Daily Market Report by GulfBrokers 2020-2021

[Keithstyles1]

Gold $1788-93 is such a strong support level so far but If it breaks below this area things will get worse.

Key technical levels to watch this week

Support: $1786/80 and $1770/65

Resistance: $1810/15 and $1825/36
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[syamfx2020]

Apple (NASDAQ: AAPL) will release its third-quarter fiscal 2021 financial results on Tuesday, July 27, after market close. Wall Street expects Apple to earn $1.01 per share on revenue of $73.8 billion.

$AAPL key technical levels to watch today:

Support: $146 and $138

Resistance: $152 and $1155

EQUITIES

Asian and European shares traded lower on Tuesday ahead of US Federal Reserve's two-day policy meeting. Meanwhile, the US Indices Dow Jones, Nasdaq 100, and S&P 500 retreated reaching a record high during the previous session.

On the earnings front, the tech giants Microsoft, Apple, Alphabet and AMD are amongst those reporting the last quarter financial results today.

OIL

Crude oil prices struggling to hold the early session gains as the investors remain concerned about the economic slowdown, due to the fast-spreading Delta variant of the coronavirus.

CURRENCIES

In the currency market, the US dollar index recovered from the previous session losses. At the time of writing, the Index trades steady above 92.70 level. On the other hand, the euro and the British pound dipped against the US dollar.

GOLD

The precious metal remains under pressure ahead of the FED meeting as the traders waiting for the central bank’s view of the economic outlook as well as clues about future tapering. At the time of writing, the metal hovers near the key support area $1790.

Economic Outlook

On Monday, the U.S. Commerce Department released the latest new home sales data. The data showed the new house sales in the US were down 6.6% to a seasonally adjusted annual rate of 676K in June of 2021.

Moving ahead today, the important events to watch:

US – Durable goods orders: GMT – 12.30

US – CB consumer confidence: GMT – 14.00

Technical Outlook

EURUSD: technically the overall trend still looks bearish after the pair failed to hold above 1.1800 and the short-term support is still around 1.1750. If the pair breaks and closes below 1.1750 the next important support at 1.1710/1.1670.

The important levels to watch for today: Support- 1.1750 and 1.1730 Resistance- 1.1800 and 1.1820.

GOLD: For today the first support for the Gold appears to be around $1788, in the short-term any break below $1788 the next downside level to watch $1785/80. On the other upper side, the immediate resistance around $1805 any break and close above this level will open $1810 then $1815.

The important levels to watch for today: Support- 1788 and 1780 Resistance- 1805 and 1810.

Quote of the day: “All intelligent investing is value investing — acquiring more that you are paying for. You must value the business in order to value the stock.” – Charlie Munger.

Read more- https://gulfbrokers.com/en/daily-market-report-357

 

[syamfx2020]

The king dollar slipped against most majors on Wednesday as the USD traders remained cautious of FOMC interest rate decision and the Fed Chair Jerome Powell press conference. The central bank is scheduled to issue its policy statement at 18.00 GMT. The Federal Open Market Committee is expected to discuss the rising inflation pressures, especially after the recent US inflation data showed the US consumer prices posted the biggest rise in 13 years.

EQUITIES

Wall Street ended lower on Tuesday despite strong earnings results from the big tech giants. The US indices retreated from the record highs after the US durable goods orders for June came in much weaker than expected.

On the earnings front, the tech giants Facebook, Boeing, PayPal, and Pfizer are amongst those reporting the last quarter financial results today.

OIL

Crude oil prices recovered from the previous session losses after the release of stronger-than-expected API inventory data. The data showed the US crude inventories fell by 4.728 million barrels in the week ended July 23rd, 2021.

CURRENCIES

In the currency market, The British pound was among the best-performer currency pair during this week. The currency pairs hit a fresh weekly high against the US dollar and Euro on Wednesday. While the EURO struggling to find the upside momentum after the release of weak Gfk German Consumer Climate data.

GOLD

The precious metal remained under pressure after the US dollar gained bullish momentum ahead of the FED meeting. Overall, the metal momentum remained bearish throughout this week.

