Technical Analysis Report – 07 July 2022

Technical Analysis Report – 07 July 2022

Wall Street

WALL STREET SEESAW WEDNESDAY BEHIND IT HIGHER CLOSE

Asia-Pacific stocks were mostly up on Thursday morning. The Shanghai Composite is up 0.22% at 3,362.23. Overall, the Singapore MSCI is down 0.04% at 285.25. Over in Hong Kong, the Hang Seng Index is up 0.34% at 21,579. In Japan, the Nikkei 225 is up 1.88% at 26,490.00, while the Topix index is up 1.76% at 1881.00. South Korea’s Kospi is up 1.84% at 2,334.27. Australia S&P/ASX 200 up 0.81% at 6648.00.

Top News of the Day:

Wall Street put a seesaw day behind it to close higher on Wednesday, as investors digested new clues on the U.S. central bank’s approach to rate policy and its inflation fight detailed in the minutes from the latest Federal Reserve meeting.

After a brutal selloff in global equity markets in the first half of the year, nervous investors are keeping a close watch on central bank actions as they try to assess the impact of aggressive rate hikes on global growth.

Market Summary as per 06/07/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded up 1.56% at 12,594.52, CAC 40 futures up 2.03% at 5912.39 and the UK 100 futures contract in the U.K. up 1.17% at 7,107.78.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.23% at 31037.69. The S&P 500 up 0.36% at 3845.09 and the Nasdaq 100 up 0.62% at 11852.59, NYSE closes down 0.24% at 14465.29.

Top Market News Today:

In the Forex market, GBPUSD up 0.24% at 1.1950. The USDJPY up 0.05% at 135.963. The USDCHF down 0.07% at 0.9696. EURUSD up 0.32% at 1.0212, EUR/GBP up 0.02% at 0.8544. The USD/CNY down 0.10% at 6.7006 at the time of writing.

In the Commodity market U.S. Gold futures up 0.34% at $1,744.31. Elsewhere, Silver futures up 0.69% at $19.337 per ounce, Platinum up 0.12% at $860.50 per ounce, and Palladium up 0.57% at $1927.00.

Crude Oil up on Thursday; Brent Crude Oil up 0.88% at $100.64 per barrel while U.S. West Texas Intermediate (CLc1) up 0.31% at $95.89.

In the Cryptocurrency Markets, Bitcoin at 20300.00 up 0.12%, Ethereum down 1.71% at 1165.67, Litecoin down 49.92 down 0.74%, at the time of writing.

Top Market Segment to Watch Out Today:

EXXON MOBIL: Exxon Mobil Corp (NYSE:XOM) said on Thursday it has delivered the first sustainable aviation fuel (SAF) cargo to Changi Airport, as part of a one-year pilot programme to test the new fuel for planes.

The cargo is a blend of fossil-based refined jet fuel from ExxonMobil’s Singapore integrated refining and petrochemical complex and SAF supplied by Neste Oil, ExxonMobil said in a statement.

Economic News:

US: The United States on Wednesday imposed sanctions on a network of Chinese, Emirati and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal.

The U.S. Treasury Department said in a statement the network of people and entities used a web of Gulf-based front companies to facilitate the delivery and sale of hundreds of millions of dollars in products from Iranian firms to China and elsewhere in East Asia.

Washington has increasingly targeted Chinese companies over the export of Iran’s petrochemicals as the prospects of reviving the nuclear pact have dimmed.

In Doha last week, indirect talks between Tehran and Washington ended without a breakthrough over how to salvage the deal, under which Iran had reined in its atomic program.

Then-U.S. President Donald Trump abandoned the pact in 2018 and reimposed sanctions, spurring Iran – which says its program is for peaceful purposes – to begin violating the deal’s atomic limits.

Eurozone: Euro area retail sales rose in May, recovering from a decline in the previous month but still below expectations, according to the EU statistics office.

Monthly seasonally adjusted total retail volumes in the currency bloc came in at 0.2%, up from the April reading of -1.4%. Analysts had forecast a rise of 0.4%.

The increase was driven by a 1.2% uptick in total trade volumes for non-food products, which helped to offset a fall in food and automotive fuel sales.

Retail spending for food, drinks, and tobacco dropped 0.3%, while car fuel sales volumes decreased by 0.2%, suggesting a recent surge in consumer prices may be weighing on demand for these items.

The highest monthly rise was in Cyprus, which jumped by 9.0%, while Croatia and Portugal also saw increases. The largest decline came in Ireland, which slumped by 6.5%. Austria and Finland were also among the biggest laggards.

Top Economic Releases Today:

  1. U.S. Initial Jobless Claims today at 8:30 this time estimated 230K, previously which was 231K. 
  2. CANADA Ivey PMI (Jun) today at 10:00 previously which was 72.00.
  3. U.S. Crude Oil Inventories today at 11:00 this time estimated -1.043M, previously which was -2.762M.
  4. JAPAN Household Spending (MoM) (May) today at 19:30 this time estimated 0.8%, previously which was 1.0%.
  5. U.K. Labour Productivity today at 4:30 previously which was -0.7%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1960, TAKE PROFIT AT 1.1906 AND STOP LOSS AT 1.1986

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0188, TAKE PROFIT AT 1.0160 AND STOP LOSS AT 1.0199

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 136.065, TAKE PROFIT AT 136.658 AND STOP LOSS AT 135.560

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9709, TAKE PROFIT AT 0.9731 AND STOP LOSS AT 0.9681

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 11933.59 TAKE PROFIT AT 12066.38 AND STOP LOSS AT 11801.24

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 99.12 TAKE PROFIT AT 97.46 AND STOP LOSS AT 100.43

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1743.15, TAKE PROFIT AT 1740.03 AND STOP AT 1746.74

BITCOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 20374.00 TAKE PROFIT AT 20852.75 AND STOP AT 19714.97

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