Daily Analysis-Report-March-02-2021

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02 March, 2021
Daily Analysis Report

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analysis@tpglobalfx.com
Asian Bulle n: Aussie rises immediately a er RBA’s Monetary Policy Statement, Asian stock markets mixed, gold touches $1,707 mark in early Asia
Key Headlines:
• RBA keeps Official Cash Rate unchanged at 0.10 pct.
• Australia building approvals stands at -19.4 pct vs 12.0 pct previous release.
• Australia current account stands at 14.5B vs 10.7B previous (expected 13.0B).
• RBA keeps policy unchanged for the yield on the 3 - year Australian Government bond.
• RBA - The outlook for the global economy has improved over recent months due to the ongoing rollout of vaccines.
• RBA - The recovery remains dependent on the health situa on and on significant fiscal and monetary support.
• RBA - Infla on remains low and below central bank targets.
• RBA - The Australian dollar remains in the upper end of the range of recent years.
• RBA – The economic recovery has been stronger than was earlier expected and expec ng to con nue further.
• RBA - GDP to grow by 3½ per cent over both 2021 and 2022.
• RBA - The unemployment rate will s ll be around 6 per cent at the end of this year and 5½ per cent at the end of 2022.
• RBA - Infla on is expected to be 1¼ per cent over 2021 and 1½ per cent over 2022.
• RBA - The Bank remains commi ed to the 3 - year yield target and recently purchased bonds to support the target and will con nue to do so as necessary.
• RBA - A further $100 billion will be purchased following the comple on of the ini al program and the Bank is prepared to do more if that is necessary.
• RBA - The Board remains commi ed to maintaining highly suppor ve monetary condi ons un l its goals are achieved.
• RBA - The Board will not increase the cash rate un l actual infla on is sustainably within the 2 to 3 per cent target range.
• New Zealand overseas trade index stands at 1.3 pct vs -4.7 pct previous release.
• Japan unemployment rate remains unchanged at 2.9 pct.
• Japan capital spending stands at -4.8 pct vs -10.6 pct previous release.
Economic Data Ahead:
• (0700 GMT/1230 IST) German retail sales, previous -9.6, expected 0.2.
• (0700 GMT/1230 IST) U.K. na onwide HPI, previous -0.3, expected -0.3.
• (0800 GMT/1330 IST) Spain unemployment change, previous 76.2K, expected 10.5K.
• (0855 GMT/1425 IST) German unemployment change, previous -41K, expected -9K.
• (1000 GMT/1530 IST) Euro CPI flash es mate, previous 0.9, expected 0.9.
• (1000 GMT/1530 IST) Euro Core CPI flash es mate, previous 1.4, expected 1.1.
• (1330 GMT/1900 IST) Canada GDP, previous 0.7, expected 0.1.
Economic Events Ahead:
• (1800 GMT/2330 IST) U.S. FOMC Member Brainard Speaks.
Major FX Pair Trend:
USD: The U.S. dollar index that tracks the greenback against a basket of other currencies inched up 0.14% to 91.17 points.

3. AUD / USD
BUY SELL
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MARCH,
2
021
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
0.7785
R2 S2
0.7799
R3 S3
0.7820
R4
Commentary
S4
0.7866
Buy Above 0.77885
0.78292
0.77391
– Take Profit
– Stop Loss
Trade Idea
Sell Below 0.77241
0.76951
0.77607
– Take Profit
– Stop Loss
Trade Idea
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-
Time Frame: H1
AUD/USD: The Aussie strengthens sharply as RBA stands pat. A day chart with triple EMA
suggests the bullish trend in long run but H1 chart has confirmed bearish trend in short run. A
sustained close above $0.7785 on H1 chart requires for the upside rally. Alternatively, current
downside movement will take the parity back below $0.7692 mark.
0.7692
0.7676
0.7622
0.7599

