Technical Analysis Report, Economic News & Price Chart – 23 May 2022

Technical Analysis Report, Economic News & Price Chart – 23 May 2022

Technical Analysis of Financial Markets

After an 8-week Decline, Dow Futures are Up

Asia-Pacific stocks were mostly down on Monday morning. The Shanghai Composite is down 0.09% at 3,143.60. Overall, the Singapore MSCI is down 0.25% at 299.75. Over in Hong Kong, the Hang Seng Index is down 0.97% at 20,413. In Japan, the Nikkei 225 is up 0.93% at 27,020.00, while the Topix index is up 0.82% at 1896.00. South Korea’s Kospi is up 0.31% at 2647.38. Australia S&P/ASX 200 up 0.05% at 7148.90.

Top News of the Day:

U.S. stock futures moved higher in Sunday’s evening deals after major benchmark indices finished the week lower amid a broad market sell-off as stubbornly high inflation and tightening central bank policies soured risk appetite.

Investors are looking toward major retail companies as corporate earnings continue this week. Reporting companies include Costco Wholesale Corp (NASDAQ:COST), Macy’s Inc (NYSE:M), Nordstrom Inc (NYSE:JWN), Best Buy Co Inc (NYSE:BBY),  Zoom Video Communications Inc (NASDAQ:ZM) and NVIDIA Corporation (NASDAQ:NVDA).

Market Summary as per 20/05/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 0.72% at 13,981.91, CAC 40 futures up 0.20% at 6285.25 and the UK 100 futures contract in the U.K. up 1.19% at 7,389.99.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.03% at 31261.91. The S&P 500 up 0.01% at 3901.35 and the Nasdaq 100 down 0.34% at 11835.62, NYSE closes up 0.30% at 15080.97.

Top Market News Today:

In the Forex market, GBPUSD up 0.61% at 1.2568. The USDJPY down 0.11% at 127.751. The USDCHF down 0.19% at 0.9725. EURUSD up 0.40% at 1.0602, EUR/GBP down 0.16% at 0.8436. The USD/CNY down 0.51% at 6.6583 at the time of writing.

In the Commodity market U.S. Gold futures up 0.43% at $1,853.74. Elsewhere, Silver futures up 0.96% at $21.938 per ounce, Platinum up 0.78% at $963.00 per ounce, and Palladium up 1.75% at $2000.50.

Crude Oil up on Monday; Brent crude oil up 0.81% at $113.44 per barrel while U.S. West Texas Intermediate (CLc1) up 0.66% at $110.38.

In the Cryptocurrency Markets, Bitcoin at 30450.00 up 4.07%, Ethereum up 4.30% at 2049.00, Litecoin at 72.04 up 0.59%, at the time of writing.

Top Market Segment to Watch Out Today:

GOLD: Gold was up on Monday morning in Asia, hitting a more than one-week high. A weakening dollar continued to support the greenback-priced yellow metal; even as rising U.S. Treasury yields capped gains.

Gold futures rose 0.62% to $1,853.46 by 1:13 AM ET (5:13 AM GMT), with prices hitting their highest since May 12 at $1,853.55 earlier in the session

Economic News:

US: Representatives of seven nations, including those who walked out of an Asia-Pacific trade ministers meeting in Bangkok to protest Russia’s invasion of Ukraine, said on Sunday they support the organization and host nation Thailand.

Representatives of the United States, Australia, Canada, Chile, Japan, the Republic of Korea, and New Zealand said in a joint statement that they had “grave concerns” over the humanitarian crisis in Ukraine.

“Reaffirming the importance of the rules-based international order that underpins an open, dynamic, resilient and peaceful Asia-Pacific region, we strongly urge Russia to immediately cease its use of force and completely and unconditionally withdraw all of its military forces from Ukraine,” the nations said.

Representatives from Canada, New Zealand, Japan and Australia joined the Americans, led by U.S. Trade Representative Katherine Tai, in walking out of the Asia-Pacific Economic Cooperation (APEC) meeting on Saturday.

Eurozone: British retail sales jumped unexpectedly in April as shoppers loaded up on alcohol and tobacco, likely a blip in an otherwise bleak trend that has driven consumer confidence to all-time lows amid a worsening cost-of-living crunch.

Retail sales volumes rose 1.4% month on month after a 1.2% drop in March, the Office for National Statistics said. Economists polled by Reuters had expected a 0.2% monthly fall.

The wider picture remains disconcerting. Retail sales in the three months to April fell 0.3%, after a 0.7% drop in March. Compared with a year ago, sales volumes were 4.9% lower, marking the biggest annual drop since January 2021.

Earlier on Friday, Britain’s longest-running gauge of consumer confidence, the GfK survey, fell to its lowest since records began in 1974.

British consumers were hit last month by a double whammy of surging household energy costs and higher taxes, and data published this week showed inflation hit a 40-year high of 9.0%.

Top Economic Releases Today:

  1. GERMANY Ifo Business Climate Index (May) today at 4:00 this time estimated 91.40, previously which was 91.80. 
  2. NEW ZEALAND Retail Sales (QoQ) (Q1) today at 18:45 previously which was 8.6%.
  3. JAPAN Services PMI (May) today at 20:30 previously which was 50.50.
  4. U.S. 6-Month Bill Auction today at 11:30 previously which was 1.49%.
  5. FRANCE 12-Month BTF Auction today at 9:00 previously which was -0.147%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 1.2560, TAKE PROFIT AT 1.2596 AND STOP LOSS AT 1.2520

EURUSD

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 1.0597, TAKE PROFIT AT 1.0603 AND STOP LOSS AT 1.0593

GBPJPY

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- SELL AT 160.268, TAKE PROFIT AT 159.328 AND STOP LOSS AT 160.862

CHFJPY

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 131.403, TAKE PROFIT AT 131.809 AND STOP LOSS AT 130.821

EURO STOXX 50

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 3683.00 TAKE PROFIT AT 3706.00 AND STOP LOSS AT 3664.00

WTI CRUDE OIL

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 111.22 TAKE PROFIT AT 111.73 AND STOP LOSS AT 110.58

GOLD

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- BUY AT 1854.92, TAKE PROFIT AT 1865.25 AND STOP AT 1848.99

BITCOIN 

Technical Analysis of Financial Markets
Technical Analysis of Financial Markets

TRADE SUGGESTION- SELL AT 30421.81 TAKE PROFIT AT 29368.93 AND STOP AT 30687.73

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