Top News in Global Markets:
The gross domestic product (GDP) in the United States showed a clear decline in the first quarter of the year, which is an important indicator for assessing the health of the economy.
The US Department of Labor issued its weekly report on jobless claims, and the results were lower than expected, which means a decline in the number of newly unemployed, which is good for the health of the economy and consumer spending.
The Energy Information Administration announced an increase in US natural gas stockpiles, which means weak demand in the third week of April.
Yesterday evening, the American indices closed higher in the New York session, and the indices of the Asian session also edged higher in the morning.
Core CPI in Japan came out higher than expected this morning for the month of April, which is an important indicator for assessing the inflation situation in the country.
In Japan, the unemployment rate also rose in March, which is not good for the economy, while retail sales rose more than expected on an annual basis for the same month, which is one of the measures that evaluates consumer spending.
– Oil prices rose during the Asian session, as US crude recorded a price of $75.43 per barrel, while Brent crude rose to $79.21.
In Australia, the producer price index came out better than expected for the first quarter of this year.
– The Bank of Japan announced interest rates this morning, as monetary policy leaders fixed the previous negative interest rate at -0.1%.
Among the most important events expected today:
Retail sales in Switzerland on an annual basis for the month of March.
In Europe, the Eurostat Statistical Center also announces the preliminary reading of the GDP for the first quarter of the year.
In Canada, the GDP for the month of February will be released on a monthly basis.
Finally, in the United States, the personal consumption expenditures index for the month of March is set for release, which is one of the primary indicators for assessing inflation
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar index is moving sideways between the support levels around 101.35 points and the resistance levels around 101.95 points, bouncing upwards since yesterday, Thursday, from the lower limit of that sideways move.
Technically, we expect the index to rise and target the levels of the upper limit of the sideways movement around 101.85, 101.95 points, which we monitor the price action around, where in the event of bearish price action, we target the support levels around 101.35.
Gold – 1 Hour Timeframe
The drop in US jobless claims pushed gold down from $2,000 levels, which formed as a major resistance since the beginning of the week.
Technically, gold is trading below the 100 and 200 hour moving averages after the rebound from the 38% Fibonacci levels, which reinforces the continuation of the downside trend with some corrective moves upward, so we see that the correction may continue until the $1990 levels before returning and resuming the downward move to the $1960 levels.
US Dow Jones – 1 Hour Timeframe
The Dow Jones industrial index retreated today, Friday, in a bearish corrective movement, returning to test the support levels around 33,775 points.
Technically, we expect the corrective movement to end around the current support levels at 33775, and in the case of a bullish price Action around those levels, we expect the index to rise and target the resistance levels around 33895 points.
US Crude Oil – 4 Hour Timeframe
Oil prices rose in the early hours of Friday morning, after closing the gap at the beginning of April.
Technically, oil is moving in an upward corrective movement, targeting 38% Fibonacci levels at $76.20, waiting for a rebound from this level to continue the downside trend, and return to target $73.00 levels.
Bitcoin – 1 Hour Timeframe
After attempting to breach 61.8% Fibonacci levels, the digital currency Bitcoin returned below this level again to trade in a sideways direction.
Technically, we see that the break below the $29,600 resistance constitutes a continuation of the declines, as we target the $29,000 support once again.
EUR/USD – 1 Hour Timeframe
The EUR/USD pair is moving side ways between the resistance levels of 1.10650 and the support levels around 1.09830.
Technically, according to the closing of the price below the equilibrium levels around 1.10315 today, Friday, we expect further decline on the pair, targeting the support levels around 1.09830, which we monitor the price action around, as in the case of a bullish price action, we target the equilibrium levels again around 1.10315.
GBP/USD – 1 Hour Timeframe
The price of the (GBP/USD) pair saw a lot of volatility yesterday with the release of news of the US unemployment, as the pair rebounded from the main support level of 1.2440.
Technically, we see that the pair is still continuing its bullish trend, despite the decline it witnessed in the early hours of this morning, as the pair is trading above the 100-hour moving average, so we see that it may continue to move upwards and test the resistance of 1.25150 once again.
GBP/JPY – 1 Hour Timeframe
The ( GBP/Yen ) pair continued to rise today, after breaching the resistance levels around 167.85 that we mentioned yesterday, and is now trading within the supply area around 167.85, 168.50.
Technically, we await a breach of the resistance levels around 168.50 and stability above it, and then we aim for more ascent to reach the resistance levels around 170.40.