Economic Outlook

On the data front, the Australian Bureau of Statistics released the second-quarter inflation data. The data showed the annual inflation increased to 3.8 percent in the June quarter from 1.1 percent in the March quarter. On a quarterly basis, the CPI rose 0.8% in the June quarter, compared to the market forecasts of a 0.7% increase.

Moving ahead today, the important events to watch:

Canada – CPI: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

US – FOMC interest rate decision and statement: GMT – 18.00

Coronavirus update:

Worldwide, more than 194.5 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34.5 million cases and has had more than 610,700 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pairs retreated back to near 1.1800 level after the pair failed to break above the 1.1840 resistance level.

The important levels to watch for today: Support- 1.1750 and 1.1710 Resistance- 1.1850 and 1.1890.

GOLD: The metal is expected to be extra volatile today after the FOMC decision. The expected trading range for gold today is between 1770 support and 1832 resistance.

The important levels to watch for today: Support- 1788 and 1780 Resistance- 1810 and 1820.

Quote of the day: “The stock market is a battlefield. Always remember to survive in the game first. Only those that survive the battle can enjoy the spoils of the war.” – Benjamin Lee.

Rear more here - https://gulfbrokers.com/en/daily-market-report-358

 

[syamfx2020]

Risk-linked currencies AUD and NZD remain under pressure ahead of the outcome of the FED meeting.

Both the currencies edging lower against the US dollar.

The key support levels to watch today

AUDUSD: 0.7290 and 0.7240

NZDUSD: 0.6910 and 0.6870

 

[syamfx2020]

E-commerce giant Amazon (NASDAQ: AMZN) is set to announce its second-quarter 2021 financial results today after the markets close. During the first quarter, Amazon revenue grew 44% year over year to $108.5 billion and EPS surged 215% to $15.79. Amazon's share price is up 9% this year, and the shares have continued to rise in value nearly every day for the past weeks.

Wall Street’s revenue consensus for $AMZN is $115.08 billion and the earnings per share of $12.24 per share for the quarter.

EQUITIES

US Indices S&P 500 and Dow Jones futures rebounded back to near the record highs on Thursday following the hawkish statement from the US Federal Reserve. The FED still viewing inflation as transitory, and the central bank confirmed that their accommodative stance will remain until they reach their goals.

On the earnings front, the tech giants Amazon, Pinterest, AstraZeneca, and Gilead are amongst those reporting the last quarter financial results today.

OIL

Crude oil prices extend higher on Thursday boosted by stronger-than-expected API and EIA crude inventory data. On Wednesday, the EIA inventory data showed the US oil inventories fell by 4.089 million barrels in the July 23rd week.

CURRENCIES

In the currency market, the US dollar index fell to a fresh weekly low on Thursday after the US FED Chief Powell maintained the cautious stance about tapering and he reiterated that they are still away from considering rate hikes.

GOLD

The precious metal climb to a new weekly high of $1821 on Thursday supported by the weaker US dollar. Overall, the momentum remained bullish throughout the European session.

Economic Outlook

On the data front, Germany reported a strong employment report. The German unemployment rate dropped to 5.7 percent in July from 5.9 percent in June.

On Wednesday, the US Federal Reserve left policy unchanged as anticipated and bond-buying at the current $120 billion monthly paces.

Moving ahead today, the important events to watch:

US – GDP: GMT – 12.30

US – Jobless claims: GMT – 12.30

US – Pending home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 195 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34.6 million cases and has had more than 611,000 deaths from COVID-19, the highest totals in the world. In the last week, the US reported the highest number of new COVID cases in the world, according to the WHO.

Technical Outlook

EURUSD: The currency pair holding the early session highs. At the time of writing, the pair trades near the resistance area of 1.1880.

The important levels to watch for today: Support- 1.1840 and 1.1810 Resistance- 1.1880 and 1.1910.

GOLD: The safe-haven metal trading steady near $1820 ahead of US GDP data. If the bullish momentum continues the next upside levels to watch $1825 and 1832. On the downside, the immediate support is around $1815 followed by $1810.

The important levels to watch for today: Support- 1815 and 1810 Resistance- 1825 and 1832.

