Technical Analysis Report Today – 05 August 2021

Technical Analysis

Technical Analysis Report Today – 05 August 2021

Asia Pacific stocks were mixed on Thursday morning. The Shanghai composite is down 0.54% at 3,458.02. Overall, the Singapore MSCI down 0.30% at 362.15. Over in Hong Kong, the Hang Seng Index down 0.35% at 26,267. In Japan, the Nikkei 225 up 0.36% at 27,690, while the Topix index is up 0.26% at 1926.0. South Korea’s Kospi down 0.07% to 3277.84. Australia S&P/ASX 200 up 0.22% at 7519.2.

European equities Wednesday closing. The DAX futures contract in Germany traded up 0.88% at 15692.13, CAC 40 futures up 0.33% at 6746.24 and the UK 100 futures contract in the U.K. up 0.26% at 7,123.87.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.92% at 34792.68. The S&P 500 down 0.46% to 4402.65 and the Nasdaq 100 down 0.05% at 15089.30, NYSE closes at 16594.47 down 0.71%.

In the Forex market, GBPUSD up 0.01% at 1.388. The USDJPY up 0.17% at 109.673. The USDCHF up 0.11% at 0.90741. EURUSD down 0.02% at 1.1835, EUR/GBP down 0.02% at 0.85204. The USD/CNY down 0.04% at 6.4633, at the time of writing.

In the commodity market U.S. Gold futures down 0.09% at $1,809.60. Elsewhere, Silver futures up 0.10% to $25.38 per ounce, Platinum down 1.24% at $1013.57 per ounce, and Palladium down 0.19% to $2,646.38.

Crude Oil mix on Thursday; Brent crude oil up 0.03% at $70.30 per barrel while U.S. West Texas Intermediate (CLc1) is down 2.30% at $69.30.

In the Cryptocurrency Markets, BTCUSD at 39248.00 down 1.22%, Ethereum at 2692.06 down 1.22%, Litecoin at 140.03 down 1.69%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Moderna Inc. up 11.512% at $386.51, Gartner Inc. up 10.831% at $293.67, PVH Corp. up 4.861% to $109.36, Mosaic Co. up 4.746% to $31.34, Discovery Inc. down 4.194% to $27.87, Clorox Co. down 9.459% at $164.06.

Economic news:

US: San Francisco Federal Reserve President Mary Daly on Wednesday said that mostly likely the U.S. central bank will be in position to begin to reduce its massive asset-buying program later this year or early next year.

“I’m looking for continued progress in the labor market, continued putting COVID behind us, rising vaccination rates, the things that are so fundamental to us saying that the economy has achieved that metric of substantial further progress,” Daly said in an interview on the PBS NewsHour. “Right now my modal outlook is that we will achieve that metric later this year or early next.”

Fed officials have largely downplayed the impact of the highly transmissible Delta variant on the course of the recovery. Daly was less sanguine.

On Tuesday, the GC rate hit a high of 0.10% before closing at 0.04%, data from Curvature Securities showed. The repo rate hit a peak of 0.12% on Monday, the highest since February, and closed at 0.10%.

Eurozone: The Bank of England may move a step closer to tightening monetary policy, unwinding 900 trillion pounds ($1.2 trillion) government bond purchases while also opening the possibility that borrowing costs could be pushed below zero.

While the two decisions pull in opposite directions, they could prove inextricably linked. They feed into the debate about which policy levers the U.K. central bank will pull first when the time comes to tighten monetary policy.

Officials led by Governor Andrew Bailey have signalled that they want interest rates higher than their current level before selling off some of the government bonds they’ve built up through their quantitative easing program. Adopting negative rates as a potential policy tool could allow them to bring forward the moment when they scale back their bulging balance sheet. They also could prepare the ground for bolder action.

“It makes sense for them to come out and let the market know what their new guidance is, sooner rather than later,” said John Wraith, head of U.K. and European rates strategy at UBS Group AG (SIX:UBSG). “The simplest thing,” he said, would be for the BOE to lower the 1.5% threshold for where rates should be before bond sales start — a possibility if there’s acknowledgment that rates may slip into negative territory.

Important Data: UK Construction PMI (Jul) data today at 4:30 this time estimated 64.0, previously which was 66.3. US Initial Jobless Claims today at 8:30 this time estimated 384K, previously which was 400K. CANADA Trade Balance (Jun) today at 8:30 this time estimated -0.68B, previously which was -1.39B. RUSSIA CPI (MoM) (Jul) today at 12:00 this time estimated 0.4%, previously which was 0.7%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.38776, TAKE PROFIT AT 1.39050 AND STOP LOSS AT 1.38575

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.18274, TAKE PROFIT AT 1.18014 AND STOP LOSS AT 1.18480

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 109.670, TAKE PROFIT AT 109.463 AND STOP LOSS AT 109.910

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9072, TAKE PROFIT AT 0.9023 AND STOP LOSS AT 0.9091

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 15084.24 TAKE PROFIT AT 15123.42 AND STOP LOSS AT 15052.75

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 68.01 TAKE PROFIT AT 66.58 AND STOP LOSS AT 68.59

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1809.74, TAKE PROFIT AT 1804.54 AND STOP AT 1818.60

BTCUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 38968.58 TAKE PROFIT AT 40925.62 AND STOP AT 38205.47

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