Technical Analysis Report Today – 09 July 2021

Technical Analysis

Technical Analysis Report Today – 09 July 2021

Asia Pacific stocks are down Friday morning as concerns continue to mount about the spread of COVID-19 variants. The Shanghai composite is down 0.17% at 3,518.93. Overall, the Singapore MSCI up 0.77% at 353.45. Over in Hong Kong, the Hang Seng Index up 0.95% at 27,359. In Japan, the Nikkei 225 down 1.17% at 27,830, while the Topix index is down 0.94% at 1903.0. South Korea’s Kospi down 1.18% to 3212.70. Australia S&P/ASX 200 down 1.42% at 7237.5.

European equities Thursday closing. The DAX futures contract in Germany traded 1.73% down at 15420.64, CAC 40 futures down 2.01% at 6396.74 and the UK 100 futures contract in the U.K. down 0.10% at 7,031.7.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.75% at 34421.94. The S&P 500 up 0.86% to 4320.83 and the Nasdaq 100 down 0.13% at 14707.3, NYSE closes at 16359.69 down 1.21%.

In the Forex market, GBPUSD down 0.03% at 1.37668. The USDJPY up 0.22% at 109.99. The USDCHF up 0.11% at 0.91586. EURUSD down 0.06% at 1.18354, EUR/GBP up 0.03% at 0.859. The USD/CNY down 0.05% at 6.4864, at the time of writing.

In the commodity market U.S. Gold futures flat at $1,802.15. Elsewhere, Silver futures down 0.26% to $25.857 per ounce, Platinum down 0.26% at $1074.59 per ounce, and Palladium down 0.25% to $2,793.50.

Crude Oil mix on Friday; Brent crude oil down 0.27% at $74.16 barrel while U.S. West Texas Intermediate (CLc1) is up 0.63% at $73.13.

In the Cryptocurrency Markets, BTCUSD at 33032.71 up 0.41%, Ethereum at 2140.86 up 1.17%, Litecoin at 131.64 down 0.42%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

BIOGEN Inc. up 3.861% at $369.05, BOEING Co. up 2.153% at $236.77, ETSY Inc. up 1.617% to $196.02, CSX Corp. down 6.155% to $30.95, METLIFE Inc. down 3.654% to $56.69, EBAY Inc. down 2.027% at $68.65.

Economic news:

US: Low vaccination rates in some regions of the world pose a threat to the United States and global growth, Federal Reserve’s Mary Daly told the Financial Times, adding that the central bank was fully committed to eliminating shortfalls in employment.

Daly, president of the Federal Reserve Bank of San Francisco, said it was important for the rest of the world to reach higher rates of vaccination, and the inability to achieve that would be a “headwind” on U.S. economic growth.

“I think one of the biggest risks to our global growth, going forward, is that we prematurely declare victory on COVID-19,” Daly said in the interview published on Friday.

In the minutes of the central bank’s June policy meeting released on Wednesday, “various participants” felt conditions for reducing asset purchases would be “met somewhat earlier than they had anticipated.”

Eurozone: The European Central Bank took a step in the Federal Reserve’s direction with its new inflation target of 2%, while stopping short of a similar commitment to let the economy run hot after a recovery.

In announcing the results of its own long-running strategy review on Thursday, officials in Frankfurt said their new simpler approach “may also imply a transitory period in which inflation is moderately above target.” That contrasts with an explicit commitment from their U.S. counterparts to aim for a rate above its target after a period of weakness.

“Are we doing average inflation targeting like the Fed? The answer is no, very squarely,” ECB President Christine Lagarde said in a news briefing. “There are multiple ways to deal with the effective lower bound,” she said, referring to interest rates that are so low that central banks risk running out of ammunition.

The Fed last year decided to pursue an “average” 2% target, meaning it will let inflation overshoot during an economic upswing to make up for past shortfalls. The ECB decided to move away from its old goal of “below, but close to, 2%,” which was seen as vague and was drafted at a time when excessive price pressure was the main concern, not the opposite, as has been the case in the euro area in recent years.

Important Data: CANADA Employment Change (Jun) today at 8:30 this time estimated 195K, previously which was -68K. CANADA Unemployment Rate (Jun) today at 8:30 this time estimated 7.7%, previously which was 8.2%. UK Trade Balance Non-EU (May) today at 2:00 previously which was -5.55B. US Fed Monetary Policy Report today at 19:50.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3767, TAKE PROFIT AT 1.37462 AND STOP LOSS AT 1.3792

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.18254, TAKE PROFIT AT 1.18031 AND STOP LOSS AT 1.18324

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 151.518, TAKE PROFIT AT 151.347 AND STOP LOSS AT 151.623

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 120.034, TAKE PROFIT AT 119.775 AND STOP LOSS AT 120.384

DAX 30

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 15488.5 TAKE PROFIT AT 15400.4 AND STOP LOSS AT 15541.5

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 73.23 TAKE PROFIT AT 72.73 AND STOP LOSS AT 73.76

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1797.78, TAKE PROFIT AT 1807.78 AND STOP AT 1794.18

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 2117.98 TAKE PROFIT AT 2034.79 AND STOP AT 2232.51

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