Asian stocks are displaying volatility inspired by US airborne threats and the inflation release. (Pivot Orderbook analysis)

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• Asian stocks are displaying volatility inspired by US airborne threats and the inflation release.
• The announcement of Kazuo Ueda as the next BoJ Governor failed to infuse strength into the Japanese equities.
• Oil price has extended its losses below $79.00 as investors have ignored the oil supply cut by Russia.

The pair currently trades last at 27627.97.

The previous day high was 27726.98 while the previous day low was 27443.8. The daily 38.2% Fib levels comes at 27618.81, expected to provide support. Similarly, the daily 61.8% fib level is at 27551.97, expected to provide support.

Markets in the Asian domain are demonstrating immense volatility as rising odds of a surprise upside in the United States inflationary pressures amid an upbeat labor market and a recovery in the prices of used cars have strengthened the risk of a recession in the US. S&P500 futures are showing losses in the Asian SESSION. The 500-US stocks basket has carry-forwarded the weekly losses further amid the risk aversion theme. US airborne threats are escalating and have added to the higher inflation fears.

At the press time, Japan’s Nikkei225 tumbles 1.04%, Hang Seng dropped 0.50%, KOSPI surrendered 0.82%, Nifty50 slipped 0.45%. While ChinaA50 jumped 0.81%.

Chinese equities have witnessed decent gains in the morning as investors have digested the expression of deflation in China’s Consumer Price Index (CPI) report released on Friday. The economy has reported lower price pressures despite the administration and the People’s Bank of China (PBOC) advocating expansionary policy. However, signs are conveying that the demand is still downbeat and the economy will spend sufficient time in achieving pre-pandemic growth.

A consideration of academician Kazuo Ueda as the next Bank of Japan (BoJ) Governor after Haruhiko Kuroda will step down in April, as reported by Nikkei Asian Review, failed to provide strength to the Japanese stocks. For further guidance, investors are keeping an eye on the Gross Domestic Product (GDP), which will release on Tuesday. The economic data is seen expanding by 2.0% on an annual basis and 0.5% on a quarterly front.

On the oil front, the oil price has extended its losses below $79.00 as investors have ignored the announcement of an oil supply cut by Russia. Moscow announced a supply cut by 5% from March in retaliation against the price cap levied by the West to impact its funding for arms and ammunition in its war against Ukraine.

Technical Levels: Supports and Resistances

EURUSD currently trading at 27627.97 at the time of writing. Pair opened at 27627.97 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 27235.13, 50 SMA 26931.43, 100 SMA @ 27180.23 and 200 SMA @ 27251.08.

The previous day high was 27726.98 while the previous day low was 27443.8. The daily 38.2% Fib levels comes at 27618.81, expected to provide support. Similarly, the daily 61.8% fib level is at 27551.97, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 27472.19, 27316.4, 27189.01
• Pivot resistance is noted at 27755.37, 27882.76, 28038.55

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