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Gold prices continue to rise for the second day in a row

amr zaki — Fri, 08 Sep 2023 13:01:05 +0000

On Friday morning, the spot gold price rose for the second day in a row, after a decline that lasted for about a week, and it now records a price of 1925.36 dollars an ounce, while gold futures contracts for December delivery record 1949.05 dollars, and in the monthly term, we note that the prices of the precious metal are still near historically high levels.

Gold and US dollar traders continue to monitor predictions about upcoming Fed policy, and earlier in the week reports on the US economy from the Federal Reserve announced weak growth in the recent period, after examining the employment sector and inflation.

In other news talking about the BRICS group, Daniel McCarthy, a strategic analyst for Daily FX, says that the BRICS group is now working on establishing a common currency backed by gold, and that it will be a currency that is traded in commercial transactions between the group, and will be relied upon instead of the dollar.

Such steps have been taken by other countries trying to reduce their need for the dollar as a stock and cash reserve, and the recent rise in gold may be due to these measures that express the extent of the confidence of countries and investors in gold, and these trends were confirmed by Sergei Ryabkov, Deputy Minister of Foreign Affairs of Russia.

Ryabkov also pointed to Russia’s desire to weaken the dominance of the dollar and the crisis that some countries will fall into when their dollar stocks decrease, if Russia’s leadership of the BRICS group is achieved.

Over the years, gold has proven its value to countries, especially in light of the concern of some about the continued rise in US interest rates, and the impact of this on the possibility of a recession or economic recession. Susan Collins, President of the Federal Reserve in Boston, says that there are reasons to adhere to more hawkish policy.

However, Collins called on policymakers to take more patient and wise steps, as the Federal Reserve has now reached the peak of interest rates, but future policy will depend on the extent to which economic data changes, and she stressed that the country is coping well and flexible with unclear circumstances, and this view is reinforced by statements. A precedent for Federal Reserve Governor Jerome Powell when he indicated that he was ready to raise interest rates further if necessary.

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Because of the Australian strike, European gas prices have risen by more than 15%.

Shymaa Sheta — Fri, 08 Sep 2023 08:43:20 +0000

European natural gas futures rose as much as 8% to 35.5 euros today, with natural gas prices in Europe jumping by more than 10%, with the start of partial strikes at two Chevron facilities in Australia. They represent more than 5% of global supplies of liquefied natural gas, in addition to workers announcing the start of a strike from today, Friday. Meanwhile, demand in Europe remains weak, and fuel reserves are approximately 93% full, which represents the highest levels ever recorded. At this time of year. This exceeds the European Union’s target of achieving these storage levels by November 1.

Australia represents the largest exporter of liquefied natural gas in the world, and Asia represents the main importer. In addition, China and Japan are the largest importers of Australian LNG, so demand for LNG in Asia is expected to increase as countries prepare for the peak winter season.

The dispute regarding wages and working conditions has caused an increase in British and European gas prices. Traders are worried that the decrease in Australian gas supplies will heighten competition for other gas sources.

The American energy company has stated that it will take the required actions to ensure uninterrupted operations but did not provide any specifics. However, the union cautioned that the liquefied natural gas plant might need to be shut down if there aren’t enough qualified workers available to carry out deliveries during the work stoppage.

EU Natural Gas

UK Natural Gas

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Despite the EUR’s weakness against other currencies, the EUR/JPY is moving sideways.

Shymaa Sheta — Fri, 08 Sep 2023 07:33:42 +0000

Earlier today, the euro-to-Japanese-yen exchange rate continued to decrease, following a pattern of random movements that have been prevalent since the end of June. After reaching its highest value in a month at around 159.85 yen, the exchange rate fell slightly due to a marginal decrease in German consumer price inflation. In August 2023, the inflation rate was 6.1% on an annual basis, which is a small drop from the previous month’s rate of 6.2%. It is also the same as the 14-month low recorded in May. However, even though the core inflation rate, which excludes food and energy, remained unchanged, both rates are still above the European Central Bank’s target of 2.0%. Additionally, consumer prices increased by 0.3% on a monthly basis in August, which is the same as the previous month.

