Technical Analysis Report – 29 March 2021

Technical Analysis Report – 29 March 2021

Asian shares up on Monday. The Shanghai composite is up 1.63% at 3,418.32. Overall, the Singapore MSCI up 0.98% at 360.85. Over in Hong Kong, the Hang Seng Index down 0.13% to 28,253. In Japan, the Nikkei 225 up 1.17% at 29,440, while the Topix index is up 1.17% at 1966.0. South Korea’s Kospi up 1.09% to 3041.01. Australia S&P/ASX 200 up 0.49% at 6824.2.

European equities Friday closing. The DAX futures contract in Germany traded 0.87% up at 14748.94, CAC 40 futures up 0.61% at 5988.8 and the UK 100 futures contract in the U.K. up 0.99% at 6,640.6.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 1.39% at 33072.9, the S&P 500 up 1.66% to 3974.5 and the Nasdaq 100 up 1.55% at 12979.1, NYSE closes at 15682.53 up 1.77%.

In the Forex market, GBPUSD up 0.37% at 1.37814. The USDJPY up 0.45% at 109.669. The USDCHF down 0.06% at 0.93889. EURUSD up 0.25% at 1.17930, EUR/GBP down 0.17% at 0.85483. The USD/CNY up 0.05% at 6.5412, at the time of writing.

In the commodity market U.S Gold futures down 0.24% at $1,730.90. Elsewhere, Silver futures up 0.04% to $25.046 per ounce, Platinum up 3.27% at $1184.50 per ounce, and Palladium up 2.51% to $2,675.00.

Crude Oil up on Monday; Brent crude oil up 4.16% to $64.37 barrel while U.S. West Texas Intermediate (CLc1) is up 4.17% at $61.52.

In the Cryptocurrency Markets, BTCUSD at 56203.11 up 0.65%, Ethereum at 1716.18 up 0.15%, Litecoin at 185.83 up 0.91%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

HP Inc. up 5.922% at $31.66, NUCOR Corp. up 8.899% at $79.30, TESLA Inc. down 3.385% at $618.71, COMCAST Corp. down 1.989% at $55.18, MICROCHIP

Tech. up 5.613% at $155.42, MARVELL Tech. up 4.961% at $46.97, OKTA Inc. down 2.371% at $212.45, MODERNA Inc. down 0.038% at $133.28.

Economic news:

US: The United States on Friday blocked Venezuela from proceeding with its dispute over Washington’s sanctions at the World Trade Organization, seizing on the issue to underscore its rejection of Nicolas Maduro as the country’s legitimate president.

Venezuela had planned to request the formation of a WTO panel to rule on whether sanctions the United States imposed in 2018 and 2019 breached global trading rules.

The United States asked for the request to be removed, which Venezuela refused to do, prompting the trade body to suspend a meeting about this and other trade matters at the start, a Geneva-based trade official said.

U.S. Trade Representative spokesman Adam Hodge said the panel request was illegitimate because the Maduro administration did not speak on behalf of the Venezuelan people.

“The United States will reject any effort by Maduro to misuse the WTO to attack U.S. sanctions aimed at restoring human rights and democracy to Venezuela,” he said in a statement.

Eurozone: The European Central Bank must remain a key stabilizer of the euro zone economy as the bloc is at risk of suffering longer-term damage from its pandemic-induced double-dip recession, ECB chief economist Philip Lane said on Saturday.

A sustained period of low activity reduces labour productivity, weakens corporate balance sheets and saps confidence, leading to a potential downward spiral, Lane said in a speech to the Spring workshop of The European House – Ambrosetti.

“There is a clear risk of self-fulfilling adverse dynamics taking hold, through which uncertain economic prospects induce households, firms and governments to hold back on expenditure plans, leading to a decline in overall demand that validates the loss in confidence about the future,” he said.

Hoping to prop up the economy until it is ready to reopen, the ECB has pushed borrowing costs to record lows through copious asset purchases and loans to banks at rates as low as minus 1%.

Important Data: UK Nationwide HPI (MoM) today at 2:00 previously which was 0.7%. EURO ZONE Business Climate (Mar) today at 5:00 previously which was

-0.14. French 12-Month BTF Auction today at 10:00 previously which was

-0.625%. JAPAN Retail Sales (YoY) (Feb) today at 19:50 this time estimated -2.8%, previously which was -2.4%. Jobs/applications ratio (Feb) today at 19:30 this time estimated 1.10, previously which was 1.10.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.37865, TAKE PROFIT AT 1.37486 AND STOP LOSS AT 1.38273

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.17891, TAKE PROFIT AT 1.17502 AND STOP LOSS AT 1.18080

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.85511, TAKE PROFIT AT 0.85310 AND STOP LOSS AT 0.85959

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 129.313, TAKE PROFIT AT 129.121 AND STOP LOSS AT 129.555

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 29376 TAKE PROFIT AT 29613 AND STOP LOSS AT 29150

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 60.70 TAKE PROFIT AT 60.26 AND STOP LOSS AT 61.28

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1732.28, TAKE PROFIT AT 1745.98 AND STOP AT 1719.75

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1715.60 TAKE PROFIT AT 1683.61 AND STOP AT 1757.37

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