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 in GMT:
– At exactly seven in the morning, the Gross Domestic Product (GDP) is released in Switzerland, for the first quarter of this year.
At 9:00 am, the European Consumer Confidence Index for May.
– And at 2:00 pm, the US Consumer Confidence Index.
– At 11:00 pm, RBA Governor Philip Lowe’s speech.
Top News in Global Markets:
From yesterday’s events:
– The rise in US trading indices, as the Dow Jones Industrial Average closed by more than 328 points, and the Nasdaq index rose by more than 277 points.
Among the most important events of the day:
– The unemployment rate in Japan came in lower than expected for the month of April, which is good for the economy.
– The indicators of the Asian session varied, and the Japanese Nikkei index rose by more than 110 points.
Bitcoin price rose by more than 100 points, and is currently recording a price of 27710 against the US dollar.
We are waiting during the hours of the day:
Swiss GDP for the first quarter of this year.
– US Consumer Confidence Index for May.
The most important events for tomorrow:
– Australian consumer price index on an annual basis.
– Preliminary reading of the German Consumer Price Index on a monthly basis.
Canadian Gross Domestic Product on a monthly basis.
– Results of the US Employment Opportunity Survey.
Technical Analysis
Dollar Index – 4 Hour Timeframe
Market trading opened this week on the Martyrs’ Memorial Day holiday in the United States, which led the US dollar index to move in a narrow range, but it continued to move above the support levels of 103.60 points.
Technically, we expect more Bullishness on the index during today’s trading, targeting the resistance levels around 104.55 points then 104.80 points, with the markets anticipating the US consumer confidence index today.
Gold – 4 Hours Timeframe
The yellow metal continued its decline today, Tuesday, supported by the recovery of the dollar after US President “Biden” announced an agreement with the US Congress regarding the debt limit, continuing to trade below the resistance levels of $1960 an ounce, after bouncing down from the resistance levels around 1974.
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 declined at the beginning of the week’s trading, completing the downward march that it started after bouncing below the resistance levels around 33270 points.
Technically, we expect a further decline on the index, targeting support levels around 33050 points, and in case of a break, we target the next support levels around 32750 points.
US Crude Oil – 1 Hour Timeframe
Oil declined with the first hours of trading today, continuing to move below the resistance levels around $73 a barrel.
Technically, we expect further decline on the black gold during today’s trading, targeting the support level of around $72 per barrel, and in the event of a break and stability below it, we will target the support level of around $71.12 per barrel.
Bitcoin – 1 Hour Timeframe
Coinciding with the recovery of the US dollar, the digital currency ‘Bitcoin’ also plunged, bouncing down from the resistance levels around 27930, over short time intervals.
Technically, we expect a further decline on Bitcoin during trading today, targeting the support levels around 27550, and then the next support levels around 27350
EUR/USD – 1 Hours Timeframe
The EUR against the US dollar continued its decline today, with the dollar continuing to move upwards to the highest levels of 103.60 points, retreating from the resistance levels around 1.07500,and trading today around the support levels 1.06930.
Technically, we are waiting for the pair to break the support levels around 1.06930, and then target more Bearishness on the pair during today’s trading, to the support levels around 1.06130.
GBP/USD – 4 Hours Timeframe
The resistance levels around 1.2360 succeeded in Stoping the( GBP/ USD ) pair’s attempts to rush upwards, bouncing from it, with downward trading today, to follow the movements of the major pairs.
Technically, we expect further decline on the pair during today’s trading, targeting the support levels around 1.22750, which we expect to stop the decline and rise in a corrective movement around those levels.
GBP/JPY – 1 Hour Timeframe
The ( GBP / JPY ) pair rose with the start of trading this morning, to continue to move above the support levels around 173 yen, and it is now trading around the levels of 173.45 yen.
Technically, we await a breach of the resistance levels around 173.45 yen, and close above them, from which we will target more Bullishness during today’s trading around the next resistance levels 174.00 yen.