On the other hand, yesterday’s final reading indicated that the eurozone economy only grew by 0.1% in the second quarter compared to the previous period, which is below expectations. The initial reading had forecasted an expansion of 0.3%.

Meanwhile, European stock markets headed towards a higher open today as risk sentiment improved, while investors continued to evaluate the economic outlook and interest rates globally. Meanwhile, traders remain cautious as the latest batch of economic data pointed to a strong US economy, giving the Federal Reserve some room to remain restrained. DAX and Stoxx 600 futures rose.

Regarding data from Japan,
Japan’s services sector sentiment fell to 53.6 in August 2023 from 54.4 the previous month, lower than market expectations of 54.4, and a measure of business trends also fell due to a decline in non-manufacturing activity and employment. The economic expectations index fell 2.7 points to its lowest level in six months at 51.4 amid expectations that the economy will recover moderately due to the impact of price pressures, and accordingly, the Nikkei 225 index fell by 407 points or 1.23 percent, declining for the second session in a row with… Investors reacted to a report showing that Japan’s second-quarter GDP growth expanded by 4.8%, which was down from the 6% growth initially estimated and below market expectations for a 5.5% expansion.

Looking at the charts, we find that the pair is dominated by sideways movement for the second month in a row, settling in its trading below the moving averages for a period of 20 and 50 days, with increasing selling pressure on momentum indicators for a four-hour time interval. The pair is now trading in a corrective movement to retest the equilibrium levels of that movement. Randomly around the 158.35 yen levels, the pair is likely to retreat again around those levels to target the support around 157 again, and then in the event of a break, it will target the next support levels around 156 yen.

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Daily Markets Report 08th of September 2023

Shymaa Sheta — Fri, 08 Sep 2023 06:58:31 +0000

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 6:00 a.m., the German consumer price index on a monthly basis for August.

– At 12:30 p.m., the rate of change in jobs and the Canadian unemployment rate for August.

Top News in Global Markets:

yesterday’s most important events:

The Swiss unemployment rate came in line with expectations for August.

– The German industrial production index came in below expectations on a monthly basis for July.

The European job change index was similar to expectations for the second quarter of the year.

US unemployment claims were lower than expected for the previous week, which is good for the economy.

– Inventories of natural gas and US crude oil declined during the previous week, which is good because it indicates an increase in demand.

New York session indicators varied, with the Dow Jones Industrial Index advancing 57 points.

And in the morning:

– Japanese GDP came in below expectations for the year’s second quarter.

– Asian session indicators declined, and Japan’s Nikkei index fell more than 465 points.

The price of Bitcoin rose to 26,392 against the US dollar.

We are waiting during today’s hours:

– German Consumer Price Index (m/m)for August.

– The unemployment rate and Canadian job change index for August.

Technical Analysis

Dollar Index – 4 Hours frame

The resistance levels around 105.20 that we mentioned yesterday succeeded in stopping the price’s upward push, and it bounced down from it to touch the 20-day swing average this morning.

Technically, we expect a further decline in the index during today’s trading, targeting support levels around 104.30 points

Gold – 1 Hour Timeframe

The price of the yellow metal rose to the $1927 level, after rebounding from the $1916.22 support, with increasing expectations that the Federal Reserve will stop raising interest rates at the next meeting.

Technically, gold is trading near the 100-hour moving average and the 38% Fibonacci retracement area, but it faces resistance at $1927. We expect, if it is breached, that the rise will continue towards the levels of 1931 and 1932 USD.

US Dow Jones – 4 Hours Timeframe

The Dow Jones Industrial Index rose at the end of yesterday’s trading to correct on medium time intervals, touching the 20-day moving average.

Technically, the upward correction on the index is likely to continue with the aim of retesting the resistance levels around 34,700 points, around which we expect the price to bounce down again.

US Crude Oil – 1H Timeframe

Oil prices fell as we expected to below the level of $87.00 a barrel, after the decline in US oil inventories more than expected.

