Morning Insights 12th March

Simon Alagbe

Analyst

Instrument: DE30

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 14601.1 with take profit at 14632.5

Bearish Preference: Sell position is envisaged if price trades below 14449.1 with take profit at 14415.4

Fundamentals :

No major economic data

Comment: DE30 ended bullish yesterday and traded lower during the Asian session this morning because of the mixed sentiments from the ECB press conference held yesterday. However, currently, DE 30 is trading above the 48 Moving average which is representing a level of dynamic support to the bullish trend but looking at it from H1, the price is currently ranging between a fixed resistance of 14598 and support of 14501.



Instrument: USDJPY

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 109.247 with take profit at 109.401

Bearish Preference: Sell position is envisaged if price trades below 108.809 with take profit at 108.703

Fundamentals :

No major economic data

Comment: The dollar was up on Friday morning in Asia but remained near a one-week low as calmer bond markets boosted investor sentiment and risk appetite overall. Investors cheered as U.S. President Joe Biden signed a $1.9 trillion stimulus package into law, ahead of schedule and a day after the House of Representative gave its final approval on Wednesday. On the data front, Wednesday’s core consumer prices data also eased fears that massive fiscal stimulus and continuous ultra-easy monetary policy could lead to runaway inflation.

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