Technical Analysis Report – 10 March 2021

Technical Analysis Report – 10 March 2021

Asia Pacific stocks were mostly up Wednesday morning. The Shanghai composite is up 0.18% at 3,365.20. Overall, the Singapore MSCI down 1.61% at 346.05. Over in Hong Kong, the Hang Seng Index down 0.14% to 28,736. In Japan, the Nikkei 225 down 0.20% at 29,020, while the Topix index is down 0.16% at 1916.5. South Korea’s Kospi down 0.62% to 2957.64. Australia S&P/ASX 200 down 0.84% at 6714.1.

European equities Tuesday closing. The DAX futures contract in Germany traded 0.40% up at 14437.94, CAC 40 futures up 0.37% at 5925.0 and the UK 100 futures contract in the U.K. down 0.53% at 6,695.6.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.10% up at 31832.7, the S&P 500 up 1.42% to 3875.4 and the Nasdaq 100 down 0.24% at 12762.7, NYSE closes at 15375.62 up 0.57%.

In the Forex market, GBPUSD down 0.23% at 1.38547. The USDJPY up 0.37% at 108.881. The USDCHF up 0.27% at 0.93009. EURUSD down 0.21% at 1.18748, EUR/GBP up 0.13% at 0.85704. The USD/CNY up 0.12% at 6.5129, at the time of writing.

In the commodity market U.S Gold futures down 0.14% at $1,713.00. Elsewhere, Silver futures down 0.61% to $25.757 per ounce, Platinum down 0.81% at $1158.51 per ounce, and Palladium up 0.20% to $2,307.00.

Crude Oil down on Wednesday; Brent crude oil down 0.66% to $66.72 barrel while U.S. West Texas Intermediate (CLc1) is down 1.03% at $64.40.

In the Cryptocurrency Markets, BTCUSD at 54060.00 down 1.21%, Ethereum at 1801.65 down 3.80%, Litecoin at 195.45 down 4.19%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

TESLA Inc. up 19.641% at $673.58, ETSY Inc. up 8.688% at $206.79, NVIDIA Corp. up 8.033% to $500.81, DISCOVERY Inc. down 6.305% to $63.01, BIOGEN Inc. down 1.304% to $266.49, WALT DISNEY Co. down 3.665% at $194.51.

Economic news:

US: President Joe Biden’s name will not appear on the memo line of stimulus checks that will be issued to most Americans following passage of his coronavirus aid bill, the White House said on Tuesday.

Then-President Donald Trump had asked that the Internal Revenue Service (IRS) put his name on the first round of stimulus checks issued during the COVID-19 pandemic last year.

White House press secretary Jen Psaki said doing so was not a priority for Biden.

“The president will not appear on the line of the check,” she told reporters. “It will be signed by the career official. This is not about him. This is about the American people getting relief.”

Biden is expected to sign the $1.9 trillion aid bill as soon as this week after the House of Representatives takes up the bill on Wednesday. The chamber, which is controlled by Biden’s fellow Democrats, is expected to approve the bill along party lines.

Eurozone: The European Central Bank stepped up the pace of its emergency bond-buying last week after policy makers issued repeated warnings that a recent rise in yields threatens to derail the region’s economic recovery.

Gross purchases settled under its pandemic emergency program totaled 18.2 billion euros ($21.6 billion) in the week ended March 5, compared with 16.9 billion euros a week a earlier. The ECB also said 6.3 billion euros of debt was redeemed, contributing to the relatively muted pace of net buying reported a day earlier.

Neither set of data reflects orders made Thursday and Friday, as transactions take a couple of days to settle and show up in the central bank’s accounts.

German bonds held near the day’s highs after the report, with 10-year yields falling five basis points to -0.33%. Those in Italy led the region’s gains, narrowing the spread over Germany by three basis points to 101.

Important Data: US Core CPI (MoM) (Feb) today at 8:30 this time estimated 0.2%, previously which was 0.1%. US Crude Oil Inventories today at 10:30 this time estimated 0.816M, previously which was 21.563M. US Federal Budget Balance (Feb) today at 14:00 previously which was -163B. UK RICS House Price Balance (Feb) today at 19:01 previously which was 50%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3848, TAKE PROFIT AT 1.38229 AND STOP LOSS AT 1.38803

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.18663, TAKE PROFIT AT 1.18460 AND STOP LOSS AT 1.18894

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85678, TAKE PROFIT AT 0.85546 AND STOP LOSS AT 0.85772

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 129.227, TAKE PROFIT AT 129.355 AND STOP LOSS AT 129.180

DJ EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3784 TAKE PROFIT AT 3854 AND STOP LOSS AT 3733

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 63.36 TAKE PROFIT AT 63.76 AND STOP LOSS AT 63.11

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1714.20, TAKE PROFIT AT 1701.23 AND STOP AT 1732.50

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1806.40 TAKE PROFIT AT 1838.23 AND STOP AT 1786.14

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