Technical Analysis Report, Economic News & Price Chart – 16 May 2022

Technical Analysis Report, Economic News & Price Chart – 16 May 2022

Technical Analysis

GOLDMAN SACHS SHOWS CONCERN ABOUT U.S. GROWTH THIS YEAR

Asia-Pacific stocks were mostly down on Monday morning. The Shanghai Composite is down 0.41% at 3,071.66. Overall, the Singapore MSCI is up 1.77% at 293.55. Over in Hong Kong, the Hang Seng Index is up 0.26% at 19,823. In Japan, the Nikkei 225 is up 0.34% at 26,480.00, while the Topix index is down 0.16% at 1859.00. South Korea’s Kospi is down 0.29% at 2596.58. Australia S&P/ASX 200 up 0.25% at 7093.00.

Top News of the Day:

Goldman Sachs added to concerns about U.S. growth for this year, with the investment bank cutting its forecasts to reflect the shake-out in financial markets amid the Federal Reserve’s tightening of monetary policy.

The bank now expects the economy to grow 2.4% this year and 1.6% in 2023, down from 2.6% and 2.2% previously.

Market Summary as per 13/05/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 2.10% at 14,027.93, CAC 40 futures up 2.52% at 6362.69 and the UK 100 futures contract in the U.K. up 2.55% at 7,418.16.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.47% at 32196.67. The S&P 500 up 2.39% at 4023.90 and the Nasdaq 100 up 3.70% at 12387.40, NYSE closes up 2.19% at 15257.36.

Top Market News Today:

In the Forex market, GBPUSD down 0.33% at 1.2220. The USDJPY down 0.22% at 128.957. The USDCHF up 0.21% at 1.0034. EURUSD up 0.14% at 1.0392, EUR/GBP up 0.11% at 0.8513. The USD/CNY up 0.13% at 6.7954 at the time of writing.

In the Commodity market U.S. Gold futures up 0.10% at $1,824.50. Elsewhere, Silver futures up 0.79% at $20.824 per ounce, Platinum up 0.74% at $952.00 per ounce, and Palladium up 3.31% at $1967.50.

Crude Oil down on Monday; Brent crude oil down 0.93% at $110.15 per barrel while U.S. West Texas Intermediate (CLc1) down 0.64% at $109.38.

In the Cryptocurrency Markets, Bitcoin at 29535.00 down 1.60%, Ethereum down 6.41% at 2005.73, Litecoin at 65.70 down 8.21%, at the time of writing.

Top Market Segment to Watch Out Today:

TWITTER: Elon Musk on Saturday tweeted that Twitter Inc (NYSE:TWTR)’s legal team accused him of violating a nondisclosure agreement by revealing that the sample size for the social media platform’s checks on automated users was 100.

“Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!” tweeted Musk, chief executive of electric car maker Tesla (NASDAQ:TSLA) Inc.

Economic News:

US: The United States and European Union will announce a joint effort to avert a “subsidy race” as they scramble to boost production of scarce semiconductor chips, a senior Biden administration official said.

The move will be unveiled at the second meeting of the U.S.-EU Trade and Technology Council (TTC), taking place on Sunday and Monday in Paris.

The TTC pledged at an inauguration conference last year in Pittsburgh to deepen transatlantic cooperation to strengthen chip supply chains, curb China’s non-market trade practices, and take a more unified approach to regulating big, global technology firms.

“You’ll see us announce… a transatlantic approach to semiconductor investments aimed at ensuring security of supply,” a senior administration official told reporters in a call Friday previewing the meeting.

Eurozone: British employers expect to raise staff pay by 3%, a big increase by normal standards but far below the current rate of inflation, and there are signs of weaker wage momentum ahead, a survey published on Monday showed.

The Chartered Institute of Personnel and Development (CIPD) said recruitment intentions remained strong across all sectors with almost two thirds of respondents in its survey expecting problems in filling vacancies over the next six months.

Over the past six months, 44% of employers responded to the shortage of candidates by increasing pay but only 27% planned to do so in the future, the CIPD said.

With inflation at 7% and on course to hit 10% later this year, the Bank of England is watching pay deals closely to gauge the risk of the recent jump in prices becoming a longer-term problem for the economy.

Top Economic Releases Today:

  1. CANADA Manufacturing Sales (MoM) (Mar) today at 8:30 this time estimated 1.7%, previously which was 4.2%. 
  2. EURO ZONE Trade Balance (Mar) today at 5:00 previously which was -7.6B.
  3. CANADA Wholesale Sales (MoM) (Mar) today at 8:30 this time estimated -0.3%, previously which was -0.4%.
  4. GERMANY WPI (YoY) (Apr) (Mar) today at 2:00 previously which was 22.6%.
  5. U.S. TIC Net Long-Term Transactions (Mar) today at 16:00 this time estimated 105.0B, previously which was 141.7B.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 1.2222, TAKE PROFIT AT 1.2171 AND STOP LOSS AT 1.2373

EURUSD

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 1.0408, TAKE PROFIT AT 1.0392 AND STOP LOSS AT 1.0424

USDJPY

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 129.310, TAKE PROFIT AT 127.710 AND STOP LOSS AT 130.526

USDCHF

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- BUY AT 1.0050, TAKE PROFIT AT 1.0056 AND STOP LOSS AT 0.9991

CAC 40

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 6347.30 TAKE PROFIT AT 6235.40 AND STOP LOSS AT 6418.70

WTI CRUDE OIL

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- BUY AT 109.13 TAKE PROFIT AT 111.06 AND STOP LOSS AT 107.68

GOLD

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 1796.23, TAKE PROFIT AT 1786.06 AND STOP AT 1810.31

ETHEREUM

Technical Analysis of Financial Market
Technical Analysis of Financial Market

TRADE SUGGESTION- SELL AT 2017.54 TAKE PROFIT AT 1942.57 AND STOP AT 2119.96

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