Daily Report - 14 July 2020

CapitalStreetFX

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Dow futures were trading at 25998 while Nasdaq 100 and S&P 500 futures inched up to 10,630 and 3150.88 respectively, at the time of writing.

On the earnings front, JP Morgan Chase & Co and Wells Fargo & Co are scheduled to report their quarterly results before the market opens on Tuesday.

On the economic front, the US API will report the weekly crude oil stock for the week ended on 10th July on Tuesday. The previously reported crude oil inventories stood at 2.000M barrels.

European equities were trading in positive territory. In Cash Markets, the CAC 40 was trading at 5056.23 while the DAX inched up 1.32% to 12799.97, at the time of writing.

On the data front, the UK will report its Claimant Count Change numbers for June on Tuesday. The previous number of Unemployed people in the UK stood at 528.9K. The market forecasts a significant reduction in the unemployed labor market to 250.0K in the UK.

Asia-Pacific markets were trading in negative territory in the cash markets on Tuesday. The ASX 200 was trading at 5932.60 while the Shanghai Composite and Nikkei 225 were trading at 3391.32 and 22,569.50 respectively, at the time of writing.

On the data front, the Bank of Japan will report the quarterly outlook for this quarter on Tuesday which will provide the insight into the BOJ’s view of economic conditions and inflation that will further shape the monetary policy.

US Dollar Index futures inched up 0.11% to 96.513 and British Pound futures declined 0.21% to 1.2552, at the time of writing. The US dollar inched up as investors are turning to safe-haven currencies because of fall in the prices of gold.

In the Commodity Markets, Silver declined by 1.52% to 19.488 and Gold inched down 0.61% to 1803.10 at the time of writing. Brent oil prices declined to 42.28 at the time of writing. Weak global demand continues to pressure prices as a rapid resurgence in covid-19 cases keeps people indoors and large sections of the economy remain shut.

In the Cryptocurrency Markets, Bitcoin and Ethereum declined to 9,201.9 and 242.55 respectively at the time of writing. In news related to the cryptocurrency markets, Just two months after May’s Bitcoin halving event, both hash rate and difficulty have shrugged off post halving dips to hit new all-time highs. Following last week’s record-high Bitcoin hash rate, the latest difficulty adjustment saw a change of +9.89%, bringing the level to a new all-time high of over 17.3 trillion on July 13.



TECHNICAL SUMMARY


EUR/USD


EUR/USD D1


TRADE SUGGESTION- BUY AT 1.13412, TAKE PROFIT AT 1.14000 AND STOP AT 1.12950





USD/JPY


USD/JPY D1




TRADE SUGGESTION –BUY AT 107.271, TAKE PROFIT AT 107.800 AND STOP AT 106.900





EUR/JPY


EUR/JPY D1


TRADE SUGGESTION- BUY AT 121.575, TAKE PROFIT AT 122.000 AND STOP AT 121.150







AUD/USD


AUD/USD D1


TRADE SUGGESTION- SHORT SELL AT 0.69314, TAKE PROFIT AT 0.68500 AND STOP AT 0.69600







NATURAL GAS


NATURAL GAS


TRADE SUGGESTION- SHORT SELL AT 1.692, TAKE PROFIT AT 1.6300 AND STOP AT 1.7200







GOLD


GOLD D1


TRADE SUGGESTION- BUY AT 1798.88, TAKE PROFIT AT 1815.50 AND STOP AT 1787.00







DOW JONES


DOW JONES D1


TRADE SUGGESTION- SHORT SELL AT 25966, TAKE PROFIT AT 25500 AND STOP AT 26200.
 
 
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