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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

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 …

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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Bitcoin surged to near $40,000 as the rumor over Amazon.com Inc.’s involvement…

Bitcoin surged to near $40,000 as the rumor over Amazon.com Inc.’s involvement in the cryptocurrency industry

20210727
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Market Focus

US markets were flat on Monday ahead of quarterly earnings reports from several technology companies. The Dow Jones Industrial Averages climbed 82.76 points. The S&P 500 added 0.24% while the Nasdaq 100 closed with 0.03% higher. Notably, Tesla Inc. was among those companies providing the largest boost to the S&P 500. Tesla extended gains in the post-market after the earning report beat the estimates. Later this week, several heavy-weighted companies including Apple Inc., Amazon. com Inc. and Alphabet Inc. are going to propel the benchmark indices.

Bitcoin surged to near $40,000 as the rumor over Amazon.com Inc.’s involvement in the cryptocurrency industry. The furious up- surge was mostly driven by over-leveraged shorts. The surgeon Monday brought crypto markets back to life after the market has been stuck in the doldrums for months.

China’s new rules in the private tutoring industry have left private education firms confronting a significant impact as the Chinese government steps up regulatory oversight. Under the new regulation, all institutions offering tutoring services will need to be registered as non-profit organizations. With the new rule, it has put at risk billions of dollars of public and private capital plowed into the educational sector. As a result, it triggered a massive sell-off. China’s education industry sub-index dropped as much as 14% on Monday.

Main Pairs Movement

As the greenback started with a soft tone, EURUSD climbed 0.30% on Monday, reaching an intraday high of 1.1816, closing with 1.18020. The cautious move took over the market ahead of the US first-tier economic report later this week.

GBPUSD edged higher, closing with 1.38187. The British Pound benefitted from last week’s reduction in the pandemic cases while the greenback had a softer tone. However, Brexit woes and cautious sentiment ahead of the week are still challenges for the pairs.

The precious metal, gold, retreated below $1800 as the markets embraced the week’s key data and firmer US Treasury bond yields. In the meantime, gold prices would be vulnerable as the markets are going to guess the outcome of the FOMC meeting that will happen later.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling rises to one week fresh high near 1.3835, the highest level since July.16, then slips nearly market close at 1.3818. moreover, highs versus dollar, euro, and yen as well. The DXY index fell by 0.36% as of writing, under 92.60 while U.S. 10 years Treasuries yields moved off lows. In the meantime, the market is expecting risk appetite return as optimistic mood.

For technical aspect, RSI indicator close around 64 figure which suggest bull guideline extend recently momentum and expect the market will head to the higher stage at least short term. For moving average side, 15 long SMA indicator continuing its ascending momentum while 60 long SMA indicator remaining a slight upside but seems flat movement, furthermore the long and short one has a golden cross.

On the south way, If the market fell below the support level, we expect the market will head to 1.3665.

Resistance: 1.3896

Support: 1.36, 1.3665, 1.3745

XAUUSD (4- Hour Chart)

Gold still dismay and struggle to get the upside traction at the start of the week. The gold was headed for the daily close below the psychological level of $1800 at 1797 at end of the day. Forthcoming day, the investor will try to analyze the outcome of the FOMC meeting that kicks off on Tuesday and concludes with the Fed’s chairman press conference. From the technical perspective, the RSI indicator settles at 40.8 figures as of writing, suggesting bearish movement ahead. For the moving average side, 15 long SMA indicator shows the slightly upper way 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 pair hovered around 1.18 level after approaching at 1.1816 the highest peak in the day market. The strong euro-dollar with positive intraday bias amid a weaker US dollar across the broad while US shares market is challenging record high. For the technical side, the RSI indicator set 58 figures suggesting a bull traction guidance for the short term. For moving average perspective, 15 long SMA indicator moving in a flat with modest momentum in recent, but 60 long SMA remaining descending movement.

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 contrast, we expect 1.1804 to become 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

20210727
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