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TECHNICAL ANALYSIS REPORT – 24 MARCH 2021
Asia Pacific stocks were mostly down Wednesday morning. The Shanghai Composite is down 1.36% at 3,365.20. Overall, the Singapore MSCI up 0.09% at 352.65. Over in Hong Kong, the Hang Seng Index down 2.24% to 27,842. In Japan, the Nikkei 225 down 1.80% at 28,300, while the Topix index is down 2.04% at 1919.0. South Korea’s Kospi down 0.31% to 2995.55. Australia S&P/ASX 200 up 0.50% at 6778.8.
European equities Tuesday closing. The DAX futures contract in Germany traded 0.03% up at 1465762.02, CAC 40 futures down 0.39% at 5945.3 and the UK 100 futures contract in the U.K. down 0.40% at 6,699.2.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.94% at 32423.2, the S&P 500 down 0.76% to 3910.5 and the Nasdaq 100 down 0.53% at 13017.8, NYSE closes at 15346.52 down 1.32%.
In the Forex market, GBPUSD down 0.24% at 1.37124. The USDJPY down 0.06% at 108.503. The USDCHF up 0.05% at 0.93448. EURUSD down 0.05% at 1.18420, EUR/GBP up 0.31% at 0.86353. The USD/CNY up 0.14% at 6.5254, at the time of writing.
In the commodity market U.S. Gold futures up 0.26% at $1,731.58. Elsewhere, Silver futures up 0.21% to $25.123 per ounce, Platinum up 0.25% at $1169.38 per ounce, and Palladium up 0.10% to $2,604.50.
Crude Oil mix on Wednesday; Brent Crude Oil up 0.96% to $60.98 barrel while U.S. West Texas Intermediate (CLc1) is down 0.94% at $63.16.
In the Cryptocurrency Markets, BTCUSD at 53766.76 down 1.09%, Ethereum at 1662.92 down 0.43%, Litecoin at 190.00 up 2.11%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
NETFLIX Inc. up 2.29% at $535.09, GAP Inc. down 7.715% at $27.87, INTEL Corp. down 3.276% at $63.48, DOW Inc. down 4.346% at $60.75, BOEING Co. down 3.973% at $241.25, GOLDMAN SACHS at 2.228% at $331.77, HONEYWELL Inter. Down 1.669% at $208.59, JP MORGAN Chase down 1.0% at $149.46.
Economic news:
US: The U.S. Treasury said on Tuesday it would issue further guidance on a contested provision in President Joe Biden’s $1.9 trillion coronavirus relief package that prohibits states from using stimulus money to replace revenue lost in tax cuts.
The provision has drawn criticism from 21 Republican state attorneys general, with Ohio’s top lawyer suing the Biden administration last week, arguing that broad language in the American Rescue Plan Act violated the state’s constitutional right to determine its own tax policies.
Treasury Secretary Janet Yellen said in a written response to those concerns: “It is well established that Congress may place such reasonable conditions on how states may use federal funding.”
“Nothing in the act prevents states from enacting a broad variety of tax cuts,” Yellen said, refuting the attorneys general arguments that the stimulus measure denies states the ability to cut taxes in any manner whatsoever.
Eurozone: The City of London may be better off staying out of the EU’s financial services market as it would have to sacrifice autonomy over setting rules to win full access, a report by Britain’s upper house of parliament said on Wednesday.
The European Union has yet to grant Britain direct financial market access after it left the bloc on Dec. 31 and large amounts of trading in stocks and derivatives denominated in euros has shifted to Amsterdam from London.
Brussels will consider whether to grant full access, known as equivalence, once it has agreed a memorandum of understanding with Britain on a new forum for cooperating on financial rules, an agreement that is due by the end of March.
“We agree that broad positive equivalence determinations would best meet the needs of practitioners in both the UK and the EU, but recognize that in many areas the EU is unlikely to grant these without the UK sacrificing more decision-making autonomy than equivalence is worth,” the lawmaker’s report said.
Important Data: UK CPI (YoY) (Feb) today at 3:00 this time estimated 0.8%, previously which was 0.7%. UK Services PMI (Mar) today at 5:30 previously which was 49.5. US Core Durable Goods Orders (MoM) (Feb) today at 8:30 this time estimated 0.6%, previously which was 1.3%. US Crude Oil Inventories today at 10:30 previously which was 2.396M.
TECHNICAL SUMMARY
GBPUSD
TRADE SUGGESTION- SELL AT 1.37065, TAKE PROFIT AT 1.36733 AND STOP LOSS AT 1.37510
EURUSD
TRADE SUGGESTION- SELL AT 1.18390, TAKE PROFIT AT 1.18059 AND STOP LOSS AT 1.18689
EURGBP
TRADE SUGGESTION- BUY AT 0.86324, TAKE PROFIT AT 0.86653 AND STOP LOSS AT 0.86013
EURJPY
TRADE SUGGESTION- SELL AT 128.516, TAKE PROFIT AT 128.232 AND STOP LOSS AT 128.747
FTSE 100
TRADE SUGGESTION- SELL AT 6666.6 TAKE PROFIT AT 6628.8 AND STOP LOSS AT 6698.1
WTI CRUDE OIL
TRADE SUGGESTION- SELL AT 58.33 TAKE PROFIT AT 57.22 AND STOP LOSS AT 59.11
GOLD
TRADE SUGGESTION- SELL AT 1729.74, TAKE PROFIT AT 1723.24 AND STOP AT 1739.21
BTC USD
TRADE SUGGESTION- SELL AT 55424 TAKE PROFIT AT 53707 AND STOP AT 56590
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