Weekly Global Markets Technical Analysis Report – 13 June 2021

Weekly Global Markets Technical Analysis Report – 13 June 2021

WEEKLY SNAPSHOT

    JOLTs Job Openings (Apr), US

    WHEN:                                             WHAT IT HAD INFLUENCED:

8th JUNE 2021                                        USD and its subsequent pairs

WHAT HAPPENED: A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses’ employment, job openings, recruitment, hires and separations.

JOLTS defines Job Openings as all positions that are open (not filled) on the last business day of the month.

USDCHF is trading in a down channel. The further downside can be seen in the coming days.

     Manufacturing Production (MoM) (Apr), UK

     WHEN:                                              WHAT IT HAD INFLUENCED:

     11th JUNE 2021                                        GBP and its subsequent pairs

WHAT HAPPENED: Manufacturing Production measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.

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

GDP (QoQ) (Q1), JAPAN  

WHEN:                                              WHAT IT HAD INFLUENCED:

 7th JUNE 2021                                          JPY and its subsequent pairs 

WHAT HAPPENED: Gross Domestic Product (GDP) measures the 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.

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

Gold: Another Week, Another Struggle at $1,900

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: The gold speculator, whether bull or bear, may have found the perfect play for now: Buy at near $1,850 and sell well before $1,900.

Yet, a look at the weekly fluctuations on Comex since mid-May suggests that the former would have generated more wins than any artsy-fancy strategy involving multiple hedges.

The front-month gold futures contract on New York’s Comex settled at $1,879.60 per ounce, down $16.80, or 0.9%. For the week, it was down $12.40 or 0.7%.

The high for the week was $1,906.15 while the low was $1,871.95 — keeping within the $30 to $50 range of the past month.

The spot price of gold, reflective of real-time trades in bullion, was at $1,876.65 by 3:45 PM ET (19:45 GMT), moving between the day’s peak of $1,903.01 and bottom of $1,874.65.

GOLD is trading in the up channel; further upside will be seen in the near term if it sustains in the channel.

Oil hits multi-year highs in third weekly gain on demand recovery

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.

Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1%.

U.S. West Texas Intermediate (WTI) crude futures settled at $70.91 a barrel, up 62 cents, settling at their highest since October 2018. WTI was up 1.9% on the week.

WTI CRUDE OIL is trading in the up channel; further upside will be seen in the near term if it sustains in the channel.

Sygnia CEO criticizes Elon Musk for alleged Bitcoin pump and dump

WHAT IT HAD INFLUENCED:

BITCOIN

WHAT HAPPENED: Magda Wierzycka, one of the richest women in South Africa and CEO of financial services company Sygnia, said Tesla (NASDAQ:TSLA) CEO Elon Musk would likely have been investigated by authorities regarding recent allegations over his manipulation of crypto prices — if his target had been almost anything other than Bitcoin.

In an interview with Bruce Whitfield at the Money Show this week, Wierzycka said Musk’s recent social media activity on the price of Bitcoin (BTC) should have made him the subject of investigation by the U.S. Securities and Exchange Commission, or SEC, if Bitcoin were more of a traditional company. The SEC previously accused the Tesla CEO of fraud for issuing false and misleading tweets in 2018, and was rumoured to be investigating him for his pro-Dogecoin (DOGE) tweets earlier this year.

BTCUSD 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

     Claimant Count Change (May), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 15th JUNE 2021                                                   GBP and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: Claimant Count Change measures the change in the number of unemployed people in the U.K. during the reported month. A rising trend indicates weakness in the labour market, which has a trickle-down effect on consumer spending and economic growth.

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

     Fed Interest Rate Decision, U.S.

WHEN:                                                                WHAT IT INFLUENCES:

16th JUNE 2021                                                       USD and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation. 

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

    Employment Change (May), AUSTRALIA 

WHEN:                                                               WHAT IT INFLUENCES:

16th JUNE 2021                                                   AUD 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 AUD, whereas a lower-than-expected reading should be taken as negative/bearish for the AUD.

CPI (YoY) (May), EURO ZONE

WHEN:                                                                WHAT IT INFLUENCES:

17th JUNE 2021                                                      EUR and its subsequent 

                                                                              Pairs 

WHAT’S HAPPENING:  The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

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.

GDP QoQ, New Zealand

WHEN:                                                               WHAT IT INFLUENCES:

17th JUNE 2021                                                    NZD and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: 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. 

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

EQUITIES IN THE COMING WEEK

1. Oracle (ORCL) to announce its Quarterly Results on 15th JUNE 2021, EPS estimated to 1.31 per share while revenue estimated 11.02B. 

2. Adobe (ADBE) to announce its Quarterly Results on 17th JUNE 2021, EPS estimated to 2.81 per share while revenue estimated 3.73B.

3. Lennar (LEN) to announce its Quarterly Results on 16th JUNE 2021, EPS estimated to 2.37 per share while revenue estimated 6.1B.

4. Urovant Sciences (UROV) to announce its Quarterly Results on 17th JUNE 2021, EPS estimated to -1.93 per share while revenue estimated 2.2M.

5. Blue Prism (PRSMB) to announce its Quarterly Results on 18th JUNE 2021, EPS estimated to -0.2476 per share while revenue estimated 81.26M.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical Analysis

GOLD is trading in the up channel; further upside will be seen in the near term if it sustains in the channel.

SILVER

Technical Analysis

SILVER was trading in the up channel; if it is not able to follow the channel again then the downside will be seen in the coming days.

WTI CRUDE OIL

Technical Analysis

WTI CRUDE OIL is trading in the up channel; further upside will be seen in the near term if it sustains in the channel.

TOP CRYPTO IN THE COMING WEEK

BTCUSD

Technical Analysis

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

ETHEREUM

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 

Technical Analysis

EURUSD was trading in the up channel; if it is not able to follow the channel again then the downside will be seen in the coming days.

GBPUSD

Technical Analysis

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

EURJPY

Technical Analysis

EURJPY was trading in the up channel; if it is not able to follow the channel again then the downside will be seen in the coming days.

TOP INDEX IN THE COMING WEEK

DJ EURO STOXX 50

Technical Analysis

EURO STOXX 50 is currently in the upward channel. Further upside can be seen in the coming week.

NIKKEI 225

Technical Analysis

NIKKEI 225 is currently in a down channel, will remain bearish until it breaks the down channel upside.

DOW JONES

Technical Analysis

DOW JONES is currently in an up channel. Further upside can be seen in the coming week.

DATA WATCH

Technical Analysis

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