Technical Analysis Report – 28 January 2021

Technical Analysis Report – 28 January 2021

Asian shares slid on Thursday while the safe-haven dollar rallied as a sudden sell-off on Wall Street. The Shanghai composite is down 1.34% at 3,524.61. Overall, the Singapore MSCI down 1.40% at 331.70. Over in Hong Kong, the Hang Seng Index down 1.78% to 28,761. In Japan, the Nikkei 225 down 1.43% at 28,220, while the Topix index is down 0.97% at 1839.0. South Korea’s Kospi down 1.60% to 3072.15. Australia S&P/ASX 200 down 1.93% at 6649.7.

European equities Wednesday closing. The DAX futures contract in Germany traded 1.81% down at 13620.46, CAC 40 futures down 1.16% at 5459.6 and the UK 100 futures contract in the U.K. down 1.30% at 6,567.4.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 2.05% down at 30303.2 the S&P 500 down 2.57% to 3750.8 and the Nasdaq 100 down 0.11% at 13060.6, NYSE closes at 14487.73 down 2.55%.

In the Forex market, GBPUSD down 0.02% at 1.36760. The USDJPY up 0.15% at 104.248. The USDCHF up 0.08% at 0.88921. EURUSD down 0.10% at 1.20957, EUR/GBP down 0.03% at 0.88441. The USD/CNY down 0.08% at 6.4771, at the time of writing.

In the commodity market U.S. Gold futures up 0.22% at $1,837.22. Elsewhere, Silver futures down 0.61% to $25.074 per ounce, Platinum down 0.45% at $1061.83 per ounce, and Palladium down 0.24% to $2,302.

Crude Oil mix on Thursday; Brent crude oil down 0.16% to $55.45 barrel while U.S. West Texas Intermediate (CLc1) is up 0.30% at $53.82.

In the Cryptocurrency Markets, BTCUSD at 31625.58 down 3.97%, Ethereum at 1296.39 up 4.50%, Litecoin at 128.56 up 4.56%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

DISCOVERY Inc. up 7.736% at $43.87, 3M Co. up 6.081% at $186.65, NETAPP Inc. up 4.855% to $68.89, JD.COM Inc. down 7.095% to $90.09, STARBUCKS Corp. down 6.515% to $97.87, NETFLIX Inc. down 6.878% at $523.28.

Economic news:

US: The U.S. economy likely contracted at its sharpest pace since World War Two in 2020 as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.

The Commerce Department’s snapshot of fourth-quarter gross domestic product on Thursday is also expected to show the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly $3 trillion in relief money from the government.

The Federal Reserve on Wednesday left its benchmark overnight interest rate near zero and pledged to continue injecting money into the economy through bond purchases, noting that “the pace of the recovery in economic activity and employment has moderated in recent months.”

President Joe Biden has unveiled a recovery plan worth $1.9 trillion, and could use the GDP report to lean on some lawmakers who have balked at the price tag soon after the government provided nearly $900 billion in additional stimulus at the end of December.

Eurozone: The German government on Wednesday slashed its growth forecast for Europe’s largest economy to 3% this year, a sharp revision from last autumn’s estimate of 4.4%, caused by a second coronavirus lockdown.

“We are currently seeing a flattening of the number of infections, which is giving hope,” Economy Minister Peter Altmaier said, but he cautioned that the situation remained serious because of a more infectious virus variant.

“We must therefore not gamble away what has been achieved,” Altmaier said, against the backdrop of calls to ease lockdown measures soon.

Chancellor Angela Merkel and state leaders agreed last week to extend the lockdown until mid-February as Germany, once a role model for fighting the pandemic, struggles with a second wave and record daily numbers of COVID-19 deaths.

Altmaier painted a picture of a two-speed economy in which industry continued to do well while service was suffering under the curbs that were imposed early in November and tightened in mid-December.

Important Data: US GDP (QoQ) (Q4) today at 8:30 this time estimated 4.0%, previously which was 33.4%. RUSSIA Unemployment Rate (Dec) today at 11:00 this time estimated 6.1%, previously which was 6.1%. JAPAN Tokyo Core CPI (YoY) (Jan) today at 18:30 this time estimated -0.6%, previously which was -0.9%. AUSTRALIA PPI (QoQ) (Q4) today at 19:30 previously which was at 0.4%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- BUY AT 1.36655, TAKE PROFIT AT 1.36927 AND STOP AT 1.36429

EURUSD

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- SELL AT 1.20938, TAKE PROFIT AT 1.20704 AND STOP LOSS AT 1.21121

USDJPY

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- BUY AT 104.239, TAKE PROFIT AT 104.456 AND STOP LOSS AT 104.198

GBPAUD

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- BUY AT 1.79267, TAKE PROFIT AT 1.79809 AND STOP AT 1.78782

FTSEMIB 40

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- BUY AT 22130 TAKE PROFIT AT 22281 AND STOP AT 21977

WTI CRUDE OIL

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- BUY AT 52.47 TAKE PROFIT AT 53.26 AND STOP AT 51.73

GOLD

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- SELL AT 1836.87, TAKE PROFIT AT 1829.04 AND STOP AT 1846.38

LITECOIN USD

Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.
Technical Analysis of the Financial Markets, Technical Analysis is the art of forecasting future price movement.

TRADE SUGGESTION- SELL AT 130.04 TAKE PROFIT AT 127.91 AND STOP AT 132.62

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