Daily Market Opportunity - 8 March 2021 | IFCM
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Daily Market Opportunity - 8 March 2021

Happy women's day, first of all, and let's get to business and see what we have today to focus on and symbols that we need to look more closely! Since it is Monday, I recommend you first read our weekly outlook before starting the week. The weekend was accompanied by the good news for stock markets, as Mr. Biden announces that direct checks will be sent by the end of this month, hoping to get his bill approved by the end of this week.

Calendar

Last week ended with positive employment data from the US, increasing U.S. Baker Hughes Oil Rig Count to 310. Over the weekend, Chinese Trade Balance for February at 103.25B, with increasing in import and export data at the same time, supported commodity market as well as commodity currencies. For today, after weaker than expected Japanese trade balance for January, Swiss employment data and German industrial production data will come out. Generally, we have a very light calendar today.

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Intraday Trading:

XAUUSD: Gold covered all its losses from last Thursday and back again under R1 at $1710. Keep the eyes on this level. As fundamental data is supporting less risk in the market and DXY is steady above its PP at 91.90, under 1710 USD, bears have more control in the market than bulls.

USOIL: Fundamental data supports uptrend yet, as both the Chinese trade balance and the US stimulus package support market sentiment. On the other hand, touching both R1 and R2 at $67.10 and $67.95 at the first hours of the Asian season can create the sell expensively and buy deeper intraday trading opportunity. Keep the eyes on $65.45 as PP, which is the key level for the bullish market.

S&P 500: USA500 created a key level at 3,810 at 20 HMA. Positive market sentiment and trading above this level will support more bulls. PP at 3,000 still must be read as trend determination level.

Currency market: As a special opportunity, I cannot say one, since it is just the beginning of the week and we need more configurations on trends. However, for CAD cross currencies, keep the eyes on the WTI trend. The USD crosses will have a negative relationship today with the DXY movement because the calendar is so light, and we do not have a special market mover for today.

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