Quote of the day: “Investing is the intersection of economics and psychology.” – Seth Klarman.

Read more- https://gulfbrokers.com/en/daily-market-report-359

 

[perryjohn765]

AUDUSD going bullish again. Seems like it will cross the 0.74 mark soon.

 

[syamfx2020]

US Oil WTI prices slightly retreat from the daily highs. On the downside, any meaningful pullback now seems to find some support near the 72.40/10 area, below which the slide could further get extended towards the 71.80/30 regions.

 

[syamfx2020]

US aircraft manufacturer Boeing (NYSE: BA) surprised Wall Street with strong second-quarter earnings on Wednesday. Boeing reported a profit of $587 million in the last quarter boosted by the increase in its Boeing 737 MAX deliveries. The company has delivered more than 130 Boeing 737 MAXs since November 2020.

• Earnings per share (EPS) $0.40 vs. -$0.83 expected
• Revenue $17.4 billion vs. $16.4 billion expected

“We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” Boeing CEO, David Calhoun said. "While our commercial market environment is improving, we're closely monitoring Covid-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," he added.

Read more - https://gulfbrokers.com/en/can-boeing-stock-fly-again-above-300

 

[syamfx2020]

This week is expected to be an extra volatile week as investors waiting for feedbacks from the worlds largest central banks Federal Reserve, the Bank of Japan and the Bank of England about the timing of the bank's asset purchase tapering.

U.S FOMC MEETING – SEP 21-22, 2021: The US Federal Reserve meeting will start on Tuesday, the two-day policy meeting that will conclude on Wednesday. FED will discuss when may be the appropriate time for the central bank to begin its bond-buying tapering.

BANK OF JAPAN MEETING – SEP – 22, 2021: The Bank of Japan (BoJ) will be holding its monetary policy meeting on Friday.

BANK OF ENGLAND MEETING – SEP – 23, 2021: The BoE, which meets on Thursday, the central bank widely expected to keep interest rates steady. Meanwhile, several market participants expect that the BoE could start a tighter monetary policy cycle sooner than the Fed.

On the earnings front, the companies due to release their results will be the athletic apparel giant NIKE and the shipping company FEDEX will be among those reporting earnings this week.

GOLD

The precious metal slightly rebounded from the early session lows. During the last week, the metal plunged despite a softer-than-expected reading on consumer prices for August on Tuesday.

Technically the overall momentum remained bearish throughout the last week. If the metal continues to fall, the next important support level is $1735 and $1720. On the upper side, the immediate resistance at $1767 (Friday high) a break above this level will confirm a possible move to $1776/80.

DOLLAR INDEX

The US dollar surged to a fresh monthly high of 93.40 on Monday supported by raising uncertainty on when the Federal Reserve will start cutting stimulus. Technically the overall momentum is expected to remain bullish for the Index after the bulls break above the 93.00 area.

This week the resistance for DXY is around 93.50, any break over targets 93.75/90. On the downside, any meaningful pullback now seems to find some support near the 93.10 zones, below which the slide could further get extended towards the 92.80/50 region.

EURUSD

EURO started the new week on a bearish note. The currency pair remains under pressure after the release of German PPI data. The data showed the producer prices increased by 1.5% in August, also above forecasts of 0.8%. At the time of writing, the pair trades near the 1.170 psychological level.

For this week, the pair supported at 1.1685 level, any break below this level will open the doors to 1.1660 and 1.1630. On the other upper side, the immediate resistance around 1.1770 any break and close above this level will open 1.1800 then 1.1840.

DOW JONES

Dow Jones futures along with S&P 500 futures and Nasdaq 100 futures, turned lower early Monday following the last week sell-off. The recent bearish momentum is driven by weaker-than-expected economic data and concerns about the coronavirus Delta variant.

For Dow, this week the immediate support is near 34,000. Any break and close below 34k, the next support levels to watch 33,900 and 33,840. On the upper side, the first resistance at 34,500 any break above this level will open 34,700/780 minimum.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-7

 

[syamfx2020]

This week the main highlights of the economic calendar will be the RBA meeting minutes, FOMC, BOJ and BOE meeting.

Key earnings to watch: NIKE and FEDEX