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Cryptocurrencies are still in their upward trend driven by Tesla’s June quarter…

Cryptocurrencies are still in their upward trend driven by Tesla’s June quarter earnings, which showed that it holds $1.3 billion worth of Bitcoin

20210730
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Market Focus

US equities rose toward all-time highs as the latest read on the economy eased concerns about inflation and the Federal Reserve scaling back its ultra-accommodative policies. Amid risk-off sentiments, all of the main American stock indexes advanced, with S&P 500 (+18.51) and Dow Jones (+153.60, or 0.44%) touching records. Ford Motor Co. rallied after a surprise profit. Facebook Inc. weighed on Nasdaq (+15.68, or 0.11%) after the social-media company gave a cautious outlook. And Amazon.com Inc. fell in extended trading after its sales forecast fell short, pulling futures in the Nasdaq lower.

It was supposed to be a triumph for today’s memeified markets — a validation for all those amateurs who took on the Wall Street pros. The public debut for Robinhood Markets Inc. turned out to be an embarrassment for the company that’s become synonymous with the rise of individual investors. Robinhood traders, it turned out, had no time for Robinhood.

In fact, some of the very people who flocked to the firm’s free-trading app to buy meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc. this year appeared to take glee Thursday as the company’s share price slid. Reddit’s WallStreetBets forum, a hotbed of retail traders, lit up. One top post: “Is it me or does anyone else get pleasure from watching Robinhood’s stock burn to the ground?”

Almost nothing seemed to go right for Robinhood, whose decision to briefly freeze trading at the height of the meme-stock frenzy in January drew scorn from its own customers. The stock was priced late Wednesday at the low end of its expected range. Then investors saw red instead of green: shares almost immediately dropped after trading opened, tumbling as much as 12%. Robinhood eventually pared the worst of the decline, falling 8.4% to close at $34.82.

Main Pairs Movement

The dollar slid yet another day and reached fresh lows against most major rivals, as US data missed the consensus estimates. 21Q2 GDP showed the economy grew at an annualized pace of 6.5%, better than the previous 6.4%, although missing the 8.6% expected. Also, Initial Jobless Claims for the week ended July 23 printed at 400K, worse than anticipated.

The euro pair settles around 1.1890 while Cable approaches the 1.4000 figure. The commodity-linked currencies were strong on Thursday, with Loonie traded lower at 1.2440, Aussie hiked on the 0.7400 level, and Kiwi flirted with the 0.7000 milestones. The Japanese yen appreciated on the back of a better market’s mood, with USD/JPY trading around 109.40.

US government bond yields ticked higher, closing the day at 1.2710. Gold jumped to $1,832.62 a troy ounce, its highest in two weeks, while crude oil prices also reached fresh highs, with WTI ending the day at $73.40 a barrel, Brent at $75.80.

Cryptocurrencies are still in their upward trend driven by Tesla’s June quarter earnings, which showed that it holds $1.3 billion worth of Bitcoin. BTC then keeps soaring after speculation that Amazon may soon start accepting payments in Bitcoin, Ether, and other cryptocurrencies. Bitcoin and Ethereum gained nearly 40% against the US dollar in two weeks, showed by the data from Binance.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling has reached the fresh high in the near month at 1.3981, supported by a fall in coronavirus cases in the U.K. and the dovish rhetoric from the Fed’s chairman. So far, the market still digesting the optimistic traction for risk-on mode. For the technical aspect, the RSI indicator is close around 71 figure which suggests strong-bull guideline over mire into overbought sentiment already, suggesting for more cautious to current the market trend. For moving average side, 15 long SMA indicator continuing its ascending momentum and 60 long SMA indicator remaining up way traction.

As price action, sterling was suppressed by critical resistance at 1.3985, the last high price level. For now, the bid side buyer should be aware of the immediate support 1.3896 level. On the lift side, if sterling could break through 1.3985 again, it could be heading to 1.4 thresholds.

