Daily Market Report - Tuesday, March 29, 2022



The online pet supplier Chewy (NYSE: CHWY) is set to report financial results for the fourth quarter today after the market close. The company is expected to post quarterly earnings of $-0.08 per share and revenues are expected to be $2.42 billion. On Monday, the Chewy shares closed by more than 6%. In the short term, if the bullish momentum continues then the next upside levels to watch $54.00 and $61.80.


Global equities and US futures traded higher on Tuesday in hopes of peace talks between Russia and Ukraine. Ukrainian President Volodymyr Zelensky said he was prepared to discuss adopting a neutral status as part of a peace deal with Russia. A fresh round of peace talks between Russia and Ukraine brokered by Turkey kicked off in Istanbul on Tuesday.


Crude oil futures struggling to find the upside momentum, focus shifts to API inventory data which is set to be released later in the day. During the previous session, the oil prices ended lower after half of Shanghai went into lockdown following the latest Covid-19 outbreak. On the other hand, The United Arab Emirates energy minister doubled down Monday on an oil alliance with Russia, saying that nation, with its 10 million barrels of oil a day.


In the currency market, the British pound remains under pressure following the previous session's selling pressure. The currency pair fell after the comments by Bank of England Governor Andrew Bailey. He said that the rate hikes may not be as aggressive as previously anticipated.


The safe-haven metal plunged to a fresh session low of $1910 on Tuesday amid hopes about a peace deal between Russia and Ukraine. Overall, the momentum remains bearish throughout the European session.

Economic Outlook

On the data front, Australian retail sales posted way above expectations for February. Australia's retail sales increased by 1.8% in February, exceeding market estimates of 1% and after a downwardly revised 1.6% gain a month earlier.

Moving ahead today, the important events to watch:

US – Consumer confidence: GMT – 14.00

US –JOLTS Job openings: GMT – 14.00

Coronavirus update:

Worldwide, more than 480 million people have been confirmed infected and more than 6.11 million have died. The United States has confirmed over 79.8 million cases and has had more than 975,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

For today the first support for the Euro appears to be around 1.0960, in the short-term any break below 1.0960 is the next downside level is to watch 1.0920 and 1.0890. On the flip side, the immediate resistance is around 1.1045 any break and close above this level will open to 1.1100 then 1.1120 minimum.


The important levels to watch for today: Support- 1.0960 and 1.0920 Resistance- 1.1045 and 1.1070.

GOLD: The precious metal trades below $1915. If the bearish momentum continues the next downside level is to watch $1900 and $1895. On the upper side, the immediate resistance is around $1920.

gold neww

The important levels to watch for today: Support- 1908 and 1895 Resistance- 1920 and 1926.

Quote of the day - "In my book, trying to avoid losses is more important than striving for great investment success" - Howard Marks.

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