The Fully Loaded Economic Calendar Amid Another Friday Profit-Taking.

By Kenneth@Xtrade - on July 12, 2019

The Fully loaded Economic Calendar Amid Another Friday Profit-Taking.

The Financial calendar, is congested with a deluge of data, most notable reports for the day could be attributed to the following: (IEA Monthly Report, U.S. Baker Hughes Oil Rig Count, various US base Producer Price Index, EU Members countries CPI, Core Price Index and Industrial Production as well as Speeches from Fed members in the midst of an EU Finance Ministers Meeting). However, not exclusively Since China economic data release on Trade Balance, Imports and Exports will likely take its toll on the markets.

Global Stocks:

Global stocks were mixed with perhaps the best ways to analyze them is to have a deep look at them individually as we have been doing frequently. It is of great advantage to be able to understand the effects of the day’s economic data release on the assets of choice. Even if we know the current trend lines may already be priced in. The benefit of this is, it may help in identifying the inconspicuous points of entry or exit.

  • USA30: Was amongst the day’s gainers, extending gains since late Wednesday following Mr. Powell’s rate cut comments. The Dow has officially been wading above the 27,000 thresholds trading up 0.30% at 27,162.0 with the range charted between 27,070.0 -27,178.5. The technical analysis places the likely range between the resistance levels of 27.291.0 and support levels of 27.115.00.

Germany 30: Spotted wallowing sadly in a bearish state. Caught down trending 0.17% at 12,318.5 and ranging between 12,294.0 -12,377.5 Our analysts, plotted the highs at 12.350.00 and the lows at 12.295.00 Although numbers a conflicting. The underlining conclusion here is upsides movements are capped.

  • UK100: Seen struggling to shake off any negative tags. At 0.28% up trading between 7,452.0 -7,480.2 no doubt oil heavy corporations listed on the FTSE 100 are contributing to the gains. With the charts allocating the resistance levels at 7.480.00 & support levels at 7.427.50.
  • Italy 40: Extends gains seen up 0.16% by the time of print 9:50 GMT. Trading between 22,107.00 – 22,177.50 while bouncing of 22,132.50

Commodities:

  • Oil: Supported by recent market dynamics WTI prices have managed to climb to 6- week highs. knee-jerking above the psychological 60bbl threshold. Observed trading up 0.83% at 60.70 between 60.33 -60.74. In case the EIA’s monthly report is favorable, meaning future oil demand is not downplayed and the Baker Hughes Rig count reveals a slowdown in the acquisition on more rigs the technical thresholds may come in handy with the resistance levels at 61.40 and the support levels at 60.20.
  • Gold: Traders may have noticed the precious metal behaving in a peculiar manner. With the USD soft. Investors of Gold were looking for extended gains toward the 1500 ballpark. However, the asset was seen trading sideways between 1,405.40 – 1,414.05 up 0.37% at 1,411.85 and receding. Even the charts agree with a little room to the upside ceiling, set in a range between 1.419.001.405.00

FX Market:  

It Friday profit-taking, However, this time around the USD maybe ending the week on a muted tone.

  • USD/JPY: The pair, has been noticed to be trading bearishly since late Wednesday. Standing at 108.32 Trading between 108.26 -108.61. The Technical analysis shows the could be more downward descent. Between 108.70-108.10
  • EUR/USD: The EUR climbed against the USD and was spotted at 10:00 GMT up 0.11% at 1.1265 between 1.1249-1.1276. The charts provide more room for consideration as follows: Resistance Levels at 1.1290 andSupport Levels at 1.1250
  • GBP/USD: The pair was up 0.14% at 1.2536 ranging between 1.251-1.2555 while the technical denotes the resistance levels at 1.25450 and support levels at 1.25150  

The Cryptocurrencies.

The Weekend is around the corner cryptocurrencies traders I mean the spread betters were a bit tensed Friday morning. Rightfully so, following president Trumps comment on Facebooks token the Libra. Some market enthusiasts find these utterances by Heads of state and Central Banks as panic lash outs. Which strengthen the view of the “HOLD ON FOR DEAR LIFE” Crypto bulls. In the sense, it shows that the world is moving or looking for ways to move away from FIAT currencies while the ESTABLISHMENT is fully unprepared.

With that said the weekend looks a bit cloudy. With trading perhaps confined between 10,970.0 – 11,796.0 the Technical have shifted the goal post slightly to between 12.000.00 & 11.400.00 for the BTC/USD pair

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