4. BUY SELL
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Technical Summary H 1
FIBO Levels PIVOT
R1 S1
1.2092
R2 S2
1.2122
R3 S3
1.2167
R4
Commentary
S4
1.2205
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-
Time Frame: H1
EUR/USD: The euro weakens sharply on Tuesday and breaks key support at $1.2020 mark. A day
chart with triple EMA is about to give successful crossover which signifies bearish trend. On the
other side, triple EMA on H1 chart has already confirmed the down trend only. The expected
range for the parity will be $1.1961 to $1.2092 mark. A sustained close of either side on H1 chart
requires to forecast the future path of the parity.
EUR / USD
1.2001
1.1961
1.1938
1.1897
Buy Above 1.20603
1.20871
1.20296
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.20100
1.19886
1.20408
– Take Profit
– Stop Loss
Trade Idea
Trends Down Trend
Moving Average (Period=75) Below MA
RSI (Period=26) Below RSI LEVEL 50
MARCH,
2
021

5. BUY SELL
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Technical Summary
H 1
FIBO Levels PIVOT
R1 S1
1.3954
R2 S2
1.3998
R3 S3
1.4038
R4
Commentary
S4
1.4086
Buy Above 1.39468
1.39834
1.39011
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.38694
1.38152
1.39303
– Take Profit
– Stop Loss
Trade Idea
+1 7754 366 970
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-
Time Frame: H1
GBP/USD: The sterling falls sharply on Tuesday and slips below $1.39 mark. The pair made
intraday high at $1.3932 and low at $1.3866 mark. The H1 chart with triple EMA confirms bearish
trend while a day chart suggests the bullish trend in long run. A sustained close above $1.3954 on
H1 chart requires for the upside rally. On the other hand, consistent close below $1.3815 will test
further supports too.
USD
1.3856
1.3815
1.3787
1.3750
GBP/
Trends Down Trend
Moving Average (Period=75) Below MA
RSI (Period=26) Below RSI LEVEL 50
MARCH,
2
021

6. 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
1.2740
R2 S2
1.2768
R3 S3
1.2800
R4
Commentary
S4
1.2845
Buy Above 1.26974
1.27392
1.26504
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1.26339
1.25956
1.26839
– Take Profit
– Stop Loss
Trade Idea
+1 7754 366 970
analysis@tpglobalfx.com
-
Time Frame: H1
USD/CAD: The Canadian dollar exhibits range bound movement and hovers around immediate
resistance at 1.2684 mark. A day chart with triple EMA still suggests the bearish trend while H1
chart for the short run confirms the uptrend. The expected range for the parity will be 1.2740 to
1.2640 mark. A sustained close of either side on H1 chart requires for the further trend
confirmation. Later today, Canada has scheduled to release GDP data. The outcome of it will
provide future direction of the parity.
USD /CAD
1.2640
1.2610
1.2584
1.2525
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 106.997
107.204
106.702
– Take Profit
– Stop Loss
Trade Idea
Sell Below 106.651
106.436
106.970
– Take Profit
– Stop Loss
Trade Idea
+1 7754 366 970
analysis@tpglobalfx.com
-
Time Frame: H1
USD/JPY: The Japanese yen falls noticeably as capital spending data misses expectations. The
pair made intraday high at 106.92 and low at 106.66 mark. The day as well as H1 chart with triple
EMA suggests bullish trend for the time being. A sustained close above 106.92 on H1 chart
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 Down Trend
Moving Average (Period=75) Below MA
H 1
RSI (Period=26) Below RSI LEVEL 50
FIBO Levels PIVOT
R1 S1
1727
R2 S2
1732
R3 S3
1740
R4
Commentary
S4
1748
Buy Above 1721.16
1726.70
1712.91
– Take Profit
– Stop Loss
Trade Idea
Sell Below 1707.07
1700.76
1714.45
– Take Profit
– Stop Loss
Trade Idea
+1 7754 366 970
analysis@tpglobalfx.com
-
Time Frame: H1
XAU/USD (GOLD): The gold depreciates sharply on strong U.S. dollar and touches $1,707 mark
in opening hours. The pair made intraday high at $1,728 mark and low at $1,707 mark. A day
chart as well as H1 confirms the bearish trend for the time being. A sustained close above $1,727
on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,711 on H1 will
check further supports too. Today’s U.S. session is almost empty and as experienced earlier, in
the absence of key fundamentals, gold may have extreme volatility during U.S. session.
XAU [GOLD]
USD
/
1708
1697
1692
1685
MARCH,
2
021

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