SUMMARY

  • Traders are ready for NFP in the United States. 243,000 new nonfarm jobs are expected.
  • Apple beat market expectations. The company announced earnings per share of $1.53 versus $1.5 expected and sales of $90.8 billion versus $90.32 billion expected.
  • The Bank of Japan’s intervention on the yen triggered a break in the currency’s uptrend.
  • Coinbase shares closed yesterday up +8.93% after beating the market’s expected financial results.

 

KEY EVENTS:

  • Eurozone unemployment rate
  • US NFP
  • US unemployment rate
  • US services PMI
  • US non-manufacturing PMI

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2300.98
  • Support 2: 2299.22
  • Resistance 1: 2305.47
  • Resistance 2: 2308.2

Fundamental Analysis

  • 243,000 new nonfarm jobs are expected. The previous month’s result was 303,000. In the last 5 months, NFP has exceeded estimates. At the moment, the gold price remains above the USD$2,309 level and it is possible that the metal will lose the USD$2,300 area.
  • Unemployment in the Eurozone is expected to rise to 6.5% annually. One of the main challenges for the ECB is to reduce this indicator.
  • The US unemployment rate is expected to be 3.8%. Economists expect between 2.5% and 3% for this indicator in developed markets.
  • The US services PMI is expected to come in at 50.9, i.e. in the zone of economic expansion.
  • The gold price is below its 200-day moving average. The price is coming out of a resistance zone and the main support to watch is at USD 2.286 per troy ounce.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$177
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 17760.25
  • Support 2: 17749.25
  • Resistance 1: 17783.5
  • Resistance 2: 17795.75

Fundamental Analysis

  • Apple has exceeded market expectations. The company announced earnings per share of $1.53, versus $1.5 expected, and sales of $90.8 billion, versus $90.32 billion expected. This good result generated a positive close for the stock of +2.29%. In post-market trading, the share price rose by 5.94% to 183.46 dollars. Another positive factor was the announcement by the company’s management of a $110 billion share buyback, which would be the largest in U.S. history.
  • The strong results are also sparking optimism in the technology markets in general, including the Hong Kong stock exchange.
  • The cryptocurrency sector, for example, has rebounded. Bitcoin managed to rise by more than 4%.
  • The index is confirming its uptrend, overcoming several resistance levels. The price remains above its 200-day moving average. The volume of purchases continues to increase.

USDJPY

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 152,83
  • Support 2: 152,64
  • Resistance 1: 153,14
  • Resistance 2: 153,26

Fundamental Analysis

  • The Bank of Japan’s intervention on the yen has broken the currency’s uptrend. On the contrary, the bank has generated a deliberate pullback, with the USDJPY currently correcting -0.41% and trading at 153. Yesterday, the currency closed down -0.54%.
  • Analysts and traders are checking trading records, including reports from the Commodity Futures Commission, for confirmation of the BOJ intervention.
  • As USDJPY has corrected nearly 3% in two days, traders are weighing the opportunity to open long positions at the current bearish level, which could represent an opportunity to resume the uptrend. However, the turning point is the 156 zone, described as a warning zone by the Bank of Japan.
  • USDJPY is below the lower Bollinger band, which could generate a technical rebound.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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