Technical Analysis Report Today – 03 August 2021

Technical Analysis

Technical Analysis Report Today – 03 August 2021

Asia Pacific stocks were mostly down on Tuesday morning. The Shanghai composite is down 0.21% at 3,456.81. Overall, the Singapore MSCI down 0.68% at 356.30. Over in Hong Kong, the Hang Seng Index up 0.05% at 26,128. In Japan, the Nikkei 225 down 0.50% at 27,610, while the Topix index is down 0.41% at 1930.0. South Korea’s Kospi up 0.30% to 3231.62. Australia S&P/ASX 200 down 0.38% at 7462.7.

European equities Monday closing. The DAX futures contract in Germany traded up 0.16% at 15568.73, CAC 40 futures up 0.95% at 6675.91 and the UK 100 futures contract in the U.K. up 0.70% at 7,081.73.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.28% at 34838.17. The S&P 500 down 0.18% to 4387.15 and the Nasdaq 100 up 0.14% at 14993.8, NYSE closes at 16576.20 down 0.16%.

In the Forex market, GBPUSD up 0.13% at 1.38947. The USDJPY down 0.09% at 109.199. The USDCHF up 0.05% at 0.9054. EURUSD up 0.07% at 1.1875, EUR/GBP up 0.04% at 0.85467. The USD/CNY up 0.04% at 6.4627, at the time of writing.

In the commodity market U.S. Gold futures down 0.09% at $1,811.26. Elsewhere, Silver futures down 0.20% to $25.29 per ounce, Platinum down 0.01% at $1054.28 per ounce, and Palladium up 0.15% to $2,681.34.

Crude Oil down on Tuesday; Brent crude oil down 0.75% at $72.66 per barrel while U.S. West Texas Intermediate (CLc1) is down 2.85% at $71.46.

In the Cryptocurrency Markets, BTCUSD at 38259.75 down 2.31%, Ethereum at 2475.00 down 5.14%, Litecoin at 138.60 down 1.95%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Tesla Inc. up 3.27% at $709.67, ETSY Inc. up 2.932% at $188.89, MSCI Inc. up 2.51% to $610.92, Fiserv Inc. down 4.656% to $109.75, Mosaic Co. down 4.195% to $29.92, Mastercard Inc. down 2.767% at $375.26.

Economic news:

US: U.S. Treasury Secretary Janet Yellen on Monday took additional steps to preserve the federal government’s borrowing capacity under a reinstated debt limit, suspending some investments in government employee retirement and health benefits funds.

In a letter to House of Representatives Speaker Nancy Pelosi and other congressional leaders, Yellen said she was suspending investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund that are not immediately required to pay beneficiaries.

A two-year suspension of the federal debt limit expired on Saturday, reinstating the cap at the current debt level of about $28.5 trillion.

The Congressional Budget Office has estimated that the extraordinary measures could claw back more than $340 billion in borrowing capacity under the limit. CBO said these actions, combined with the Treasury’s current cash balance of about $459 billion, would allow the government to avoid a payment default into October or November as a partisan fight unfolds over a new suspension or increase in the debt cap.

Eurozone: The European Central Bank’s (ECB) decision to keep interest rates at record lows for even longer to boost sluggish inflation threatens monetary stability in the 19-member euro zone, a German conservative business group said on Monday.

The ECB said last month it would not hike borrowing costs until it sees inflation reach its 2% target by the mid-point of its forecast horizon, which currently stretches to 2023 and is extended by one year every December.

“The rising inflation rates are a troubling warning signal,” said Wolfgang Steiger, secretary-general of the CDU Wirtschaftsrat, a business group of 12,000 members that is close to Chancellor Angela Merkel’s Christian Democrats (CDU).

German consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 3.1% in July, a 13-year high, compared with 2.1% in June, leading services sector trade union Verdi to demand significant wage increases.

“It shows that unrestrained borrowing is no political plan in the long run,” added Steiger. “The average saver will in the end pay the price of the unprecedented expansive monetary and fiscal policies of the past years.”

Important Data: NEW ZEALAND Employment Change (QoQ) (Q2) data today at 18:45 this time estimated 0.7%, previously which was 0.6%. JAPAN Services PMI (Jul) today at 20:30 this time estimated 46.4, previously which was 48.0. US Factory Orders (MoM) (Jun) today at 10:00 this time estimated 1.0%, previously which was 1.7%. US FOMC Member Bowman Speaks today at 14:00.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.38925, TAKE PROFIT AT 1.39211 AND STOP LOSS AT 1.38663

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.18725, TAKE PROFIT AT 1.18897 AND STOP LOSS AT 1.18468

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85427, TAKE PROFIT AT 0.85327 AND STOP LOSS AT 0.85557

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 129.553, TAKE PROFIT AT 129.412 AND STOP LOSS AT 129.701

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 27571.0 TAKE PROFIT AT 27423.0 AND STOP LOSS AT 27820.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 71.04 TAKE PROFIT AT 70.49 AND STOP LOSS AT 71.73

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1808.34, TAKE PROFIT AT 1797.94 AND STOP AT 1817.44

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 38362.56 TAKE PROFIT AT 37250.80 AND STOP AT 39729.96

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