Analytics

News, Trend, & Analytics 05.03.2021

Oil is in the spotlight again

Today the focus is on the Apple investigation in the UK, the US stocks, and the debates in OPEC+.

 

Calendar

13:30 UTC

The US Bureau of Labor Statistics will release its report on the Unemployment Rate for February. Forecasts: 6.3%. If the results are lower than predicted, USD might get a positive push.

Assets to trade: EUR/USD, USD/JPY, USD/AUD


19:00 UTC

Congress will create the US Federal Budget for next year. If the budget is bigger than from the previous year, and depending on how it is allocated, USD might get a positive push.

Assets to trade: EUR/USD, USD/JPY, USD/AUD

 

News

The United Kingdom has launched an investigation over Apple Inc’s alleged uncompetitive behavior. Affects Apple


OPEC+ members debated over whether to raise or continue to suspend oil output. Affects Brent


The US stock index futures are flattening as the weekly jobless claims were less than expected. Affects S&P 500


Billionaire investor Ron Baron’s company sold 1.8 million Tesla shares. Affects Tesla


More than 12 million people in the US might not receive their $1,400 stimulus package. Affects USD

 

Technical Analysis

S&P 500

As the US keeps struggling to return its economy to the pre-pandemic levels. The battles over President Biden’s proposed Stimulus package continue to hold up recovery and foster doubt among investors.

The index shows signs of the emerging Falling Three Methods pattern, indicating bearish tendencies.

Brent

On the chart, we see that the asset has shown a Bullish Engulfing signal, indicating the uptrend might continue in the short-term.

Apple

The asset shows some signs of a possible slow bullish trend as lows have reflected off of the asset’s new support level.

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