Technical Analysis Report, Economic News & Price Chart – 27 April 2022

Technical Analysis Report, Economic News & Price Chart – 27 April 2022

Technical Analysis

NASDAQ AT DECEMBER 2020 LEVEL

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai Composite is up 2.07% at 2,946.73. Overall, the Singapore MSCI is down 1.22% at 307.60. Over in Hong Kong, the Hang Seng Index is up 0.02% at 19,970. In Japan, the Nikkei 225 is down 1.09% at 26,370.00, while the Topix index is down 0.85% at 1860.00. South Korea’s Kospi is down 1.23% at 2635.56. Australia S&P/ASX 200 down 0.89% at 7252.80.

Top News of the Day:

Wall Street ended sharply lower on Tuesday, with the Nasdaq closing at its lowest since December 2020 as investors worried about slowing global growth and a more aggressive Federal Reserve. It was the steepest one-day drop for the Nasdaq since September 2020. The tech-heavy index has now fallen 22% from its record high close last November.

Tesla (NASDAQ:TSLA) slumped 12% after investors worried that chief executive Elon Musk might sell some of his stake in the electric car maker to help pay for his $44 billion deal to buy Twitter (NYSE:TWTR), announced on Monday. Tesla contributed more than any other stock to the S&P 500 and Nasdaq’s steep declines.

Market Summary as per 26/04/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded down 1.20% at 13,756.40, CAC 40 futures down 0.54% at 6414.58 and the UK 100 futures contract in the U.K. up 0.08% at 7,386.20.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 2.38% at 33240.19. The S&P 500 down 2.81% at 4175.21 and the Nasdaq 100 down 3.87% at 13009.71, NYSE closes down 2.25% at 15694.23.

Top Market News Today:

In the Forex market, GBPUSD up 0.18% at 1.2594. The USDJPY up 0.36% at 127.677. The USDCHF up 0.06% at 0.9629. EURUSD up 0.12% at 1.0649, EUR/GBP down 0.01% at 0.8455. The USD/CNY down 0.05% at 6.5529 at the time of writing.

In the Commodity market U.S. Gold futures down 0.34% at $1,898.73. Elsewhere, Silver futures up 0.34% at $23.569 per ounce, Platinum down 0.11% at $922.50 per ounce, and Palladium up 0.55% at $2197.50.

Crude Oil up on Wednesday; Brent crude oil up 0.04% at $105.40 per barrel while U.S. West Texas Intermediate (CLc1) up 3.00% at $101.11.

In the Cryptocurrency Markets, Bitcoin at 38440.00 up 0.58%, Ethereum up 1.38% at 2850.00, Litecoin at 99.72 up 1.69%, at the time of writing.

Top Market Segment to Watch Out Today:

U.S. DOLLAR INDEX: The dollar stood at its highest level since the early days of the pandemic on Wednesday and was heading for its best month since 2015, supported by the prospect of U.S. rate hikes and on safe-haven flows fanned by slowing growth in China and Europe.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, edged up to 102.39 in the Asia session, the strongest it has been since March 2020.

Economic News:

US: Federal Reserve Governor Lael Brainard won confirmation in the U.S. Senate on Tuesday to be the U.S. central bank’s next vice chair, a week ahead of a key Fed meeting where policymakers are expected to ramp up their battle against inflation with a big interest-rate hike and the start of a balance sheet reduction.

The vote was 52-43 as several Republicans joined Democrats to meet the 51-vote minimum for confirmation, the first of U.S. President Joe Biden’s four Fed nominees to clear that hurdle.

But Republicans blocked progress for a second Fed nominee, Michigan State University’s Lisa Cook, who would be the first Black woman to serve on the Fed’s Board since the central bank’s founding in 1913.

Eurozone: U.S. and British trade officials will meet again in Boston in June to continue their dialogue on strengthening trade ties, the two countries said in a joint statement on Tuesday, after two days of talks in Aberdeen, Scotland.

U.S. Trade Representative Katherine Tai and British Trade Secretary Anne-Marie Trevelyan agreed to work in coming weeks on an “ambitious roadmap” on digitizing U.S.-UK trade, supporting small- and medium-sized businesses, building resilience in critical supply chains, and addressing the global trade impacts of Russia’s invasion of Ukraine, the statement said.

The roadmap will also look at promoting environmental protection and the transition to net zero, supporting high labour and environmental standards, and promoting innovation, it said.

Top Economic Releases Today:

  1. U.S. Crude Oil Inventories today at 10:30 this time estimated 2.00M, previously which was -8.02M. 
  2. RUSSIA Unemployment Rate (Mar) today at 12:00 this time estimated 4.5%, previously which was 4.1%.
  3. AUSTRALIA Retail Sales (MoM) (Mar) today at 21:30 this time estimated 1.0%, previously which was 1.8%.
  4. JAPAN BoJ Interest Rate Decision today at 23:00 this time estimated -0.10%, previously which was -0.10%.
  5. NEW ZEALAND Trade Balance (YoY) (Mar) today at 18:45 previously which was -8,370M.

TECHNICAL SUMMARY

GBPUSD Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2589, TAKE PROFIT AT 1.2557 AND STOP LOSS AT 1.2606

EURUSD Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0622, TAKE PROFIT AT 1.0620 AND STOP LOSS AT 1.0632

USDJPY Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 128.057, TAKE PROFIT AT 128.698 AND STOP LOSS AT 127.434

USDCHF Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9640, TAKE PROFIT AT 0.9645 AND STOP LOSS AT 0.9638

CAC 40 Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 6414.70 TAKE PROFIT AT 6308.80 AND STOP LOSS AT 6488.90

WTI CRUDE OIL Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 102.39 TAKE PROFIT AT 104.38 AND STOP LOSS AT 99.94

GOLD Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1897.83, TAKE PROFIT AT 1885.67 AND STOP AT 1903.19

ETHEREUM Technical Analysis

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 2860.00 TAKE PROFIT AT 2747.29 AND STOP AT 2934.56

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