Weekly Technical Analysis with Candlestick Charts – 03 October 2021

Technical Analysis

Weekly Technical Analysis with Candlestick Charts – 03 October 2021

WEEKLY SNAPSHOT

    GDP (YoY) (Q2), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

30th SEPTEMBER 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.

GBPCAD is currently in the downward channel. Further downside can be seen in the coming week.

     Core Durable Goods Orders (MoM) (Aug), U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     27th SEPTEMBER 2021                           USD and its subsequent pairs

WHAT HAPPENED: Core Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items. Because aircraft orders are very volatile, the core number gives a better gauge of ordering trends. A higher reading indicates increased manufacturing activity.

NZDUSD is currently in the downward channel. Further downside can be seen in the coming week.

Unemployment Change (Sep), GERMANY

WHEN:                                              WHAT IT HAD INFLUENCED:

30th SEPTEMBER 2021                           EUR and its subsequent pairs 

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

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

Gold Makes Modestly Higher Oct. Debut

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: In a sign that its worst may be over — for now that is — gold made a modest gain as trading for October began, joining most risk assets trying to recover from September’s hellish ride.

A retreat in both the dollar and U.S. bond yields also helped gold post a second straight week of gains, small as they may be.

U.S. gold futures’ most active contract, December, settled Friday’s trade at $1,758.40 per ounce on New York’s Comex, up $1.40, or 0.1%.

For the week, it managed a 0.4% gain despite Thursday’s 2% trouncing that contributed to September’s torrid loss of 3.4%.

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

Crude Oil Rises in Oct Debut, Ahead of OPEC Meeting

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil prices rose ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries, despite growing views that top crude producers could sanction a larger than previously agreed increase in output.

New York-traded West Texas Intermediate, the benchmark for U.S. oil, settled the first trading session for October up 85 cents, or 1.1%, at $75.88 per barrel. For the week, WTI rose 2.6% for its sixth consecutive week of gains that have given the U.S. crude benchmark an advance of 22%. 

London-traded Brent crude, the global benchmark for oil, finished Thursday’s session at $79.28 per barrel, up 97 cents or 1.2%. Brent rose 1.9% on the week. The global crude gauge has risen in five of the past six weeks, gaining a cumulative 22% just like WTI.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Reuters reported that the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month given the pressure from consumers such as the United States and India to help reduce prices.

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

Litecoin Climbs 10% In Rally

WHAT IT HAD INFLUENCED:

LITECOIN 

WHAT HAPPENED: Litecoin was trading at $166.907 by 15:53 (19:53 GMT) on the Investing.com Index on Friday, up 10.01% on the day. It was the largest one-day percentage gain since September 3.

The move upwards pushed Litecoin’s market cap up to $11.097B, or 0.53% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.

Litecoin had traded in a range of $151.250 to $166.907 in the previous twenty-four hours.

Over the past seven days, Litecoin has seen a rise in value, as it gained 11.77%. The volume of Litecoin traded in the twenty-four hours to time of writing was $2.965B or 2.65% of the total volume of all cryptocurrencies. It has traded in a range of $139.9207 to $166.9067 in the past 7 days.

LITECOIN 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

     Composite PMI (Sep), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 5th OCTOBER 2021                                          GBP and its subsequent 

                                                                            pairs

WHAT’S HAPPENING: The Composite PMI Index measures the activity level of purchasing managers in the both sectors. A reading above 50 indicates expansion in the sector; a reading 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.

      ADP Nonfarm Employment Change (Sep), U.S.

WHEN:                                                                WHAT IT INFLUENCES:

6th OCTOBER 2021                                            USD and its subsequent 

                                                                              Pairs

WHAT’S HAPPENING: The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.

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.

    Trade Balance (Aug), GERMANY

WHEN:                                                               WHAT IT INFLUENCES:

8th OCTOBER 2021                                           EUR and its subsequent 

                                                                             Pairs

WHAT’S HAPPENING: The Trade Balance measures the difference in worth between exported and imported goods over the month. A positive number indicates that more goods were exported than imported.

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.

Employment Change (Sep), CANADA

WHEN:                                                                WHAT IT INFLUENCES:

8th OCTOBER 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.

Retail Sales (MoM) (Aug), EURO ZONE

WHEN:                                                               WHAT IT INFLUENCES:

6th OCTOBER 2021                                            EUR 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 EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.

EQUITIES IN THE COMING WEEK

1. PepsiCo (PEP) to announce its Quarterly Results on 5th OCTOBER 2021, EPS estimated to 1.72 per share while revenue estimated 19.32B. 

2. Levi Strauss A (LEVI) to announce its Quarterly Results on 6th OCTOBER 2021, EPS estimated to 0.3736 per share while revenue estimated 1.48B.

3. Tesco (TSCO) to announce its Quarterly Results on 6th OCTOBER 2021, EPS estimated to 6.25 per share while revenue estimated 31,745M.

4. PAM (PTSI) to announce its Quarterly Results on 8th OCTOBER 2021, EPS estimated to 0.675 per share while revenue estimated 135.8M.

5. Security Devices (BYRN) to announce its Quarterly Results on 8th OCTOBER 2021, EPS estimated to -0.025 per share while revenue estimated 7.21M.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical analysis

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

SILVER

Technical analysis

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

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; will consolidate if not able to break the channel 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 down channel; further downside can be seen if not able to break out the channel.

GBPUSD

Technical analysis

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

USDCHF

Technical analysis

USDCHF is trading in the up channel; further upside can be seen if not able to break out the channel. 

TOP INDEX IN THE COMING WEEK

NASDAQ 100

Technical analysis

NASDAQ 100 is trading in the down channel; further downside can be seen if not able to break out the channel.

S&P 500

Technical analysis

S&P 500 is trading in the down channel; further downside can be seen if not able to break out the channel.

DATA WATCH

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