03/21 Market report

【Japanese Yen】

The Yen recently depreciated to the Defense Barrier of 125 per dollar. It was a new low in nearly seven years for the USDJPY.

Due to the soaring prices of bulk goods where the cost of imports has increased, more yen was flown out of Japan. This resulted in the deterioration of Japan's current account balance and terms of trade which caused a depreciation of the yen.

In terms of the USDJPY daily technical line, the Alligator shows a golden cross which indicates that the bullish momentum of USDJPY is still there. However, the short-term decline from 125 to 121 made KD a death crossover. The situation of long-short contradictions should continue for a period of time as the indicators cannot be reversed easily.

USDJPY-1

Resistance point 1: 122.500 / Resistance point 2: 123.200 / Resistance point 3: 124.000

Support 1: 120.800 / Support 2: 119.200 / Support 3: 118.500

【EUR】

Last week Russia put an order out that unfriendly countries should only use rubles to buy gas. Several countries in the European Union did not accept such a request, and on Tuesday the Kremlin threatened again that if the EU wanted Russian gas, they will have to pay them in rubles.

Germany still has 25% of its gas reserve capacity, and if Russia suddenly suspends gas, the impact will certainly be very large. Germany's economy ministry has announced an early alert and convened a crisis team to analyze and assess the current supply situation and the actions that may need to be taken.

EURUSD's daily technical line shows an Alligator entanglement but KD golden cross. It is recommended to wait for the pull backs to find good opportunities.

EURUSD-D1

Resistance point 1: 47800 / Resistance point 2: 48200 / Resistance point 3: 48800

Support point 1: 47000 / support point 2: 46200 / support point 3: 45500

【Gold】

After the negotiations between Russia and Ukraine in Turkey, the delegates said that there was considerable progress. This caused the price of gold to fall to $1900 per ounce. However, the Russian representative said today that “the peace talks are not very promising or there is still much to be done.” Gold prices have then begun to rebound.

Gold has recently oscillated between 1900USD and 1950 USD per ounce, and from the perspective of XAUUSD's daily technical line, Alligator has been tangled up in the fierce battle between bulls and bears.

However, KD is already a death crossover, showing that the bear side is still slightly more advantageous. The recent fluctuations in gold have gradually become larger and still in a consolidation pattern. It is recommended to run transactions shorter and not over-hold orders.

XAUUSD-D1

Resistance point 1: 1950.00 / Resistance point 2: 1970.00 / Resistance point 3: 1980.00

Support point 1: .1920.00 / support point 2: 1900.00 / support point 3: 1890.00

【Crude Oil】

U.S. EIA reported a decrease of 3.449 million barrels in crude inventories, which is much more than the expected of a decrease in 2 million barrels.

Domestic crude oil production in the United States increased by 100,000 barrels per day to 11.7 million barrels per day, and crude oil exports decreased by 856,000 barrels per day to 2.988 million barrels per day.

It shows that the demand for crude oil in the United States is still more than the increase in production.

From the perspective of the daily technical line of crude oil, Alligator began to tangle but the KD shows a death cross. The technical line of crude oil contracts each other as it has been trading in a range. Investors are advised to trade in a range strategy.

USOIL-D1

Resistance point 1: 109.500 / Resistance point 2: 111.200 / Resistance point 3: 112.500

Support point 1: 105.800 / support point 2: 104.200 / support point 3: 102.500

OnePro Special Analyst

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