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20180314 -

Mar, 14th 07:26

DAILY REPORT ON MARCH 14, 2018

Wall Street’s major indexes fell on Tuesday as uncertainty in Washington stemming from the dismissal of Secretary of State Rex Tillerson dragged down stocks across sectors.

U.S. President Donald Trump fired Tillerson after a series of public rifts over issues including North Korea and Russia. Steve Goldstein, a State Department undersecretary of state for public affairs, was also fired, soon after releasing a statement that Tillerson did not know why he was being pushed out.

The influx of political news overshadowed earlier positive economic news earlier. The markets had opened higher after data showed U.S. consumer price growth slowed in February, an indication that an anticipated pickup in inflation probably will be only gradual.

“Pompeo is known to be a real hawk on trade and foreign policy,” said Jim Awad, senior managing director at Hartland & Co in New York. “There’s nobody to be a check and balance on Trump. It’s been unsettling to the market within the context of what we see now in the economy, which is a favorable backdrop.”

The Dow Jones Industrial Average (DJI) fell 104.61 points, or 0.42 percent, to 25,074, the S&P 500 (SPX) lost 13.7 points, or 0.49 percent, to 2,769.32 and the Nasdaq Composite (IXIC) dropped 62.19 points, or 0.82 percent, to 7,526.13.

Asian shares faltered on Wednesday amid fears of rising U.S. protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and sought to impose hefty tariffs on Chinese imports.

The combination of moves by Trump left investors scurrying for safety as global equities took a knock, the dollar fell and bonds rose.

Japan’s Nikkei dropped 1 percent and South Korea’s Kospi index declined 0.6 percent. China’s SSE Composite index and the blue-chip CSI 300 slipped 0.3 percent each.

In commodities, oil prices inched up after two straight days of losses after data showed a smaller-than-expected build in crude inventories.

 

U.S. crude rose 10 cents to $60.81. Brent ticked up 6 cents to $64.70.

Gold earned 0.02% at $1,320.60 an ounce. Silver lost 0.01% to $16.625 an ounce. Copper prices were 0.64% higher to $3.155 a pound. U.S. cotton is at $83.41, 0.43% higher.

Bitcoin is currently trading at 9,145.1, 2.86% lower on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $691.07, 2.80% lower on the Bitfinex exchange on Tuesday.  Ripple’s XRP token was 1.13% down on the Poloniex exchange, for the day. Litecoin was trading at $174.79, high by 2.98%.

Technicals:

EURUSD

Fig: EURUSD D1 Technical chart

EURUSD is trading in the positive zone 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 56.27. The MACD has made a positive crossover above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 1.24120, and 1.24283, valid until 23:00 GMT March 14, 2018

USDJPY

Fig: USDJPY D1 Technical charts

USDJPY 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 44.99. The MACD is above the signal line. The positive bias is dominating the market.

Trade suggestion:

buy digital Put options between 106.514, and 106.342, valid until 23:00 GMT March 14, 2018

GBPJPY

Fig: GBPJPY D1 Technical charts

GBPJPY is trading in the positive zone on the daily chart. Currently, the price action is trading above the 9 day and the 20 day moving averages but below the 50 day, 100 day and 200 day moving average. The RSI is at 50.85. The MACD is ready to make a positive crossover above the signal line. Positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 148.950, and 149.553, valid until 23:00 GMT March 14, 2018

DASH

Fig: DASH D1Technical chart

DASH/USD is trading in the negative zone and is near the lower band of the Bollinger bands on the daily chart. The RSI is nicely placed at 44.12. 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 negative territory.

Trade suggestion:

Buy digital Put options between 170.300, and 169.850, valid until 23:00 GMT March 14, 2018

NATURAL GAS

Fig: NATURAL GAS D1 Technical chart

Natural Gas 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 47.01. The MACD is above the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 2.748, and 2.720, valid until 23:00 GMT March 14, 2018

SUGAR

Fig: SUGAR D1 Technical charts

Sugar is trading in the negative zone testing the lower band of the Bollinger bands 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 36.68. 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 12.65, and 12.45, valid until 23:00 GMT March 14, 2018

CAC40

Fig: CAC40 Technical charts

CAC40 is trading in the negative zone 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 47.31. 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 5220.0, and 5190.0, valid until 23:00 GMT March 14, 2018