Technical Analysis with Candlestick Charts – 02 February 2022

Technical Analysis with Candlestick Charts – 02 February 2022

Asia Pacific stocks were mostly up on Wednesday morning. The Shanghai composite is down 0.97% at 3,361.43. Overall, the Singapore MSCI up 1.10% at 340.10. Over in Hong Kong, the Hang Seng Index up 1.91% at 23,862.00. In Japan, the Nikkei 225 up 1.81% at 27,520.00, while the Topix index is up 2.32% at 1938.00. South Korea’s Kospi up 1.87% to 2663.34. Australia S&P/ASX 200 up 1.17% at 7087.70.

European equities Tuesday closing. The DAX futures contract in Germany traded up 0.96% at 15619.39, CAC 40 futures up 1.43% at 7099.50 and the UK 100 futures contract in the U.K. up 0.96% at 7,535.77.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.78% at 35405.25. The S&P 500 up 0.69% at 4546.53 and the Nasdaq 100 up 0.60% at 15019.68, NYSE closes up 1.02% at 16829.71.

In the Forex market, GBPUSD up 0.01% at 1.35219. The USDJPY up 0.08% at 114.745. The USDCHF up 0.05% at 0.92160. EURUSD down 0.02% at 1.12687, EUR/GBP up 0.01% at 0.83335. The USD/CNY flat at 6.3605 at the time of writing.

In the commodity market U.S. Gold futures down 0.18% at $1,797.15. Elsewhere, Silver futures up 0.18% at $22.660 per ounce, Platinum down 0.24% at $1024.50 per ounce, and Palladium up 0.42% at $2367.00.

Crude Oil down on Wednesday; Brent crude oil down 0.08% at $89.28 per barrel while U.S. West Texas Intermediate (CLc1) down 0.04% at $87.40.

In the Cryptocurrency Markets, Bitcoin at 38369.00 down 0.94%, Ethereum down 1.24% at 2756.43, Litecoin at 113.67 down 1.23%, at the time of writing.

TOP STOCKS TO WATCH OUT FOR TODAY:

United Parcel Service Inc. up 14.08% at $230.69, Mosaic Co. up 9.111% at $43.59,

Netflix Inc. up 7.021% to $457.13, Carnival Corp. up 5.654% at $20.93, AT&T Inc. down 4.235% to $24.42, ETSY Inc. down 3.132% at $152.16.

Economic news:

US: The U.S. Senate Commerce Committee said Tuesday it will not move forward with votes on nominees for the Federal Trade Commission (FTC) and Federal Communications Commission (FCC) in the wake of the illness of a Democratic senator who could cast a critical vote.

The panel was scheduled to vote on Gigi Sohn, a former senior aide to Tom Wheeler who served as FCC chairman under former President Barack Obama to serve on the FCC and Alvaro Bedoya, founding director of Georgetown Law’s Center on Privacy & Technology, to serve on the FTC.

A spokeswoman for the committee said the nominations were being pulled from Wednesday’s hearing “to take into consideration the need for all Democratic votes in order to move certain nominees forward.” The panel is also delaying a vote on the nomination of Mary Boyle to serve on the Consumer Product Safety Commission.

The panel is divided 14-14 between Republicans and Democrats and Democratic U.S. Senator Ben Ray Lujan, a committee member, has been hospitalized after suffering a stroke and is expected to make a full recovery.

More than a year after President Joe Biden took office, the FCC remains divided 2-2 between Republicans and Democrats and it has been unable to move forward on some issues like restoring net neutrality rules that were repealed under President Donald Trump.

Eurozone: Eurozone unemployment fell to its lowest level on record in December, data showed on Tuesday, a testament to the strength of the economic recovery and the effectiveness of part-time work schemes used to preserve jobs during pandemic lockdowns.

The European Union’s statistics office Eurostat said the unemployment rate in the 19 countries sharing the euro fell to 7.0% of the workforce from a revised 7.1% in November — the lowest rate on record since measurements started in April 1998.

Economists polled by Reuters had expected a 7.1% jobless rate. Eurostat said 11.481 million people were without jobs in the euro area in December, down by 185,000 people from November.

The record low unemployment number is likely to be a factor adding to already high inflationary pressures caused by supply chain bottlenecks as the world economy rebounds sharply from the recession caused by the coronavirus pandemic.

Important Data: US Crude Oil Inventories today at 10:30 this time estimated 1.525M, previously which was 2.377M. US ADP Nonfarm Employment Change (Jan) today at 8:15 this time estimated 207K, previously which was 807K. JAPAN Services PMI (Jan) today at 19:30 previously which was 52.1. AUSTRALIA NAB Quarterly Business Confidence today at 19:30 previously which was -1.

TECHNICAL REPORT

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.35225, TAKE PROFIT AT 1.35532 AND STOP LOSS AT 1.35014

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.12684, TAKE PROFIT AT 1.12472 AND STOP LOSS AT 1.12875

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 155.074, TAKE PROFIT AT 154.813 AND STOP LOSS AT 155.392

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 124.485, TAKE PROFIT AT 124.297 AND STOP LOSS AT 124.748

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 23804.00 TAKE PROFIT AT 23637.00 AND STOP LOSS AT 23929.00.

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 87.49 TAKE PROFIT AT 88.19 AND STOP LOSS AT 86.80

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1796.78, TAKE PROFIT AT 1791.30 AND STOP AT 1801.85

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 38198.12 TAKE PROFIT AT 37735.31 AND STOP AT 38800.00

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