. FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 04 October 2022

FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 04 October 2022

FUNDAMENTAL AND TECHNICAL ANALYSIS REPORT – 04 October 2022

04 Oct 2022

European Stock Futures open Higher on tuesdaY

Asian Pacific stocks surged on Tuesday. The Shanghai Composite is down 0.55% at 3,024.39. Overall, the Singapore MSCI is up 0.77% at 281.20. Over in Hong Kong, the Hang Seng Index is up 1.54% at 17,343.00. In Japan, the Nikkei 225 is up 2.82% at 26,970.00, while the Topix index is up 3.14% at 1905.50. South Korea’s Kospi is up 2.58% at 2,211.04. Australia S&P/ASX 200 up 3.75% at 6699.30.

Top News of the Day:

European stock markets are expected to open higher Tuesday, building on the previous session’s positive start to the new quarter as investors seek out bargains.

European equities suffered during the third quarter on concerns of slowing growth and aggressive monetary policy tightening, with the pan-European Stoxx 600 index dropping 6%. It actually fell 7.8% in September, its worst performance since June.

Market Summary as per 03/10/2022:

European equities Monday closing. The DAX futures contract in Germany traded up 0.79% at 12,209.48, CAC 40 futures up 0.55% at 5794.16 and the UK 100 futures contract in the U.K. up 0.22% at 6,908.77.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 2.66% at 29490.90. The S&P 500 up 2.59% at 3678.44 and the Nasdaq 100 up 2.36% at 11229.73, NYSE closes up 2.85% at 13855.71.

Top Market News Today:

In the Forex market, GBPUSD up 0.30% at 1.1353. The USDJPY up 0.20% at 144.827. The USDCHF down 0.18% at 0.9903. EURUSD up 0.39% at 0.9863, EUR/GBP up 0.11% at 0.8684. The USD/CNY up 0.02% at 7.1148 at the time of writing.

In the Commodity market U.S. Gold futures up 0.23% at $1,703.09. Elsewhere, Silver futures up 1.31% at $20.950 per ounce, Platinum up 1.22% at $910.00 per ounce, and Palladium up 2.34% at $2274.00.

Crude Oil up on Tuesday; Brent Crude Oil up 0.67% at $89.22 per barrel while U.S. West Texas Intermediate (CLc1) up 0.64% at $83.27.

In the Cryptocurrency Markets, Bitcoin at 19660.00 up 0.69%, Ethereum up 0.75% at 1333.30, Litecoin at 54.29 up 0.17%, at the time of writing.

Top Market Segment to Watch Out Today:

General Motors Co.: General Motors Co (NYSE:GM) outsold Japanese automaker Toyota Motor (NYSE:TM) Corp in the United States in the third quarter, data on Monday showed, but analysts and investors are fretting that a darkening economic picture will lead to a drop in car sales.

Economic News:

US: The U.S. Army Corps of Engineers said on Monday it will spend almost $800 million to address flood mitigation, coastal storm damage protection and address supply chain resilience.

About $221 million will address flooding for the Pearl River in Jackson, Mississippi, it said in a statement.

The plan, funded by the $1 trillion infrastructure bill Congress passed in November 2021, supports construction of 31 additional projects and 11 previously announced projects.

The Pearl River funding for a comprehensive flood damage reduction plan is subject to a review of environmental and other criteria. In August, U.S. President Joe Biden declared a state of emergency when Jackson, Mississippi, went without reliable drinking water after pumps at the main water treatment plant failed.

Euro Zone: Britain’s new Prime Minister Liz Truss promised to “unshackle” the City of London to fuel growth, but crashing the bond market over tax cuts will take the shine off her “Big Bang” plan for financial services.

Markets took fright last month when UK finance minister Kwasi Kwarteng unveiled plans to increase borrowing to fund lower taxes, sending government bond yields rocketing and the pound plunging to a record low against the dollar.

In a rare move, the Bank of England was forced to buy unlimited gilts to restore calm and avert what some have called a near “Lehman moment” in UK government bonds, casting a pall over the City of London financial district.

Amid a cost-of-living crisis and opposition from some of the government’s own lawmakers, Kwarteng ditched one element of the tax-cutting plan on Monday, representing about 2 billion pounds ($2.3 billion).

Analysts said it made little difference to the overall scale of borrowing, and that a more sustainable fix was needed before the Bank of England stops propping up gilts in mid-October. Kwarteng now plans to bring forward publication of his fiscal plan to later this month, the Financial Times and a government source said late on Monday.

Top Economic Releases Today:

  1. U.S. JOLTs Job Openings (Aug) today at 10:00 this time estimated 10.00 this time estimated 10.775M, previously which was 11.239M.
  2. 00,
  3. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 4.150M.
  • JAPAN Services PMI (Sep) today at 20:30 previously which was 51.90.
  • AUSTRALIA JOLTs Job Openings (Aug) today at 20:30 this time estimated 0.60%, previously which was 0.60%.

TECHNICAL SUMMARY

GBPUSD TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 1.1373, TAKE PROFIT AT 1.1598 AND STOP LOSS AT 1.1232

EURUSD TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 0.9861, TAKE PROFIT AT 0.9950 AND STOP LOSS AT 0.9804

USDJPY TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 144.692, TAKE PROFIT AT 144.859 AND STOP LOSS AT 144.635

USDCHF TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 0.9897, TAKE PROFIT AT 0.9950 AND STOP LOSS AT 0.9867

S&P 200 TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 6694.00 TAKE PROFIT AT 6723.00 AND STOP LOSS AT 6675.00

WTI CRUDE OIL TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 84.20 TAKE PROFIT AT 89.02 AND STOP LOSS AT 82.35

GOLD TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 1709.73, TAKE PROFIT AT 1719.95 AND STOP AT 1705.10

BITCOIN TECHNICAL ANALYSIS

TRADE SUGGESTION- BUY AT 19864.00 TAKE PROFIT AT 20380.24 AND STOP AT 19538.64