Weekly Global Markets Technical Analysis Report – 30 May 2021

Weekly Global Markets Technical Analysis Report – 30 May 2021

GDP (QoQ) (Q1), U.S

    WHEN:                                             WHAT IT HAD INFLUENCED:

27th MAY 2021                                       USD 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.

USDCHF is currently in a down channel further downside will be seen in the coming weeks.    

     GDP (QoQ) (Q1), GERMANY

     WHEN:                                              WHAT IT HAD INFLUENCED:

     25th MAY 2021                                         EUR and its subsequent pairs

WHAT HAPPENED: Gross Domestic Product (GDP) is the broadest measure of economic activity and is a key indicator of economic health. The quarterly percent changes in GDP show the growth rate of the economy as a whole.

EURAUD is currently in an up channel further upside will be seen in the coming days.

Unemployment Rate (Apr), RUSSIA

     WHEN:                                              WHAT IT HAD INFLUENCED:

 25th MAY 2021                                        RUB and its subsequent pairs 

WHAT HAPPENED: The Unemployment Rate is a measure of the percentage of the total labour force that is unemployed but actively seeking employment and willing to work in Russia.

Gold Posts 8% Gain for May, Its Best in 10 Months 

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold vaulted back to above $1,900 an ounce on Friday, effectively crossing the finishing line for May with a near 8% gain that handed longs in the yellow metal their best return in 10 months. 

Gold for June delivery on New York’s Comex settled Friday’s trade up June $6.80, or 0.4%, at $1902.5 an ounce.

The more active Comex gold contract for August also rose $6.80 on the day to settle at $1,905.30.

For the week, both contracts were up about 1%, while for the month, they rose about 8% — the biggest monthly gain since July 2020. 

GOLD is trading in an upward trend; further upside will be seen in the near term.

Oil up 4% on Week Heading into ‘$3-Per-Gallon Memorial Day’ 

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

West Texas Intermediate crude for July delivery, the benchmark for U.S. oil, fell on Friday for the first time since the week began, sliding 53 cents, or 0.8%, to settle at $66.32. 

Brent crude for July delivery, which acts as the global benchmark for oil, settled Friday’s trading down 74 cents, or 1%, at $68.72.

WTI CRUDE OIL is currently trading in an upward trend; further upside will be seen in the near term.

Bitcoin Swings Again, But Blockchain Boom Keeps 100K Target Alive 

WHAT IT HAD INFLUENCED:

BTCUSD

WHAT HAPPENED: The wild swings in bitcoin continued Friday, but business activity on the blockchain has never been better, and will eventually help part the clouds of fear, uncertainty, and doubt, propelling the popular crypto to $100,000 by year-end.

     BTC/USD fell 6%, to $36,115. 

The most recent halving event in May last year, cut the block reward for mining bitcoin from 12.5 BTC to 6.25 BTC, and helped bring the supply and demand narrative into focus. A quick look at where we are in the current cycle suggests there is plenty of room for bitcoin to run higher.

BTCUSD was trading in the parallel channel, after breaking the channel downside is seen and it may extend its downside further.

5 KEY EVENTS TO WATCH OUT

     Manufacturing PMI (May), UK

 WHEN:                                                              WHAT IT INFLUENCES:

 1st JUNE 2021                                                   GBP and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 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.

     GDP (MoM) (Mar), CANADA

WHEN:                                                                WHAT IT INFLUENCES:

1st JUNE 2021                                                       CAD 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. Canada releases fresh GDP data on a monthly basis.

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.

    Household Spending (YoY) (Apr), JAPAN

WHEN:                                                               WHAT IT INFLUENCES:

3rd JUNE 2021                                                   JPY and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: Household Spending measures the change in the inflation-adjusted value of all expenditures by consumers.

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

Nonfarm Payrolls (May), U.S

WHEN:                                                                WHAT IT INFLUENCES:

4th JUNE 2021                                                      USD and its subsequent 

                                                                             Pairs 

WHAT’S HAPPENING: Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

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.

Unemployment Rate (Apr), RUSSIA

WHEN:                                                               WHAT IT INFLUENCES:

4th JUNE 2021                                                    RUB and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: The Unemployment Rate is a measure of the percentage of the total labour force that is unemployed but actively seeking employment and willing to work in Russia. 

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

EQUITIES IN THE COMING WEEK

1. GAIL Ltd UK (GAILq) to announce its Quarterly Results on 31st MAY 2021, EPS estimated to 0.3148 per share while revenue estimated 2.42B. 

2. Zoom Video (ZM) to announce its Quarterly Results on 1st JUNE 2021, EPS estimated to 0.99 per share while revenue estimated 907.52M.

3. Hewlett Packard (HPE) to announce its Quarterly Results on 1st JUNE 2021, EPS estimated to 0.4209 per share while revenue estimated 6.61B.

4. Marvell (MRVL) to announce its Quarterly Results on 3rd JUNE 2021, EPS estimated to 0.271 per share while revenue estimated 804.75M

5. DocuSign (DOCU) to announce its Quarterly Results on 3rd JUNE 2021, EPS estimated to 0.2769 per share while revenue estimated 436.08M.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical Analysis

GOLD is trading in an upward trend; further upside will be seen in the near term.

SILVER

Technical Analysis

SILVER is trading in an upward trend; further upside will be seen in the near term.

WTI CRUDE OIL

Technical Analysis

WTI CRUDE OIL is currently trading in an upward trend; further upside will be seen in the near term. 

TOP CRYPTO IN THE COMING WEEK

BTCUSD

Technical Analysis

BTCUSD was trading in the parallel channel, after breaking the channel downside is seen and it may extend its downside further.

ETHEREUM

Technical Analysis

ETHEREUM is trading in an up channel. Further upside can be seen in the coming weeks.

    TOP CURRENCY IN THE COMING WEEK

EURUSD 

Technical Analysis

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

GBPUSD

Technical Analysis

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

EURJPY

Technical Analysis

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

TOP INDEX IN THE COMING WEEK

CAC 40

Technical Analysis

CAC 40 is currently in the upward channel. Further upside can be seen in the coming week.

DJ EURO STOXX 50

Technical Analysis

DJ EURO STOXX 50 is currently in an upward channel, will remain bullish until it breaks the upward channel downside.

DAX 30

Technical Analysis

DAX 30 is currently in an upward channel, will remain bullish until it breaks the upward channel.

DATA WATCH

TimeCur.EventForecastPrevious
Sunday, May 30, 2021
21:00  CNYManufacturing PMI (May)51.151.1
Monday, May 31, 2021
21:45  CNYCaixin Manufacturing PMI (May)51.751.9
Tuesday, June 1, 2021
05:00  EURCPI (YoY) (May)  1.90%1.60%
08:30  CADGDP (MoM) (Mar)1.00%0.40%
10:00  USDISM Manufacturing PMI (May)60.760.7
11:00  GBPBoE Gov Bailey Speaks  
21:30  AUDGDP (QoQ) (Q1)2.50%3.10%
Wednesday, June 2, 2021
21:30  AUDRetail Sales (MoM) (Apr)1.10%
Thursday, June 3, 2021
08:30  USDInitial Jobless Claims406K
10:00  USDISM Non-Manufacturing PMI (May)6362.7
11:00  USDCrude Oil Inventories-1.662M
Friday, June 4, 2021
02:15  INRInterest Rate Decision4.00%4.00%
08:30  USDNonfarm Payrolls (May)650K266K
08:30  USDUnemployment Rate (May)5.90%6.10%
08:30  CADEmployment Change (May)-22.5K-207.1K

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