Technical Analysis Report Today – 06 September 2021

Technical Analysis

Technical Analysis Report Today – 06 September 2021

Asia Pacific stocks were mostly up on Monday morning. The Shanghai Composite is up 1.07% at 3,619.96. Overall, the Singapore MSCI is up 0.82% at 358.30. Over in Hong Kong, the Hang Seng Index is up 0.87% at 26,070. In Japan, the Nikkei 225 is up 1.75% at 29,670, while the Topix index is up 1.09% at 2040.5. South Korea’s Kospi down 0.14% to 3197.02. Australia S&P/ASX 200 down 0.40% at 7493.1.

European equities Friday closing. The DAX futures contract in Germany traded down 0.37% at 15781.20, CAC 40 futures down 1.08% at 6690.00 and the UK 100 futures contract in the U.K. up 0.13% at 7,148.20.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.21% at 35369.10. The S&P 500 down 0.03% at 4535.42 and the Nasdaq 100 up 0.18% at 15683.8, NYSE closes at 16909.72 down 0.10%.

In the Forex market, GBPUSD up 0.05% at 1.38530. The USDJPY up 0.09% at 109.783. The USDCHF up 0.10% at 0.91479. EURUSD down 0.07% at 1.18699, EUR/GBP up 0.09% at 0.85687. The USD/CNY flat at 6.4531 at the time of writing.

In the commodity market U.S. Gold futures up 0.08% at $1,827.32. Elsewhere, Silver futures up 0.45% to $24.78 per ounce, Platinum up 0.10% at $1026.43 per ounce, and Palladium up 0.58% at $2,435.00.

Crude Oil down on Monday; Brent crude oil down 1.22% at $71.54 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.71% at $69.51.

In the Cryptocurrency Markets, BTCUSD at 51793.25 down 0.03%, Ethereum down 0.48% at 3932.60, Litecoin at 227.52 down 2.10%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Moderna Inc. up 4.788% at $416.70, ETSY Inc. up 3.227% at $220.38, NVIDIA Corp. up 1.996% to $228.43, Carnival Corp. down 4.413% to $22.96, Nov Inc. down 2.778% to $12.95, Discovery Inc. down 2.267% at $27.16.

Economic news:

US: U.S. job growth slowed more than expected in August amid a softening in demand for services and persistent worker shortages as COVID-19 infections soared, but the pace was enough to sustain the economic expansion.

Nonfarm payrolls increased by 235,000 jobs last month after surging 1.053 million in July, the Labor Department said on Friday. The unemployment rate fell to 5.2% from 5.4%. Economists polled by Reuters had forecast nonfarm payrolls increasing by 728,000 jobs and the unemployment rate falling to 5.2%.

Eurozone: Top banks in Europe continue to use tax havens to book chunks of profits, a trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory, the EU Tax Observatory said in a report on Monday.

The independent research body, co-financed by the European Union, said disclosures from 36 major European banks showed they booked a total of 20 billion euros ($23.77 billion) or about 14% of total profits, in tax havens, even though few were employed there.

Profits booked by banks in tax havens work out at around 238,000 per employee, compared with 65,000 euros in non-tax havens, the report said.

“This suggests that the profits booked in tax havens are primarily shifted out of other countries where service production occurs,” it added.

Taxes have become a sensitive issue, with cash-strapped governments plugging holes in the economy due to COVID seeking to agree on a common rate for taxing Big Tech, in particular.

Important Data: UK Construction PMI (Aug) today at 4:30 this time estimated 56.9, previously which was 58.7. JAPAN Household Spending (MoM) (Jul) today at 19:30 this time estimated 1.1%, previously which was -3.2%. AUSTRALIA Building Approvals (MoM) today at 21:30 this time estimated -8.6%, previously which was -8.6%. CHINA Imports (YoY) (Aug) today at 23:00 this time estimated 26.8%, previously which was 28.1%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.38461, TAKE PROFIT AT 1.38903 AND STOP LOSS AT 1.38107

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.18702, TAKE PROFIT AT 1.18906 AND STOP LOSS AT 1.18471

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 109.78, TAKE PROFIT AT 109.66 AND STOP LOSS AT 109.91

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.91467, TAKE PROFIT AT 0.91317 AND STOP LOSS AT 0.91622

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 6707.3 TAKE PROFIT AT 6654.7 AND STOP LOSS AT 6743.5

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 68.33 TAKE PROFIT AT 67.70 AND STOP LOSS AT 69.24

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1826.58, TAKE PROFIT AT 1833.50 AND STOP AT 1819.39

BTCUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 51826.04 TAKE PROFIT AT 52969.19 AND STOP AT 50961.32

About Author