TECHNICAL ANALYSIS REPORT – 04 MARCH 2021

TECHNICAL ANALYSIS REPORT – 04 MARCH 2021

Asia Pacific stocks were down Thursday morning. The Shanghai composite is down 1.66% at 3,517.96. Overall, the Singapore MSCI up 0.30% at 345.40. Over in Hong Kong, the Hang Seng Index down 2.45% to 28,963. In Japan, the Nikkei 225 down 2.22% at 29,940, while the Topix index is down 1.00% at 1884.0. South Korea’s Kospi down 1.15% to 3047.57. Australia S&P/ASX 200 up 0.84% at 6760.7.

European equities Wednesday closing. The DAX futures contract in Germany traded 0.29% up at 14080.03, CAC 40 futures up 0.35% at 5830.1 and the UK 100 futures contract in the U.K. up 0.93% at 6,675.5.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.39% down at 31270.1 the S&P 500 down 1.31% to 3819.7 and the Nasdaq 100 down 2.88% at 12683.3, NYSE closes at 15199.19 down 0.51%.

In the Forex market, GBPUSD up 0.04% at 1.39550. The USDJPY up 0.08% at 107.097. The USDCHF down 0.05% at 0.91936. EURUSD down 0.04% at 1.20574, EUR/GBP up 0.03% at 0.864. The USD/CNY down 0.01% at 6.4670, at the time of writing.

In the commodity market U.S Gold futures up 0.36% at $1,717.09. Elsewhere, Silver futures up 0.30% to $26.134 per ounce, Platinum up 0.419% at $1168.48 per ounce, and Palladium up 0.30% to $2,361.00.

Crude Oil up on Thursday; Brent crude oil up 1.02% to $64.53 barrel while U.S. West Texas Intermediate (CLc1) is up 2.12% at $62.01.

In the Cryptocurrency Markets, BTCUSD at 49329.23 down 2.07%, Ethereum at 1552.34 down 1.00%, Litecoin at 186.87 down 0.44%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

CARNIVAL Corp. up 3.915% at $28.67, ETSY Inc. down 12.507% at $208.61, DEXCOM Inc. down 5.922% to $368.7, FINSERV Inc. up 0.104% to $115.8, MODERNA Inc. down 10.619% to $131.22, KARFT HEINZ Co. up 1.769% at $37.98.

Economic news:

US: Racial and gender disparities lead to trillions of dollars in lost economic activity and a full recovery from the crisis caused by the pandemic will require structural changes that make it easier for women and minorities to find better paying jobs,

Philadelphia Federal Reserve Bank President Patrick Harker.

Black and Hispanic workers are experiencing unemployment rates that are sometimes twice as high as that of white workers, and women are leaving the workforce at higher rates than men, Harker said in remarks prepared for a virtual event organized by the Philadelphia Fed.

“Even with some hopeful signs as virus cases fall and the economy continues to reopen, I’m concerned that, as the broader economy climbs upward, far too many workers are being left behind,” he said.

Harker cited research from the San Francisco Fed estimating that gender and racial disparities in the labour market amount to about $2.6 trillion in economic losses. He said some workers will need help finding jobs, nodding to a tool recently launched by the Philadelphia Fed that helps workers identify similar, but better paying jobs that typically do not require a college degree.

Eurozone: The European Union promised legal action on Wednesday after the British government unilaterally extended a grace period for checks on food imports to Northern Ireland, a move Brussels said violated terms of Britain’s divorce deal.

Since it left the EU last year, Britain’s relations with the bloc have soured, with both sides accusing the other of acting in bad faith in relation to part of their trade agreement that covers goods movements to Northern Ireland.

The British government extended a grace period for some checks on agricultural and food products imported by retailers to Northern Ireland until Oct. 1 in a move it said was necessary to ensure the free flow of goods to the British region.

In a statement, the European Union expressed “strong concerns” at a move it said amounted to a violation of the substantive provisions of the Northern Ireland Protocol, the most contentious part of Britain’s divorce deal with the EU.

Important Data: UK Construction PMI (Feb) today at 4:30 this time estimated 51.0, previously which was 49.2. US Initial Jobless Claims today at 8:30 this time estimated 750K, previously which was 730K. US Nonfarm Productivity (QoQ) (Q4) today at 8:30 this time estimated -4.7%, previously which was -4.8%. CANADA Labour Productivity (QoQ) (Q4) today at 8:30 previously which was -10.3%. US Fed Chair Powell Speaks today at 12:05.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- BUY AT 1.39465, TAKE PROFIT AT 1.39944 AND STOP LOSS AT 1.38990

EURUSD

TRADE SUGGESTION- SELL AT 1.20525, TAKE PROFIT AT 1.21090 AND STOP LOSS AT 1.20172

EURJPY

TRADE SUGGESTION- BUY AT 129.169, TAKE PROFIT AT 129.318 AND STOP LOSS AT 129.107

GBPJPY

TRADE SUGGESTION- BUY AT 149.527, TAKE PROFIT AT 149.660 AND STOP LOSS AT 149.455

DJ EURO STOXX 50

TRADE SUGGESTION- BUY AT 3683 TAKE PROFIT AT 3700 AND STOP LOSS AT 3672

WTI CRUDE OIL

TRADE SUGGESTION- BULL AT 61.77 TAKE PROFIT AT 62.62 AND STOP LOSS AT 61.21

GOLD

TRADE SUGGESTION- SELL AT 1720.07, TAKE PROFIT AT 1711.77 AND STOP AT 1729.64

BTCUSD

TRADE SUGGESTION- BUY AT 49641.00 TAKE PROFIT AT 51260.23 AND STOP AT 48152.57

About Author