Top News in Global Markets:
Durable goods orders in the United States showed a clear improvement in March, and the trade balance of goods improved in the same month.
The U.S. Energy Information Administration announced a decline in U.S. oil inventories, meaning higher demand for crude, last week.
New Zealand’s business confidence report showed a slight improvement in April.
The US GDP report is scheduled to be released today for the first quarter of this year.
The Ministry of Labor today releases unemployment benefits applications for the previous week, which is one of the weekly reports that reflect the health of the economy, as if unemployment increases, it is harmful to the economy and spending.
Tomorrow, the Japanese interest rate will be announced and a speech will be given on the overall picture of the economy in Japan.
The earnings results of technology companies Microsoft and Meta showed a clear improvement during the first quarter of 2023.
The US dollar index fell to 101.105 against major currencies.
Technical Analysis
Dollar Index – 1 Hour Timeframe
On Thursday, the US dollar index continued to decline over the short term, despite data on durable goods orders in the United States, which rose by $6.8 billion in March.
Technically, the index is trading below the support levels around 101.35 points that we mentioned yesterday, so we expect further declines on the index during today’s trading, targeting support levels around 101.08 points, and then 100.85 levels, especially if the price remains below 101.35 levels.
Gold – 1 Hour Timeframe
Gold prices rose to a high of $2009.39, before falling again with the improvement of the US data yesterday, awaiting some inflation and labor market data today.
Technically, gold is now trading around 38% Fibonacci levels and faces strong resistance at $2001.21, so we see that gold is trading in a downward trend as long as it continues below this resistance, so that the target is yesterday’s bottom of $1983.34, then we target 1976.10
US Dow Jones – 1 Hour Timeframe
The Dow Jones Industrial Index rose today, in a corrective movement to the prevailing bearish trend over the short-term, bouncing back above the support levels around 33,260 points.
Technically, we expect the corrective movement to end around the resistance levels of 33420 points, then the index will return to decline and target the support levels around 33260 again, then 33050 points.
US Crude Oil – 4 Hour Timeframe
The decline of US oil continued as we expected yesterday, as the gap at the beginning of the month was closed, from which prices rebounded to $83.53.
Technically, the decline in oil stopped before 50% Fibonacci levels at $74.08, before rising again in the early hours of this morning. We see that prices are still under selling pressure as long as it continues below the EMA 200, and therefore we target the current support area 74.08 again, after which we target a drop to $72.86.
Bitcoin – 1 Hour Timeframe
Yesterday, the digital currency, Bitcoin, rose to the key resistance level of $30,000, before falling again to erase all its gains for this week.
Technically, the price of the digital currency rose again from the low at $27,200, to return again to test the 38% and 50% Fibonacci area, to continue the sideways movement between the prices of 29,269 and 28,538 USD, so we see that the bearish trend is still continuing and we are waiting for its confirmation after breaking the support of 28538 again to retest yesterday’s low at $27,200.
EUR/USD – 1 Hour Timeframe
The EUR/USD pair rose yesterday, from the resistance levels that we mentioned yesterday at 1.10650, from which it bounced down to correct, targeting the support levels around 1.10316, and is trading today in an upward movement over the short-term intervals.
Technically, as the markets await the data of the European Consumer Confidence Index, we expect a further rise in the pair to target the resistance levels around 1.11050, especially after breaching the current resistance levels around 1.10650
GBP/USD – 1 Hour Timeframe
The (GBP/USD) sideways movement continued after yesterday’s rise, after the improvement in US data.
Technically, we see the continuation of the consolidation movement between the resistance of 1.24880 and the support of 1.24625. If it continues above the current support, the bullish trend will continue, waiting for the resistance to be breached, to target the resistance of 1.25150 again.
GBP/JPY – 1 Hour Timeframe
