Technical Analysis Report – 11 March 2021

Technical Analysis Report – 11 March 2021

Asian stocks extended their rebound from a two-month low on Thursday after a report on U.S. consumer prices calmed concerns about inflation and lifted the Dow Jones Industrial Average to a record close. The Shanghai composite is up 1.88% at 3,423.28. Overall, the Singapore MSCI up 0.73% at 350.35. Over in Hong Kong, the Hang Seng Index up 1.82% to 29,338. In Japan, the Nikkei 225 up 0.73% at 29,190, while the Topix index is up 0.40% at 1923.5. South Korea’s Kospi up 2.28% to 3025.51. Australia S&P/ASX 200 flat at 6713.9.

European equities Wednesday closing. The DAX futures contract in Germany traded 0.71% up at 14540.25, CAC 40 futures up 1.11% at 5990.6 and the UK 100 futures contract in the U.K. down 0.07% at 6,625.6.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 1.46% up at 32297.0, the S&P 500 up 0.60% to 3898.8 and the Nasdaq 100 down 0.33% at 12752.1, NYSE closes at 15521.83 up 0.95%.

In the Forex market, GBPUSD up 0.11% at 1.39386. The USDJPY up 0.30% at 108.691. The USDCHF up 0.08% at 0.93040. EURUSD down 0.02% at 1.19265, EUR/GBP down 0.03% at 0.85561. The USD/CNY down 0.10% at 6.4986, at the time of writing.

In the commodity market U.S Gold futures up 0.43% at $1,734.05. Elsewhere, Silver futures up 0.47% to $26.309 per ounce, Platinum up 1.30% at $1216.76 per ounce, and Palladium down 0.15% to $2,311.00.

Crude Oil up on Thursday; Brent crude oil up 0.38% to $68.41 barrel while U.S. West Texas Intermediate (CLc1) is up 0.39% at $64.65.

In the Cryptocurrency Markets, BTCUSD at 55368.67 down 0.87%, Ethereum at 1777.21 down 0.91%, Litecoin at 197.45 down 1.45%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

MOSAIC Co. up 7.407% at $33.06, DISCOVERY Inc. up 5.739% at $56.01, GENERAL ELECTRIC down 5.357% to $13.25, TWITTER Inc. down 3.984% to $64.83, WESTERN DIGITAL down 3.967% to $66.58, CARNIVAL Corp. down 3.191% at $26.70.

Economic news:

US: Taiwan central bank governor Yang Chin-long said on Thursday that the United States may label the island a currency manipulator as it has already met Washington’s three main criteria for making such a decision.

Yang, answering lawmaker questions in parliament, added that if this happens it would not be too serious and that there would be no immediate disadvantage for Taiwan and they did not expect to be subject to so-called “Section 301” measures that might lead to tariffs.

Yang said it’s important to communicate with the United States about the reasons for Taiwan’s strong currency, including the U.S. quantitative easing policy and the effects of the China-U.S. trade war, which have boosted exports of Taiwan tech and expanded its trade surplus with the United States.

The Taiwan dollar’s 5.6% gain against the greenback last year was among the strongest in Asia and it has continued to rise this year on the back of booming exports and a rebounding economy, though Yang saw signs for optimism.

Eurozone: The European Central Bank is likely to signal faster money printing on Thursday to keep a lid on borrowing costs but it will stop short of adding firepower to its already aggressive pandemic-fighting package.

Concerned that a steady rise in borrowing costs could derail the bloc’s recovery from a pandemic-fuelled recession, ECB policymakers meeting on Thursday will be keen to calm markets and recommit to rock-bottom rates until well into the recovery.

But converting that commitment into specific policy action will be a delicate balancing act.

The ECB cannot appear to micro-manage bond yields since that would tie its hands in the future and invite accusations it is shielding governments from market forces.

The euro zone’s central bank will also be keen not to overstate the rise in yields, which are still low by most standards, with the German yield curve, the benchmark for the 19-country bloc, still in negative territory up to 20 years.

Important Data: EUROZONE Deposit Facility Rate (Mar) today at 7:45 this time estimated -0.5%, previously which was -0.5%. RUSSIA Central Bank reserves (USD) today at 8:00 previously which was 589.6B. US Initial Jobless Claims today at 8:30 this time estimated 725K, previously which was 745K. AUSTRALIA HIA New Home Sales (MoM) today at 23:00 previously which was -69.4%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3934, TAKE PROFIT AT 1.39812 AND STOP LOSS AT 1.39164

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.19170, TAKE PROFIT AT 1.18892 AND STOP LOSS AT 1.19485

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 151.471, TAKE PROFIT AT 152.214 AND STOP LOSS AT 150.708

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 116.822, TAKE PROFIT AT 116.536 AND STOP LOSS AT 117.099

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 29044 TAKE PROFIT AT 28791 AND STOP LOSS AT 29269

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 64.87 TAKE PROFIT AT 65.43 AND STOP LOSS AT 64.53

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1733.13, TAKE PROFIT AT 1716.45 AND STOP AT 1744.31

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 55464.00 TAKE PROFIT AT 56483.32 AND STOP AT 55025.89

About Author