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20180307 -

Mar, 07th 07:41

DAILY REPORT ON MARCH 7, 2018

Wall Street experienced a volatile day, with the main indexes alternating between gains and losses.

The Dow Jones index finished flat at 24,884 points on Tuesday. The S&P 500 rose 0.3 percent, and the Nasdaq gained 0.6 percent.

Gary Cohn, the top economic adviser to U.S. President Donald Trump and a voice for Wall Street in the White House, said on Tuesday he would resign, a move that came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs.

Trump said last week he would impose import tariffs of 25 percent on steel and 10 percent on aluminum, a move criticized by a number of prominent Republican lawmakers.

Trump’s announcement followed an intense debate within the White House between Cohn and Navarro and their respective allies, said White House officials.

“It looks like Gary Cohn has been completely unsuccessful in trying to stop the steel and aluminum tariffs,” said Monica de Bolle, a senior fellow at the Peterson Institute for International Economics, a think tank.

Cohn’s departure indicated Trump would proceed with the tariffs, de Bolle said.

“The chances of us having a trade war have now increased dramatically. … The economic nationalists now certainly have the upper hand,” she added.

Following the news, the U.S. dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 percent. Prices for U.S. government debt barely budged, with analysts expressing concern about trading on Wednesday.

Asian stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House resigned, fanning fears that President Donald Trump will proceed with tariffs and risk a trade war.

Japan was down 0.3 percent, while Japan’s Nikkei retreated 0.7 percent. Australian stocks fell 1.1 percent, Hong Kong’s Hang Seng slipped 0.4 percent and China’s blue-chip index was flat.

Commodities also fell on worries that trade frictions could slow global growth.

Brent crude futures surrendered the previous day’s gains to drop 0.8 percent to $65.27 per barrel.

Gold was 0.04 percent down at $1,334.60 an ounce. Silver lost 0.38% to $16.725 an ounce. Copper prices were 0.25% higher to $3.148 a pound. U.S. cotton is at $85.68, 0.23% higher.

Bitcoin is currently trading at 10,534.0, 6.98% lower on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $787.16, 7.67% lower on the Bitfinex exchange on Wednesday.  Ripple’s XRP token was 6.27% down on the Poloniex exchange, for the day. Litecoin was trading at $193.28, down by 7.43%.

Technicals:

EURJPY

Fig: EURJPY D1 Technical chart

EURJPY is trading sideways above the 9 day EMA on the daily charts. The market is trading below the 20 day, 50 day, 100 day, and 200 day moving averages. The RSI is at 42.28. The MACD is ready to make a positive crossover above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy stop at 131.237, Take profit at 131.500, and Stop loss at 131.0120

USDCHF

Fig: USDCHF D1 Technical charts

USDCHF is trading in the negative zone on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 47.89. The MACD is above the signal line. The negative bias is dominating the market.

Trade suggestion:

Sell stop at 0.93601, Take profit at 0.93204, Stop loss at 0.93756

GBPJPY

Fig: GBPJPY D1 Technical charts

GBPJPY is trading sideways on the daily chart. Currently, the price action is trading below all the moving averages (9 day, 20 day, the 50 day, 100 day, and 200 day). The RSI is at 40.07. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Sell limit at 146.750, Take profit at 146.445, Stop loss at 147.006

RIPPLE

Fig: RIPPLE D1Technical chart

RIPPLE is trading sideways on the daily chart. The RSI is nicely placed at 42.44. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is ready to make a negative crossover below the signal line. The market is expected to trade in the negative territory.

Trade suggestion:

Sell limit at 0.8940, Take profit at 0.8715, Stop loss at 0.9122

SILVER

Fig: SILVER D1 Technical chart

Silver is trading sideways on the daily charts. The market is trading near the 50 day moving average. The RSI is at 52.06. The MACD is above the signal line. Positive bias is dominating the market.

Trade suggestion:

Buy limit at 16.630, Take profit at 16.679, Stop loss at 16.590

NATURAL GAS

Fig: NATURAL GAS D1 Technical charts

Natural Gas is trading sideways on the daily charts. The market is trading above the 9 day, 20 day EMA but 50 day, 100 day and the 200 day moving averages. The RSI is at 52.35. The MACD is above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy stop at 2.739, Take profit at 2.780, Stop loss at 2.700

FTSE 100

Fig: FTSE 100 Technical charts

FTSE 100 is trading in the negative zone on the daily charts. Currently, the market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 43.37. The MACD is above the signal line. The market is expected to trade in the negative zone for the day.

Trade suggestion:

Sell limit at 7088, Take profit at 7072, Stop loss at 7099