Resistance: 1,3985, 1.4

Support: 1.3665, 1.3745, 1.3896

XAUUSD (4- Hour Chart)

Gold is picking up more than 1% to 1829 around on Thursday, despite easing from the monthly top. Heavily rebounded of the gold prices amid to the poor dollar performance and broad optimistic sentiment in the market while TIPS continuing to go down, 10 year U.S. Treasuries yield as well. From the technical perspective, the RSI indicator closes at 70 figures as of writing, suggesting over-bought sentiment at the current stage. For moving average side, 15 long SMA indicator shows turn it slopes to the north side and golden cross with 60 long SMA while it retains flat.

All in all, we witness the strong gold movement in the daily market, yet resist by pivotal resistance at 1830 which is the last high point. However, the instant indicator shows a remix suggestion as over-bought sentiment on RSI, in contrast, SMA suggests a bull signal at the moment. For the upper side, we expect the next resistance will be psychological level in 1840.

Resistance: 1830.5, 1840

Support: 1795, 1765.5, 1811

AUDUSD (4- Hour Chart)

Aussie topped to 0.7413, the perch in nearly two weeks, but tamp down under 0.74 threshold as of writing. Higher shares market, gold, and commodities market underpin the pair. On the other hand, the market is still worried about the governor’s decision to extend Sydney lockdown and the implications this will have for next week’s RBA meeting. For the technical side, the RSI indicator set 60 figure that gains another higher stage in recent, suggesting have a room for upward. For moving average perspective, 15 long SMA indicator turn its momentum to upside traction and 60 long SMA still flirting. Furthermore, 2 lines have a golden cross that shows a strong signal for upside traction.

In light of the aforementioned, we expect the market will continue to test the 0.7415 level which is immediate resistance. If it could penetrate the first resistance, it would toward to next consolidation between 0.7416 and 0.7492 range. For downside, efficient immediate support will be 0.7384, 0.73 will be way off following.

Resistance: 0.7415, 0.7492

Support: 0.7384, 0.73

20210730
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The Fed will maintain asset purchases at $120 billion a month until…

The Fed will maintain asset purchases at $120 billion a month until there is substantial further progress

20210729
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Market Focus

US markets opened mixed on Wednesday after the FOMC meeting of no move on asset purchases. The Dow Jones Industrial Averages dipped 127.59 points. The S&P500 closed with 4400.64 points whilst the tech-heavy Nasdaq 100 climbed 0.7%.

FOMC Meeting Key Takeaways:

  • The Fed has not made any decisions on the timing of taper.
  • The Fed continues to hold rates between zero and 0.25%.
  • The economy continues to grow even though there are concerns over the new- variant delta coronavirus.
  • The rising threat of the pandemic has not yet made a big impact on the economy.
  • The Fed will maintain asset purchases at $120 billion a month until there are substantial further progress.
  • In response to the spike of the inflation, the Fed officials have said that price spikes are likely temporary and are driven by the economic reopening.
  • Unemployment rate has declined significantly below 6%. However, there are still long ways to full employment.
  • The Fed will establish two standing repurchase- agreement facilities.

Large-Cap China stocks listed in the US rebounded after Chinese regulators reassure s investors about the market’s stability by holding a conference attempting to ease market fears. In Asia, the Hang Seng Index reversed losses after slumping several days.

Main Pairs Movement

Gold wavered and closed with $1809 after the FOMC meeting as the Fed sees progress toward tapering but not yet decides on the exact plan.

USDJPY closed below 109.07 as the US policymakers sounded more optimistic than expected.

The Aussie edged higher, closing up 0.2% as the Fed’s tapering plan was progressing but still some way off.

The EURUSD seesawed around 1.1800 level amid an expected Fed decision. By end of the day, the currency pair climbed 0.22%.

The GBPUSD moves higher, closing up 0.17%. The US dollar remained weak after the Fed’s dovish tone.

Technical Analysis

GBPUSD (4-hour Chart)

The GBPUSD pair heading to a recent high at 1.39 as nearly market close, trading a handful of pips below its post-Fed high at 1.3911, and chances are skewed to the upside. Fed chairman poured cool water on tapering speculation. For technical aspect, RSI indicator close around 66 figure which suggest strong-bull guideline extends recently momentum at least for the short term. For the moving average side, 15 long SMA indicator continuing its ascending momentum and 60 long SMA indicator turn sideway traction in the daily market.

