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 exactly seven in the morning, the Japanese Consumer Confidence Index.
– Preliminary reading of the European Consumer Price Index on a monthly basis throughout the day.
– At ten to five minutes German unemployment rates.
– On the tenth review of the financial stability of the European Central Bank.
At 2:30 p.m., the Canadian GDP for the first quarter of the year is released.
— U.S. Employment Survey for the month of April at 4 p.m.
– 6:30 p.m. Speech by FOMC member Patrick Harker.
Top News in Global Markets:
Yesterday’s events:
Swiss GDP came out higher than expected in the first quarter of 2023.
– US Consumer Confidence for May came out higher than expected, but still lower than before.
And in the morning:
In Japan, several economic indicators were issued for the month of April from the Ministry of Economy:
The preliminary reading of industrial production is lower than expected on a monthly basis.
Retail sales year on year are lower than expected.
From the Cabinet Office, the Consumer Confidence Index came in close to expectations.
– Australian Consumer Price Index is higher than expected on an annual basis for April.
– In China, the manufacturing PMI was lower than expected for the month of May, and the non-manufacturing PMI was also lower than expected for the same month.
– A clear decline in Asian trading indices, the Japanese Nikkei index fell by more than 490 points, and the Hang Seng index in Hong Kong fell by more than 476 points.
– Oil prices declined, as US crude recorded a price of $69.20 per barrel, while Brent crude recorded a price of $73.35 per barrel.
It is expected during the hours of the day:
– Preliminary reading of the German Consumer Price Index on a monthly basis.
– Swiss retail sales on an annual basis.
The change in the German unemployment rate.
Canadian Gross Domestic Product on a monthly basis.
The US Purchasing Managers’ Index issued by the Institute for Supply Management in Chicago.
– Survey of employment opportunities in the United States.
Technical Analysis
Dollar Index – 1 Hour Timeframe
The US dollar is moving sideways over short periods of time this week, rising at the end of trading on Wednesday, after a decline due to negative US consumer confidence data.
Technically, we expect more Bullishness on the index during today’s trading, targeting the resistance levels around 104.30 points, which we monitor the price Action around, where in the case of a negative price Action, we target the support levels around 103.75 again, while in case of a breach, we target the next resistance levels around 104.50 points.
Gold – 1 Hours Timeframe
The yellow metal pushed upwards yesterday, Tuesday, after the US consumer confidence data plunged in the dollar, stopping gold around the 1963 resistance levels that alternate with previous support on the short-term intervals.
Technically, if the yellow metal breaches the resistance levels around $1963 and close above it, we target the next resistance levels around $1974.
US Dow Jones – 1 Hour Timeframe
The Dow Jones index continued its decline yesterday, after rebounding from the resistance levels around 33,200 points, breaking the 33,050 levels that we mentioned yesterday.
Technically, we expect a further decline on the index during today’s trading on the short-term intervals, targeting the support levels around 32800, then 32745 points.
US Crude Oil – 1 Hour Timeframe
The Bearishness of oil continued during yesterday’s trading, bouncing down from the resistance levels around $73.50 a barrel after forming a double tops pattern, breaking the support levels around $70.10, and rising today trying to retest it.
Technically, we expect more declines in the black gold during today’s trading, targeting support levels around $68 a barrel, around which we expect oil to correct again around $70.10 a barrel.
Bitcoin – 1 Hour Timeframe
the digital currency “Bitcoin” continued the decline, as we mentioned yesterday, Tuesday, bouncing down from the resistance levels around 28050, and breaking the support levels around $27,400.
Technically, we expect a further decline on Bitcoin during today’s trading, targeting the next support levels around $26,500.
EUR/USD – 1 Hours Timeframe
The euro against the US dollar is moving sideways, coinciding with the movement of the dollar, declining at the end of trading yesterday, Tuesday, around 1.07450 levels.
Technically, the pair targets the support levels around 1.06750 during the day, which we monitor the price Action around as it forms a positive price Action, targeting the resistance levels around 1.07280 again.
GBP/USD – 1 Hours Timeframe
The support levels around 1.2385 on the (GBP/USD) pair succeeded in stopping the price’s decline in the first hours of today’s trading, forming a positive price Action around it.
Technically, we expect if the price close above those levels, the pair will rise and target the resistance levels around 1.2435 again, while if the support levels around 1.2385 are broken, we will target the next support levels around 1.23570
GBP/JPY – 1 Hour Timeframe
The (GBP / JPY ) pair retreated, sliding downwards around the resistance levels of 174.40 yen, breaking the support levels around 173.075 yen.
Technically, we expect a further decline on the pair during today’s trading, targeting the support levels around 172.35 yen, around which we expect the pair to bounce upwards to correct and target the resistance levels 173.075 again.
