DAILY REPORT - 17th JULY 2020
Dow futures were trading at 26615.50 while Nasdaq 100 and S&P 500 futures inched down to 10,592.75 and 3205.12 respectively, at the time of writing.
On the earnings front, BlackRock Inc and State Street Corp are scheduled to report their quarterly results before the market opens on Friday.
On the economic front, the US will report the Building Permits for June on Friday. Building Permits measures the change in the number of new building permits issued by the government and is a key indicator of demand in the housing market. The previous building permits stood at 1.216M and the market forecasts the building permits to come in at 1.290M..
European equities were trading in positive territory. In the Cash Markets, the CAC 40 was trading at 5090.82 while the DAX inched up 0.30% to 12913.90, at the time of writing.
On the data front, the Eurozone will report CPI (YoY) for June on Friday. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer and is a key indicator to measure changes in purchasing trends and inflation. The consensus estimates CPI to come in at 0.1%.
Asia-Pacific markets were trading in a mixed territory in the cash markets on Friday. The ASX 200 rose 0.38% and was trading at 6033.60. The Shanghai Composite rose 0.13% to 3214.13 and Nikkei 225 inched down 0.32% to 22,696.42, at the time of writing.
On the data front, Japan will report Trade Balance for June on Friday. The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. The Trade Balance is expected to come in at -35.8B.
US Dollar Index futures inched down 0.10% to 96.222 and British Pound futures rose 0.03% to 1.2553, at the time of writing. US Dollar Index futures declined on Friday as traders looked past the resurgence in coronavirus cases around the globe and focused on the likelihood of financial stimulus ahead, easing flows into safe haven currencies.
In the Commodity Markets, Silver declined by 0.55% to 19.645 and Gold inched up 0.03% to 1800.65 at the time of writing. Brent oil prices roseto 43.08 at the time of writing. Oil prices edged lower on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs.
In the Cryptocurrency Markets, Bitcoin declined 0.07% to 9,119.50 and Ethereum inched up 0.22% to 233.33 respectively in the last 24 hours, at the time of writing. In news related to the cryptocurrency markets, recent data from Skew shows that open interest for Bitcoin has been rising on the Bybit crypto trading platform, reaching a new high at $434 million on July 14 for the Tether (USDT) and USD pairs combined. Open interest is the value locked in a derivatives contract like a futures or option contract and it allows investors to gauge money flows into and out of these contracts.
TECHNICAL SUMMARY
EUR/USD
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EUR/USD D1
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TRADE SUGGESTION- BUY AT 1.13845, TAKE PROFIT AT 1.14500 AND STOP AT 1.13404
USD/JPY
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USD/JPY D1
https://www.capitalstreetfx.com/en/w...JPY-min-10.png
TRADE SUGGESTION –SHORT SELL AT 107.098, TAKE PROFIT AT 106.100 AND STOP AT 107.600
EUR/JPY
https://www.capitalstreetfx.com/en/w...RJPY-min-9.png
EUR/JPY D1
https://www.capitalstreetfx.com/en/w...JPY-min-10.png
TRADE SUGGESTION- BUY AT 122.010, TAKE PROFIT AT 123.200 AND STOP AT 121.500
AUD/USD
https://www.capitalstreetfx.com/en/w...DUSD-min-8.png
AUD/USD D1
https://www.capitalstreetfx.com/en/w...DUSD-min-9.png
TRADE SUGGESTION- BUY AT 0.69900, TAKE PROFIT AT 0.70450 AND STOP AT 0.69450
NATURAL GAS
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NATURAL GAS
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TRADE SUGGESTION- SHORT SELL AT 1.701, TAKE PROFIT AT 1.600 AND STOP AT 1.750
GOLD
https://www.capitalstreetfx.com/en/w...Gold-min-4.png
GOLD D1
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TRADE SUGGESTION- BUY AT 1803.05, TAKE PROFIT AT 1820.00 AND STOP AT 1790.00
NASDAQ 100
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NASDAQ 100 D1
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TRADE SUGGESTION- BUY AT 10607.50, TAKE PROFIT AT 10900 AND STOP AT 10400.