Technical Analysis Report – 02 February 2021

Technical Analysis Report – 02 February 2021

Asia Pacific stocks were up on Tuesday morning. The Shanghai composite is up 0.63% at 3,527.33. Overall, the Singapore MSCI up 0.43% at 329.75. Over in Hong Kong, the Hang Seng Index up 1.54% to 29,253. In Japan, the Nikkei 225 up 0.57% at 28,300, while the Topix index is up 0.49% at 1843.0. South Korea’s Kospi up 1.51% to 3102.30. Australia S&P/ASX 200 up 1.49% at 6762.6.

European equities Monday closing. The DAX futures contract in Germany traded 1.41% up at 13622.02, CAC 40 futures up 1.16% at 5461.7and the UK 100 futures contract in the U.K. up 0.92% at 6,466.4.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.76% up at 30211.9 the S&P 500 up 1.61% to 3773.9 and the Nasdaq 100 up 0.68% at 13338.3, NYSE closes at 14596.18 up 1.38%.

In the Forex market, GBPUSD up 0.17% at 1.3683. The USDJPY up 0.03% at 104.957. The USDCHF down 0.02% at 0.89671. EURUSD up 0.13% at 1.20750, EUR/GBP up 0.01% at 0.88241. The USD/CNY down 0.13% at 6.4566, at the time of writing.

In the commodity market U.S. Gold futures down 0.20% at $1,856.72. Elsewhere, Silver futures down 1.14% to $28.681 per ounce, Platinum down 1.18% at $1115.75 per ounce, and Palladium up 0.29% to $2,258.

Crude Oil up on Tuesday; Brent crude oil up 1.19% to $57.00 barrel while U.S. West Texas Intermediate (CLc1) is up 1.97% at $54.25.

In the Cryptocurrency Markets, BTCUSD at 34012.53 up 1.43%, Ethereum at 1395.66 up 1.48%, Litecoin at 134.87 up 2.15%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

TESLA Inc. up 5.832% at $839.81, MSCI Inc. up 5.3% at $416.25, AMERICAN AIRLINES down 1.922% to $16.84, AMAZON.COM Inc. up 4.263% to $3342.88, MODERNA Inc. down 9.055% to $157.48, KRAFT HEINZ Co. down 0.776% at $33.25.

Economic news:

US: As the White House and Congressional Democrats press for a $1.9 trillion pandemic relief package that many Republicans say is more than what the country needs or can afford, Federal Reserve policymakers are also split on the issue.

“We are still in the teeth of this pandemic – and we are not out of the woods yet,” Dallas Fed President Robert Kaplan told the Chicago Council on Global Affairs in an online event Monday.

He forecast, as vaccines get rolled out and more businesses can reopen, the U.S. economy will likely grow about 5% this year, enough to push unemployment down to 4.5%, from 6.7% in December.

Eurozone: Britain made a formal request to join the Comprehensive and Progressive (NYSE:PGR) Agreement for Trans-Pacific Partnership (CPTPP) on Monday, seeking membership of the 11-country deal to open new avenues for post-Brexit trade and influence.

Announcing the move, trade minister Liz Truss said it would create jobs, help rebuild the global trading system and position Britain “at the heart of some of the world’s fastest-growing economies”.

It comes at a moment of significant economic upheaval for Britain whose 2016 decision to exit the European Union became a reality at the start of the year, and has made trading with its nearest neighbour more expensive and complicated.

Important Data: UK Nationwide HPI (YoY) (Jan) today at 2:00 this time estimated 6.9%, previously which was 7.3%. French CPI (MoM) today at 2:45 this time estimated -0.1%, previously which was 0.2%. EURO ZONE GDP (QoQ) (Q4) today at 5:00 this time estimated 12.7%, previously which was 12.7%. AUSTRALIA Employment Change (QoQ) (Q4) today at 16:45 previously which was at -0.8%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3674, TAKE PROFIT AT 1.370 AND STOP LOSS AT 1.3650

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.20637, TAKE PROFIT AT 1.20489 AND STOP LOSS AT 1.20884

AUDUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.76138, TAKE PROFIT AT 0.75878 AND STOP LOSS AT 0.76396

USDCAD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2824, TAKE PROFIT AT 1.2859 AND STOP LOSS AT 1.2793

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 28319 TAKE PROFIT AT 28460 AND STOP LOSS AT 28117

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 54.18 TAKE PROFIT AT 54.99 AND STOP LOSS AT 53.12

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1850.00, TAKE PROFIT AT 1842.32 AND STOP AT 1856.29

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 137.07 TAKE PROFIT AT 142.79 AND STOP AT 131.88

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