Technical Analysis Report Today – 05 July 2021

Technical Analysis Report Today – 05 July 2021

Asia Pacific stocks were mostly up Monday morning. The Shanghai composite is up 0.04% at 3,520.32. Overall, the Singapore MSCI up 0.23% at 356.05. Over in Hong Kong, the Hang Seng Index down 0.47% at 28,015. In Japan, the Nikkei 225 down 0.63% at 28,580, while the Topix index is down 0.36% at 1947.5. South Korea’s Kospi up 0.32% to 3292.32. Australia S&P/ASX 200 up 0.08% at 7314.2.

European equities Friday closing. The DAX futures contract in Germany traded 0.30% up at 15650.09, CAC 40 futures down 0.01% at 6552.87 and the UK 100 futures contract in the U.K. down 0.17% at 7,111.8.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.44% at 34786.36. The S&P 500 up 0.75% to 4352.33 and the Nasdaq 100 down 0.05% at 14707.3, NYSE closes at 16674.84 up 0.20%.

In the Forex market, GBPUSD down 0.02% at 1.38215. The USDJPY up 0.11% at 111.132. The USDCHF up 0.21% at 0.92246. EURUSD down 0.09% at 1.18534, EUR/GBP up 0.01% at 0.85758. The USD/CNY down 0.12% at 6.4643, at the time of writing.

In the commodity market U.S. Gold futures down 0.14% at $1,784.85. Elsewhere, Silver futures up 0.07% to $26.486 per ounce, Platinum up 0.59% at $1096.35 per ounce, and Palladium up 0.22% to $2,791.00.

Crude Oil up on Monday; Brent crude oil up 0.12% at $76.20 barrel while U.S. West Texas Intermediate (CLc1) is down 0.07% at $74.77.

In the Cryptocurrency Markets, BTCUSD at 34256.46 down 2.93%, Ethereum at 2269.13 down 2.38%, Litecoin at 140.17 down 3.27%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

ORACLE Corp. up 2.867% at $81.82, CARMAX Inc. up 2.481% at $133.82, MICROSOFT Corp. up 2.228% to $277.65, APPLE Inc. up 1.96% to $139.96, BAIDU Inc. down 2.363% to $196.7, BOEING Inc. down 1.272% at $236.68.

Economic news:

US: The U.S. debt ceiling comes back into effect at the end of July, putting pressure on the Treasury to reduce its cash balance ahead of the deadline. That means more injections of cash into a financial system already swimming with liquidity, potentially sinking short-term rates and causing undue distortion in money markets.

On Wednesday, nearly a trillion dollars in cash, a record high, gushed into the Federal Reserve’s reverse repo (RRP) facility.

On Thursday and Friday, reverse repo volumes came off their highs to $742.6 billion and $731.5 billion, respectively.

The record volume came after the Fed last month made a technical adjustment to the interest rates it manages, raising the rate paid banks on excess reserves (IOER) held at the Fed to 0.15% from 0.10% and lifting the rate paid on reverse repos to 0.05% from zero.

Eurozone: Rising inflation in Europe may not be temporary, Dutch central bank president Klaas Knot said in an interview published on Sunday in NRC Handelsblad.

“Inflation is not dead,” said Knot, known as one of the more hawkish members of the European Central Bank’s governing council.

“We should not over-estimate our ability to determine what is temporary inflation and what is not,” he said.

The ECB forecasts inflation of 1.9% this year due to what it views as temporary factors amid a recovery after the coronavirus pandemic. For 2022, the bank forecasts inflation to fall back to 1.5%. Its long-term inflation target is near, but slightly below 2%.

If that is achieved in the medium term “then we’ll see whether we are able to tighten the straps (of monetary policy) as strongly as we have been able to loosen them for the past 10 years,” Knot told the paper.

Important Data: EURO ZONE Services PMI (Jun) today at 4:00 this time estimated 58.0, previously which was 55.2. UK Composite PMI (Jun) today at 4:30 this time estimated 61.7, previously which was 62.9. JAPAN Household Spending (YoY) (May) today at 19:30 this time estimated 10.9%, previously which was 13.0%. CANADA BoC Business Outlook Survey today at 9:30.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.38303, TAKE PROFIT AT 1.38079 AND STOP LOSS AT 1.38518

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.18595, TAKE PROFIT AT 1.18415 AND STOP LOSS AT 1.18726

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85683, TAKE PROFIT AT 0.85634 AND STOP LOSS AT 0.85776

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 131.691, TAKE PROFIT AT 131.533 AND STOP LOSS AT 131.852

DAX 30

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 15625.00 TAKE PROFIT AT 15598.60 AND STOP LOSS AT 15639.70

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 75.30 TAKE PROFIT AT 75.57 AND STOP LOSS AT 74.98

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1790.21, TAKE PROFIT AT 1797.74 AND STOP AT 1784.23

LITECOIN 

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 140.58 TAKE PROFIT AT 149.50 AND STOP AT 139.34

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