Daily Analysis-Report-March-03-2021

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03 March, 2021
Daily Analysis Report

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Asian Bulle n: Japanese yen weakens no ceably as BOJ considers new monetary policy strategy to meet infla on target, Asian stock markets extremely up, gold hovers
around $1,730 mark
Key Headlines:
• Australia AIG construc on index stands at 57.4 vs 57.6 previous release.
• New Zealand building consents stands at 2.1 pct vs 5.1 pct previous release.
• New Zealand ANZ commodity prices stand at 3.3 pct vs 4.3 pct previous release.
• U.K. BRC Shop price index stands at -2.4 pct vs -2.2 pct previous release.
• Australia GDP q/q stands at 3.1 pct vs 3.4 pct previous release (expected 2.5).
• China Caixin services PMI stands at 51.5 vs 52.0 previous release (expected 51.6).
• Hong Kong manufacturing PMI stands at 50.2 vs 47.8 previous release.
• U.S. President Biden - The United States will have enough COVID-19 vaccine for every American adult by the end of May.
• The listed shares of the Japanese and Swiss central banks rose sharply this week, without any apparent reason – Reuters.
• BOJ Board Member Goushi Kataoka - The BOJ must lay out a new strategy for hi ng its elusive 2% infla on target at this month’s policy review.
• BoJ Governor Haruhiko Kuroda - Will not lead to an overhaul of its s mulus program.
• Oil dropped no ceably ahead of OPEC+ meet due tomorrow.
• The U.S. Commerce Department on Tuesday issued final an -dumping du es on common alloy aluminum sheet from 18 countries inves gated – Reuters.
• A majority of the U.S. Senate on Tuesday voted to confirm Cecilia Rouse as chair of the White House Council of Economic Advisers, the first Black economist to
serve in the post – Reuters.
• Biden's SEC chair nominee signals more regula on for cryptocurrencies – Reuters.
• U.K. Finance minister Rishi Sunak – Will do “whatever it takes”, including a five-month extension of Britain’s huge jobs rescue plan, to steer the U.K.’s economy.
Economic Data Ahead:
• (0730 GMT/1300 IST) Swiss CPI, previous 0.1, expected 0.4.
• (0815 GMT/1345 IST) Spain Services PMI, previous 41.7, expected 43.1.
• (0845 GMT/1415 IST) Italy Services PMI, previous 44.7, expected 45.8.
• (0850 GMT/1420 IST) France Services PMI, previous 43.6, expected 43.6.
• (0855 GMT/1425 IST) German Services PMI, previous 45.9, expected 45.9.
• (0900 GMT/1430 IST) Euro Services PMI, previous 44.7, expected 44.7.
• (0930 GMT/1500 IST) U.K. Services PMI, previous 49.7, expected 49.7.
• (1000 GMT/1530 IST) Euro PPI, previous 0.8, expected 1.3.
• (1315 GMT/1845 IST) U.S. ADP job data, previous 174K, expected 203K.
• (1330 GMT/1900 IST) Canada building permits, previous -4.1, expected 3.0.
• (1445 GMT/2015 IST) U.S. Services PMI, previous 58.9, expected 58.9.
• (1500 GMT/2030 IST) U.S. ISM Services PMI, previous 58.7, expected 58.7.
Economic Events Ahead:
• Tenta ve – U.K. Annual Budget Balance.
• (1600 GMT/2130 IST) U.K. MPC member Tenreyro Speaks.
• (1800 GMT/2330 IST) U.S. FOMC member Evans Speaks.
Major FX Pair Trend:
USD: The U.S. dollar index that tracks the greenback against a basket of other currencies inched up 0.02% to 90.80 points.

3. AUD / USD
BUY SELL
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MARCH,
2
021
Technical Summary
Trends Up Trend
Moving Average (Period=75) Above MA
H 1
RSI (Period=26) Above RSI LEVEL 50
FIBO Levels PIVOT
R1 S1
0.7853
R2 S2
0.7903
R3 S3
0.7939
R4
Commentary
S4
0.7975
Buy Above 0.78481
0.78888
0.77987
– Take Profit
– Stop Loss
Trade Idea
Sell Below 0.77930
0.77493
0.78379
– Take Profit
– Stop Loss
Trade Idea
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-
Time Frame: H1
AUD/USD: The Aussie rises in early Asia on the back of higher than expected quarterly GDP data.
The volatility was less as compare to the strong reading and parity consolidates around $0.7828
mark. A day chart and H1 chart with triple EMA suggests the bullish trend for the time being. A
sustained close above $0.7853 on H1 chart requires for the upside rally. Alternatively, reversal
from here will take the parity back below $0.7792 mark.
0.7792
0.7728
0.7694
0.7667

