Technical Analysis Report Today – 10 August 2021

Technical Analysis

Technical Analysis Report Today – 10 August 2021

Asia Pacific stocks were mixed on Tuesday morning. The Shanghai Composite is up 0.41% at 3,508.64. Overall, the Singapore MSCI up 1.02% at 366.05. Over in Hong Kong, the Hang Seng Index is up 0.48% at 26,343. In Japan, the Nikkei 225 up 0.07% at 27,860, while the Topix index is up 0.26% at 1936.0. South Korea’s Kospi down 0.74% to 3236.21. Australia S&P/ASX 200 up 0.23% at 7555.8.

European equities Monday closing. The DAX futures contract in Germany traded down 0.10% at 15745.41, CAC 40 futures down 0.06% at 6813.19 and the UK 100 futures contract in the U.K. down 0.06% at 7,140.30.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.31% at 35101.86. The S&P 500 down 0.09% to 4432.34 and the Nasdaq 100 down 0.08% at 15126.9, NYSE closes at 16726.94 down 0.13%.

In the Forex market, GBPUSD up 0.02% at 1.38493. The USDJPY up 0.12% at 110.348. The USDCHF up 0.08% at 0.91997. EURUSD up 0.03% at 1.17390, EUR/GBP up 0.02% at 0.84763. The USD/CNY down 0.12% at 6.4784, at the time of writing.

In the commodity market U.S. Gold futures up 0.25% at $1,733.42. Elsewhere, Silver futures up 0.69% to $23.580 per ounce, Platinum up 0.97% at $989.05 per ounce, and Palladium up 0.73% to $2,624.50.

Crude Oil mix on Tuesday; Brent crude oil up 0.68% at $69.66 per barrel while U.S. West Texas Intermediate (CLc1) is down 1.41% at $68.46.

In the Cryptocurrency Markets, BTCUSD at 45518.52 down 1.67%, Ethereum at 3108.21 down 1.86%, Litecoin at 162.25 down 2.72%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Moderna Inc. up 17.101% at $484.47, Mosaic Co. up 3.398% at $32.56,

Nucor Corp. up 3.327% to $107.78, Micron Technology Inc. down 2.183% to $80.21, Incyte Corp. down 1.298% to $75.31, Seagen Inc. down 1.236% at $159.00.

Economic news:

US: Two Federal Reserve officials said on Monday that the U.S. economy is growing rapidly and that while the labour market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

Atlanta Federal Reserve Bank President Raphael Bostic said he is eyeing the fourth quarter for the start of a bond-purchase taper but is open to an even earlier start if the job market keeps up its recent torrid pace of improvement. Moreover, he and Richmond Fed President Tom Barkin both said they believe inflation has already achieved the Fed’s 2% threshold, according to their separate assessments. That is one of two requirements to be met before rate hikes can be considered.

Their remarks are a sign that as Fed officials hold discussions about how and when to taper their asset purchases, they are also getting more detailed in their debate about what it will take to satisfy the Fed’s inflation target under the new framework.

Bostic, who has already pencilled in late 2022 for the start of rate hikes, pointed to the five-year annual average for the core personal consumption expenditures index, or core PCE inflation, which by his calculation reached 2% in May.

Eurozone: Britain imposed sanctions on Belarus’s potash and petroleum product exports on Monday in an attempt to put pressure on President Alexander Lukashenko, who swiftly retorted that London should “choke on” the new measures.

So far Western sanctions have done little to persuade Lukashenko, in power in the former Soviet republic since 1994, to change course from a crackdown on his political opponents.

The British sanctions, which prohibited the purchase of transferable securities and money-market instruments issued by the Belarusian state and its state-owned banks, are the latest sanctions imposed by the West over Lukashenko’s crackdown.

The package also includes measures to prevent Belarusian air carriers from overflying or landing in the United Kingdom and a prohibition on the provision of technical assistance to Lukashenko’s fleet of luxury aircraft.

State-owned Belaruskali is the world’s top potash producer and accounts for a fifth of the global potash trade.

Important Data: US Nonfarm Productivity (QoQ) (Q2) today at 8:30 this time estimated 3.5%, previously which was 5.4%. US API Weekly Crude Oil Stock today at 16:30 previously which was -0.879M. AUSTRALIA Westpac Consumer Sentiment (Aug) today at 20:30 previously which was 1.5%. JAPAN 30-Year JGB Auction today at 23:45 previously which was 0.68%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.38365, TAKE PROFIT AT 1.38086 AND STOP LOSS AT 1.38811

EURUSD

TRADE SUGGESTION- SELL AT 1.17328, TAKE PROFIT AT 1.1700 AND STOP LOSS AT 1.17654

USDJPY

TRADE SUGGESTION- BUY AT 110.369, TAKE PROFIT AT 110.667 AND STOP LOSS AT 110.173

USDCHF

TRADE SUGGESTION- BUY AT 0.920, TAKE PROFIT AT 0.92319 AND STOP LOSS AT 0.91737

FTSE 100 

TRADE SUGGESTION- BUY AT 7130.4 TAKE PROFIT AT 7159.10 AND STOP LOSS AT 7099.8

WTI CRUDE OIL

TRADE SUGGESTION- SELL AT 67.49 TAKE PROFIT AT 66.61 AND STOP LOSS AT 68.51

GOLD

TRADE SUGGESTION- SELL AT 1735.50, TAKE PROFIT AT 1723.10 AND STOP AT 1744.44

ETHEREUM

TRADE SUGGESTION- BUY AT 3119.37 TAKE PROFIT AT 3186.02 AND STOP AT 3049.23

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