Weekly Global Markets Technical Analysis Report – 25 April 2021

Weekly Global Markets Technical Analysis Report – 25 April 2021

U.K. House Price Index (HPI) MoM, U.K

 WHEN:                                                                WHAT IT INFLUENCES:

 18 th APRIL 2021                                                GBP and its subsequent 

                                                                             pairs

WHAT’S HAPPENING:

The Rightmove House Price Index (HPI) measures the change in the asking price of homes for sale. This is the U.K.’s earliest report on house price inflation, but tends to have a mild impact because asking prices do not always reflect selling prices.

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

  U.S. 6-Month Bill Auction , USA 

WHEN:                                                                 WHAT IT INFLUENCES:

19thApril 2021                                                   USD and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: 

The figures displayed in the calendar represent the rate on the Treasury Bill auctioned.

U.S. Treasury Bills have maturities of a few days to one year. Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. The rate on a Treasury Bill represents the return an investor will receive by holding the bill for its entire duration. All bidders receive the same rate at the highest accepted bid.

Germany Producer Price Index (PPI) MoM

WHEN:                                                               WHAT IT INFLUENCES:

20th APRIL 2021                                                  EUR and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: 

The German Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers.

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

Gold Ends Week Uneventfully After Almost Reentering $1,800

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED

 Gold ended the week uneventfully despite coming precariously close to the $1,800 level that would have been key for it to recapture last year’s highs.

Gold Futures on New York’s Comex hit a nine-week high of $1,796.15 an ounce in Friday’s early trade, coming less than $4 from cracking the $1,800 resistance.

The metal, however, could not sustain the upward momentum and settled the session down $4.20, or 0.2%, at $1,777.80 an ounce, extending the 0.6% drop seen on Thursday.

The combined two-day loss left Comex gold’s front-month down 0.1% on the week as it finished below last Friday’s close of $1,779.

The spot price of gold rose to as high as $1,795.94, before trading at just above $1,776 by 3:45 PM ET (19:45 GMT). Moves in spot gold are integral to fund managers, who sometimes rely more on it than futures for direction.

Oil Down 1% or More on Week as Volatility Returns Pre-OPEC

WHAT IT HAD INFLUENCED:

BRENT & WTI CRUDE OIL

WHAT HAPPENED:  

Oil prices ended the week down about 1% percent or more, reacting to contrasting supply-demand concerns ahead of the monthly meeting of producers cartel OPEC+.

Futures of both U.S. crude and U.K.’s Brent oil rose for a second day in a row on Friday but not enough to offset their dismal start to the week. 

Oil prices fell as much as 3% between Tuesday and Wednesday on worries about an explosion of Covid cases in India and Japan, and talk that Iran may win a nuclear deal by May that would effectively remove U.S. sanctions on the Islamic Republic and allow it to put some two million additional barrels a day on the market.

Some of those supply-demand concerns eased in the last two days of the week, allowing prices to rise less than 2% combined.

“Gains in oil are likely to remain capped until India and Japan, as the third and fourth-largest oil consumers, turn a corner in their battle against the virus,” said Sophie Griffiths, head of UK and EMEA research for online broker OANDA.

New York-traded WTI, the benchmark for U.S. crude, settled Friday’s trade at $62.14 a barrel, up 71 cents, or 1.2%, on the day. It fell 1.6% on the week. 

London-traded Brent, the global benchmark for crude, settled at $66.11, up 71 cents, or 1.1%, for the session. For the week, it fell 1%. 

The volatility came ahead of the April 28 OPEC+ meeting, where the cartel is expected to mull again on how much to produce in the coming months.

5 KEY EVENTS TO WATCH OUT

U.S. Durable Goods Orders MoM, USA

 WHEN:                                                                WHAT IT INFLUENCES:

26th  APRIL 2021                                         USD and its subsequent pairs                                                                   

WHAT’S HAPPENING: 

Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, including transportation items.

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

   Eurozone Business Climate

     WHEN:                                                                 WHAT IT INFLUENCES:

27th APRIL 2021                                       EUR and its subsequent pairs   

WHAT’S HAPPENING: 

The Business Climate indicator is based on monthly business surveys and is designed to deliver a clear and timely assessment of the cyclical situation within the euro area. A higher than expected number should be taken as positive to the EUR, while a lower than expected number as negative.

Australia Consumer Price Index (CPI) QoQ

WHEN:                                                               WHAT IT INFLUENCES:

27th APRIL 2021                                                  AUD 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 should be taken as positive/bullish for the AUD, while a lower than expected reading should be taken as negative/bearish for the AUD.

