Technical Analysis Report – 12 March 2021

Technical Analysis Report – 12 March 2021

Asian shares pushed higher on Friday after U.S. President Joe Biden signed a $1.9 trillion stimulus bill into law, and as a retreat in bond yields overnight eased global concerns about rising inflation. The Shanghai composite is up 0.17% at 3,442.23. Overall, the Singapore MSCI up 0.01% at 350.65. Over in Hong Kong, the Hang Seng Index down 0.30% to 29,190. In Japan, the Nikkei 225 up 0.96% at 29,500, while the Topix index is up 0.26% at 1931.5. South Korea’s Kospi up 1.36% to 3055.06. Australia S&P/ASX 200 up 0.79% at 6766.8.

European equities Thursday closing. The DAX futures contract in Germany traded 0.20% up at 14569.39, CAC 40 futures up 0.72% at 6033.8 and the UK 100 futures contract in the U.K. up 0.17% at 6,737.0.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.58% up at 32485.6, the S&P 500 up 1.04% to 3939.3 and the Nasdaq 100 down 0.17% at 13030.4, NYSE closes at 15648.05 up 0.81%.

In the Forex market, GBPUSD down 0.14% at 1.39728. The USDJPY up 0.24% at 108.750. The USDCHF up 0.36% at 0.92651. EURUSD down 0.17% at 1.19631, EUR/GBP down 0.05% at 0.85613. The USD/CNY down 0.07% at 6.4887, at the time of writing.

In the commodity market U.S Gold futures down 0.29% at $1,717.10. Elsewhere, Silver futures down 0.63% to $25.930 per ounce, Platinum up 0.60% at $1203.09 per ounce, and Palladium down 0.26% to $2,346.00.

Crude Oil mix on Friday; Brent crude oil down 0.23% to $69.39 barrel while U.S. West Texas Intermediate (CLc1) is up 1.35% at $65.52.

In the Cryptocurrency Markets, BTCUSD at 57164.68 down 1.05%, Ethereum at 1809.48 down 0.92%, Litecoin at 209.96 up 4.25%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

ETSY Inc. up 7.24% at $220.84, TWITTER Inc. up 5.599% at $68.46, GENERAL ELECTRIC down 7.396% to $12.27, WESTROCK Co. down 2.504% to $51.39, WORKDAY Inc. up 5.999% to $257.27, ZOOM VIDEO COMMUNICATION up 5.696% at $355.17.

Economic news:

US: The U.S. economy will grow faster than previously thought and reach pre-COVID-19 levels within six months, according to a majority of economists polled by Reuters who however said unemployment would take well over a year to recover.

Optimism was largely driven by the House of Representatives passing President Joe Biden’s $1.9 trillion relief aid in response to the pandemic, which has killed around 530,000 people in the U.S. and left millions out of work.

After shrinking 3.5% last year, the world’s largest economy was forecast to grow 5.7% this year – the highest since polling began for this period over two years ago, according to the March 8-11 survey of over 100 economists.

In response to an additional question, 85% of economists, or 51 of 60, said the economy would reach pre-COVID-19 levels within a year, including more than 60% expecting it within six months

Eurozone: British finance minister Rishi Sunak said on Thursday he did not favour setting a specific target for the level of public debt as a share of economic output, as broader criteria were better suited for future fiscal rules.

“It’s probably right to think more about trajectories of debt levels, building resilience for future shocks and the affordability of that debt,” Sunak told parliament’s Treasury Committee.

Last week Sunak announced a new budget plan which included a further 65 billion pounds ($91 billion) in stimulus to help the economy through what he hopes will be a gradual lifting of coronavirus restrictions between now and the end of June.

Britain’s public debt has leapt to more than 2 trillion pounds as a result of the huge increase in spending and tax cuts ordered by Sunak in response to COVID-19, and it is expected to be above 100% of gross domestic product until at least the mid-2020s

Important Data: UK GDP (MoM) today at 2:00 this time estimated -4.9%, previously which was 1.2%. UK Manufacturing Production (MoM) (Jan) today at 2:00 this time estimated -0.8%, previously which was 0.3%. US PPI (MoM) (Feb) today at 8:30 this time estimated 0.5%, previously which was 1.3%. CANADA Employment Change (Feb) today at 8:30 this time estimated 75K, previously which was -212.8K.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3949, TAKE PROFIT AT 1.39997 AND STOP LOSS AT 1.39220

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.19457, TAKE PROFIT AT 1.19122 AND STOP LOSS AT 1.19639

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 108.829, TAKE PROFIT AT 108.931 AND STOP LOSS AT 108.791

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.92376, TAKE PROFIT AT 0.92178 AND STOP LOSS AT 0.92965

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 29006 TAKE PROFIT AT 28782 AND STOP LOSS AT 29232

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 65.49 TAKE PROFIT AT 66.14 AND STOP LOSS AT 64.98

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1709.11, TAKE PROFIT AT 1686.46 AND STOP AT 1718.03

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 208.80 TAKE PROFIT AT 213.37 AND STOP AT 204.68

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