Daily Review for March 17, 2021
Crude oil prices in sideway. The market is waiting for the EIA energy projections. Traders await todays data on US inventories.
Global market opens mixed and is awaiting the FED presentation. Interest rates are expected to remain unchanged. Traders are aware of inflation announcements.
EURUSD is looking for a reversal. Last week the ECB failed to change the currency’s decline. Now, the focus is on the FED.
Nasdaq 100 is looking to climb higher. At the moment, the index is under pressure from investors’ portfolio reallocation.
| CRUDE OIL +0.39% |
| Crude oil prices are in a sideways trend. Today we will have the inventories report from the IEA. The market is expecting an increase of 2.96 million barrels. Meanwhile, crude oil is up 0.39% at the moment and is trading at USD$65.08 per barrel. Today we will also have the US government’s energy outlook. The focus of the analysis is on market demand. At the moment the supply generated by OPEC+ members is under control. Traders are keeping an eye on AstraZeneca’s vaccine investigation. |
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| Support 1: 65.09 Support 2: 65.02 Support 3: 64.90 Resistance 1: 65.28 Resistance 2: 65.40 Resistance 3: 65.47 Pivot Point: 65.21 |
| The price is above the 20-day and 50-day moving average. The Bulls are looking to break the resistance at 66. If they break it, the next level is 67 and 68, which would be the highest level since October 2018. Pivot point at 65.21. |
| DOW JONES +0.08% |
| Important day in the market, as a result of the FED’s economic projections and the interest rate decision. Analysts expect the interest rate to remain unchanged at 0.25%. Meanwhile, the Dow Jones is up 0.08% and is trading at 32,738. The Fear and Greed index is at the level of 56 out of 100 entering the greed zone. |
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| Support 1: 32.695,5 Support 2: 32.675,0 Support 3: 32.653,0 Resistance 1: 32.738,0 Resistance 2: 32.760,0 Resistance 3: 32.780,5 Pivot Point: 32.717,5 |
| The index continues to rally. The price remains above the short and medium term moving average. RSI is near the overbought zone. Bulls continue to target 33,000. Pivot point at 32,717. |
| EURUSD -0,07% |
| Forex traders are looking to mark positions based on today’s FED announcements. Market is aware on inflation comments. A conservative FED is expected in the short term, with no major changes in monetary policy. However, in the medium term it is possible to see interest rate hikes and possible market correction after this fact. |
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| Support 1: 1,1886 Support 2: 1,1880 Support 3: 1,1869 Resistance 1: 1,1903 Resistance 2: 1,1914 Resistance 3: 1,1920 Pivot Point: 1,1897 |
| Bears have failed to break the 1.1840 support, but they continue to look for the right selling momentum. On the other hand, the Bulls are trying to generate volume to push the price towards 1.1950. Pivot point at 1.1897. |
| NASDAQ 100 -0.16% |
| Todays market is on the Fed, interest rates, inflation and bonds. All of these variables would generate volatility in fixed income and equity markets. If Jerome Powell as FED Chairman announces concerns about inflation, the equity market could correct. This includes the technology companies stocks, whom investors started ro reallocate for the last weeks. |
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| Support 1: 13.110,70 Support 2: 13.102,66 Support 3: 13.092,20 Resistance 1: 13.129,20 Resistance 2: 13.139,66 Resistance 3: 13.147,70 Pivot Point: 13.121,16 |
| The next zone to watch is resistance 2 and 3. Long-term resistance is located at 13,500 and 13,900. Support to de aware of at 13.092. If it breaks it, the next support level is 12.859. Pivot point at 13.121. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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