As price action, the pound is holding on to a powerful resistance at 1.3896~1.39 around. if the market could extend its current upside momentum to exceed immediately resistance, it would head to a higher stage firmly. On the downside, the 1.3475 level is still a defensive line for bid buyers.

Resistance: 1.3896, 1,3985

Support: 1.36, 1.3665, 1.3745

XAUUSD (4- Hour Chart)

Gold prices are still choppy in the tiny range between first resistance and support level after the post-Fed statement. From the technical perspective, the RSI indicator settles at 55 figures as of writing, suggesting slightly bull movement ahead, but we believed it still lacking a critical impetus. For the moving average side, 15 long SMA indicator shows a flat move in the day market, and 60 long SMA went to a downward trend.

In light of the aforementioned, we expect the gold market will high probability struggle in a consolidation range. On the downside, we expect 1795 will be powerful support. If the market penetrates the first immediately support, it would move to lower lows which eye on 1765.5 level. On the up way, 1811 around shows price cluster resistance as the first pivotal checkpoint.

Resistance: 1811, 1830.5

Support: 1795, 1765.5

EURUSD (4- Hour Chart)

Eurodollar reversed from 1.1770 level and jumped up to 1.1842, approaching the highest level since July 15th, after Fed expect to no rush to taper. Fed Chairman Powell said “substantial further progress is still a ways off. For the technical side, the RSI indicator set 61 figures that gain another higher stage recent, suggesting a bull movement guidance for the short term. For moving average perspective, 15 long SMA indicator moving in a flat with modest momentum in recent and 60 long SMA still moving flat as market choppy in close range. Furthermore, 2 lines have a golden cross that shows a strong signal for upside traction.

As the euro back and forth to test the 1.1804 level in the daily market, it seems finally stand above the 1.1804 level which is a pivotal resistance stage in light of price action. if the price could propel to higher than the next price level would eye on 1.1848~1.188. In contrast, we see the market was stopped by 1.1848 level in day market and still expect 1.1804 is the short run pivot support. If the market reverses to the down way the first support, it would fall into a quagmire between 1.1766 and 1.18040 as tiny volatility.

Resistance: 1.1848, 1.188

Support: 1.1804, 1.1766, 1.17

20210729
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Apple shattered revenue expectations, topping $81 billion for an all-time Q3 and…

Apple shattered revenue expectations, topping $81 billion for an all-time Q3 and growing 36% year-over-year

20210728
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Market Focus

U.S. equities ended a five-day winning streak on Tuesday as mega-cap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports. The tech-heavy Nasdaq (-1.21%, -180.14) posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs. The Hang Seng Index (-4.22%, −1,105.89) sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets. Amid the dismal sentiments, Dow Jones slightly dropped 0.24%, or 85.79.

As Apple’s third-quarter results released and the conference call just ended, we offer you 5 key takeaways from Bloomberg Top Live Blogs:

  • Apple shattered revenue expectations, topping $81 billion for an all-time Q3 and growing 36% year-over-year. The iPhone generated nearly $40 billion, while Services topped $17 billion to a record.
  • Apple said that while Q4 (current quarter) sales will grow strong double digits, the growth rate will slow from Q3. Apple cited Services revenue slowing as one of the main reasons for the slowed overall growth. Services grew 33% in Q3, which won’t happen in Q4, Apple said.
  • Apple also said that the iPhone and iPad are seeing supply constraints in the current quarter, and Apple CEO Tim Cook said that the company is paying too much for freight. He added Apple is taking on the supply chain issues one quarter at a time.
  • Asked about the iPhone, Cook said Apple feels “really good” about the future of the product and that the iPhone 12 Pro and Pro Max saw a particularly strong response in China. Apple said that it also saw strong growth in India, Latin America, and Vietnam.
  • Cook explained that Apple is experiencing shortages, like other companies, of so-called legacy-node semiconductors. That means fewer high-tech chips like power and data converters. He said it’s not so much on ‘leading edge’ which would imply they’re getting enough of the M1 and other processors that Taiwan Semiconductor Manufacturing Co. makes for them.

