Technical Analysis with Candlestick Charts – 03 February 2022

Technical Analysis with Candlestick Charts – 03 February 2022

Asia Pacific stocks were mostly mix on Thursday morning. The Shanghai composite is down 0.97% at 3,361.43. Overall, the Singapore MSCI down 0.37% at 339.20. Over in Hong Kong, the Hang Seng Index up 1.91% at 23,862.00. In Japan, the Nikkei 225 down 1.23% at 27,200.00, while the Topix index is down 1.01% at 1919.50. South Korea’s Kospi up 1.67% to 2707.82. Australia S&P/ASX 200 down 0.14% at 7078.00.

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.04% at 15613.77, CAC 40 futures up 0.22% at 7155.28 and the UK 100 futures contract in the U.K. up 0.63% at 7,583.01.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.63% at 35629.34. The S&P 500 up 0.94% at 4589.37 and the Nasdaq 100 up 0.80% at 15139.74, NYSE closes up 0.44% at 16904.51.

In the Forex market, GBPUSD down 0.16% at 1.35532. The USDJPY up 0.07% at 114.525. The USDCHF up 0.22% at 0.92028. EURUSD down 0.07% at 1.12939, EUR/GBP up 0.10% at 0.83327. The USD/CNY flat at 6.3605 at the time of writing.

In the commodity market U.S. Gold futures down 0.04% at $1,805.55. Elsewhere, Silver futures down 0.45% at $22.540 per ounce, Platinum down 0.39% at $1031.00 per ounce, and Palladium flat at $2374.50.

Crude Oil down on Thursday; Brent crude oil down 0.17% at $89.13 per barrel while U.S. West Texas Intermediate (CLc1) down 0.17% at $86.94.

In the Cryptocurrency Markets, Bitcoin at 36957.85 up 0.09%, Ethereum down 0.96% at 2656.56, Litecoin at 109.14 up 0.71%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Qualcomm Inc. up 6.25% at $188.20, Electronic Arts. up 5.564% at $137.17, Emerson Electric Co. up 5.493% to $97.56, Match Group Inc. up 5.282% at $118.01, ETSY Inc. down 9.28% to $138.04, Netflix Inc. down 6.049% at $429.48.

Economic news:

US: The U.S. House of Representatives on Wednesday advanced a multibillion-dollar bill aimed at increasing American competitiveness with China and boosting U.S. semiconductor manufacturing, teeing up the legislation for full approval by the chamber this week.

Democratic President Joe Biden’s administration has been working to persuade Congress to approve the bill, which includes $52 billion to subsidize semiconductor manufacturing and research, as shortages of the key components used in autos and computers have been exacerbated by supply chain bottlenecks.

The Democratic-controlled House approved the rule for the “America Competes Act” by 219 to 203, largely along party lines. House aides said they expected a vote to pass the full measure on Friday, after considering a number of amendments.

The bill has several trade provisions and would also authorize $8 billion in U.S. contributions to the Green Climate Fund, established by the Paris Agreement to combat climate change, to help developing countries cope.

Republicans have proposed an amendment to strip that funding. Three Democrats want to boost it by $3 billion.

Eurozone: The European Central Bank is all but certain to keep policy unchanged on Thursday but may have to acknowledge that inflation could stay high for longer than it had projected, a signal that may be taken by some as a hint at a faster exit from stimulus.

Having extended support measures only in December, any policy change now would be premature. Yet inflation has consistently exceeded the ECB’s forecasts, piling pressure on policymakers to fine-tune their increasingly questioned narrative that rapid price growth is merely temporary.

The bank argues that inflation will soon abate without its intervention and that long-term price pressures are actually too weak, meaning support is still needed to underpin inflation which undershot the ECB’s 2% target for much of the last decade.

This view is now being challenged by investors and several policymakers, and January’s 5.1% inflation print, the highest ever for the 19-country euro zone, only adds to pressure for ECB President Christine Lagarde to acknowledge mounting risks.

Important Data: UK Composite PMI (Jan) today at 4:30 this time estimated 53.40, previously which was 53.40. UK Services PMI (Jan) today at 4:30 this time estimated 53.30, previously which was 53.30. US Initial Jobless Claims today at 8:30 this time estimated 245K, previously which was 260K. US ISM Non-Manufacturing PMI (Jan) today at 10:00 this time estimated 59.50, previously which was 62.30.

TECHNICAL REPORT

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.35528, TAKE PROFIT AT 1.35763 AND STOP LOSS AT 1.35426

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.12913, TAKE PROFIT AT 1.12625 AND STOP LOSS AT 1.13179

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 114.622, TAKE PROFIT AT 114.922 AND STOP LOSS AT 114.366

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.92079, TAKE PROFIT AT 0.92303 AND STOP LOSS AT 0.91926

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7104.70 TAKE PROFIT AT 7164.80 AND STOP LOSS AT 7071.70.

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 87.00 TAKE PROFIT AT 87.92 AND STOP LOSS AT 86.17

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1803.27, TAKE PROFIT AT 1798.83 AND STOP AT 1810.58

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 107.459 TAKE PROFIT AT 102.712 AND STOP AT 114.984

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