Technically, oil is trading below the 100-hour moving average, and below the resistance of 86.65, and we expect the drop to continue towards the 38% Fibonacci area, around $85.45.

GBP/USD – 1 H Timeframe

The price of the GBP/USD pair rose again to the 1.2500 level in a corrective move after a series of declines that lasted for three days.

Technically, the pair is trading near the 100-hour moving average below the 1.2510 resistance, which, if breached, we expect to continue the rise to the 1.2548 level at the 38% Fibonacci retracement area.

AUD/USD – 1 Hour Timeframe

The AUD/USD pair continued to rise to the highest level of 0.6400 after rebounding from the low of 0.6360 with the weakness of the US dollar this morning.

Technically, the pair is trading around the 38% Fibonacci retracement area and above the 100 hourly moving average, and we expect the rise to continue towards 0.6443 in the event of a breach of the 0.64200 US dollar resistance.

USD/JPY – 4 Hours Timeframe

The pair (USD/JPY) declined to hold in its trading below the resistance levels around 145.50, also closing below the 20-day moving average.

Technically, the pair is likely to continue to decline during today’s trading, targeting the support level around 146.50, then in the event of a break, we will target the 145.40 yen level.

The post Daily Markets Report 08th of September 2023 appeared first on ONEPRO.

Daily Markets Report 07th of September 2023

Shymaa Sheta — Thu, 07 Sep 2023 06:58:51 +0000

Today’s Economic Calendar

We follow today in GMT:

The German industrial production index for July will be released at 6:00 a.m.

– For the second quarter of the year, the eurozone’s GDP was ranked ninth.

– The previous week’s unemployment claims rate was released at 12:30 p.m.

– At 3 p.m., the previous week’s US oil inventory is released.

Top News in Global Markets:

yesterday’s most important events:

– The British PMI for construction was higher than expected in August.

– Eurozone retail sales were lower than expected on a monthly basis in July.

– The trade balance between Canada and the United States was higher than expected in July.

The Central Bank of Canada kept the interest rate unchanged at 5%.

– According to the Institute for Supply Management, the US service sector PMI was higher than expected in August.

– During the American session, the Dow Jones Industrial Index fell 198 points, and the Standard & Poor’s 500 Index fell 31 points.

And this morning:

– Australia’s trade balance was worse than expected in July.

– China’s trade balance for August was lower than expected.

– Asian session indicators fell, with Japan’s Nikkei Index dropping 219 points and China’s Shanghai Index dropping 18 points.

During today’s hours, we are waiting:

– The August unemployment rate in Switzerland.

– Monthly German industrial production index for July.

– The rate of change in employment in the eurozone during the second quarter of the year.

– The previous week’s unemployment claims rate in the United States.- US crude and natural gas inventories for the previous week.

Technical Analysis

Dollar Index – 4 Hours frame

The US dollar index continued to rise since yesterday, supported by the US ISM services PMI rebounding hotter than expected to 54.5 in August, the strongest growth in the services sector in six months.

Technically, the index is still trading above the moving averages for a period of 20 and 50 days, so the index is likely to continue rising today to the levels of 105.20 points that we mentioned yesterday.

Gold – 1 Hour Timeframe

The price of the yellow metal rose to the level of $1920 as selling pressure continued and concerns persisted about the Federal Reserve raising interest rates at the next meeting.

Technically, gold is trading around the 50% Fibonacci area below the $1919 level, and we expect the decline to continue to the $1902 support, provided it continues below the $1923 resistance.

US Dow Jones – 4 Hours Timeframe

The Dow Jones Industrial Index continued its decline today, Thursday, Holding below resistance levels around 34550, as the moving averages began to show negative signs.

Technically, the index still has a bearish outlook, as the decline is likely to continue and the index will target support levels around 34,170.80 points.

US Crude Oil – 1H Timeframe

Oil prices fell to 87.50 after rebounding from a peak of $88.18 yesterday, but it remains in an upward trend supported by the Kingdom of Saudi Arabia and Russia continuing to reduce production.

