Technical Analysis Report – 09 March 2021

Technical Analysis Report – 09 March 2021

Asian stocks were lower on Tuesday as rising bond yields impacted tech shares and company valuations in China and Korea and investors grappled with their inflation fears as the United States looks set to pass a $1.9 trillion stimulus package. The Shanghai composite is down 0.77% at 3,394.88. Overall, the Singapore MSCI up 1.09% at 351.15. Over in Hong Kong, the Hang Seng Index up 1.02% to 28,765. In Japan, the Nikkei 225 up 1.01% at 29,040, while the Topix index is up 0.86% at 1918.0. South Korea’s Kospi down 0.56% to 2979.45. Australia S&P/ASX 200 up 0.47% at 6771.2.

European equities Monday closing. The DAX futures contract in Germany traded 3.31% up at 14380.91, CAC 40 futures up 2.08% at 5903.0 and the UK 100 futures contract in the U.K. up 1.34% at 6,719.1.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.97% up at 31802.4 the S&P 500 down 0.54% to 3821.1 and the Nasdaq 100 down 2.92% at 12299.1, NYSE closes at 15288.38 up 0.24%.

In the Forex market, GBPUSD up 0.22% at 1.38468. The USDJPY up 0.28% at 109.138. The USDCHF flat at 0.93560. EURUSD up 0.13% at 1.18620, EUR/GBP up 0.02% at 0.85668. The USD/CNY down 0.01% at 6.5228, at the time of writing.

In the commodity market U.S Gold futures up 0.44% at $1,690.58. Elsewhere, Silver futures up 0.86% to $25.337 per ounce, Platinum up 1.17% at $1150.78 per ounce, and Palladium up 0.24% to $2,325.50.

Crude Oil mix on Tuesday; Brent crude oil up 0.71% to $68.42 barrel while U.S. West Texas Intermediate (CLc1) is down 1.09% at $65.07.

In the Cryptocurrency Markets, BTCUSD at 54175.30 up 3.44%, Ethereum at 1838.87 up 0.16%, Litecoin at 200.59 up 4.72%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

WALT DISNEY Co. up 6.274% at $201.91, TERADYNE Inc. down 8.516% at $104.2, MICROCHIP Tech. down 5.975% to $136.75, CISCO SYSTEMS up 2.724% to $47.51, KRAFT HEINZ Co. up 2.166% to $38.67, NVIDIA Corp. down 6.968% at $463.73.

Economic news:

US: With plenty of practice sending out coronavirus relief payments, the U.S. government should be able to start delivering $1,400 checks almost immediately once Congress finalizes a new aid bill and President Joe Biden signs it, tax experts say.

Some Americans might receive direct payments as soon as this week if the House of Representatives, as expected, passes the $1.9 trillion bill on Tuesday, compared with the lag of several weeks experienced in April 2020. Nearly 160 million households are expected to get payments, the White House estimates.

The Treasury Department’s Internal Revenue Service will have new challenges on its hands, though, thanks to the relief bill, which Biden and his fellow Democrats argue is needed to stem the continuing economic fallout from the coronavirus pandemic.

Eurozone: The European Central Bank blamed large bond redemptions for failing to increase the pace of its emergency purchases last week, missing market expectations and adding to doubts about its commitment to supporting a pandemic-stricken, debt-laden economy.

Investors had been waiting for the weekly update to establish whether a divided ECB was prepared to step in and stem a selloff in government bond markets, largely spurred by talk of higher inflation in the United States.

The ECB bought 11.9 billion euros worth of bonds under its Pandemic Emergency Purchase Programme (PEPP) in the five days to March 5, slightly less than in the previous week, the data showed.

Important Data: German Trade Balance (Jan) today at 2:00 this time estimated 16.4B, previously which was 16.1B. EURO ZONE GDP (QoQ) (Q4) today at 5:00 this time estimated -0.6%, previously which was 12.4%. US API Weekly Crude Oil Stock today at 16:30 previously which was 7.356M. AUSTRALIA Building Approvals (MoM) today at 19:30 previously which was -19.4%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.3837, TAKE PROFIT AT 1.38017 AND STOP LOSS AT 1.38615

EURUSD

TRADE SUGGESTION- SELL AT 1.18540, TAKE PROFIT AT 1.18083 AND STOP LOSS AT 1.18891

USDJPY

TRADE SUGGESTION- BUY AT 109.135, TAKE PROFIT AT 109.366 AND STOP LOSS AT 108.768

USDCHF

TRADE SUGGESTION- BUY AT 0.93587, TAKE PROFIT AT 0.93809 AND STOP LOSS AT 0.93222

FTSE 100

TRADE SUGGESTION- BUY AT 6697.8 TAKE PROFIT AT 6752.2 AND STOP LOSS AT 6661.8

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 64.68 TAKE PROFIT AT 65.09 AND STOP LOSS AT 64.40

GOLD

TRADE SUGGESTION- SELL AT 1692.61, TAKE PROFIT AT 1678.72 AND STOP AT 1702.65

BTCUSD

TRADE SUGGESTION- BUY AT 53764.00 TAKE PROFIT AT 55039.96 AND STOP AT 53562.44

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