Weekly Global Markets Technical Analysis Report – 04 July 2021

Weekly Global Markets Technical Analysis Report – 04 July 2021

 GDP (YoY) (Q1), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

30th JUNE 2021                                        GBP and its subsequent pairs

WHAT HAPPENED: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.

EURGBP is trading in the down channel, further downside can be seen in the coming days.

     Initial Jobless Claims, U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     1st JULY 2021                                           USD and its subsequent pairs

WHAT HAPPENED: Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. 

USDJPY is trading in the uptrend, further upside can be seen in the coming days.

Tankan Large Manufacturers Index (Q2), JAPAN  

WHEN:                                              WHAT IT HAD INFLUENCED:

30th JUNE 2021                                        JPY and its subsequent pairs 

WHAT HAPPENED: The Tankan Large Manufacturing Index rates the relative level of general business conditions in the manufacturing sector. On the index, a level above zero indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of about 1,200 large manufacturers.

CHFJPY is trading in the uptrend, further upside can be seen in the coming days.

Gold ends at highest level in over a week with 3rd straight gain

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold futures on Friday closed higher for a third straight session, which helped contracts for the precious metal to register a modest weekly advance, amid a retreat in benchmark Treasury yields, which can compete against precious metals for safe-haven demand, and a steadying U.S. dollar, which has slipped back since touching a three-month high a day ago. August gold GCQ21, +0.61% GC00, +0.61% settled up $6.50, or 0.4%, to $1,783.30 an ounce

GOLD is currently consolidating in a range. The future trend might be clear if it breaks the range on either side.

Oil Prices in 6-Week Rally as OPEC+ Dillydally Stokes Hope for Cautious Hike 

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Crude oil prices notched a sixth-weekly win Friday despite a sluggish end to the week as OPEC+ struggled to reach consensus on plans to ease production curbs.

On the New York Mercantile Exchange crude futures rose 7 cents to $75.16 a barrel, while on London’s Intercontinental Exchange (NYSE:ICE), Brent added 0.70% to $76.37 a barrel.

The Organization of the Petroleum Exporting Countries and allies, or OPEC+, got their meeting underway Friday, to reach a breakthrough on how much to lift output. But the meeting ended without a deal after the United Arab Emirates failed to go ahead with a preliminary agreement – to reportedly raise output by 400,000 barrels per day from August to December – struck by Saudi Arabia and Germany. The meeting will reconvene on Monday.

WTI CRUDE OIL is currently in the upward channel. Further upside can be seen in the coming week.

Ethereum Balance on Exchanges Plunges, Lowering ‘Risk of Future Major Sell-Off’

WHAT IT HAD INFLUENCED:

ETHEREUM

WHAT HAPPENED: The amount of Ethereum being held on major cryptocurrency trading platforms has dropped to its lowest level since November 2018, which according to cryptocurrency analytics firm Sentiment lowers the “risk of a future major sell-off.”

Cryptocurrency users often move funds off of cryptocurrency exchanges when they plan to use it on the blockchain or store it in a cold wallet to HODL onto it for the long-term. When funds move into an exchange a sell-off is often expected, while exchange outflows suggest investors are looking to hold onto their coins for more time.

In Ethereum’s case, more investors could be moving their funds off of exchanges in a bid to use decentralized finance (DeFi) applications on the network’s ecosystem. These include lending applications, decentralized exchanges, derivatives trading, and others.

Ethereum is at press time trading slightly above the $2,000 mark after falling from an all-time high above $4,000. The amount of ether on trading platform dropping could mean that the cryptocurrency is holding on above $2,000.

ETHEREUM is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.

5 KEY EVENTS TO WATCH OUT

     Construction PMI (Jun), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 6th JULY 2021                                                   GBP and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: The Chartered Institute of Purchasing and Supply (CIPS) Construction Purchasing Manager’s Index (PMI) measures the activity level of purchasing managers in the construction industry. A reading above 50 indicates expansion in the construction industry; a reading below indicates contraction.

A higher-than-expected reading ought to be taken as positive/bullish for the GBP, whereas a lower-than-expected reading should be taken as negative/bearish for the GBP.

      Initial Jobless Claims, U.S.

WHEN:                                                                WHAT IT INFLUENCES:

8th JULY 2021                                                       USD and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

A higher-than-expected reading ought to be taken as negative/bearish for the USD, whereas a lower-than-expected reading should be taken as positive/bullish for the USD.

    Employment Change (Jun), CANADA

WHEN:                                                               WHAT IT INFLUENCES:

9th JULY 2021                                                    CAD and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending. 

A higher-than-expected reading ought to be taken as positive/bullish for the CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.

ZEW Economic Sentiment (Jul), GERMANY

WHEN:                                                                WHAT IT INFLUENCES:

6th JULY 2021                                                     EUR and its subsequent 

                                                                              Pairs 

WHAT’S HAPPENING:  The German ZEW Economic Sentiment Index gauges the six-month economic outlook. A level above zero indicates optimism; below indicates pessimism. The reading is compiled from a survey of about 350 German institutional investors and analysts. 

A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.

Retail Sales (MoM) (May), AUSTRALIA

WHEN:                                                               WHAT IT INFLUENCES:

4th JULY 2021                                                    AUD and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.

 A higher-than-expected reading ought to be taken as positive/bullish for the AUD, whereas a lower-than-expected reading should be taken as negative/bearish for the AUD.

EQUITIES IN THE COMING WEEK

1. Liontrust (LIO) to announce its Quarterly Results on 5th JULY 2021, EPS estimated to 45.00 per share while revenue estimated 103.10M. 

2. Dios Fastigheter (0GTM) to announce its Quarterly Results on 5th JULY 2021, EPS estimated to 1.7 per share while revenue estimated 479.83M.

3. WD-40 (WDFC) to announce its Quarterly Results on 7th JULY 2021, EPS estimated to 1.15 per share while revenue estimated 108.3M.

4. Levi Strauss A (LEVI) to announce its Quarterly Results on 8th JULY 2021, EPS estimated to 0.0843 per share while revenue estimated 1.21B.

5. Protector Forsikring (0JXF) to announce its Quarterly Results on 9th JULY 2021, EPS estimated to 1.89 per share while revenue estimated 1.49B.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Markets Technical Analysis

GOLD is currently consolidating in a range. The future trend might be clear if it breaks the range on either side. 

SILVER

Markets Technical Analysis

SILVER is currently consolidating in a range. The future trend might be clear if it breaks the range on either side. 

WTI CRUDE OIL

Markets Technical Analysis

WTI CRUDE OIL is currently in the upward channel. Further upside can be seen in the coming week.

TOP CRYPTO IN THE COMING WEEK

BTCUSD

Markets Technical Analysis

BTCUSD is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.

ETHEREUM

Markets Technical Analysis

ETHEREUM is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.

    TOP CURRENCY IN THE COMING WEEK

EURUSD 

Markets Technical Analysis

EURUSD is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.

GBPUSD

Markets Technical Analysis

GBPUSD is trading in the parallel channel, further upside can be seen if it breaks the channel upside and vice-versa.

EURGBP

Markets Technical Analysis

EURGBP was trading in the down channel; the downside can be seen in the coming days.

TOP INDEX IN THE COMING WEEK

S&P 500

Markets Technical Analysis

S&P 500 is currently in the upward channel. Further upside can be seen in the coming week.

DAX 30

Markets Technical Analysis

DAX 30 is currently in the upward channel. Further upside can be seen in the coming week.

FTSE 100

Markets Technical Analysis

FTSE 100 is currently in an up channel. Further upside can be seen in the coming week.

DATA WATCH

Markets Technical Analysis

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