SUMMARY

  • Tensions in the Ukrainian war continue to escalate. Spain has identified two Russian warships on the country’s maritime border.
  • Analysts are closely following the FTX case, which shows signs of fraud since the company’s founding.
  • Tokyo’s core CPI is expected to rise to 2.4% from 2.5% previously. As for industrial production, month-on-month growth of +1.4% is expected for the February 2024 report.

 

Key developments:

  • British GDP
  • German retail sales
  • German unemployment rate
  • U.S. GDP
  • U.S. unemployment claims
  • Canadian GDP
  • Tokyo CPI
  • Japan industrial production

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2215,54
  • Support 2: 2215,27
  • Resistance 1: 2215,94
  • Resistance 2: 2216,07

Fundamental Analysis

  • Tensions in the Ukrainian war continue to escalate. Spain has identified two Russian warships on the country’s maritime border.
  • Gold prices finished 1.70% higher yesterday as traders took long positions in anticipation of US inflation and GDP reports. Gold is currently correcting -0.04% and is trading at $2,211 per troy ounce.
  • UK GDP will be released today and is expected to be -0.2% yoy.
  • The German unemployment rate will come in at 5.9%.
  • U.S. GDP is expected to increase 3.2%. The University of Michigan’s inflation forecast is 3%.
  • Tokyo’s core CPI is forecast at 2.4%, while Japanese industrial production will increase by 1.4%.

NASDAQ 100

Specifications

  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$183
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 18.495
  • Support 2: 18.486
  • Resistance 1: 18.520
  • Resistance 2: 18.535

Fundamental Analysis

  • Analysts are closely following the FTX affair, which shows signs of fraud since the company’s founding.
  • Waller, one of the Fed’s delegates, said they are in no hurry to cut interest rates. He also said that the main driver was 2% inflation.
  • According to Amazon, Japan is not meeting business needs for clean energy.
  • The U.S. is beginning to experience supply chain problems after the Baltimore bridge collapse.
  • Wall Street rebounded after yesterday’s correction in stock indexes. The Nasdaq 100 gained 0.51%. At the moment, the index is correcting -0.13% and trades at 18,479 points.
  • The price is crossing the 40-day moving average line to the downside. The index is trading in the middle of the range between 18,567 and 18,399 points.

USDJPY

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 151,24
  • Support 2: 151,19
  • Resistance 1: 151,36
  • Resistance 2: 151,43

Fundamental Analysis

  • Tokyo’s core CPI is expected to rise to 2.4% from 2.5% previously. As for industrial production, growth of +1.4% m-o-m is expected for the February 2024 report. USDJPY is steady at 151.33.
  • According to analysts at Scotiabank, USDJPY could correct towards 140 on possible monetary easing by the Fed. As a result, the currency has continued to move sideways since March 22, 2014. The volume of long positions continues to decline.
  • Yesterday, the currency price reached the target level of 152. However, when the target was reached, short positions started to increase, generating selling momentum towards the current support level.
  • USDJPY is slightly below the 40-day moving average. The current range is between 151.03 and 151.74.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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