Technical Analysis Report – 16 March 2021

Technical Analysis Report – 16 March 2021

Asian stocks rose on Tuesday, tracking an advance by Wall Street’s main indexes to record highs, as investors looked to key central bank meetings this week, starting with the U.S. Federal Reserve. The Shanghai composite is up 0.55% at 3,438.59. Overall, the Singapore MSCI down 0.06% at 350.90. Over in Hong Kong, the Hang Seng Index up 0.49% to 28,979. In Japan, the Nikkei 225 up 0.68% at 29,730, while the Topix index is up 0.82% at 1961.0. South Korea’s Kospi up 0.71% to 3068.20. Australia S&P/ASX 200 up 0.80% at 6827.1.

European equities Monday closing. The DAX futures contract in Germany traded 0.28% down at 14461.42, CAC 40 futures down 0.17% at 6036.0 and the UK 100 futures contract in the U.K. down 0.17% at 6,749.7.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.53% up at 32953.5, the S&P 500 up 0.65% to 3968.9 and the Nasdaq 100 up 1.12% at 13082.5, NYSE closes at 15775.50 up 0.38%.

In the Forex market, GBPUSD down 0.18% at 1.38648. The USDJPY up 0.05% at 109.177. The USDCHF down 0.03% at 0.92707. EURUSD up 0.04% at 1.19295, EUR/GBP up 0.35% at 0.86047. The USD/CNY down 0.01% at 6.4977, at the time of writing.

In the commodity market U.S Gold futures up 0.29% at $1,736.10. Elsewhere, Silver futures up 0.10% to $26.234 per ounce, Platinum up 0.68% at $1219.44 per ounce, and Palladium down 0.04% to $2,392.50.

Crude Oil down on Tuesday; Brent crude oil down 0.71% to $68.23 barrel while U.S. West Texas Intermediate (CLc1) is down 0.17% at $65.52.

In the Cryptocurrency Markets, BTCUSD at 54134.40 down 2.72%, Ethereum at 1747.46 down 2.55%, Litecoin at 195.69 down 2.55%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

UNITED AIRLINES up 8.261% at $60.94, AMERICAN AIRLINES up 7.702% at $25.17, GAP Inc. up 4.674% to $32.25, CARNIVAL Corp. up 4.673% to $29.79, EXXON MOBIL Corp. down 2.55% to $60.39, GENERAL MOTORS down 2.228% at $57.94.

Economic news:

US: Former top U.S. economic adviser Gene Sperling will oversee the Biden administration’s implementation of the $1.9 trillion COVID-19 stimulus plan, the White House said on Monday as President Joe Biden readies to promote the recovery effort.

Sperling, who advised Biden’s presidential campaign and served under former Democratic Presidents Barack Obama and Bill Clinton, will work with officials across the administration, White House spokeswoman Jen Psaki told reporters at a briefing.

Biden announced the move at a White House event, calling Sperling a “gifted manager” who would ensure that the massive rescue plan was implemented fastidiously.

Eurozone: British finance minister Rishi Sunak and U.S. Treasury Secretary Janet Yellen spoke on the phone on Monday to discuss a possible new allocation of Special Drawing Rights (SDRs), the UK treasury

Both agreed that a new SDR allocation could form an important part of a package of support for low-income countries and could be vital for securing a truly global recovery, the statement added.

Important Data: French HICP (MoM) (Feb) today at 3:45 this time estimated 0.3%, previously which was 0.3%. German ZEW Economic Sentiment (Mar) today at 6:00 this time estimated 74.0, previously which was 71.2. US Core Retail Sales (MoM) (Feb) today at 8:30 this time estimated -0.1%, previously which was 5.9%. JAPAN Exports (YoY) (Feb) today at 19:50 this time estimated -0.8%, previously which was 6.4%.

TECHNICAL SUMMARY

GBPUSD

GBPUSD Technical Analysis
GBPUSD Technical Analysis

TRADE SUGGESTION- SELL AT 1.3854, TAKE PROFIT AT 1.3824 AND STOP LOSS AT 1.3898

EURUSD

EURUSD Technical Analysis
EURUSD Technical Analysis

TRADE SUGGESTION- SELL AT 1.19266, TAKE PROFIT AT 1.19054 AND STOP LOSS AT 1.19636

EURGBP

EURGBP Technical Analysis
EURGBP Technical Analysis

TRADE SUGGESTION- SELL AT 0.86080, TAKE PROFIT AT 0.85946 AND STOP LOSS AT 0.86203

EURJPY

EURJPY Technical Analysis
EURJPY Technical Analysis

TRADE SUGGESTION- BUY AT 130.145, TAKE PROFIT AT 130.440 AND STOP LOSS AT 129.966

S&P 500

S&P 500 Technical Analysis
S&P 500 Technical Analysis

TRADE SUGGESTION- BUY AT 3969.66 TAKE PROFIT AT 4000 AND STOP LOSS AT 3932.35

WTI CRUDE OIL

WTI CRUDE OIL Technical Analysis
WTI CRUDE OIL Technical Analysis

TRADE SUGGESTION- BUY AT 64.61 TAKE PROFIT AT 65.30 AND STOP LOSS AT 64.31

GOLD

GOLD Technical Analysis
GOLD Technical Analysis

TRADE SUGGESTION- SELL AT 1727.55, TAKE PROFIT AT 1715.82 AND STOP AT 1739.42

BTC USD

BTC USD Technical Analysis
BTC USD Technical Analysis

TRADE SUGGESTION- BUY AT 55090.00 TAKE PROFIT AT 55993.00 AND STOP AT 54466.53

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