Technical Analysis Report, Economic News & Price Chart – 29 April 2022

Technical Analysis Report, Economic News & Price Chart – 29 April 2022

Technical Analysis

U.S. ECONOMY SHRUNK AT ANNUALIZED RATE OF 1.4%

Asia Pacific stocks were mostly up on Friday morning. The Shanghai Composite is up 2.36% at 3,045.79. Overall, the Singapore MSCI is up 1.32% at 313.70. Over in Hong Kong, the Hang Seng Index is up 3.38% at 20,854. In Japan, the Nikkei 225 is up 1.27% at 27,210.00, while the Topix index is up 1.34% at 1928.50. South Korea’s Kospi is up 1.03% at 2695.05. Australia S&P/ASX 200 up 1.06% at 7435.00.

Top News of the Day:

The spectre of stagflation in the U.S. reared its ugly head on Thursday as new data suggested that the economy contracted in the first quarter.

Gross domestic product shrunk at an annualized rate of 1.4% in the three months through March, down from 6.9% in the fourth quarter, and a much more negative first reading than had been expected. Consensus forecasts had been for growth of 1.1%.

Market Summary as per 28/04/2022:

European equities Thursday closing. The DAX futures contract in Germany traded up 1.35% at 13,979.84, CAC 40 futures up 0.98% at 6508.15 and the UK 100 futures contract in the U.K. up 1.13% at 7,509.20.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.85% at 33916.40. The S&P 500 up 2.47% at 4287.49 and the Nasdaq 100 up 3.48% at 13456.06, NYSE closes up 1.85% at 16032.67.

Top Market News Today:

In the Forex market, GBPUSD up 0.57% at 1.2524. The USDJPY down 0.37% at 130.314. The USDCHF down 0.07% at 0.9709. EURUSD up 0.40% at 1.0540, EUR/GBP down 0.09% at 0.8418. The USD/CNY down 0.50% at 6.5915 at the time of writing.

In the Commodity market U.S. Gold futures up 0.84% at $1,911.38. Elsewhere, Silver futures up 1.40% at $23.456 per ounce, Platinum up 1.20% at $928.50 per ounce, and Palladium up 1.01% at $2255.50.

Crude Oil up on Friday; Brent crude oil up 0.74% at $108.17 per barrel while U.S. West Texas Intermediate (CLc1) up 0.64% at $104.82.

In the Cryptocurrency Markets, Bitcoin at 39555.00 down 1.17%, Ethereum down 1.02% at 2915.50, Litecoin at 102.84 down 0.41%, at the time of writing.

Top Market Segment to Watch Out Today:

CITI GROUP: The U.S. Office of the Comptroller of the Currency (OCC) lifted a 10-year-old consent order with Citigroup Inc (NYSE:C), according to an internal memo from the bank viewed by Reuters.

The OCC had said among the problems it found were that Citibank had trouble tracking “high risk” customers’ interactions with different parts of the bank.

Economic News:

US: The U.S. economy unexpectedly contracted in the first quarter amid a resurgence in COVID-19 cases and drop in pandemic relief money from the government, but the decline in output is misleading as domestic demand remained strong.

The first decrease in gross domestic product since the short and sharp pandemic recession nearly two years ago, reported by the Commerce Department on Thursday, was mostly driven by a wider trade deficit as imports surged, and a slowdown in the pace of inventory accumulation.

A measure of domestic demand accelerated from the fourth quarter’s rate, allaying fears of either stagflation or a recession. The Federal Reserve is expected to hike interest rates by 50 basis points next Wednesday. The U.S. central bank raised its policy interest rate by 25 basis points in March, and is soon likely to start trimming its asset holdings.

Eurozone: U.K. house prices rose for a ninth consecutive month in April as the housing market continued to defy an escalating cost of living crisis.

The 0.3% gain marked the longest winning streak since 2016 and lifted the average price of a home to a record 267,620 pounds ($335,000), according to a survey by Nationwide Building Society. Values were 12.1% higher than a year earlier.

The surge has been driven by a shortage of homes for sale and pandemic-driven demand for larger properties away from urban centres. However, Nationwide warned the mounting pressure on consumer spending power, with energy bills soaring and inflation at a 30-year high, is almost certain to slow momentum.

Top Economic Releases Today:

  1. U.K. Nationwide HPI (MoM) (Apr) today at 2:00 this time estimated 0.8%, previously which was 1.1%. 
  2. EURO ZONE CPI (YoY) (Apr) today at 5:00 this time estimated 7.5%, previously which was 7.4%.
  3. RUSSIA Interest Rate Decision (Apr) today at 6:30 this time estimated 15.00%, previously which was 17.00%.
  4. CANADA GDP (MoM) (Feb) today at 8:30 this time estimated 0.8%, previously which was 0.2%
  5. CHINA Manufacturing PMI (Apr) today at 21:30 this time estimated 48.00, previously which was 49.50.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2526, TAKE PROFIT AT 1.2473 AND STOP LOSS AT 1.2567

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0551, TAKE PROFIT AT 1.0508 AND STOP LOSS AT 1.0564

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 163.340, TAKE PROFIT AT 162.267 AND STOP LOSS AT 164.733

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 134.236, TAKE PROFIT AT 134.856 AND STOP LOSS AT 133.806

DAX 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 14161.00 TAKE PROFIT AT 14312.20 AND STOP LOSS AT 14001.90

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 106.06 TAKE PROFIT AT 108.36 AND STOP LOSS AT 104.42

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1915.87, TAKE PROFIT AT 1894.70 AND STOP AT 1932.89

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 39567.46 TAKE PROFIT AT 38613.92 AND STOP AT 40724.90

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