An Actively Charged Oil Day, With Automatic Data Processing, Earnings & More!

An Actively charged Oil Day, With Automatic Data Processing, Earnings & More!

In anticipation of heavily loaded economic events day. Which includes the highly, sort after US rate decision, The ADP Automatic Data Processing report on the private jobs report to gauge the US employment quotas. EIA crude oil and gasoline inventories as well as the EU GDP and CPI reports.

To further sizzle the tempo of the market, there are about 453 companies releasing their Q2 earnings report for Colgate-Palmolive Co. and more.

Global Stocks:

Global stocks were spotted with some correcting from Tuesday’s lows while others lay in a wait and see posture.

• USA30: Was one of the stocks seen climbing in the early EU open by 10:15 GMT. It was trading up 0.24% at 27,229.0 between 27,187.0 and 27,256.0 further upsides may continue if the feds cut rates and the earnings reports from QUALCOMM may render support, our technical analysts provide thresholds with resistance levels at 27.287.00 and support levels at 27.115.00

• Germany 30: After shedding over 2.0% Tuesday the DAX 30 was seen in correction mode up 0.34% by the time pf print 10:20 GMT at 12,155.8 tradings between 12,103.8 and 12,181.0 a 2^nd resistance is projected at 12,190.5. It is noteworthy to take into account the technical denotation with the resistance levels at 12.460.00 and support levels at 12.295.00

• UK100: Has been amongst the losers. Seen trading down 0.43% at 7,557.3 between 7,546.2 -7,597.5 further downside to the technical support of 7.510.0 and even to 7,495.0 may be possible.

• Italy 40: was seen up trending with most of the EU stocks. Caught at 21,327.50 up 0.19% Trading between 21,269.50-21,362.50 a 2^nd resistance is noted at 21,410.50 and a 3^rd possible technical resistance at 21.630.00.

Commodities:

Our usual selected assets in the commodities arena have been bullish since Tuesday. However, caution is warranted   

• Oil: Tuesday the API reported a drop of over 6 million barrels in stockpiles, this kept WTI oil prices supported. Ahead of the day Oil and gasoline inventories prices were seen extending gains in case the EIA’s report beats market expectation prices may remain hawkish however perhaps contained below the $ 60.00bbl. observed at 58.26 up 0.36% by 10:35GMT. Ranging from the day’s open price at 58.34 heading to possible highs at 58.80. The technical threshold stands between 59.20 lows & 58.40 highs.

• Gold: Remains supported amid unsettling Geopolitics, and the possibility of a Fed rate cut could send the price up, Today, knee jerks are expected. Trading between 1,428.60 -1,433.40. The technical analysis suggests the resistance levels at 1.435.00 & support levels at 1.419.00.

FX Market:  

The Forex market could be said to be restless.

• USD/JPY: Trading vicariously in a range between 108.49 – 108.66 mostly sideways. At the time of print standing at 108.57 down 0.02%

• EUR/USD: Stood at 1.1146, trading between 1.1143-1.1162 down 0.06%

• GBP/USD: After plummeting to almost 2.5years lows. The GBP was seen correcting to the upside especially with the FTSE100 caught in a snare. Seen up 1.2167 up 0.15% between 1.2147 -1.2178

The Cryptocurrencies.

BTC/USD as per Tuesday post in predicting upside movements for this pair. Today they were noted up 4.10% trading between 9,520.0 – 10,030.0.

Most of the other token namely ETH, XRP was indicating bullish undertones

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