Technical Analysis Report – 23 March 2021

Technical Analysis Report – 23 March 2021

Asian stocks reversed earlier gains on Tuesday. The Shanghai composite is down 1.38% at 3,396.06. Overall, the Singapore MSCI down 0.13% at 352.40. Over in Hong Kong, the Hang Seng Index down 1.65% to 28,379. In Japan, the Nikkei 225 down 0.45% at 28,800, while the Topix index is down 0.99% at 1954.5. South Korea’s Kospi down 0.97% to 3006.02. Australia S&P/ASX 200 down 0.11% at 6745.4.

European equities Monday closing. The DAX futures contract in Germany traded 0.25% up at 14657.21, CAC 40 futures down 0.49% at 5968.5 and the UK 100 futures contract in the U.K. up 0.26% at 6,726.1.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.32% at 32731.2, the S&P 500 up 0.70% to 3940.6 and the Nasdaq 100 up 1.71% at 13086.5, NYSE closes at 15551.57 down 0.07%.

In the Forex market, GBPUSD down 0.21% at 1.38332. The USDJPY down 0.10% at 108.729. The USDCHF up 0.16% at 0.92456. EURUSD down 0.05% at 1.19259, EUR/GBP up 0.17% at 0.86206. The USD/CNY up 0.08% at 6.5115, at the time of writing.

In the commodity market U.S Gold futures up 0.01% at $1,738.82. Elsewhere, Silver futures down 0.40% to $25.655 per ounce, Platinum down 0.10% at $1181.39 per ounce, and Palladium down 0.74% to $2,607.00.

Crude Oil mix on Tuesday; Brent crude oil down 0.47% to $63.97 barrel while U.S. West Texas Intermediate (CLc1) is flat at $63.76.

In the Cryptocurrency Markets, BTCUSD at 53574.48 down 0.92%, Ethereum at 1661.66 down 1.19%, Litecoin at 184.13 down 0.87%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

DEXCOM Inc. up 4.408% at $359.82, CARNIVAL Corp. down 5.111% at $27.48, UNITED AIRLINES down 4.566% at $23.83, DISCOVERY Inc. down 3.137% at $68.56, BAIDU Inc. up 3.364% at $266.13, CSX Corp. at 3.316% at $93.78, Finserv Inc. down 0.131% at $121.70, JD.Com Inc. down 0.024% at $84.97.

Economic news:

US: Treasury Secretary Janet Yellen will paint an optimistic picture for the U.S. economy as it emerges from the coronavirus pandemic, telling U.S. lawmakers on Tuesday that she sees both growth and possibly full employment next year – due to President Joe Biden’s coronavirus stimulus package.

Yellen, in written testimony prepared for delivery to the U.S. House of Representatives Financial Services Committee, said that with passage of the $1.9 trillion American Rescue Plan Act, “I am confident that people will reach the other side of this pandemic with the foundations of their lives intact. And I believe they will be met there by a growing economy. In fact, I think we may see a return to full employment next year.”

Yellen said the Treasury, tasked with implementing much of the Biden stimulus plan and distributing the funds, was working to expedite relief to the areas of greatest need, including the smallest of small businesses, which are disproportionately owned by women and people of colour.

Eurozone: Europe is facing a difficult second quarter as coronavirus infections rise and governments reimpose lockdown measures, but the European Central Bank will do its part to keep borrowing costs ultra-low, ECB chief economist Philip Lane said on Tuesday.

Fearing that rising borrowing costs would derail the recovery, the ECB earlier this month promised to ramp up bond purchases to keep yields low. Figures published on Monday showed its buys of mostly government bonds were already up by a half in the week since that decision.

“It’s going to be a long quarter,” Lane told CNBC in an interview, pointing to high and rising COVID-19 infection numbers. “It’s a contest between progress and vaccinations and other medical progress versus the near-term challenge of trying to get this virus under control.”

Important Data: UK Claimant Count Change (Feb) today at 3:00 previously which was -20K. US Current Account (Q4) today at 8:30 this time estimated -189.9B, previously which was -178.5B. US New Home Sales (Feb) today at 10:00 this time estimated 875K, previously which was 923K. JAPAN Services PMI (Mar) today at 19:15 previously which was 46.3.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.38355, TAKE PROFIT AT 1.38028 AND STOP LOSS AT 1.38805

EURUSD

TRADE SUGGESTION- BUY AT 1.19217, TAKE PROFIT AT 1.19473 AND STOP LOSS AT 1.18954

USDJPY

TRADE SUGGESTION- SELL AT 108.706, TAKE PROFIT AT 108.459 AND STOP LOSS AT 108.908

USDCHF

TRADE SUGGESTION- SELL AT 0.92423, TAKE PROFIT AT 0.92188 AND STOP LOSS AT 0.92628

NASDAQ 100

TRADE SUGGESTION- BUY AT 13038.74 TAKE PROFIT AT 13158.21 AND STOP LOSS AT 12941.28

WTI CRUDE OIL

TRADE SUGGESTION- SELL AT 60.57 TAKE PROFIT AT 59.42 AND STOP LOSS AT 61.92

GOLD

TRADE SUGGESTION- SELL AT 1737.37, TAKE PROFIT AT 1724.02 AND STOP AT 1746.56

LITECOIN USD

TRADE SUGGESTION- SELL AT 185.31 TAKE PROFIT AT 179.95 AND STOP AT 190.41

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