Technically, oil is trading near the 100-hour moving average in a corrective downward movement that we expect to extend to the $86.00 level and then return to the rise again to the $88.18 peak.

GBP/USD – 1 D Timeframe

The GBP/USD pair continued to decline to the 1.2482 level after the cautious statements made by Bank of England Governor Andrew Bailey on Wednesday regarding stopping raising interest rates soon.

Technically, the pair is trading around the 200-day moving average of 1.2500, and we expect that if this support is broken, the decline will continue toward the support of 1.2380 US dollars.

AUD/USD – 1 Hour Timeframe

The (AUD/USD) pair fell to a low of 0.6380 yesterday, Wednesday, before returning again to the rise near $0.6400 after the Australian Central Bank Chairman’s tough statements.

Technically, the pair is consolidating above resistance at 0.6380 in an attempt by buyers to control prices, and we expect the rise to continue towards the 100 hourly moving average at the resistance of 0.6415 around the 38% Fibonacci retracement area.

USD/JPY – 4 Hours Timeframe

The USD/JPY pair is oscillating around the 147.50 resistance levels that we mentioned yesterday, but the signs still suggest a rise, supported by a decline in the economic indicators index in Japan, to the lowest level since April.

Technically, the pair is likely to continue rising during today’s trading, targeting resistance levels around 148.50 yen.

The post Daily Markets Report 07th of September 2023 appeared first on ONEPRO.

The US30 falls more than 100 points Over rising oil prices.

Shymaa Sheta — Wed, 06 Sep 2023 08:14:05 +0000

Today, the Dow Jones Index experienced a decline of more than 100 points, likely due to rising crude oil prices and concerns about global economic growth. This was influenced by the recent release of the purchasing managers’ index data for China, which showed a decrease in services production expansion, reaching its lowest level in 8 months. In response, Beijing has introduced new measures to stimulate its struggling real estate sector and has established a government body to assist the private sector. As a result of the risk-off sentiment, the dollar reached its highest level since March, while Treasury yields continued to rise. However, the US economy has remained resilient, with factory orders in the country falling less than anticipated last month.

Meanwhile, oil prices rose after Saudi Arabia and Russia announced that supply cuts would be extended, bringing US crude to its highest level since 2023. Standard contracts rose by 1.3%, closing at around $87 per barrel, causing the energy sector to rise, while the… The industrials, materials, and utilities sectors underperformed as investors worried that the Fed would keep interest rates too high for too long, despite Fed Governor Waller’s statement that ‘there’s nothing that says we need to do anything imminently anytime soon, so we can ‘Just sit there and wait for the Fed to decide.’ ‘Collect data and see if things continue.’

Overall On the market

Chinese stocks fell. The Shanghai Composite Index fell nearly 1%, and Hong Kong’s Hang Seng Index lost more than 2%. Elsewhere, Japan’s Nikkei 225 index advanced slightly and the European Stoxx Europe 600 index wavered. An index of Chinese stocks listed in the United States fell more than 2%.

Examining the charts (Dow Jones Index).
Selling pressures are still pressuring the industrial index to touch its lowest levels in a week, thus closing below the moving averages for a period of 20 and 50 days on the intermediate time intervals, as the supply area around the 35,000 levels succeeded in pushing the price back down and stopping further surges, as the index trades today around levels The support is 34,565 points, also approaching the moving averages in the early hours of the day to give signals of weak opinion strength on the index. The index is likely to continue sliding during this week’s trading as the index awaits manufacturing sector data later in the day, thus targeting the support levels around 34160, in the event of a breakout, it targets 33700 points

The post The US30 falls more than 100 points Over rising oil prices. appeared first on ONEPRO.

Daily Markets Report 06th of September 2023

Shymaa Sheta — Wed, 06 Sep 2023 07:12:45 +0000

Today’s Economic Calendar

We follow today in GMT:

– At exactly six in the morning, the German factory orders on a monthly basis for the month of July.

