Weekly Global Markets Technical Analysis Report – 13 March 2021

Weekly Global Markets Technical Analysis Report – 13 March 2021

Core CPI (MoM) (Feb), U.S

    WHEN:                                              WHAT IT HAD INFLUENCED:

10th MARCH 2021                                    USD and its subsequent pairs

WHAT HAPPENED: The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

USDCAD is currently in a downtrend further downside will be seen if it breaks the 1.23594 level.    

     GDP (YoY), UK

     WHEN:                                             WHAT IT HAD INFLUENCED:

     12th MARCH 2021                                   GBP and its subsequent pairs

WHAT HAPPENED: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.

GBPJPY is currently in an uptrend channel further upside will be seen if it breaks 152.697 level.

Employment Change (Feb), CANADA

     WHEN:                                             WHAT IT HAD INFLUENCED:

 12th MARCH 2021                                   CAD and its subsequent pairs 

WHAT HAPPENED: Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending.

CADJPY is currently in an upward channel further upside will be seen if it breaks 89.219 level.

Gold falls for the session, but posts a gain for the week

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold futures fell on Friday, pressured by strength in U.S. Treasury bond yields and the dollar, but prices for the precious metal still tallied a gain for the week following three consecutive weekly declines. April gold GCJ21, +0.19% fell $2.80, or 0.2%, to settle at $1,719.80 an ounce, after logging gains in each of the last three consecutive sessions.

Gold is trading in a downward trend; it had taken support from 1676.89 further downsides will be seen if it breaks this level.

Oil futures settle lower, building a loss for the week

WHAT IT HAD INFLUENCED:

WTI CRUDE OIL

WHAT HAPPENED: Oil futures ended lower on Friday, easing back after posting two consecutive sessions of gains. The declines contributed to a weekly loss of around 0.7% for most-active U.S. benchmark futures prices. April West Texas Intermediate crude CLJ21, -0.70% fell 41 cents, or 0.6%, to settle at $65.61 a barrel on Friday.

WTI CRUDE OIL is currently in an uptrend channel. In the coming days, further upside will be seen.

BITCOIN MARKET CAP BREAKS $1 TRILLION AS BTC PRICE SURGES AGAIN

WHAT IT HAD INFLUENCED:

BTCUSD

WHAT HAPPENED: The bitcoin price surged this week, reaching the $58,000 level yesterday for the second time in its history. But, even more remarkable than that price high, was the milestone eclipsed once again in its total market capitalization: $1 trillion.

The bitcoin market cap is the measure of the total value of all of its supply — the USD price of a single bitcoin multiplied by the total number of bitcoins in existence. With 18,651,861 BTC released and each bitcoin priced at more than $57,000 at the time of this writing, per Clark Moody Bitcoin, the total market cap is now more than $1.06 trillion. 

BTCUSD is very volatile it is not respecting any resistance or support from the past few days. Once it became stable its direction will be clear.      

5 KEY EVENTS TO WATCH OUT

     Core Retail Sales (MoM) (Feb), US

 WHEN:                                                                WHAT IT INFLUENCES:

 16th MARCH 2021                                                  USD and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: Core Retail Sales measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy.

A higher-than-expected reading ought to be taken as positive/bullish for the USD, whereas a lower-than-expected reading should be taken as negative/bearish for the USD.

     Foreign Securities Purchases (Jan), CANADA

WHEN:                                                                 WHAT IT INFLUENCES:

16th MARCH 2021                                                 CAD and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: Foreign Securities Purchases measures the overall value of domestic stocks, bonds, and money-market assets purchased by foreign investors.

A higher-than-expected reading ought to be taken as positive/bullish for the CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.

    Trade Balance (Feb), JAPAN

WHEN:                                                                WHAT IT INFLUENCES:

16th MARCH 2021                                             JPY and its subsequent 

                                                                             pairs

WHAT’S HAPPENING: The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported.

A higher-than-expected reading ought to be taken as positive/bullish for the JPY, whereas a lower-than-expected reading should be taken as negative/bearish for the JPY.

CPI (YoY) (Feb), EURO ZONE

WHEN:                                                                WHAT IT INFLUENCES:

17th MARCH 2021                                               EUR and its subsequent 

                                                                             Pairs 

WHAT’S HAPPENING: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.

PPI (MoM) (Feb), GERMANY

WHEN:                                                                 WHAT IT INFLUENCES:

19th MARCH 2021                                              EUR and its subsequent 

                                                                              pairs

WHAT’S HAPPENING: The German Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers.

A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.

EQUITIES IN THE COMING WEEK

1. Momenta (MNTA) to announce its Quarterly Results on 15th March 2021, EPS estimated to -0.5 per share while revenue estimated 6M. 

2. Unite (UTG) to announce its Quarterly Results on 16th March 2021, EPS estimated to 45.10 per share while revenue estimated 3.98B.

3. Nike (NKE) to announce its Quarterly Results on 18th March 2021, EPS estimated to 0.7588 per share while revenue estimated 11.03B.

