Technical Analysis Report Today – 04 June 2021

Technical Analysis

Technical Analysis Report Today – 04 June 2021

Asia Pacific stocks were mostly down Friday morning. The Shanghai composite is up 0.34% at 3,596.52. Overall, the Singapore MSCI down 0.47% at 357.55. Over in Hong Kong, the Hang Seng Index down 0.15% to 28,817. In Japan, the Nikkei 225 down 0.38% at 28,960, while the Topix index is down 0.13% at 1956.5. South Korea’s Kospi down 0.27% to 3237.40. Australia S&P/ASX 200 up 0.49% at 7295.9.

European equities Thursday closing. The DAX futures contract in Germany traded 0.19% up at 15632.67, CAC 40 futures down 0.21% at 6507.93 and the UK 100 futures contract in the U.K. down 0.61% at 7,064.36.

In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34577.04 the S&P 500 down 0.36% to 4192.86 and the Nasdaq 100 down 0.19% at 13504.9, NYSE closes at 16632.33 down 0.25%.

In the Forex market, GBPUSD down 0.11% at 1.40854. The USDJPY up 0.01% at 110.262. The USDCHF up 0.17% at 0.90493. EURUSD down 0.15% at 1.21079, EUR/GBP flat at 0.85942. The USD/CNY up 0.05% at 6.4071, at the time of writing.

In the commodity market U.S. Gold futures down 0.12% at $1,869.11. Elsewhere, Silver futures down 0.28% to $27.337 per ounce, Platinum down 0.86% at $1151.00 per ounce, and Palladium down 0.65% to $2,818.00.

Crude Oil mix on Friday; Brent crude oil up 0.24% to $71.36 barrel while U.S. West Texas Intermediate (CLc1) is down 0.03% at $68.81.

In the Cryptocurrency Markets, BTCUSD at 36902.04 down 5.91%, Ethereum at 2670.33 down 6.51%, Litecoin at 176.63 down 8.46%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Top 5 Stock
Top 5 Stock

FORD MOTOR Co. up 7.244% at $15.99, GENERAL MOTOR Co. up 6.387% at $63.46, ETSY Inc. down 5.367% to $165.74, TESLA Inc. down 5.335% to $572.84, BIOGEN Inc. up 1.188% to $272.55, EBAY Inc. up 1.041% at $64.07.

Economic news:

US: U.S. job growth likely accelerated in May as vaccinations eased the pandemic’s grip on the economy, but companies faced difficulties hiring, with millions of unemployed Americans at home because of childcare problems and generous unemployment checks, leaving open the chance for another letdown in job creation.

The Labor Department’s closely watched employment report on Friday could offer assurance that the recovery from the pandemic recession was on track after worker shortages also blamed on lingering fears over COVID-19 sharply restrained employment growth in April, which delivered roughly a quarter of the new jobs economists had forecast.

Slower hiring stirred debate among some economists that growth was stagnating at a time when inflation was rising.

“With the reopening of the economy, we should be seeing very strong job growth,” said Ryan Sweet, a senior economist at Moody’s (NYSE:MCO) Analytics in West Chester, Pennsylvania. “The supply constraints are problematic, but it doesn’t mean that’s going to prevent the economy from continuing to recover. The U.S. is not experiencing stagflation and it won’t over the next few years.”

According to a Reuters survey of economists, nonfarm payrolls likely increased by 650,000 jobs last month after rising only 266,000 in April. That would leave employment about 7.6 million jobs below its peak in February 2020.

Eurozone: British finance minister Rishi Sunak said he was very hopeful that a meeting of G7 finance ministers in London on Friday and Saturday would reach a concrete agreement on taxing large tech companies and other goals.

The gathering will be the first-time finance ministers from the United States, Japan, Germany, Britain, France, Italy and Canada will meet face-to-face since the start of the coronavirus pandemic.

“I’m determined we work together and unite to tackle the world’s most pressing economic challenges – and I’m hugely optimistic that we will deliver some concrete outcomes this weekend,” Sunak said in a statement late on Thursday.

The United States has proposed a global minimum corporate tax rate of at least 15% to stop multinational companies from benefiting from tax havens.

But Britain and other European countries want to ensure that increased tax revenue is paid where the businesses operate, not just where they declare profits.

Important Data: UK Construction PMI (May) today at 4:30 this time estimated 62.3, previously which was 61.6. US Nonfarm Payrolls (May) today at 8:30 this time estimated 650K, previously which was 266K. CANADA Employment Change (May) today at 21:30 this time estimated -20K, previously which was -207.1K. RUSSIA GDP Monthly (YoY) (Apr) today at 19:28 previously which was 0.5%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.40901, TAKE PROFIT AT 1.40722 AND STOP LOSS AT 1.41061

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.21017, TAKE PROFIT AT 1.20855 AND STOP LOSS AT 1.21222

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85881, TAKE PROFIT AT 0.85784 AND STOP LOSS AT 0.85995

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 133.464, TAKE PROFIT AT 133.496 AND STOP LOSS AT 133.456

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7061.6 TAKE PROFIT AT 7090 AND STOP LOSS AT 7037.9

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 68.89 TAKE PROFIT AT 69.18 AND STOP LOSS AT 68.66

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1872.87, TAKE PROFIT AT 1864.63 AND STOP AT 1879.53

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 36636.62 TAKE PROFIT AT 35829.32 AND STOP AT 37244.99

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