Technical Analysis Report – 01 February 2021

Technical Analysis Report – 01 February 2021

Asian shares rallied on Monday. The Shanghai composite is up 0.43% at 3,497.97. Overall, the Singapore MSCI down 0.11% at 327.75. Over in Hong Kong, the Hang Seng Index up 2.00% to 28,883. In Japan, the Nikkei 225 up 1.81% at 28,070, while the Topix index is up 1.41% at 1829.5. South Korea’s Kospi up 2.61% to 3053.86. Australia S&P/ASX 200 up 0.84% at 6663.0.

European equities Friday closing. The DAX futures contract in Germany traded 1.71% down at 13432.87, CAC 40 futures down 2.02% at 5399.2 and the UK 100 futures contract in the U.K. down 1.82% at 6,407.5.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 2.03% down at 29982.6 the S&P 500 down 1.93% to 3714.2 and the Nasdaq 100 down 2.09% at 12925.4, NYSE closes at 14397.199 down 1.86%.

In the Forex market, GBPUSD up 0.40% at 1.37438. The USDJPY flat at 104.676. The USDCHF up 0.19% at 0.89155. EURUSD down 0.01% at 1.21310, EUR/GBP down 0.29% at 0.88267. The USD/CNY up 0.54% at 6.4599, at the time of writing.

In the commodity market U.S. Gold futures up 0.96% at $1,864.54. Elsewhere, Silver futures up 6.39% to $28.678 per ounce, Platinum up 3.02% at $1104.16 per ounce, and Palladium up 1.53% to $2,263.

Crude Oil mix on Monday; Brent crude oil up 0.80% to $55.44 barrel while U.S. West Texas Intermediate (CLc1) is down 0.26% at $53.20.

In the Cryptocurrency Markets, BTCUSD at 33884.11 up 2.24%, Ethereum at 1328.09 up 1.06%, Litecoin at 131.69 up 1.53%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

WESTERN DIGITAL up 7.18% at $56.43, BIOGEN Inc. up 5.503% at $282.61, ABBOTT Lab. up 2.658% to $123.59, DEXCOM Inc. up 2.17% to $374.85, GILEAD SCIENCES up 1.422% to $65.6, APPLE Inc. down 3.742% at $131.96.

Economic news:

US: Japanese Finance Minister Taro Aso and U.S. Treasury Secretary Janet Yellen will hold phone talks for the first time on Monday, a government source said, as both countries continue their battle to cushion the economic blow from the COVID-19 pandemic.

The talks will likely be held late Monday evening Tokyo time, the source told Reuters on condition of anonymity due to the sensitivity of the matter.

Aso had told parliament last month he hoped to hold online talks with the new U.S. treasury secretary as soon as possible, adding that Japan’s views on key economic topics were in line with those expressed by Yellen at her congressional testimony.

Key for Japanese policymakers is the U.S. currency policy under the Biden administration, due to Tokyo’s long history of having to jawbone investors or directly intervene in currency markets to address unwelcome yen spikes that hurt exports.

Eurozone: The European Central Bank’s chief economist Philip Lane played down the prospect of the ECB buying stocks or bank bonds as part of its pandemic-fighting efforts, saying in a newspaper interview published on Sunday these were not in its toolbox.

“The ECB and the Euro system have many excellent monetary economists, so everything is considered at some level,” Lane told German newspaper Sueddeutsche Zeitung.

“But these measures are not part of our current toolbox. Our active toolbox is a combination of our short-term rates, asset purchases, targeted lending and our forward guidance.”

Important Data: German Manufacturing PMI (Jan) today at 3:55 this time estimated 57.0, previously which was 58.3. UK Manufacturing PMI (Jan) today at 4:30 this time estimated 52.9, previously which was 52.9. AUSTRALIA RBA Interest Rate Decision (Jan) today at 22:30 this time estimated 0.1%, previously which was 0.1%. US ISM Manufacturing PMI (Jan) today at 10:00 previously which was at 60.5.

TECHNICAL SUMMARY

GBPUSD

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 1.37385, TAKE PROFIT AT 1.37906 AND STOP LOSS AT 1.37160

EURJPY

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 126.919, TAKE PROFIT AT 127.084 AND STOP LOSS AT 126.815

EURGBP

GBPUSD
GBPUSD

TRADE SUGGESTION- SELL AT 0.88249, TAKE PROFIT AT 0.88092 AND STOP LOSS AT 0.88456

GBPJPY

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 143.74, TAKE PROFIT AT 144.31 AND STOP LOSS AT 143.18

HANG SENG

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 28832 TAKE PROFIT AT 29075 AND STOP LOSS AT 28644

WTI CRUDE OIL

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 52.51 TAKE PROFIT AT 52.77 AND STOP LOSS AT 52.19

SILVER

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 29.139, TAKE PROFIT AT 29.373 AND STOP AT 28.856

ETHEREUM

GBPUSD
GBPUSD

TRADE SUGGESTION- BUY AT 1318.20 TAKE PROFIT AT 1350.41 AND STOP AT 1294.31

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