4. Accenture (ACN) to announce its Quarterly Results on 18th March 2021, EPS estimated to 1.89 per share while revenue estimated 11.79B.

5. FedEx (FDX) to announce its Quarterly Results on 18th March 2021, EPS estimated to 3.41 per share while revenue estimated 19.88B.

TOP COMMODITIES IN THE COMING WEEK

GOLD

GOLD Technical Analysis

Gold is trading in a downward trend; it had taken support from 1676.89 further downsides will be seen if it breaks this level.

SILVER

SILVER Technical Analysis

SILVER is trading in a parallel channel; Further upside will be seen if it breaks the upside resistance of 28.761 and downside if it breaks the support of 23.508. 

WTI CRUDE OIL

WTI CRUDE OIL Technical Analysis

WTI CRUDE OIL is currently in an uptrend channel. In the coming days, further upside will be seen.

TOP CRYPTO IN THE COMING WEEK

ETHEREUM

ETHEREUM Technical Analysis

ETHEREUM was trading in an upward trend. After breakout further downside can be seen.  

LITECOINUSD

LITECOIN USD Technical Analysis

LITECOIN USD is in upward channel after breaking the channel further upside will be seen.

TOP CURRENCY IN THE COMING WEEK

EURUSD 

EURUSD  Technical Analysis

EURUSD had taken support from 1.19151 further upside will be seen if it sustains above this level.

GBPUSD

GBPUSD Technical Analysis

GBPUSD is currently in an up channel, Further upside will be seen in the coming days. 

EURJPY

EURJPY Technical Analysis

EURJPY is currently in a up channel, In the coming days, the further upside will be seen.  

TOP INDEX IN THE COMING WEEK

FTSE 100

FTSE 100 Technical Analysis

FTSE 100 is currently in an uptrend. Further upside will be seen in the coming days. 

HANG SENG

HANG SENG Technical Analysis

HANG SENG is currently in an uptrend. Further upside will be seen in the coming days.

NIKKEI 225

NIKKEI 225 Technical Analysis

NIKKEI 225 is in the up channel; further upside will be seen in the coming days.

DATA WATCH

TimeCurrencyEventForecastPrevious
Sunday, March 14, 2021
18:15  AUDRBA Governor Lowe Speaks  
21:00  CNYFixed Asset Investment (YoY) (Feb)40.00%2.90%
21:00  CNYIndustrial Production (YoY) (Feb)30.00%7.30%
21:00  CNYChinese Industrial Production YTD (YoY) (Feb)2.80%
Monday, March 15, 2021
01:30  INRWPI Inflation (YoY) (Feb)3.20%2.03%
07:30  CADManufacturing Sales (MoM) (Jan)2.50%0.90%
15:00  USDTIC Net Long-Term Transactions (Jan)121.0B
15:00  NZDWestpac Consumer Sentiment106
19:30  AUDHouse Price Index (QoQ) (Q4)2.00%0.80%
19:30  AUDRBA Meeting Minutes  
23:30  JPYIndustrial Production (MoM) (Jan)  4.20%
Tuesday, March 16, 2021
02:45  EURFrench CPI (MoM) (Feb)-0.10%0.20%
02:45  EURFrench HICP (MoM) (Feb)0.30%0.30%
04:00  EURItalian CPI (MoM) (Feb)0.10%0.70%
05:00  EURGerman ZEW Current Conditions (Mar)-62-67.2
05:00  EURGerman ZEW Economic Sentiment (Mar)7471.2
Wednesday, March 17, 2021
04:00  USDIEA Monthly Report  
05:00  EURCore CPI (YoY) (Feb)1.10%1.10%
05:00  EURCPI (MoM) (Feb)0.20%0.20%
05:00  EURCPI (YoY) (Feb)0.90%0.90%
07:30  USDBuilding Permits (MoM) (Feb)10.70%
19:30  AUDFull Employment Change (Feb)59.0K
19:30  AUDUnemployment Rate (Feb)6.30%6.40%
Thursday, March 18, 2021
02:30  CHFPPI (MoM) (Feb)0.30%
05:00  EURSpanish 10-Year Obligacion Auction0.35%
05:00  EURWages in euro zone (YoY) (Q4)2.20%
05:00  EURTrade Balance (Jan)25.3B29.2B
05:30  EURECB LTRO174.5B
21:30  JPYBoJ Interest Rate Decision-0.10%-0.10%
21:30  JPYMonetary Policy Meeting Minutes  
Friday, March 19, 2021
02:00  EURGerman PPI (MoM) (Feb)0.80%1.40%
05:30  RUBInterest Rate Decision (Mar)4.25%4.25%
05:30  RUBInterest Rate Decision4.25%
07:00  RUBCBR Press Conference  
07:30  CADCore Retail Sales (MoM) (Jan)-2.80%-4.10%
07:30  CADRetail Sales (MoM) (Jan)-3.00%-3.40%

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