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20180312 -

Mar, 12th 07:36

DAILY REPORT ON 12TH MARCH, 2018

The Dow closed back above 25,000 and the Nasdaq ended at a record on Friday as Wall Street appeared to shake off worries about tariffs on steel and aluminum to focus on an unexpectedly strong jobs report.

The U.S. created 313,000 new jobs in February, the biggest gain since mid-2016 and a reflection of the strongest labor market in two decades. The unemployment rate was unchanged at 4.1%. Hourly pay rose 4 cents, or 0.1%, to $26.75 an hour, the government said Friday.

The Dow Jones Industrial Average was 1.77% surged 440.53 points, or 1.8%, to end at 25,335.74 for a weekly gain of 3.3%. This is the first time the blue-chip index closed above 25,000 since Feb. 28.

The S&P 500 index 1.74% climbed 47.60 points, or 1.7%, to close at 2,786.57, ending the week 3.5% higher. Financials, industrials and technology sectors all rallied more than 2%. The Nasdaq Composite Index 1.79% added 132.86 points, or 1.8%, to finish at 7,560.81, up 4.2% for the week.

A relief rally swept across Asian share markets on Monday after the latest U.S. jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally.

South Korea rose 1 percent while Australia’s main index added 0.7 percent, boosted by mining shares on news that Australia could be exempt from new U.S. trade tariffs on steel and aluminum imports. Japan’s Nikkei jumped 1.2 percent, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land.

Brent crude futures rose 7 cents to $65.56 a barrel, after surging almost 3 percent on Friday. U.S. crude futures rose 6 cents to $62.10 a barrel.

Gold was steady on Monday at $1,322.60 an ounce. Silver lost 0.32% to $16.555 an ounce. Copper prices were 0.51% lower to $3.130 a pound. U.S. cotton is at $84.46, 0.01% higher.

Bitcoin is currently trading at 9,556.9, 8.93% higher on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $724.74, 4.42% higher on the Bitfinex exchange on Monday.  Ripple’s XRP token was 1.69% up on the Poloniex exchange, for the day. Litecoin was trading at $186.61, high by 4.16%.

Technicals:

EURGBP

Fig: EURGBP D1 Technical chart

EURGBP is trading sideways on the daily charts. The market is trading above all moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 53.26. The MACD is above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 0.88870, and 0.88965, valid until 23:00 GMT March 12, 2018

USDNOK

Fig: USDNOK D1 Technical charts

USDNOK 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, and 100 day). The RSI is at 42.83. The MACD has made a negative crossover below the signal line. The negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 7.76092, and 7.73849, valid until 23:00 GMT March 12, 2018

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 50 day, 100 day and 200 day). The RSI is at 44.70. The MACD is above the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 147.720, and 147.330, valid until 23:00 GMT March 12, 2018

ETHERIUM

Fig: ETHERIUM D1Technical chart

ETH/USD is trading in the positive zone and is near the lower band of the Bollinger bands on the daily chart. The RSI is nicely placed at 39.27. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is below the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 717.50, and 718.25, valid until 23:00 GMT March 12, 2018

COPPER

Fig: COPPER D1 Technical chart

Copper is trading in the negative zone on the daily charts. The market is trading below all the moving average (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 45.52. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 3.1215, and 3.1145, valid until 23:00 GMT March 12, 2018

COFFEE

Fig: COFFEE D1 Technical charts

Coffee is trading sideways 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 45.29. The MACD is ready to make a negative crossover below the signal line. The market is expected to trade in the negative zone for the day.

Trade suggestion:

Buy digital Put options between 120.00, and 119.50, valid until 23:00 GMT March 12, 2018

S&P 500

Fig: S&P 500 Technical charts

S&P 500 has made higher highs and higher lows and is testing the upper band of the Bollinger bands on the daily charts. Currently, the market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 60.23. The MACD is above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy digital Call options between 2798, and 2820, valid until 23:00 GMT March 12, 2018