4. BUY SELL
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Technical Summary H 1
FIBO Levels PIVOT
R1 S1
1.2092
R2 S2
1.2115
R3 S3
1.2167
R4
Commentary
S4
1.2205
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-
Time Frame: H1
EUR/USD: The euro moves in rigid boundaries on Wednesday and stabilizes around key
resistance at $1.2092 mark. Today triple EMA on a day as well as H1 chart suggests the bullish
trend only. A consistent close above $1.2115 on H1 chart requires for the upside rally.
Alternatively, a sustained close below $1.2065 on H1 will check further supports. From the
fundamental point of view, services PMI data from Euro area will provide further direction to the
parity.
EUR / USD
1.2065
1.2001
1.1961
1.1938
Buy Above 1.21013
1.21281
1.20706
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.20653
1.20354
1.20957
– Take Profit
– Stop Loss
Trade Idea
Trends Up Trend
Moving Average (Period=75) Above MA
RSI (Period=26) Above RSI LEVEL 50
MARCH,
2
021

5. BUY SELL
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Technical Summary
H 1
FIBO Levels PIVOT
R1 S1
1.3974
R2 S2
1.3998
R3 S3
1.4038
R4
Commentary
S4
1.4086
Buy Above 1.39892
1.40217
1.39451
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.39266
1.38724
1.39875
– Take Profit
– Stop Loss
Trade Idea
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-
Time Frame: H1
GBP/USD: The sterling exhibits range bound movements and hovers around $1.3950 mark. The
pair made intraday high at $1.3966 and low at $1.3943 mark. Technical tools in long and short run
suggest the uptrend for the time being. A sustained close above $1.3974 on H1 chart requires for
the upside rally. On the other hand, consistent close below $1.3928 will test further supports too.
USD
1.3928
1.3858
1.3815
1.3787
GBP/
Trends Up Trend
Moving Average (Period=75) Above MA
RSI (Period=26) Above RSI LEVEL 50
MARCH,
2
021

6. BUY SELL
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Technical Summary
Trends Down Trend
Moving Average (Period=75) Below MA
H 1
RSI (Period=26) Below RSI LEVEL 50
FIBO Levels PIVOT
R1 S1
1.2656
R2 S2
1.2692
R3 S3
1.2740
R4
Commentary
S4
1.2776
Buy Above 1.26506
1.26783
1.26217
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.26164
1.25781
1.26536
– Take Profit
– Stop Loss
Trade Idea
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-
Time Frame: H1
USD/CAD: The Canadian dollar trades flat and stabilizes below 1.2650 mark. A day chart and H1
chart with triple EMA confirm the bearish trend. The expected range for the parity will be 1.2656 to
1.2610 mark. A sustained close of either side on H1 chart requires for the further trend
confirmation.
USD /CAD
1.2610
1.2584
1.2555
1.2518
MARCH,
2
021

7. BUY SELL
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Technical Summary
Trends Up Trend
Moving Average (Period=75) Above MA
H 1
RSI (Period=26) Above RSI LEVEL 50
FIBO Levels PIVOT
R1 S1
106.92
R2 S2
107.22
R3 S3
107.54
R4
Commentary
S4
107.98
Buy Above 107.004
107.211
106.709
– Take Profit
– Stop Loss
Trade Idea
Sell Below 106.660
106.421
106.880
– Take Profit
– Stop Loss
Trade Idea
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-
Time Frame: H1
USD/JPY: The Japanese yen continues to trade lower and hovers around key resistance at
106.92 mark. The pair made intraday high at 106.87 and low at 106.67 mark. The day as well as
H1 chart with triple EMA suggests bullish trend for the time being. A sustained close above 106.97
on H1 requires for the upside rally. Alternatively, reversal from here will drag the parity down below
106.50 mark.
USD /JPY
106.53
105.70
105.22
104.92
MARCH,
2
021

8. BUY SELL
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Technical Summary
Trends Up Trend
Moving Average (Period=75) Above MA
H 1
RSI (Period=26) Above RSI LEVEL 50
FIBO Levels PIVOT
R1 S1
1740
R2 S2
1748
R3 S3
1754
R4
Commentary
S4
1762
Buy Above 1741.98
1750.15
1731.06
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1729.89
1723.58
1737.28
– Take Profit
– Stop Loss
Trade Idea
+1 7754 366 970
analysis@tpglobalfx.com
-
Time Frame: H1
XAU/USD (GOLD): The gold trades marginally lower ahead of U.S. ADP job results due at 1315
GMT. Since early Asia, the pair is moving in stiff range from $1,741 to $1,730 mark. Indeed, both
the boundaries itself suggest key hurdles to decide the further direction for the parity. A sustained
close of either side on H1 chart will provide future path only. Currently, triple EMA on H1 and a day
chart signals bearish trend for the time being.
XAU [GOLD]
USD
/
1727
1722
1715
1708
MARCH,
2
021

9. Thank
you!
Info@tpglobalfx.com
www.tpglobalfx.com
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