102.00 points before returning and resuming the decline again.
Gold – 1 Hour Timeframe
The yellow metal declined yesterday, for the fourth day in a row, to reach $1910.19 support, in light of the continuation of the US Federal Reserve’s strict policy.
Technically, gold rebounded in the first hours from its lowest level at $1910.19 around the 61.8% Fibonacci area. We expect the correction to continue upwards until the resistance of 1923.43, and in case of breaching it, the correction will continue towards $1930.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index continued its decline today, Friday, trading around the support levels of 33,775 points, achieving its targets that we mentioned yesterday.
Technically, the index is still moving below the 20- and 50-day averages on short-term intervals, so the index is likely to continue to decline to target the support levels around 33,560 points, especially in the event of breaking the support around 33,775 points.
US Crude Oil – 1 Hour Timeframe
Yesterday, US oil declined from $72.47 levels, after the US oil inventories data, to settle below $69.00.
Technically, oil is trading below the 200-hour moving average and the 61.8% Fibonacci retracement area at $68.90. We expect the correction to continue towards $69.50 in case it breaches the current resistance at 68.90, before returning to decline again.
Bitcoin – 1 Hour Timeframe
The digital currency Bitcoin continues to move sideways near the $30,000 price, awaiting the manufacturing and service managers’ indices data on Friday.
Technically, the digital currency is trading above the 100-hour moving average. We expect Bitcoin to continue trading in narrow levels today, with some corrections around $29,646, provided it continues below the $30,000 resistance.
EUR/USD – 1 Hour Timeframe
The (Euro / Dollar) pair continued to decline , supported by the recovery of the US dollar since yesterday, to trade below the resistance levels around 1.09575.
Technically, the pair is trading below the 20- and 50-day moving averages, starting with a negative intersection at the beginning of today’s trading, so the pair is likely to continue the decline during today’s trading, targeting support levels around 1.08960.
GBP/USD – 1 Hour Timeframe
The pound declined against the dollar from its highest level around 1.2858 yesterday, to close today above 1.2700, after the retail sales data from the UK.
Technically, the pair is trading below the 200-hour moving average, indicating the continuation of the selling pressure. We expect the correction to continue until 1.2745 levels, before returning to decline again towards 1.2675 levels.
GBP/JPY – 4 Hour Timeframe
