Technical Analysis Report Today – 03 June 2021

Technical Analysis

Technical Analysis Report Today – 03 June 2021

Asia Pacific stocks were mostly up Thursday morning. The Shanghai composite is down 0.06% at 3,593.55. Overall, the Singapore MSCI up 0.25% at 359.65. Over in Hong Kong, the Hang Seng Index down 0.39% to 29,012. In Japan, the Nikkei 225 up 0.48% at 29,070, while the Topix index is up 0.93% at 1958.5. South Korea’s Kospi up 0.84% to 3251.39. Australia S&P/ASX 200 up 0.58% at 7260.0.

European equities Wednesday closing. The DAX futures contract in Germany traded 0.23% up at 15602.71, CAC 40 futures up 0.49% at 6521.33 and the UK 100 futures contract in the U.K. up 0.39% at 7,108.01.

In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34600.38 the S&P 500 down 0.14% to 4208.11 and the Nasdaq 100 up 0.07% at 13691.5, NYSE closes at 16673.96 up 0.18%.

In the Forex market, GBPUSD down 0.13% at 1.41495. The USDJPY up 0.25% at 109.795. The USDCHF up 0.18% at 0.89929. EURUSD down 0.14% at 1.2195, EUR/GBP up 0.02% at 0.86157. The USD/CNY up 0.16% at 6.3908, at the time of writing.

In the commodity market U.S. Gold futures down 0.56% at $1,897.31. Elsewhere, Silver futures down 1.01% to $27.845per ounce, Platinum down 0.53% at $1184.81 per ounce, and Palladium down 0.16% to $2,852.00.

Crude Oil up on Thursday; Brent crude oil up 0.80% to $71.76 barrel while U.S. West Texas Intermediate (CLc1) is up 1.34% at $68.74.

In the Cryptocurrency Markets, BTCUSD at 38727.34 up 3.06%, Ethereum at 2810.35 up 3.79%, Litecoin at 191.52 up 2.29%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Top 5 Stock
Top 5 Stock

ETSY Inc. up 7.146% at $175.14, INVESCO Ltd. up 4.744% at $28.48, EBAY Inc. up 3.324% to $63.41, TESLA Inc. down 3.01% to $605.12, MODERNA Inc. up 3.758% to $191.60, BAIDU Inc. down 1.967% at $197.85.

Economic news:

US: The G7 wealthy democracies are expected to endorse Washington’s proposal for an ambitious global corporate minimum tax when their leaders meet later this week in Britain, a U.S. Treasury official said on Wednesday.

The official said in an emailed statement that the Treasury expects the meetings of the Group of Seven finance ministers on Friday and Saturday in London to provide momentum for advancing global corporate tax negotiations toward a broader G20 finance meeting in July in Italy.

A full endorsement is expected at the culmination of the G7 meetings with the leaders’ summit, the official added.

The U.S. Treasury in May proposed a global minimum corporate tax of at least 15% to try to end a downward spiral of corporate tax rates and deter multinational firms from shifting profits to tax-haven countries.

The proposed minimum is lower than the Biden administration’s own proposals to raise the domestic corporate tax rate to 28% and impose a 21% minimum levy on overseas profits earned by U.S. companies.

Eurozone: The European Central Bank will not change the total size of its asset purchase programme at its June 10 meeting but will start tapering its pandemic purchases later this year, according to a Reuters poll which also showed inflation risks to the upside.

With an economic recovery underway and price pressures rising, calls for winding down the emergency purchases have increased in recent weeks. But several ECB members have said a decision to reduce purchases at the June 10 policy meeting was unlikely.

Nearly 90% of economists, or 34 of 39, in response to an additional question in the May 28-June 2 Reuters poll said the ECB would leave the 1.85 trillion euros worth of asset buys under its Pandemic Emergency Purchase Programme (PEPP) unchanged at its June meeting.

“As the recovery starts to gather speed, the ECB continues to walk a fine line between preserving favourable financial conditions and starting to unwind some of the emergency support measures unveiled during the pandemic,” said Angel Talavera, head of Europe economics at Oxford Economics.

Important Data: UK Composite PMI (May) today at 4:30 this time estimated 62.0, previously which was 62.0. US ADP Nonfarm Employment Change (May) today at 8:15 this time estimated 650K, previously which was 742K. AUSTRALIA Home Loans (MoM) today at 21:30 previously which was 3.3%. JAPAN Household Spending (MoM) (Apr) today at 19:30 this time estimated -2.2%, previously which was 7.2%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.41496, TAKE PROFIT AT 1.41502 AND STOP LOSS AT 1.41490

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.21840, TAKE PROFIT AT 1.22 AND STOP LOSS AT 1.21762

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 109.751, TAKE PROFIT AT 109.934 AND STOP LOSS AT 109.674

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8999, TAKE PROFIT AT 0.90175 AND STOP LOSS AT 0.89845

DJ EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 4078 TAKE PROFIT AT 4096 AND STOP LOSS AT 4075

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 69.08 TAKE PROFIT AT 69.35 AND STOP LOSS AT 69.00

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1897.35, TAKE PROFIT AT 1900.05 AND STOP AT 1894.25

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 191.763 TAKE PROFIT AT 198.41 AND STOP AT 185.18

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