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Today’s Economic Calendar
– At 12:30 PM,
-the Core CPE Prices for the first quarter in the United States.
– Prelim GDP Price Index q/q in the United States,
– at the same time also U.S Unemployment Claims
-At 2 pm GMT, the Home Sales Index on a monthly basis for April.
– At 4:30 pm, a speech by Haskell, a member of the Monetary Policy Committee in England.
Top News in Global Markets:
Highlights of yesterday’s events:
– From the National Statistical Office in England, the consumer price index was released on an annual basis, and the percentage was higher than expected but lower than the previous reading.
– The Energy Information Agency issued its weekly report on US crude inventories, and inventories were much lower than expected, which means an increase in demand for oil in the previous week.
– The New York session indices continued their decline, and the Dow Jones Industrial Average closed down by 255 points.
In the morning:
– Bitcoin is moving around the level of 26215 against the US dollar.
– The price of gold falls to 1958 against the dollar.
– The US dollar index is on its way to 104 against a basket of major currencies, reaching its highest level since March, and currently recording 103.96.
Today it is expected:
Germany’s GDP for the first quarter of the year.
Preliminary reading of US GDP for the first quarter of the year.
– The number of jobless claims for the previous week.
– Natural gas inventories in the United States for the previous week.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index rose since yesterday, Wednesday, completing the ascending move after bouncing back from the support levels around 102.98, and breaching the 103.60 levels that we mentioned yesterday, and now trading around the resistance levels 104 points.
Technically, we expect more upside on the index during today’s trading, targeting the resistance levels around 104.50 points, around which we expect the upward correction movement on the index to end.
Gold – 4 Hours Timeframe
Coinciding with more recovery of the US dollar, the yellow metal declined today, Thursday, breaking the support levels around 1974, and trading below it at the beginning of today’s trading.
Technically, we expect a further decline in gold during today’s trading, targeting the support levels around $1920 an ounce.
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial index continued its decline over the short-term intervals since yesterday, Wednesday, to break through the sliding support levels around 32,785 points, rebounding with the first hours of trading today to the upside in an attempt to retest those levels.
Technically, we expect a further decline on the index, targeting support levels around 32,550 points.
US Crude Oil – 1 Hour Timeframe
The black gold declined with the first hours of trading today, Thursday, in a corrective movement within the prevailing rise on it since breaching the support levels around $72.06 a barrel, trading below the resistance levels today around 74.22.
Technically, if oil continues to move below $74.22 per barrel, we suggest that oil will target the support levels around 73.04, which we monitor the price Action around, as with the appearance of positive price behavior, we will rise again and target the resistance levels around 74.22, then 76.18.
Bitcoin – 1 Hour Timeframe
The digital currency Bitcoin rose today, Thursday, after forming a double bottoms pattern around $25,850 levels, and bouncing up around those levels.
Technically, the price of the digital currency turned bullish, so we expect a further rise on Bitcoin today, targeting the resistance levels around 26385, and in the event of a breach, we target the resistance levels around 26650.
EUR/USD – 4 Hours Timeframe
The euro against the US dollar continued its decline today, Thursday, trading below the resistance levels around 1.0770, with the continuation of the negative intersection of the 100,200-day moving average.
Technically, we expect that with the continuation of the recovery of the US dollar, the pair will decline and target support levels around 1.0700, and in the event of a break, support levels will be targeted around 1.6130
GBP/USD – 4 Hours Timeframe
The (GBP /USD) pair continued to decline today, coinciding with the basket of major pairs, supported by the recovery of the US dollar, breaking the support levels around 1.2360, which are the strongest support levels over the medium-term.
Technically, according to our expectation of more recovery in the US dollar, and the British pound’s anticipation today for the speech of ‘Haskell’, a member of the Monetary Policy Committee, we expect further decline on the pair and targeting support levels around 1.2275
GBP/JPY – 1 Hour Timeframe
The pair (GBP /JPY) continues to move sideways over the short-term intervals, trading today around the resistance levels of 172.50 yen.
Technically, we see the emergence of negative price action on the pair around those levels, from which we expect more Bearishness again within the consolidation move, and target the support levels around 172 again.