– At 8:30, the British PMI for the construction sector for August.

– At 12:30 p.m., the US trade balance for July.

– At a quarter to two, the purchasing managers’ index for the services sector for August.

– At two in the afternoon:

The Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index for August.

Interest rate decision issued by the Central Bank of Canada.

Top News in Global Markets:

The following were the most important events from yesterday:

– According to Standard & Poor’s Global August:

-The PMI for China’s services was lower than expected.

-The reading of the same index in Germany was close to expectations.

-In the eurozone, the reading was lower than expected.

-The reading in the United Kingdom was higher than expected.

-The Reserve Bank of Australia maintained the interest rate at 4.10%.

– According to the European Statistical Center Eurostat, the Producer Price Index for July came in line with expectations on a monthly basis.

– New York session indices declined, as the Dow Jones Industrial Index fell by 195 points, and the Standard & Poor’s 500 Index also fell by 18 points.

And this morning:

– Australian GDP for the second quarter of the year was similar to expectations.

– Asian session indicators varied, as the Japanese Nikkei index exceeded 207 points, and the Australian ASX 200 index declined 57 points.

– The dollar/yen pair exceeded the level of 147 yen.

The euro advanced against the dollar from its lowest level since June, with the pair recording a price of $1.073.

– Bitcoin records a price of 25779 against the US dollar.

The dollar index is still at the highest level since March, recording 104.66 against a basket of major currencies.

Oil prices are at their highest levels since November, as Brent oil exceeded $90 per barrel, while US crude reached $86.69.

We are waiting during today’s hours:

– Purchasing managers’ index for the construction sector in Britain for August.

– Retail sales in the euro area on a monthly basis for July.

– Canadian and US trade balance for July.

– Canadian interest rate decision.

– Purchasing managers index for the services sector from the Institute for Supply Management for August.

Technical Analysis

Dollar Index – 4 Hours frame

The US dollar index continued to rise, breaching the 104.30 levels, as we indicated yesterday, as Treasury bond yields continued to rise while the US economy remained resilient.

Technically, the index declined slightly to correct on medium time intervals, so the pair is likely to continue falling to retest the support levels around 104.30, then rise again to target 105.20 points.

Gold – 1 Hour Timeframe

The yellow metal-stabilized above the 1927 level after a series of declines that continued for three consecutive days after the dollar’s rise stopped and awaiting today’s data from the United States.

Technically, gold is trading above the 38% Fibonacci retracement area, but it is still below the $1930 resistance. We expect prices to continue falling if they return below $1927, and we target $1916 support.

US Dow Jones – 4 Hours Timeframe

Since yesterday, the Dow Jones Index has fallen by more than 100 points, under the pressure of rising crude oil prices and concerns about global economic growth, breaking the moving averages for a period of 20 and 50 days, as we indicated yesterday.

Technically, we expect a further decline in the index during today’s trading, targeting support levels around 34550, in the event of a break, we will target the next support levels around 34170 points.

US Crude Oil – 15 M Timeframe

Oil prices declined from their highest level during the year, where prices reached a price of 88.14 before falling to levels of 86.00 US dollars.

Technically, oil is trading below the 87.10 resistance and the 38% Fibonacci retracement area, but it is still holding above the $86.00 support. We expect prices to rise again to the levels of 88.00 and then 88.70 US dollars.

GBP/USD – 1 H Timeframe

The GBP/USD pair is consolidating near $1.2600 after rebounding from its lowest level since last June at $1.2527.

Technically, the pair is trading near the 100 and 200 hourly moving averages in an attempt to continue the upward trend. We expect the correction to continue towards the 1.2620 level and then 1.26450 US dollars.

AUD/USD – 1 Hour Timeframe

The pair (AUD/USD) rose around the 0.6400 level after the GDP data in Australia this morning and the weakness of the US dollar.

Technically, the pair is trading around the 0.6400 level after rebounding from the low of 0.6350, and we expect the upward trend to continue towards the 100-hour moving average at a price of $0.6440.