Main Pairs Movement

The dollar dropped, despite a generalized dismal mood. Global stocks edged lower, while demand for government bonds increased, pushing yields lower. Market players were cautious ahead of the US Federal Reserve decision on monetary policy. The central bank will likely maintain its monetary policy on hold, with the focus on when and how it will start retrieving monetary support.

US data was mixed. Durable Goods Orders were up 0.8% MoM in June, much worse than the 2.1% expected. The core reading, Nondefense Capital Goods Orders ex Aircraft, surged 0.5%, also missing expectations. On a positive note, CB Consumer Confidence improved to 129.1 from an upwardly revised 128.9 in June.

The euro pair reached a weekly high of 1.1840, retreating afterward to close the day at 1.1815. Cable hovers near 1.3870 retaining intraday gains. Commodity-linked currencies were the worst performers, losing grounds despite the weakened greenback. Safe haven yen were sharply appreciated, while CHF gained a little bit.

Gold struggles around $1,800, while crude oil prices eased. WTI settles around $71.90 a barrel, and Brent trades at $74.70.

Technical Analysis

GBPUSD (4-hour Chart)

Pound bulls picking up the recently with the risk-off sentiment on shares market, as of writing hover 0.45% topping to 1.388 level, mostly conquer last highest level around 1.39 psychological spot.

For the technical aspect, the RSI indicator is close to around 66.9 figure which suggests strong-bull guideline extends recently momentum at least for the short term. For the moving average side, 15 long SMA indicator continuing its ascending momentum and 60 long SMA indicator turn sideway traction in the daily market.

As price action, the pound is holding on to a powerful resistance at 1.3896~1.39 around. if the market exceeds immediately resistance, it would head to a higher stage. On the downside, the 1.3475 level is still a defensive line for bid buyers.

Resistance: 1.3896

Support: 1.36, 1.3665, 1.3745

XAUUSD (4- Hour Chart)

Gold is shopping in a tight range on Tuesday market, within a channel after the break into 1800. However, still gained around 0.16% 1799.7 as of writing. In the meantime, the greenback has given back more ground as real U.S. bond yields hit all-time lows, as known as TIPS, supporting the yellow metal. Forthcoming day, the investor is awaiting the outcome of the FOMC meeting. From the technical perspective, the RSI indicator settles at 46 figures as of writing, suggesting slightly bearish movement ahead. For the moving average side, 15 long SMA indicator shows slightly went down and 60 long SMA remained flat.

In light of the aforementioned, we expect the gold market will high probability struggle in a consolidation range. On the downside, we expect 1795 will be powerful support. If the market penetrates the first immediately support, it would move to lower lows which eye on 1765.5 level. On the up way, 1811 around shows price cluster resistance as a first pivotal checkpoint.

Resistance: 1811, 1830.5

Support: 1795, 1765.5

EURUSD (4- Hour Chart)

Eurodollar shed some 20 pips from fresh weekly highs at 1.1842, holding on to modest daily gains. The forex market is awaiting to U.S. Fed’s rate decision looms. On Tuesday, greenback saw its picking up extra pace after U.S. headline Durable Goods Orders expanded at monthly 0.8% and Core one slightly surged 0.3%, both loss previously estimates. For the technical side, the RSI indicator set 57 figures suggesting a bull movement guidance for the short term. For moving average perspective, 15 long SMA indicator moving in a flat with modest momentum in recent and 60 long SMA turn into the north way, 2 lines seem nearly gold cross.

Following the recent suggestion, the euro dollar has stood above the 1.1804 level, a critical resistance level as a price pattern. For now, the most important thing for euro fiber is to defend against current momentum. if the price could propel to higher than the next price level would eye on 1.1848~1.188. In the contrast, we see the market was stopped by 1.1848 level in the day market and still expect 1.1804 is the short run pivot support. If the market reverses to down way the first support, it would fall into a quagmire between 1.1766 and 1.18040 as tiny volatility.

Resistance: 1.1848, 1.188

Support: 1.1804, 1.1766, 1.17

20210728
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