Technical Analysis Report Today – 17 June 2021

Technical Analysis Report Today – 17 June 2021

Asia Pacific stocks were mostly down Thursday morning. The Shanghai composite is up 0.06% at 3,520.06. Overall, the Singapore MSCI up 0.10% at 357.55. Over in Hong Kong, the Hang Seng Index up 0.06% to 28,387. In Japan, the Nikkei 225 down 1.06% at 28,940, while the Topix index is down 0.58% at 1959.5. South Korea’s Kospi down 0.38% to 3265.84. Australia S&P/ASX 200 down 0.36% at 7359.8.

European equities Wednesday closing. The DAX futures contract in Germany traded 0.12% down at 15710.57, CAC 40 futures up 0.20% at 6652.66 and the UK 100 futures contract in the U.K. up 0.17% at 7,184.96.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.77% at 34033.68 the S&P 500 down 0.54% to 4223.71 and the Nasdaq 100 down 0.10% at 13933.1, NYSE closes at 16542.75 down 0.68%.

In the Forex market, GBPUSD up 0.07% at 1.39969. The USDJPY down 0.04% at 110.663. The USDCHF down 0.02% at 0.90842. EURUSD up 0.03% at 1.19977, EUR/GBP down 0.02% at 0.85715. The USD/CNY up 0.42% at 6.4201, at the time of writing.

In the commodity market U.S. Gold futures up 0.43% at $1,819.17. Elsewhere, Silver futures up 0.56% to $27.067 per ounce, Platinum up 0.42% at $1123.09 per ounce, and Palladium down 0.93% to $2,772.00.

Crude Oil up on Thursday; Brent crude oil up 0.51% to $74.22 barrel while U.S. West Texas Intermediate (CLc1) is up 0.01% at $70.48.

In the Cryptocurrency Markets, BTCUSD at 38868.40 up 1.34%, Ethereum at 2427.22 up 2.56%, Litecoin at 171.31 up 2.88%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

CARNIVAL Corp.  up 2.342% at $29.28, WHIRLPOOL Corp. down 2.772% at $214.98, NETEASE Inc. down 2.016% to $108.89, MODERNA Inc. down 1.86% to $197.84, CENTENE Corp. up 3.743% to $72.62, ENPHASE ENERGY Inc. up 4.899% at $152.02.

Economic news:

US: Federal Reserve officials have said for months that price increases are temporary. On Wednesday, they weren’t so sure.

“Is there a risk that inflation will be higher than we think? Yes,” Chair Jerome Powell told a press conference. He spoke after financial markets were taken by surprise when policy makers signalled, they expect to make not one, but two, hikes to interest rates in 2023 from near zero now.

The Fed has been in a tug-and-pull with investors and critics over whether recent spikes in prices as the economy reopens from the pandemic will be transitory, as officials have argued, or prove more lasting.

“There is a lot of uncertainty,” Powell said. Indeed, Fed policy makers moved up their forecasts for inflation over the next three years after a two-day meeting of the Federal Open Market Committee.

The Fed’s inflation projections — which are above their 2% target through 2023 — show that a majority of officials don’t want to run a lengthy test with rising prices, even though a new policy strategy they adopted in August calls for more tolerance.

Eurozone: The European Union on Wednesday called on Britain and the United States to limit litigation by agreeing how to price legacy contracts after the tarnished Libor interest rate is scrapped.

After banks were fined billions of dollars for trying to rig the London Interbank Offered Rate or Libor, regulators want it replaced in contracts from home loans to credit cards worth trillions of dollars globally in one of the biggest market switches in decades.

Libor, compiled in several currencies like the dollar, sterling and yen is being largely scrapped in contracts from the end of December and replaced by rates compiled by central banks.

Britain and the United States are working on what alternative rates would be used in legacy contracts that cannot shift to the central bank benchmarks.

Britain is considering “synthetic” Libor rates, while New York State has approved a law that would impose an alternative rate that has yet to be determined.

Tilman Lueder, head of securities markets at the European Union’s executive European Commission, said that litigation over ending Libor in contracts was inevitable given the replacement rates won’t have the same economic performance as Libor.

Important Data: US Initial Jobless Claims today at 8:30 this time estimated 359K, previously which was 376K. CANADA Foreign Securities Purchases (Apr) today at 8:30 previously which was 3.25B. JAPAN National Core CPI (YoY) (May)  today at 19:30 this time estimated 0.1%, previously which was -0.1%. EURO ZONE ECB’s Elderson Speaks today at 10:00.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.39821, TAKE PROFIT AT 1.39777 AND STOP LOSS AT 1.39980

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.19855, TAKE PROFIT AT 1.19448 AND STOP LOSS AT 1.20094

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85688, TAKE PROFIT AT 0.85503 AND STOP LOSS AT 0.85798

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 154.768, TAKE PROFIT AT 154.613 AND STOP LOSS AT 154.985

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6618.10 TAKE PROFIT AT 6632.40 AND STOP LOSS AT 6610.20

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 71.70 TAKE PROFIT AT 71.98 AND STOP LOSS AT 71.59

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1814.57, TAKE PROFIT AT 1811.02 AND STOP AT 1816.91

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 2446.50 TAKE PROFIT AT 2345.10 AND STOP AT 2544.97

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