Weekly Technical Analysis Report – 25 July 2021

Weekly Technical Analysis Report – 25 July 2021

Retail Sales (MoM) (Jun), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

23rd JULY 2021                                         GBP and its subsequent pairs

WHAT HAPPENED: 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.

EURGBP is currently in the down channel. The further downside can be seen in the coming week.

     Initial Jobless Claims, U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     22nd 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.

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

Manufacturing PMI (Jul), GERMANY

WHEN:                                              WHAT IT HAD INFLUENCED:

23rd JULY 2021                                        EUR and its subsequent pairs 

WHAT HAPPENED: The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector.

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

Snug in $1,800 Zone and Barely Moving, Gold Posts First Weekly Loss in 5

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold longs, clinging by their nails to $1,800 territory, saw the yellow metal’s first weekly loss in five as it remained disconnected from expectations of steady inflation in the United States.

A volatile week in risk markets which culminated in outsized gains for stocks also left safe havens such as gold side-lined.

Front-month gold futures on New York’s Comex settled down $3.60, or 0.2%, at $1,801.80 an ounce.

For the week, it slid 0.8%, after gaining 2.6% over four previous weeks.

GOLD is trading in the up channel; it will follow the trend until there is breakdown.

Oil Longs End Week Shaken but Unscathed; Eyes on U.S. Gasoline, Covid 

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil managed to eke out a gain after starting the week with the worst tumble in 16 months, leaving longs in the market shaken but unscathed. 

What oil bulls need to hope for in coming weeks is that the consumption of U.S. gasoline does not let up in a significant way that will allow reports of Covid cases emerging from the Delta variant to usurp the demand narrative for crude.

New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, settled up 16 cents, or 0.2%, at $72.07 per barrel. For the week, WTI lost 0.4

London-traded Brent, the global benchmark for oil, settled up 31 cents, or 0.4%, at $74.10. For the week, Brent rose 0.7%.

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

‘Ethereum Improvement Proposal 3675’ for the Eth2 merge launches on Github

WHAT IT HAD INFLUENCED:

ETHEREUM

WHAT HAPPENED:  A formal Ethereum Improvement Proposal has been created for the network’s forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated Proof-of-Stake (PoS) transition.

On July 22, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github, formalizing the chain merge as an improvement proposal for the first time. The EIP has also been slated for discussion during the July 23 Ethereum Core Devs Meeting by developer Tim Beiko.

ETHEREUM is trading in the down channel, further downside can be seen if not able to break out the channel.   

5 KEY EVENTS TO WATCH OUT

     CPI (QoQ) (Q2), AUSTRALIA

 WHEN:                                                              WHAT IT INFLUENCES:

 27th JULY 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 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.

      New Home Sales (Jun), U.S.

WHEN:                                                                WHAT IT INFLUENCES:

26th JULY 2021                                                       USD and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated.

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.

    Core CPI (MoM) (Jun), CANADA

WHEN:                                                               WHAT IT INFLUENCES:

28th JULY 2021                                                    CAD and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change 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 CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.

Unemployment Change (Jul), GERMANY

WHEN:                                                                WHAT IT INFLUENCES:

29th JULY 2021                                                     EUR and its subsequent 

                                                                              Pairs 

WHAT’S HAPPENING:  German Unemployment Change measures the change in the number of unemployed people during the previous month.

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

Manufacturing PMI (Jul), CHINA

WHEN:                                                               WHAT IT INFLUENCES:

30th JULY 2021                                                  CNY and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: China Manufacturing Purchasing Managers Index (PMI) provides an early indication each month of economic activities in the Chinese manufacturing sector. 

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

EQUITIES IN THE COMING WEEK

1. Tesla (TSLA) to announce its Quarterly Results on 26th JULY 2021, EPS estimated to 0.9294 per share while revenue estimated 11.47B. 

2. Otis Worldwide (OTIS) to announce its Quarterly Results on 26th JULY 2021, EPS estimated to 0.7174 per share while revenue estimated 3.46B.

3. Apple (AAPL) to announce its Quarterly Results on 27th JULY 2021, EPS estimated to 1.00 per share while revenue estimated 73B.

4. Microsoft (MSFT) to announce its Quarterly Results on 27th JULY 2021, EPS estimated to 1.91 per share while revenue estimated 44.06B.

5. PayPal Holdings Inc (PYPL) to announce its Quarterly Results on 28th JULY 2021, EPS estimated to 1.12 per share while revenue estimated 6.27B.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical Analysis

GOLD is trading in the up channel; it will follow the trend until there is breakdown. 

SILVER

Technical Analysis

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

WTI CRUDE OIL

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

Technical Analysis

BTCUSD is trading in a parallel channel, it will consolidate in a range until there is a breakout on either side.

LITECOIN

Technical Analysis

LITECOIN is trading in the down channel, further downside can be seen if not able to break out the channel.   

 TOP CURRENCY IN THE COMING WEEK

EURUSD 

Technical Analysis

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

GBPUSD

Technical Analysis

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

USDJPY

Technical Analysis

USDJPY last week had broken upward channel. If it again enters the channel and sustain then bullishness might be seen else there will be a downside. 

TOP INDEX IN THE COMING WEEK

CAC 40

Technical Analysis

CAC 40 is currently in the down channel. The further downside can be seen in the coming week.

NIKKEI 225

Technical Analysis

NIKKEI 225 is currently in the down channel. The further downside can be seen in the coming week.

DATA WATCH

Technical Analysis

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