Technical Analysis Report – 02 August 2022

Technical Analysis Report – 02 August 2022

US 10 YR. T-NOTE Price Technical Analysis

AFTER THE BIGGEST MONTH SINCE 2020, WALL STREET ENDS DOWN

Asia-Pacific Asia stocks tumbled on Tuesday. The Shanghai Composite is up 0.21% at 3,259.95. Overall, the Singapore MSCI is down 2.26% at 3186.26. Over in Hong Kong, the Hang Seng Index is down 2.40% at 19,650.00. In Japan, the Nikkei 225 is down 1.18% at 27,670.00, while the Topix index is down 1.56% at 1930.00. South Korea’s Kospi is down 0.52% at 2,439.62. Australia S&P/ASX 200 up 0.07% at 6998.10.

Top News of the Day:

Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil (NYSE:XOM) and other energy companies weighing against gains in Boeing (NYSE:BA) as investors digested the U.S. stock market’s biggest monthly gains in two years.

Stocks gave up some of a strong rally from last week that was driven by bets the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

Market Summary as per 01/08/2022:

European equities Monday closing. The DAX futures contract in Germany traded down 0.52% at 13,409.13, CAC 40 futures down 0.59% at 6399.16 and the UK 100 futures contract in the U.K. down 0.20% at 7,398.60.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.14% at 32798.41. The S&P 500 down 0.28% at 4118.63 and the Nasdaq 100 down 0.06% at 12940.78, NYSE closes down 0.27% at 15286.01.

Top Market News Today:

In the Forex market, GBPUSD down 0.30% at 1.2211. The USDJPY down 0.58% at 130.848. The USDCHF up 0.31% at 0.9517. EURUSD down 0.17% at 1.0243, EUR/GBP up 0.17% at 0.8386. The USD/CNY down 0.08% at 6.7634 at the time of writing.

In the Commodity market U.S. Gold futures up 0.04% at $1,772.25. Elsewhere, Silver futures down 0.64% at $20.224 per ounce, Platinum up 0.28% at $909.00 per ounce, and Palladium up 0.18% at $2199.50.

Crude Oil down on Tuesday; Brent Crude Oil down 0.36% at $99.45 per barrel while U.S. West Texas Intermediate (CLc1) down 0.44% at $92.81.

In the Cryptocurrency Markets, Bitcoin at 22840.00 down 0.83%, Ethereum down 3.34% at 1577.14, Litecoin at 56.94 down 4.35%, at the time of writing.

Top Market Segment to Watch Out Today:

CRUDE OIL: Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply.

Brent crude futures dropped 24 cents, or 0.2%, to $99.82 a barrel by 0634 GMT, while WTI crude futures eased 10 cents, or 0.1%, to $93.78 a barrel.

Economic News:

US: British house prices rose in July at the slowest monthly pace in a year and the market is likely to slow further as the cost-of-living squeeze tightens and the Bank of England keeps on raising interest rates, mortgage lender Nationwide said on Tuesday.

House prices last month were 0.1% higher than in June when they rose by 0.2%. It was the weakest increase since July of last year and was below the median forecast in a Reuters poll of economists for an increase of 0.3%.

In annual terms, prices were 11.0% higher than in July 2021, speeding up from growth of 10.7% in June but weaker than expected by all economists in the Reuters poll.

Robert Gardner, Nationwide’s chief economist, said the housing market had been surprisingly buoyant so far, given the strains on households’ budgets and consumer confidence plunging to a record low.

Eurozone: British house prices rose in July at the slowest monthly pace in a year and the market is likely to slow further as the cost-of-living squeeze tightens and the Bank of England keeps on raising interest rates, mortgage lender Nationwide said on Tuesday.

House prices last month were 0.1% higher than in June when they rose by 0.2%. It was the weakest increase since July of last year and was below the median forecast in a Reuters poll of economists for an increase of 0.3%.

In annual terms, prices were 11.0% higher than in July 2021, speeding up from growth of 10.7% in June but weaker than expected by all economists in the Reuters poll.

Robert Gardner, Nationwide’s chief economist, said the housing market had been surprisingly buoyant so far, given the strains on households’ budgets and consumer confidence plunging to a record low.

Top Economic Releases Today:

  1. U.S. JOLTs Job Openings (Jun) today at 10:00 this time estimated 11.000M, previously which was 11.254M. 
  2. NEW ZEALAND Employment Change (QoQ) (Q2) today at 18:45 this time estimated 0.4%, previously which was 0.1%.
  3. JAPAN Services PMI (Jul) today at 20:30 previously which was 51.20.
  4. U.K. Nationwide HPI (YoY) (Jul) today at 2:00 this time estimated 11.50%, previously which was 10.70%.
  5. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was -4.037M.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2193, TAKE PROFIT AT 1.2241 AND STOP LOSS AT 1.2121

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0234, TAKE PROFIT AT 1.0177 AND STOP LOSS AT 1.0276

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8390, TAKE PROFIT AT 0.8366 AND STOP LOSS AT 0.8423

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 134.117, TAKE PROFIT AT 134.027 AND STOP LOSS AT 134.233

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 19591.00 TAKE PROFIT AT 19563.00 AND STOP LOSS AT 19639.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 93.02 TAKE PROFIT AT 92.88 AND STOP LOSS AT 93.24

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1772.66, TAKE PROFIT AT 1806.87 AND STOP AT 1744.36

BITCOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 22775.00 TAKE PROFIT AT 23681.14 AND STOP AT 21899.51

About Author