Switzerland ZEW Expectations

WHEN:                                                                WHAT IT INFLUENCES:

28th APRIL 2021                                                  CHF and its subsequent 

                                                                             Pairs 

WHAT’S HAPPENING: 

The Zentrum fur Europaische Wirtschaftsforschung (ZEW) Economic Expectations Index rates the relative six-month economic outlook for Switzerland. On the index, a level above zero indicates optimism, below indicates pessimism. It is a leading indicator of economic health.

A higher than expected reading should be taken as positive/bullish for the CHF, while a lower than expected reading should be taken as negative/bearish for the CHF. 

U.S. Initial Jobless Claims

WHEN:                                                                 WHAT IT INFLUENCES:

29th APRIL 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 should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

EQUITIES IN THE COMING WEEK

1. TESLA(TSLA) to announce its Quarterly Results on 26th April 2021, EPS estimated to 0.7299 per share while revenue estimated 10.41B. 

2. AMAZON(AMZN) to announce its Quarterly Results on 29th  April 2021, EPS estimated to 9.49 per share while revenue estimated 104.45B.

3.Master Card (MA) to announce its Quarterly Results on 29th April 2021, EPS estimated to 1.58 per share while revenue estimated 3.99B.

4. Boeing (BA) to announce its Quarterly Results on 28th April 2021, EPS estimated to -0.9611  per share while revenue estimated 15.46B.

5.Mitsubishi Electric (MELM) to announce its Quarterly Results on 28th April 2021, EPS estimated to 27.23 per share while revenue estimated 1,203.53B.

     TOP CURRENCIES IN THE UPCOMING  WEEK

EUR/USD 

Technical Analysis

EUR/USD is trading in a upward channel, the Up side can be seen in the coming days.

 USD/JPY

Technical Analysis

USD/JPY is trading in a Downward channel, the Down side can be seen in the coming days

USD/CHF

USD/CHF is trading in a Downward channel, the Down side can be seen in the coming days.

TOP INDEX TO WATCH OUT

Nasdaq 100

Technical Analysis

Nasdaq 100 is trading in a upward channel, the Up side can be seen in the coming days.

DAX 30

Technical Analysis

DAX 30 is trading in a upward channel, the Up side can be seen in the coming days.

S&P 500

Technical Analysis

S&P 500 is trading in a upward channel, the Up side can be seen in the coming days.

TOP COMMODITIES TO WATCH OUT

GOLD

Technical Analysis

Gold is trading in a upward channel, the Up side can be seen in the coming days.

Brent Oil

Technical Analysis

Brent Crude is trading in a upward channel, the Up side can be seen in the coming days.

 DATA WATCH

TimeCur.EventForecastPrevious
Sunday, April 25, 2021
All DayAustralia – ANZAC Day
Monday, April 26, 2021
All DayNew Zealand – ANZAC Day
4:00EURGerman Ifo Business Climate Index (Apr)97.896.6
8:30USDCore Durable Goods Orders (MoM) (Mar)1.60%-0.90%
23:00JPYBoJ Monetary Policy Statement
23:00JPYBoJ Outlook Report (YoY)
Tuesday, April 27, 2021
All DaySouth Africa – Freedom Day
TentativeJPYBoJ Press Conference
10:00USDCB Consumer Confidence (Apr)112.1109.7
21:30AUDCPI (QoQ) (Q1)0.90%0.90%
Wednesday, April 28, 2021
8:30CADCore Retail Sales (MoM) (Feb)3.70%-1.20%
10:30USDCrude Oil Inventories0.594M
14:00USDFed Interest Rate Decision
14:30USDFOMC Press Conference
14:30USDFOMC Statement
Thursday, April 29, 2021
All DayJapan – Showa Day
3:55EURGerman Unemployment Change (Apr)-10K-8K
8:30USDGDP (QoQ) (Q1)6.50%4.30%
8:30USDInitial Jobless Claims560K547K
10:00USDPending Home Sales (MoM) (Mar)6.00%-10.60%
21:00CNYManufacturing PMI (Apr)51.751.9
Friday, April 30, 2021
2:00EURGerman GDP (QoQ) (Q1)-1.50%0.30%
5:00EURCPI (YoY) (Apr)1.60%1.30%
8:30CADGDP (MoM) (Feb)0.50%0.70%
Saturday, May 1, 2021
All DayItaly – Labor Day
All DaySpain – Labor Day
All DaySingapore – Labor Day

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