Economic Calendar
There is no more major news for this week, however market volatility may remain high as investors look to flat their positions heading into the weekend.
Important Headlines
OPEC+ is scheduled to meet on 31st March and they may decide to stick with their production plan amid decade-high oil prices and tight supplies. The global economy is very likely to lose 3 million barrels of Russian oil in the near term due to tighter restrictions, while western countries are looking for alternatives such as Iran nuclear deal revival and Venezuelan sanctions being eased
After bouncing off from the bullish trendline, it may retrace to test 106 resistance turned support level. As oil supplies continue to decline while demand recovers, we may see oil continue its bullish advance. First key level to be tested will be the recent highs at the $130 area. If it breaks, it may head to $150 or even $200 as said by some analysts at S&P Global Commodity Insights.
Technical Analysis
XAUUSD
Gold H4
After consolidating for almost 10 days, gold has finally broken out of the range and is heading upwards. However, the momentum is not as strong, and it could be a fakeout. Traders may look for a long opportunity when the price goes back down to retest the upper boundary.
EURUSD
EURUSD H2
EURUSD has been forming a short-term bullish trendline. Traders may look for opportunities to go short at the next resistance of 1.1120, with the bearish trendline as an added confluence and a first target at the previous swing low (1.0800).
USDJPY
USDJPY Daily
After a fierce rally for more than 2 weeks, USDJPY is down 106 pips since the Asian open. That is a relatively big move for a pair like dollar-yen. However, with the differences in currency yields and their respective national monetary stances, USDJPY is poised for a continued advance. Traders may look for a buying opportunity at previous daily low (120.95)
SP500
SPX H4
SP500 has had a positive week so far with 1.41% up as of Thursday's market close. It is slowly approaching 4600 level, after forming a double bottom as highlighted by the blue arc. However, the medium-term outlook for stocks markets remains grim as the Fed continues to increase interest rates, which translates to higher borrowing costs for businesses > higher costs to consumers > which leaves consumers with lesser disposable income. They then make lesser purchases which then negatively impact the business's revenues/ earnings.
USTEC Daily
The technology sector is doing better with a 2.53% gain this week so far with NVIDIA leading at +9.82% followed by Marvell Technology at 6.99%. We may see price retesting 15140 soon, however, upside is still restricted by geopolitical uncertainties and rising rates.
BTCUSD
BTCUSD Daily
Bitcoin is approaching 45000 resistance as we speak. If it breaks through it, we may be looking at 52000. Confluences that added to this slightly bullish sentiment are the higher lows being created, and also Chair Pavel Zavalny said that Bitcoin will be considered as an alternative way to pay for Russia’s energy exports.
