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Today’s Economic Calendar
We follow today in GMT:
– At six o’clock in the morning retail sales in Britain, for the month of April on a monthly basis.
– At 12:30 PM we are following in the US: Core PCE, Core Durable Goods Orders, and Durable Goods Orders, all on a monthly basis for the month of April.
Top News in Global Markets:
Yesterday’s highlights:
Germany’s GDP for the first quarter of the year was lower than expected.
– German Consumer Climate also came in lower than expected for the month of May, a survey that examines how people view past and future economic conditions.
– From the Bureau of Economic Analysis, the preliminary reading of the US gross domestic product for the first quarter of the year was higher than expected, and it is an indicator that serves to assess the health of economic activity.
– From the US Department of Labor, jobless claims were lower than expected for the previous week, which means lower numbers of unemployed.
– Pending home sales came in lower than expected on a monthly basis for the month of April.
– From the Energy Information Agency, the report showed natural gas inventories in the United States were lower than expected during the previous week, which means an increase in demand.
– The performance of the US New York session indices varied, and the Nasdaq index rose by more than 213 points.
In the morning:
– Japanese core CPI came in lower than expected on a yearly basis for May.
– Retail sales in Australia fell less than expected, on a monthly basis for the month of April.
The performance of the indices of the Asian trading session varied, the Japanese Nikkei index rose by more than 237 points, and the Hang Seng index in Hong Kong fell by 369 points.
Bitcoin price fell to 26390 against the US dollar.
– Gold is moving around the level of 1948 dollars an ounce.
– The US dollar index is trading around the level of 104.03 against the basket of major currencies.
Today is expected:
– UK retail sales on a monthly basis for the month of April.
– Core US Personal Consumption Expenditure Index on a monthly basis for the month of April.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index declined today, with the end of this week’s trading, as the resistance levels around 104.20 points succeeded in stopping the price’s upward push, and it traded below it today.
Technically, we expect further decline on the index, targeting support levels around 103.75 points, around which we await the price Action, as with the emergence of positive price Action, we Expect more Bullishness again to 104.20 points.
Gold – 4 Hours Timeframe
coinciding with the corrective movement on the US dollar, the yellow metal rose today, on the short and medium-term intervals, trying to retest the resistance levels.
Technically, we expect gold to target resistance levels around $1960 an ounce during today’s trading, and then in case of stability below it, we will go back to decline again, targeting support levels around $1920 an ounce
US Dow Jones – 4 Hour Timeframe
The Dow Jones Industrial index declined with the first hours of trading today, Friday, after retesting the resistance levels around 32785 that we mentioned yesterday.
Technically, we expect a further decline on the index, targeting support levels around 32,550 points, and in the event of a break, we target the next support levels around 32,080.
US Crude Oil – 1 Hour Timeframe
The black gold rose today, Friday, bouncing from the support levels around $71.15 a barrel, while the averages still suggest positivity for oil.
Technically, we expect more bullishness on oil during today’s trading, targeting the resistance levels around 72.45, and then in case of a breach, we target the next resistance levels around $73 per barrel.
Bitcoin – 1 Hour Timeframe
The digital currency, Bitcoin, declined today, after rebounding from the resistance levels around 26650 that we mentioned yesterday, and trading today around 26385 levels.
Technically, we await a price close below the current support levels of around 26385, from which we target further decline on Bitcoin during today’s trading, targeting support levels around 25850.
EUR/USD – 4 Hours Timeframe
The EUR/USD pair rose today, Friday, in a corrective move over the medium-term, rebounding from the support levels around 1.0700.
Technically, we expect more Bullishness for the pair to retest the resistance levels around 1.0770, around which we expect the corrective movement to end, and for the pair to decline again.
GBP/USD – 1 Hour Timeframe
Coinciding with the dollar’s corrective move, the (GBP/USD) pair rose today in a corrective move within the bearish trend prevailing over it over the medium-term intervals.
Technically, we expect more corrective rise to retest the resistance levels around 1.2360, which we expect the correction to end around, and the pair to return to decline and target the support levels around 1.2275.
GBP/JPY – 1 Hour Timeframe
The random movement dominated the (GBP/JPY ) pair this week, retreating today from the upper boundary of that movement, and trading below the resistance levels around 172.50.
Technically, we expect more Bearishness on the pair during today’s trading, targeting support levels around 172 again, and in case of a breaking , we target the next support levels around 171.25.
