Technical Analysis Report Today – 08 July 2021

Technical Analysis Report Today – 08 July 2021

Asian stocks fell to a six-week low on Thursday. The Shanghai Composite is down 0.88% at 3,521.88. Overall, the Singapore MSCI down 0.90% at 352.95. Over in Hong Kong, the Hang Seng Index down 2.39% at 27,230. In Japan, the Nikkei 225 down 0.81% at 28,150, while the Topix index is down 0.88% at 1921.0. South Korea’s Kospi down 0.99% to 3252.68. Australia S&P/ASX 200 up 0.20% at 7341.4.

European equities Wednesday closing. The DAX futures contract in Germany traded 1.17% up at 15692.71, CAC 40 futures up 0.31% at 6527.73 and the UK 100 futures contract in the U.K. down 0.63% at 7,097.7.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.30% at 34681.80. The S&P 500 up 0.34% to 4358.14 and the Nasdaq 100 down 0.32% at 14773.1, NYSE closes at 16559.31 up 0.10%.

In the Forex market, GBPUSD down 0.20% at 1.37697. The USDJPY down 0.35% at 110.204. The USDCHF down 0.07% at 0.92476. EURUSD up 0.07% at 1.17979, EUR/GBP up 0.32% at 0.85674. The USD/CNY up 0.08% at 6.4782, at the time of writing.

In the commodity market U.S. Gold futures down 0.35% at $1,797.47. Elsewhere, Silver futures down 0.88% to $25.91per ounce, Platinum down 0.99% at $1076.25 per ounce, and Palladium down 0.65% to $2,830.02.

Crude Oil down on Thursday; Brent crude oil down 0.23% at $73.18 barrel while U.S. West Texas Intermediate (CLc1) is down 1.12% at $72.67.

In the Cryptocurrency Markets, BTCUSD at 33158.13 down 2.14%, Ethereum at 2218.56 down 4.08%, Litecoin at 133.58 down 2.55%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

ORACLE Corp. up 3.623% at $86.09, CARMAX Inc. up 3.119% at $136.88, BIOGEN Inc. up 3.027% to $355.33, CARNIVAL Corp. down 3.757% to $24.08, MODERNA Inc. down 4.903% to $221.9, TESLA Inc. down 2.264% at $644.65.

Economic news:

US: Investors at some of the largest U.S. asset managers are holding fast to the view that bond yields will move higher in the second half of this year, despite the recent slide in Treasury yields, which they see as a temporary move.

An unwind of short bets against Treasury debt as well as growing concerns about the recovery of the U.S labour market and the spread of the Delta variant of the coronavirus has pushed down longer-dated U.S. government bond yields. The benchmark 10-year yield hit 1.296% on Wednesday and the 30-year yield fell to 1.918%, the lowest since February for both.

But big U.S. bond managers including BlackRock (NYSE:BLK), PIMCO, Double Line and TCW still expect the reopening economy to drive growth and inflation, even if at a slower pace in the second half of this year, and send yields higher again. They see the broader move lower in yields since mid-May, and the accelerated move on Tuesday and Wednesday, as largely the result of investors’ unwinding an overblown bet earlier in the year on higher rates.

Eurozone: The European Union will propose a new agency to crack down on money laundering and new transparency rules for transfers of crypto-assets, EU documents showed on Wednesday as the bloc responds to calls for tougher action to fight dirty money.

Europe has come under pressure to step up enforcement of anti-money laundering rules after several countries began investigating Danske Bank over 200 billion euros of suspicious transactions that passed through its tiny Estonian branch between 2007 and 2015.

Lacking any pan-EU authority to stop dirty money, Brussels has relied on national regulators to enforce its rules, but they have not always cooperated fully.

“Money laundering, terrorist financing and organised crime remain significant problems which should be addressed at Union level,” the documents seen by Reuters said.

The EU’s executive European Commission is proposing a new Anti-Money Laundering Authority (AMLA) that will become the “centrepiece” of an integrated supervisory system also made up of national authorities, the documents said.

“By directly supervising and taking decisions towards some of the riskiest cross-border financial sector obliged entities, the Authority will contribute directly to preventing incidents of money laundering/terrorist financing in the Union,” the documents added.

Important Data: US Initial Jobless Claims today at 8:30 this time estimated 350K, previously which was 364K. US Crude Oil Inventories today at 11:00 this time estimated -4.033M, previously which was -6.718M. CHINA CPI (MoM) (Jun) today at 23:30 this time estimated -0.1%, previously which was -0.2%. JAPAN M2 Money Stock (YoY) today at 19:50 previously which was 7.9%.

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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