USD/JPY – 4 Hours Timeframe

The resistance levels around 147.50 yen succeeded in halting the advance of the pair (USD/JPY), as we mentioned yesterday, coinciding with the dollar’s corrective decline today.

Technically, the pair is still trading above the moving averages for a period of 20 and 50 days, so the pair is likely to target the support levels around 146.50 yen, then rise again to target the resistance levels around 147.50, and 148.50 yen.

The post Daily Markets Report 06th of September 2023 appeared first on ONEPRO.

The rise in US bond yields pushes the pair (USD/JPY) to rise towards the resistance of 147.00 yen

amr zaki — Tue, 05 Sep 2023 10:33:37 +0000

Federal Reserve Chairman Powell reiterated their reliance on the data and kept all options on the table regarding interest rates and the US Federal Reserve’s monetary policy after the data showed a contraction in inflation, which increases the possibility that the Federal Reserve will stop raising interest rates at the next meeting, especially since the Fed members are more inclined towards stopping. Temporarily instead of raising interest rates again.

The labor market has shown signs of decline, although there are still problems with the unemployment rate, rising average wages, and an increase in unemployment claims.

On the other hand, the Bank of Japan kept everything unchanged as expected at the last meeting but implicitly adjusted the YCC policy while keeping the target range unchanged but giving more flexibility with a fixed ceiling at 1.00%.

Japanese CPI data has been on the rise recently with the core reading once again reaching its previous high and the unemployment rate surprisingly jumping to 2.7% although still near its lows.

Bank of Japan Governor Ueda at the Jackson Hole seminar reiterated that inflation is still below target and that is why they are sticking to an easy monetary policy. This was also echoed by other members of the Bank of Japan, but they are beginning to see the light at the end of the tunnel.

Technically:
On the time period chart (day), we notice that the price rebounded twice from the low of 137.00 yen and continued above the 100-day moving average while moving within the ascending channel. We expect the rise to continue towards the 147.00 resistance, which, if breached, we will witness a further rise towards the 148.15 yen levels.

The post The rise in US bond yields pushes the pair (USD/JPY) to rise towards the resistance of 147.00 yen appeared first on ONEPRO.

As interest rates remain stable, the Australian dollar falls to its lowest level in a week.

Shymaa Sheta — Tue, 05 Sep 2023 08:40:30 +0000

With the start of trading on Tuesday, Asian stock markets fell as investors remained cautious ahead of the Reserve Bank of Australia’s interest rate decision, as well as inflation readings and business activity in Asian markets. Australian, Japanese, Hong Kong, and mainland Chinese stocks all fell.

The Reserve Bank of Australia’s interest rate decision was released this morning, with the bank maintaining interest rates at 4.10 percent for the third month in a row, in line with expectations, and the interest rate paid on exchange settlement balances remaining unchanged at 4.00 percent. Interest rates have been raised by four percentage points since May of last year, and the council stated that inflation has passed its peak, though it remains high, while the economy is experiencing subpar growth and unemployment is expected to rise gradually.

The central bank emphasized that additional monetary tightening may be required to return inflation to the target range of 2 to 3% within a reasonable time frame and that any interest rate adjustment will be dependent on how the economy and prices develop. Meanwhile, rising expectations that China will implement additional policies to support its struggling economy, as well as bets that the Fed will stop raising interest rates this year,
have broadened the scope for the Australian dollar.

Prior to the interest rate decision, Australia’s current account showed a contraction in the current surplus to A$7.7 billion in the second quarter of 2023, which was lower than market expectations of A$8 billion , The current account surplus was the smallest since the third quarter of 2022, when the account was in deficit.Against this backdrop, the Australian dollar fell by 1.33% to its lowest level in a week, receiving additional selling pressure around the 20- and 50-day moving averages, which are compatible with resistance levels around 0.645. Meanwhile, momentum indicators revealed an increase in selling pressures, with the pair settling below the moving averages for 20 and 50 days, indicating that the pair is likely to target the support levels around 0.6287, and if those levels are broken and more selling pressures are received, the next support levels around 0.6206.

