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DAILY REPORT ON MARCH 19, 2018

A slight gain on Friday was not enough to stop stocks from posting a loss this week, weighed down by fears of a possible trade war and White House turmoil.

The S&P 500 notched a 1.2 percent loss for the week, despite a 0.2 percent gain on Friday. The Dow Jones industrial average also fell 1.5 percent on the week as shares of Boeing dropped 6.8 percent on the trade tensions. The Dow closed 72.85 points higher on Friday at 24,946.51.

The Nasdaq composite closed flat at 7,481.99 amid a 1.4 percent decline in Google-parent Alphabet and a 0.7 percent fall in Amazon shares. The index also fell 1 percent for the week.

Tariffs on steel and aluminum imports are expected to come into effect in this week after Trump signed two declarations last week. While Canada and Mexico are exempt from the deal, investors worry that countries around the world including China may strike back.

The dollar was a fraction firmer against a basket of currencies at 90.303 (DXY), while the euro eased 0.2 percent to $1.2264

Asian share markets traded mixed on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike U.S. interest rates and perhaps signal that as many as three more lies in store for the rest of the year.

Japan’s Nikkei (N225) extended early losses to drop 0.9 percent as exporters were undermined by recent broad-based strength in the yen.

The prospect of higher U.S. interest rates has been a burden for non-yielding gold, which slipped 0.8 percent last week. Early Monday, the metal was down at $1,311.20 per ounce.

Oil prices eased after ending last week with a solid bounce. Brent futures (LCOc1) were down 40 cents at $65.81 a barrel, while U.S. crude (CLc1) futures for April, which expire on Tuesday, dipped 36 cents to $61.98 a barrel.

Bitcoin is currently trading at 8,270, 6.92% higher on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $539.42, 3.88% higher on the Bitfinex exchange on Monday.  Ripple’s XRP token was 8.91% up on the Poloniex exchange, for the day. Litecoin was trading at $154.19, high by 3.81%.

Technicals:

USDNOK

Fig: USDNOK D1 Technical chart

USDNOK is trading in the positive zone on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 41.90. The MACD is below the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy stop at 7.73351, Take profit at 7.73876, Stop loss at 7.73022

EURGBP

Fig: EURGBP D1 Technical charts

EURGBP is trading sideways on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 39.29. The MACD is below the signal line. The negative bias is dominating the market.

Trade suggestion:

Sell stop at 0.88032, Take profit at 0.88000, Stop loss at 0.88060

GBPJPY

Fig: GBPJPY D1 Technical charts

GBPJPY is trading in the negative zone on the daily chart. Currently, the price action is trading above all moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 42.55. The MACD is above the signal line. Negative bias is dominating the market.

Trade suggestion:

Sell limit at 147.190, Take profit at 146.900, Stop loss at 147.250

BITCOIN CASH

Fig: BITCOIN CASH D1Technical chart

BCH/USD is trading sideways just above the lower band of the Bollinger bands on the daily chart. The RSI is nicely placed at 38.83. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is below the signal line. The market is expected to trade in the negative territory.

Trade suggestion:

Sell limit at 927.00, Take profit at 890.00, Stop loss at 945.00

SUGAR

Fig: SUGAR D1 Technical chart

Sugar is trading in the negative zone on the daily charts. The market is trading below all the moving average (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 38.55. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Sell limit at 12.66, Take profit at 12.50, Stop loss at 12.75

COPPER

Fig: COPPER D1 Technical charts

Copper is trading in the positive zone on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day and 100 day). The RSI is at 42.89. The MACD is ready to make a positive crossover above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy stop at 3.0890, Take profit at 3.1030, Stop loss at 3.0765

FTSE 100

Fig: FTSE 100 Technical charts

FTSE 100 is trading sideways on the daily charts. Currently, the market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 47.15. The MACD is below the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy limit at 7066, Take profit at 7100, Stop loss at 7035