Technical Analysis Report – 07 January 2021

Technical Analysis Report – 07 January 2021

Asian stocks swing higher after Democrats sweep U.S. Senate. The Shanghai composite is down 0.15% at 3,545.498. Overall, the Singapore MSCI up 1.84% at 332.60. Over in Hong Kong, the Hang Seng Index down 0.42% to 27,519. In Japan, the Nikkei 225 up 1.63% at 27,460, while the Topix index was up 1.84% to 1828.0. South Korea’s Kospi up 2.47% to 3041.53. Australia S&P/ASX 200 up 1.59% to 6712.0.

European equities Wednesday closing. The DAX futures contract in Germany traded 1.76% up at 13891.97, CAC 40 futures up 1.19% at 5630.6 and the UK 100 futures contract in the U.K. up 3.47% at 6,841.9.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.44% at 30829.4 the S&P 500 up 0.57% to 3748.1 and the Nasdaq 100 up 0.50% at 12733.7, NYSE closes at 14788.835 down 1.74%.

In the Forex market, GBPUSD down 0.12% at 1.35912. The USDJPY up 0.19% at 103.203. The USDCHF up 0.12% at 0.87915. EURUSD down 0.05% at 1.23178, EUR/GBP up 0.08% at 0.90633. The USD/CNY down 0.11% at 6.4548, at the time of writing.

In the commodity market U.S. Gold futures up 0.23% at $1,922.10. Elsewhere, Silver futures down 0.27% to $27.190 per ounce, Platinum up 0.41% at $1103.60 per ounce, and Palladium up 0.14% to $2,447.50.

Crude Oil down on Thursday; Brent crude oil up 0.98% to $54.70 barrel while U.S. West Texas Intermediate (CLc1) is up 1.15% at $51.18.

In the Cryptocurrency Markets, BTCUSD at 37179.88 up 0.73%, Ethereum at 1202.45 down 0.88%, Litecoin at 168.88 down 0.45%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

DISCOVERY Inc. up 9.178% at $29.50, NVIDIA Corp. down 5.895% at $504.58, ETSY Inc. down 4.235% to $167.57, ADOBE Inc. down 3.99% to $466.31, NETFLIX Inc. down 3.9% to $500.49, PAYPAL Holdings down 3.44% at $226.83.

Economic news:

US: The Federal Reserve was nearly unanimous in its decision last month to leave its bond-buying program unchanged, but left a wide berth for officials in the future to decide if and when changes should be made, according to minutes of the U.S. central bank’s policy meeting last month.

“All participants” in the session agreed the Fed should commit to leaving the program in place until there was “substantial further progress” towards the Fed’s goals for the economy, and “nearly all” favoured keeping the current mix of assets purchased intact, rather than focusing, for example, on longer-term U.S. Treasury bonds as some analysts have advocated, said the minutes, which were released on Wednesday.

Eurozone: Britain has lost between 5,000 and 7,000 financial services jobs so far as a result of Brexit, less than some forecasters had originally feared, Bank of England Governor Andrew Bailey said on Wednesday.

“That of course is the day one thing. It doesn’t tell us what it might be eventually. It’s substantially less, I should say, than the sorts of numbers that were being talked about after the referendum,” he told the British parliament’s Treasury Committee.

Important Data: US Initial Jobless Claims today at 8:30 this time estimate to be 800K, previously which was 787K. US Trade Balance (Nov) today at 8:30 this time estimate to be -65.2B, previously which was -63.10B. JAPAN Household Spending (YoY) (Nov) today at 18:30 this time estimate to be -1.5%, previously which was 1.9%. CANADA Ivey PMI (Dec) today at 10:00 this time estimate to be 54.7, previously which was 52.7.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.35840, TAKE PROFIT AT 1.35714 AND STOP AT 1.36118

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.23119, TAKE PROFIT AT 1.23426 AND STOP LOSS AT 1.22882

NZDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 75.2080, TAKE PROFIT AT 75.9422 AND STOP LOSS AT 74.6604

CADCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.69331, TAKE PROFIT AT 0.69477 AND STOP AT 0.69217

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6503.8 TAKE PROFIT AT 6549.4 AND STOP AT 6463.0

CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 51.10 TAKE PROFIT AT 51.91 AND STOP AT 50.40

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1923.7, TAKE PROFIT AT 1931.68 AND STOP AT 1917.29

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 165.56 TAKE PROFIT AT 170.449 AND STOP AT 163.11

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