Technical Analysis Report on Forex, Stocks, Crypto

05 Jul

Technical Analysis Report on Forex, Stocks, Crypto – 05 July 2022

/ CSFX Analytics

U.S. STOCK FUTURES WERE HIGHER ON MONDAY OVERNIGHT TRADING

Asia-Pacific stocks were mostly up on Tuesday morning. The Shanghai Composite is down 0.58% at 3,385.89. Overall, the Singapore MSCI is up 0.30% at 283.55. Over in Hong Kong, the Hang Seng Index is up 0.10% at 21,836. In Japan, the Nikkei 225 is up 0.61% at 26,340.00, while the Topix index is up 0.29% at 1874.00. South Korea’s Kospi is up 1.80% at 2,341.78. Australia S&P/ASX 200 up 0.25% at 6629.30.

Top News of the Day:

U.S. Stock futures were higher overnight trading on Monday, with major benchmark averages remaining closed during regular hours for a public holiday after closing out the previous week with significant losses.

By 06:50 PM ET (2250 GMT) Dow Jones Futures added 0.2%, S&P 500 Futures lifted 0.3%, while the Nasdaq 100 Futures gained 0.7%.

Market Summary as per 04/07/2022:

European equities Monday closing. The DAX futures contract in Germany traded down 0.31% at 12,773.38, CAC 40 futures up 0.40% at 5954.66 and the UK 100 futures contract in the U.K. up 0.89% at 7,232.66.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.05% at 31097.27. The S&P 500 up 1.05% at 3825.32 and the Nasdaq 100 up 0.71% at 11585.68, NYSE closes up 1.03% at 14636.75.

Top Market News Today:

In the Forex market, GBPUSD up 0.07% at 1.2112. The USDJPY up 0.43% at 136.196. The USDCHF down 0.02% at 0.9604. EURUSD up 0.13% at 1.0431, EUR/GBP up 0.08% at 0.8612. The USD/CNY down 0.08% at 6.6945 at the time of writing.

In the Commodity market U.S. Gold futures up 0.11% at $1,809.42. Elsewhere, Silver futures up 0.58% at $20.055 per ounce, Platinum down 0.51% at $884.50 per ounce, and Palladium up 0.47% at $1940.00.

Crude Oil down on Tuesday; Brent Crude Oil down 0.66% at $113.02 per barrel while U.S. West Texas Intermediate (CLc1) down 0.76% at $107.79.

In the Cryptocurrency Markets, Bitcoin at 20310.00 up 5.15%, Ethereum up 1.31% at 1164.58, Litecoin at 52.15 down 0.21%, at the time of writing.

Top Market Segment to Watch Out Today:

AstraZeneca: AstraZeneca (NASDAQ:AZN) said on Tuesday it will acquire oncology firm TeneoTwo Inc in a deal worth up to $1.27 billion, including the company’s initial stage T-cell engager.

The London-listed drugmaker plans to buy all outstanding equity of TeneoTwo for upfront payment of $100 million on deal close.

Economic News:

US: U.S. Treasury Secretary Janet Yellen raised concerns about what the U.S. calls China’s “unfair, non-market” economic practices in a call with Chinese Vice Premier Liu He, the U.S. Treasury Department said.

“Secretary of the Treasury Janet L. Yellen today held a virtual meeting with Vice Premier of the People’s Republic of China (PRC) Liu He as part of the Administration’s ongoing efforts to maintain open lines of communication,” the Treasury Department said in a statement, adding the dialogue was “candid and substantive.”

The U.S. Treasury Department concurred in its own statement, saying the exchange was “candid and substantive”, but did not mention China’s concern about U.S. tariffs.

U.S. President Joe Biden is in the process of making up his mind on easing U.S. tariffs on China, in part to ease inflation which he has said is a top priority.

There has been a divergence on easing the tariffs within the Biden administration, and Yellen had said some tariffs on China inherited from the administration of former President Donald Trump made “no strategic sense”.

Eurozone: Germany posted its first monthly trade deficit in over 30 years in May as the price of its oil and gas imports soared in the pull of Russia’s war in Ukraine.

Europe’s largest country, whose economic model has been built on substantial trade surpluses since the Second World War, swung to a deficit of €1.0 billion ($1.04 billion) in May, as its import bill surged by nearly 28% from a year earlier. Imports were up 2.7% from April.

At the same time, exports fell for the third time in five months, by 0.5% in calendar- and seasonally-adjusted terms, but were still up 11.7% on the year.

The data are a powerful illustration of the problems facing Germany, whose dependence on Russian energy was brutally exposed by the war. The deficit is set to widen in June, reflecting a 60% cut in Russian gas supplies that forced importers to cover their obligations by buying on the spot market at much higher prices. Many German analysts fear a complete stop to Russian supplies in the year’s second half.

Top Economic Releases Today:

U.K. Services PMI (Jun) today at 4:30 this time estimated 53.40, previously which was 53.40.
CANADA Building Permits (MoM) (May) today at 8:30 this time estimated 0.7%, previously which was -0.6%.
U.S. Factory Orders (MoM) (May) today at 10:00 this time estimated 0.5%, previously which was 0.3%.
GERMANY Services PMI (Jun) today at 3:55, this time estimated 52.40, previously which was 55.00.
EUROZONE S&P Global Composite PMI (Jun) today at 4:00 this time estimated 51.90, previously which was 54.80.