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 8:00 am the IFO German Business Climate for June.
– At nine to ten minutes speech by Thomas Jordan, President of the Swiss Central Bank.
– At eleven o’clock in the morning we follow the German monthly Bupa report.
– And at 5:30 pm the speech of Christine Lagarde, President of the European Central Bank.
Top News in Global Markets:
Highlights of the weekend:
– From Britain’s National Statistical Office, retail sales were higher than expected and lower than previously, on a monthly basis for the month of May.
– Standard & Poor’s Global issued several data for the month of June:
In Germany both the Manufacturing and Service PMIs came in below expectations.
In the Eurozone both the manufacturing and services PMIs also came in below expectations.
In Britain, the Manufacturing and Service PMIs came in below expectations.
Finally, in the US, the PMI for the manufacturing sector came in below expectations, while the PMI for the services sector was higher than expected and lower than the previous reading.
New York indices declined, as the Dow Jones Industrial index closed down by 219 points, and the Nasdaq index also closed down by 138 points.
In the morning:
– Bitcoin is currently recording a price of 30266.52 against the US dollar.
– Gold records a price of 1935.70 dollars an ounce.
– The US dollar index records 102.35 against a basket of major currencies.
Among the most important events expected during the week:
– Tuesday:
Canadian Consumer Price Index on a monthly basis for the month of May.
US Consumer Confidence Index for June.
– Wednesday:
Australian consumer price index on an annual basis for the month of May.
Speech by Federal Reserve Chairman Jerome Powell
– Thursday:
German Preliminary CPI reading on a monthly basis for June.
The final reading of US GDP for the first quarter of the year.
– Friday:
Canadian GDP on a monthly basis for the month of April.
Core personal consumption expenditures in the US on a monthly basis for the month of May
Technical Analysis
Dollar Index – 4 Hours Timeframe
The US dollar index declined at the start of this week’s trading in a corrective movement over the medium-term, to rebound down from the resistance levels around 102.60 points.
Technically, we expect a further corrective decline to the support levels around 102.20 points, around which we expect the corrective drop to end, and the index to rise again, targeting the resistance levels around 102.60, 102.90 points.
Gold – 1 Hours Timeframe
The yellow metal starts the new week on positive movements, after rebounding last Friday from its lowest level since March around $1910.
Technically, gold is trading below the 100-hour moving average, after rebounding from 1928.59 this morning, we expect to test the resistance of 1930.40 and 1934.57, provided it continues above the support of USD 1920.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index continued its decline at the start of this week’s trading, to continue trading around the support levels of 33,775 points, and below the 50-day moving average.
Technically, the bearish view is still valid on the index, and we expect the index to break the support levels around 33775 points, and continue to decline during today’s trading, targeting the next support level around 33560.
US Crude Oil – 1 Hour Timeframe
US oil declined Monday morning to levels of $68.78, as fears of slowing growth in China and lower demand increased.
Technically, oil is trading below the 200-hour moving average. We expect a corrective move to 69.90, then $70.55, provided the price continues above $68.75.
Bitcoin – 1H Timeframe
The price of the digital currency declined in the early hours of this morning to the price of $29,931, before returning to settle above $30,000.
Technically, the digital currency is trading below the 100-hour moving average in a corrective downward movement. We expect the correction to continue downward to 29400, in case of closing below the current support of $29,930.
EUR/USD – 4 Hours Timeframe
The (Eur /USD ) pair continued its rise at the start of trading today,, after rebounding from the support levels around 1.0850, which is the strongest historically, in reversing the pair’s movements.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 1.0930, and then in the event of a negative price Action, we target a decline once again to the support levels around 1.0850.
GBP/USD – 1 Hour Timeframe
The pound against the dollar maintained its corrective rebound at the end of last Friday’s trading, to settle near 1.2730.
Technically, the pair is trading near the 100 and 200 hourly moving averages, we expect the pair to return to the bearish trend towards 1.2665, in case it breaks the support 1.2700
GBP/JPY – 4 Hour Timeframe
The ( GBP / JPY ) pair continued to rise at the beginning of this week’s fluctuations, stopping around the resistance levels 183.30 that we mentioned last week.
Technically, we expect more bullishness on the pair during today’s trading, targeting the resistance levels around 185.90 points.
