Technical Analysis Report – 26 March 2021

Technical Analysis Report – 26 March 2021

Asian shares bounced back from a three-month low on Friday. The Shanghai composite is up 1.37% at 3,409.31. Overall, the Singapore MSCI up 0.46% at 357.50. Over in Hong Kong, the Hang Seng Index up 1.15% to 28,176. In Japan, the Nikkei 225 up 1.33% at 29,000, while the Topix index is up 1.21% at 1966.0. South Korea’s Kospi up 0.80% to 3032.45. Australia S&P/ASX 200 up 0.60% at 6831.1.

European equities Thursday closing. The DAX futures contract in Germany traded 0.08% down at 14621.36, CAC 40 futures up 0.09% at 5952.4 and the UK 100 futures contract in the U.K. down 0.57% at 6,674.8.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.62% at 32619.5, the S&P 500 up 0.52% to 3909.5 and the Nasdaq 100 down 0.14% at 12780.5, NYSE closes at 15410.37 up 0.88%.

In the Forex market, GBPUSD up 0.20% at 1.37580. The USDJPY up 0.08% at 109.266. The USDCHF up 0.08% at 0.94017. EURUSD up 0.10% at 1.17751, EUR/GBP down 0.05% at 0.85587. The USD/CNY up 0.07% at 6.5424, at the time of writing.

In the commodity market U.S Gold futures down 0.04% at $1,725.93. Elsewhere, Silver futures up 0.16% to $25.078 per ounce, Platinum up 0.56% at $1153.41 per ounce, and Palladium up 0.79% to $2,630.72.

Crude Oil down on Friday; Brent crude oil down 1.08% to $62.47 barrel while U.S. West Texas Intermediate (CLc1) is down 6.95% at $59.06.

In the Cryptocurrency Markets, BTCUSD at 52477.96 up 2.24%, Ethereum at 1618.39 up 2.03%, Litecoin at 174.99 up 2.03%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

GAP Inc. up 5.007% at $28.73, WESTROCK Co. up 4.937% at $51.86, LENNAR Corp. up 4.744% at $99.14, AMERICAN AIRLINES. up 4.402% at $22.77, MSCI Inc. down 2.825% at $412.05, NIKE Inc. down 3.394% at $128.64, BIOGEN Inc. up 3.116% at $273.97, NETFLIX Inc. down 3.447% at $502.86.

Economic news:

US: The U.S. Senate confirmed the nomination of Wally Adeyemo as deputy secretary of the Treasury on Thursday, making him the first Black American to hold the powerful job.

Treasury Secretary Janet Yellen welcomed the Senate vote, calling Adeyemo “a master of shuttle economic diplomacy” who would help meld U.S. economic and national security interests.

Adeyemo, 39, has struck a hard-line tone on China, vowing to fight what he called Beijing’s “unfair economic practices” and hold China accountable to international rules.

Adeyemo will play a key role in shaping U.S. economic policy on issues ranging from financial regulation to relief for everyday Americans and U.S. sanctions on foreign governments.

A former senior adviser at asset manager BlackRock Inc (NYSE:BLK) and the child of Nigerian immigrants, Adeyemo served as a top national security and economic adviser to Democratic former President Barack Obama and held senior jobs at the Treasury.

Yellen said Adeyemo was also “a tireless advocate for the working class” who helped build the Consumer Financial Protection Bureau after the global financial crisis of 2008-2009.

Eurozone: The European Union’s plan to take on joint debt on a large scale and channel the money to member states worst hit by COVID-19 will create an important tool to overcome the crisis, but it must remain a one-off event, German Chancellor Angela Merkel said on Thursday.

She spoke to the Bundestag lower house of parliament before it voted to approve the legislation for the EU plan. The upper house, or Bundesrat, is expected to pass it on Friday.

“In the debate today, it will be made clear again that the recovery fund is a one-off instrument limited in time and purpose,” Merkel said, adding that it was an “indispensable” tool to help overcome the COVID-19 economic crisis.

Important Data: UK Retail Sales (MoM) (Feb) today at 3:00 this time estimated 2.1%, previously which was -8.2%. UK  German Ifo Business Climate Index (Mar) today at 5:00 this time estimated 93.2, previously which was 92.4. US Federal Budget today previously which was -430.0B. EUROZONE Leaders’ Summit today at 6:00.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.37572, TAKE PROFIT AT 1.37278 AND STOP LOSS AT 1.37733

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.17750, TAKE PROFIT AT 1.17496 AND STOP LOSS AT 1.17953

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 109.229, TAKE PROFIT AT 109.648 AND STOP LOSS AT 108.908

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.93968, TAKE PROFIT AT 0.94267 AND STOP LOSS AT 0.93164

DJ EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3796 TAKE PROFIT AT 3813 AND STOP LOSS AT 3778

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 59.24 TAKE PROFIT AT 58.51 AND STOP LOSS AT 60.27

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1733.21, TAKE PROFIT AT 1716.98 AND STOP AT 1745.15

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 52792 TAKE PROFIT AT 51785.94 AND STOP AT 53707.74

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