Technical Analysis Report Today – 16 July 2021

Technical Analysis

Technical Analysis Report Today – 16 July 2021

Asia Pacific stocks were mostly down on Friday morning. The Shanghai composite is down 0.02% at 3,563.78. Overall, the Singapore MSCI up 0.39% at 357.85. Over in Hong Kong, the Hang Seng Index up 0.25% at 28,082. In Japan, the Nikkei 225 down 0.82% at 27,990, while the Topix index is down 0.08% at 1934.0. South Korea’s Kospi down 0.52% to 3269.11. Australia S&P/ASX 200 down 0.01% at 7335.4.

European equities Thursday closing. The DAX futures contract in Germany traded down 1.01% at 15629.66, CAC 40 futures down 0.99% at 6493.37 and the UK 100 futures contract in the U.K. up 0.13% at 7,017.30.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.15% at 34987.03. The S&P 500 down 0.33% to 4360.04 and the Nasdaq 100 up 0.03% at 14793.6, NYSE closes at 16499.05 down 0.27%.

In the Forex market, GBPUSD up 0.11% at 1.38359. The USDJPY up 0.17% at 109.998. The USDCHF up 0.08% at 0.91842. EURUSD down 0.01% at 1.1809, EUR/GBP down 0.01% at 0.8535. The USD/CNY up 0.07% at 6.4651, at the time of writing.

In the commodity market U.S. Gold futures down 0.14% at $1,826.32. Elsewhere, Silver futures up 0.11% to $26.358 per ounce, Platinum down 0.02% at $1136.72 per ounce, and Palladium up 0.38% to $2,740.50.

Crude Oil mix on Friday; Brent crude oil up 0.30% at $73.46 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.75% at $72.87.

In the Cryptocurrency Markets, BTCUSD at 31961.62 up 0.35%, Ethereum at 1946.92 up 1.62%, Litecoin at 127.01 up 1.07%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

US Bancorp up 3.211% at $58.82, Best Buy Co. up 1.902% at $112, NVIDIA Corp. down 4.411% to $758.65, Microchip Technology Inc up 4.243% to $137.45,

Gap Inc. down 4.129% to $29.72, Nov Inc. down 3.683% at $13.86.

Economic news:

US: The Federal Reserve will shutter its asset purchases programme by end-2022, according to a Reuters poll, with a few more economists now predicting a rate hike as early as next year, but they pegged new COVID-19 variants as the biggest economic risk.

However, Fed chair Jerome Powell said on Wednesday withdrawing monetary policy support was a long way off, with 7.5 million jobs still missing from before the pandemic.

Following his testimony, where he also concluded that high inflation would be transitory, the U.S. 10-year yield and the greenback declined, while stocks rose.

The July 12-15 poll of over 100 economists showed the U.S. economy would grow at a healthy pace and also that elevated inflation would prevail longer than previously expected.

Last month, a majority of economists had predicted the Fed would announce a taper plan to its $120 billion monthly asset purchases sometime this year, with the withdrawal to start early next year.

All but two of 41 economists who answered an additional question said the Fed will have completely stopped its pandemic support bond buys by end-2022.

Eurozone: Britain’s economy will expand rapidly this quarter as additional coronavirus-related restrictions are lifted and further pent-up demand is unleashed, a Reuters poll found, but growth is at risk from new variants of COVID-19.

The country has suffered the highest death toll in Europe from the pandemic but a fast-moving vaccine rollout has allowed the government to withdraw many of the lockdown restrictions, with more set to lifted on Monday.

Gross domestic product will grow 2.5% this quarter, the July 12-15 poll found, a touch better than the 2.4% predicted last month. But medians showed that pace was expected to slow to 1.4% next quarter and then to 0.9% in early 2022, unchanged from last month’s forecasts.

“So far, the UK data look promising in two respects. First, vaccines seem to have significantly reduced the health risks from the virus,” said Holger Schmieding, chief economist at Berenberg.

“Second, the UK’s GDP estimate for May shows that activity has rebounded with the easing of restrictions.

Important Data: EURO ZONE CPI (YoY) (Jun) today at 5:00 this time estimated 1.9%, previously which was 2.0%. US Core Retail Sales (MoM) (Jun) today at 8:30 this time estimated 0.4%, previously which was -0.7%. CANADA Wholesale Sales (MoM) (May) today at 8:30 this time estimated 1.1%, previously which was 0.4%. RUSSIA PPI (YoY) (Jun) today at 12:00 previously which was 35.3%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.38297, TAKE PROFIT AT 1.38119 AND STOP LOSS AT 1.38469

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.18043, TAKE PROFIT AT 1.17975 AND STOP LOSS AT 1.18198

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85359, TAKE PROFIT AT 0.85311 AND STOP LOSS AT 0.85387

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 129.846, TAKE PROFIT AT 129.784 AND STOP LOSS AT 130.105

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 7010.7 TAKE PROFIT AT 6989.1 AND STOP LOSS AT 7027.6

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 71.47 TAKE PROFIT AT 70.99 AND STOP LOSS AT 71.94

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1824.12, TAKE PROFIT AT 1829.46 AND STOP AT 1822.36

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 31736.26 TAKE PROFIT AT 30981.04 AND STOP AT 32651.10

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