TECHNICAL REPORT TODAY – 20 SEPTEMBER 2021

Technical Analysis

TECHNICAL REPORT TODAY – 20 SEPTEMBER 2021

Asia Pacific stocks were down on Monday morning. The Shanghai composite is up 0.19% at 3,613.96. Overall, the Singapore MSCI down 1.61% at 641.66. Over in Hong Kong, the Hang Seng Index down 3.42% at 24,078.33. In Japan, the Nikkei 225 up 0.58% at 30,499.98, while the Topix index is flat at 2087.5. South Korea’s Kospi up 0.33% to 3140.51. Australia S&P/ASX 200 down 2.12% at 7246.6.

European equities Friday closing. The DAX futures contract in Germany traded down 1.03% at 15490.17, CAC 40 futures down 0.79% at 6570.20 and the UK 100 futures contract in the U.K. down 0.92% at 6,920.3.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.48% at 34584.89. The S&P 500 down 0.91% at 4432.98 and the Nasdaq 100 down 0.14% at 15280.4, NYSE closes at 16460.35 down 0.70%.

In the Forex market, GBPUSD down 0.14% at 1.37102. The USDJPY down 0.06% at 109.904. The USDCHF down 0.02% at 0.9320. EURUSD down 0.08% at 1.17160, EUR/GBP up 0.16% at 0.85453. The USD/CNY flat at 6.4655 at the time of writing.

In the commodity market U.S. Gold futures down 0.18% at $1,750.30. Elsewhere, Silver futures down 0.15% to $22.32 per ounce, Platinum down 1.98% at $922.34 per ounce, and Palladium down 2.41% at $1964.00.

Crude Oil down on Monday; Brent crude oil down 0.69% at $74.78 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.25% at $70.69.

In the Cryptocurrency Markets, BTCUSD at 45773.46 down 3.12%, Ethereum down 3.72% at 3205.00, Litecoin at 167.19 up 4.78%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Invesco Ltd. up 5.464% at $26.25, Equinix Inc. up 2.266% at $872.58, Carnival Corp. up 1.992% to $23.55, Nucor Corp. down 4.489% to $104.89, Qualcomm Inc. down 3.468% to $133.60, Facebook. down 2.236% at $364.72.

Economic news:

US: U.S. Treasury Secretary Janet Yellen issued a fresh plea for Congress to raise the federal debt ceiling on Sunday, arguing a default on U.S. debt would trigger a historic financial crisis.

In a Wall Street Journal opinion piece Yellen said that the crisis triggered by a default would compound the damage from the continuing coronavirus pandemic, roiling markets and plunging the U.S. economy back into recession at the cost of millions of jobs and a lasting hike in interest rates.

“We would emerge from this crisis a permanently weaker nation,” Yellen said, noting that U.S. creditworthiness has been a strategic advantage.

Yellen did not offer a new timeline for a possible default, but described economic damage that would fall on consumers through higher borrowing costs and lower asset prices.

She has said previously that a default could come during October when the Treasury exhausts its cash reserves and extraordinary borrowing capacity under the $28.4 trillion debt limit.

Eurozone: Britain will look to break down digital trade barriers to help its businesses export their services, the country’s newly appointed trade minister Anne-Marie Trevelyan will say on Monday.

Britain’s Department for International Trade last week published a report seeking to predict trends in global trade out to 2050 which forecast that demand for digital services will double in the next decade.

“All of us depend on digital trade, yet British businesses face digital barriers in countries who take a protectionist approach,” Trevelyan will say in a virtual speech to London Tech Week, according to advanced extracts released by her office.

“I want the UK to break down these barriers and open up new, exciting opportunities for businesses and consumers so we can see improved productivity, jobs and growth.”

Trade deals typically focus on removing goods trade barriers, but since leaving the European Union, Britain has sought to include agreements on digital trade and common standards in professional services to spur service sector growth.

Important Data: Germany PPI (MoM) (Aug) today at 2:00 this time estimated 0.8%, previously which was 1.9%. US        3-Month Bill Auction today at 11:30 previously which was 0.04%. EURO ZONE ECB’s Schnabel Speaks today at 7:35. Canada Federal Election today at 15:00.                    

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.3710, TAKE PROFIT AT 1.3690 AND STOP LOSS AT 1.3728

EURUSD

TRADE SUGGESTION- SELL AT 1.1769, TAKE PROFIT AT 1.1750 AND STOP LOSS AT 1.1788

EURGBP

TRADE SUGGESTION- SELL AT 0.85475, TAKE PROFIT AT 0.85329 AND STOP LOSS AT 0.85598

EURJPY

TRADE SUGGESTION- SELL AT 128.657, TAKE PROFIT AT 128.518 AND STOP LOSS AT 128.836

EURO STOXX 50

TRADE SUGGESTION- SELL AT 4043.00 TAKE PROFIT AT 4027.00 AND STOP LOSS AT 4071.00

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 71.02 TAKE PROFIT AT 71.97 AND STOP LOSS AT 70.53

GOLD

TRADE SUGGESTION- SELL AT 1753.04, TAKE PROFIT AT 1743.59 AND STOP AT 1757.63

ETHEREUM

TRADE SUGGESTION- SELL AT 3177.60 TAKE PROFIT AT 3111.34 AND STOP AT 3262.37

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