The post As interest rates remain stable, the Australian dollar falls to its lowest level in a week. appeared first on ONEPRO.

Daily Markets Report 05th of September2023

Shymaa Sheta — Tue, 05 Sep 2023 07:38:26 +0000

Today’s Economic Calendar

We follow today in GMT:

The Final German service PMI at 07:55 AM

– The final services PMI in the UK at 8:30 AM

– Producer price index in the euro area at 09:00 AM

– US factory orders on a monthly at 02:00 PM

Top News in Global Markets:

Yesterday’s most important events:

Swiss GDP showed stagnation in the second quarter, after growth of 0.9% in the first quarter.

– The German trade balance showed a surplus below expectations of 15.9 billion euros in July 2023.

– The Sentix economic index indicated that there will be further contraction in the global economy and a strengthening of the economy’s strength.

During her speech in London yesterday, Christine Lagarde avoided indicating whether the European Central Bank would raise or maintain interest rates next week.

And this morning:

The Australian dollar fell below $0.645, falling to its lowest level in a week after the Reserve Bank of Australia kept interest rates steady for the third month in a row at 4.1%.

– The New Zealand dollar fell 0.4 percent after falling the previous day against the backdrop of concerns about the economic slowdown in China, the main trading partner.

The Shanghai Composite Index fell by 0.5%, from its highest levels in one week, due to investors’ reaction to data indicating a slowdown in the growth of the services sector in China to the lowest level in eight months in 2019.

– The Nikkei 225 fell below 32,900 while the broader Topix index lost 0.1% on Tuesday, falling for the first time in seven sessions as investors turned cautious as they awaited new market signals.

We wait during the day:

The Final German service sector

– The final services sector data in the UK

– Producer price index in the euro area

– US factory orders on a monthly basis

Technical Analysis

Dollar Index – 4 Hours frame

The US dollar index continued to fluctuate around the support levels of 104.00 points, as selling pressures failed to break those levels. The index bounced upward in the early hours of today’s trading.

Technically, the moving averages have begun to show positive signs on the index, so the index is likely to continue rising during today’s trading, targeting resistance levels around 104.60 points.

Gold – 1 Hour Timeframe

The yellow metal fell below the $1940 level as US bond yields rose awaiting US data today.

Technically, gold is trading below the 100-hour moving average and near the 1934.70 support area, which we expect that if broken, the decline will continue towards the $1927 support at the 38% Fibonacci retracement area.

US Dow Jones – 4 Hours Timeframe

The Dow Jones Industrial index continued its decline, after the resistance levels around 35170 succeeded in stopping the price advance and completing the rise, closing the index below the 20-period moving average yesterday.

Technically, the index is trading below the resistance levels around 34806, so in the event of stability below those levels, we expect further decline in the index and target the support levels around 34550 points.

US Crude Oil – 1 D Timeframe

Oil prices rose to their highest level since the beginning of the year and are trading near the level of $86.00 per barrel.

Technically, oil has been moving sideways since yesterday after touching the 85.40 support and moving back up again trying to break the 85.20 resistance and remain above it. We expect more Bullishness towards 86.70$ if the 86.00 resistance is breached.

GBP/USD – 4 H Timeframe

GBP/USD is trading around the 1.2600 area ahead of UK PMI data

Technically, the pair is trading below the 200-hour moving average after rebounding from the 1.2640 resistance yesterday, continuing the downward trend, which we expect to continue to 1.2485 and then $1.2390.

USD/JPY – 4 Hours Timeframe

The pair (USD/JPY) has pushed upward since yesterday, regarding of the dollar’s recovery and stability above 104 levels, and investors also reacted to data that showed Japanese business activity expanding in August at the fastest pace in three months.

Technically, the pair is trading at the highest levels of support around 146.50 yen, after receiving purchasing momentum from the 20- and 50-day moving averages, so more Bullishness is expected during the day, targeting 147.50 points.

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