Reuters reported that US President Joe Biden scored his first legislative win as the House of Representatives passed his 1.9 trillion USD coronavirus relief package early Saturday. The American Rescue Plan will pay for vaccines and medical supplies and send a new round of emergency financial aid to households, small businesses and state and local governments.
Warren Buffett’s Berkshire bought back its own stock worth 24.7 Billion USD. The company didn’t find any outside investing opportunities and thereby invested in its own company. That action increased Buffet’s ownership in all of Berkshire’s businesses by 5.2%.
The Week Ahead:
USD
On Friday, the Non-farm payroll (NFP) data will be released. The expected data is 148K. If the actual data is more than 148K, we expect the USD to appreciate.
EUR
On Tuesday, the Consumer Price Index (CPI) will be announced. The expected value is 1.1% and if the actual value is higher, we expect the EUR to appreciate.
AUD
On Tuesday morning the Reserve Bank of Australia (RBA) interest rate decision will be announced. The current interest rate is at 0.1% and surprises are not expected.
DOW JONES
The Dow Jones moved up by around 700 points earlier in the week then reversed. The price closed below the low of the previous week. If the price cannot hold the current 30950 level, chances are high that the Dow Jones could drop further till 29800.
GOLD & SILVER
Gold dropped by around 100 USD last week due to the sudden surge in the US dollar. We are more dovish on next week’s prices. If the price can’t hold the current 1734 level, chances are that the price could drop to1715 and 1687.
Setups for this Week:
EURUSD
Primary View:
The immediate resistance is seen near 1.21812
The immediate support is seen near 1.20297 and 1.19910
The current price seems good for potential sellers
Entry on pullback is also possible by keeping the stoploss above 1.21900
The targets could be 1.20297 and 1.19910
Alternative View:
If the price moves above 1.21850, we may see further upside movement
EURGBP
Primary View:
The immediate resistance is seen near 0.86858
The immediate supports are 0.86175 and 0.85418
The current price seems good for potential sellers
Entry on pullback is also possible by keeping the stoploss above 0.86858
The targets could be 0.86175 and 0.85418
Alternative View:
If the price moves above 0.86858, we may see further upside movement
USDCAD
Primary View:
The immediate resistances are seen near 1.28151 and 1.29555
The immediate support is at 1.25885
The current price seems good for potential buyers
Entry on pullback is also possible by keeping the stoploss below 1.25885
The targets could be 1.28151 and 1.29555
Alternative View:
If the price moves below 1.25885, we may see further downside movement
Mithun Girishan is the founder of MMM (Mithun’s Money Market), a consulting firm providing quality training programs in capital markets. He is an investor, trader, coach and a continuous learner. In addition, Mithun provides consultation and mentorship to many retail investors and company directors across the globe for investments, trading and hedging their wealth in stocks and futures. His passion lies in exploring new avenues in financial markets as well as learning theoretical and practical economics and its application in daily lives. This has exposed him to a wide range of markets spanning from equity, commodity, forex, futures to options.
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House of Representatives Passes $1.9 trillion COVID Relief Plan
Reuters reported that US President Joe Biden scored his first legislative win as the House of Representatives passed his 1.9 trillion USD coronavirus relief package early Saturday. The American Rescue Plan will pay for vaccines and medical supplies and send a new round of emergency financial aid to households, small businesses and state and local governments.
Warren Buffett’s Berkshire bought back its own stock worth 24.7 Billion USD. The company didn’t find any outside investing opportunities and thereby invested in its own company. That action increased Buffet’s ownership in all of Berkshire’s businesses by 5.2%.
The Week Ahead:
USD
On Friday, the Non-farm payroll (NFP) data will be released. The expected data is 148K. If the actual data is more than 148K, we expect the USD to appreciate.
EUR
On Tuesday, the Consumer Price Index (CPI) will be announced. The expected value is 1.1% and if the actual value is higher, we expect the EUR to appreciate.
AUD
On Tuesday morning the Reserve Bank of Australia (RBA) interest rate decision will be announced. The current interest rate is at 0.1% and surprises are not expected.
DOW JONES
The Dow Jones moved up by around 700 points earlier in the week then reversed. The price closed below the low of the previous week. If the price cannot hold the current 30950 level, chances are high that the Dow Jones could drop further till 29800.
GOLD & SILVER
Gold dropped by around 100 USD last week due to the sudden surge in the US dollar. We are more dovish on next week’s prices. If the price can’t hold the current 1734 level, chances are that the price could drop to1715 and 1687.
Setups for this Week:
EURUSD
Primary View:
Alternative View:
EURGBP
Primary View:
Alternative View:
USDCAD
Primary View:
Alternative View:
If the price moves below 1.25885, we may see further downside movement
About Author
Mithun Girishan is the founder of MMM (Mithun’s Money Market), a consulting firm providing quality training programs in capital markets. He is an investor, trader, coach and a continuous learner. In addition, Mithun provides consultation and mentorship to many retail investors and company directors across the globe for investments, trading and hedging their wealth in stocks and futures. His passion lies in exploring new avenues in financial markets as well as learning theoretical and practical economics and its application in daily lives. This has exposed him to a wide range of markets spanning from equity, commodity, forex, futures to options.
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