Technical Analysis with Candlestick Charts – 05 April 2022

Technical Analysis with Candlestick Charts – 05 April 2022

Technical Analysis

France embargo on Oil & Coal Imports from Russia but wants Natural gas

Asia Pacific stocks ticked up to their highest in more than a month supported by broad gains on Wall Street on Tuesday. The Shanghai Composite is up 0.94% at 3,282.71. Overall, the Singapore MSCI is up 1.67% at 340.00. Over in Hong Kong, the Hang Seng Index up 0.64% at 22,618.00. In Japan, the Nikkei 225 is down 0.07% at 27,770.00, while the Topix index is down 0.46% at 1949.00. South Korea’s Kospi up 0.08% to 2760.09. Australia S&P/ASX 200 up 0.15% at 7525.30.

Top News of the Day:

The riding factor of the market on Tuesday will be the EU which is set to discuss fresh sanctions against Russia later after evidence emerged at the weekend of atrocities committed by Russian soldiers during their three-week occupation of areas around Kyiv. France’s President Emmanuel Macron called for an immediate embargo on oil and coal imports from Russia, but not on natural gas imports. Germany remains opposed to such measures.

Market Summary as per 04/04/2022:

European equities Monday closing. The DAX futures contract in Germany traded up 0.50% at 14,518.16, CAC 40 futures up 0.70% at 6731.38 and the UK 100 futures contract in the U.K. up 0.28% at 7,558.93.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.30% at 34921.89. The S&P 500 up 0.81% at 4582.63 and the Nasdaq 100 up 2.01% at 15159.58, NYSE closes up 0.25% at 16829.75.

Top Market News Today:

In the Forex market, GBPUSD up 0.15% at 1.3132. The USDJPY down 0.27% at 122.446. The USDCHF down 0.03% at 0.9259. EURUSD up 0.01% at 1.0970, EUR/GBP down 0.13% at 0.8354. The USD/CNY down 0.01% at 6.3620 at the time of writing.

In the Commodity market U.S. Gold futures down 0.16% at $1,929.59. Elsewhere, Silver futures up 0.10% at $24.550 per ounce, Platinum down 0.15% at $985.50 per ounce, and Palladium up 0.92% at $2296.50.

Crude Oil up on Tuesday; Brent crude oil up 0.91% at $108.86 per barrel while U.S. West Texas Intermediate (CLc1) up 1.03% at $103.589.

In the Cryptocurrency Markets, Bitcoin at 47015.00 up 2.02%, Ethereum down 0.07% at 3519.62, Litecoin at 125.85 up 0.84%, at the time of writing.

Top Market Segment to Watch Out Today:

Twitter (NYSE:TWTR): Stock rose 25% in premarket after Tesla disclosed that its CEO Elon Musk had taken a passive stake of 9.2% in the social media company. Musk, who paid $40 million to settle SEC charges that he misled investors with tweets in 2018, has criticized the platform for restricting free speech.

Economic News:

US: Negotiators in Congress have agreed to an additional $10 billion in COVID-19 funding to address U.S. needs but have dropped international aid from the package, Senate Majority Leader Chuck Schumer said on Monday.

The compromise, if passed, would be less than half of the $22.5 billion initially sought by U.S. President Joe Biden to combat COVID, prepare for future variants and shore up the nation’s pandemic infrastructure.

Biden has said more funding is needed as the world continues to fight COVID in the pandemic’s third year. While U.S. officials have said they do not expect a surge from the latest BA.2 Omicron variant, they have pointed to the need to continue to make vaccines available at no cost and to boost surveillance and testing.

U.S. regulators last week approved a second booster shot for older and immunocompromised Americans, but administration officials have said without more funding from Congress money will run out for the free shots.

Eurozone: The fallout of the Russia and Ukraine war has just helped tip two of world’s poorest countries into full-blown crises, and the list of those at risk – and the queue at the International Monetary Fund’s door – will only get longer from here.

They may be far from the fighting in Ukraine, but a mass resignation of Sri Lanka’s cabinet on Monday and drastic weekend manoeuvres by Pakistan’s Prime Minister Imran Khan to avoid his removal, show how far the economic impact spreads.

Both Sri Lanka and Pakistan have seen their long-festering public disquiet about economic mismanagement come to a head, but there is a double-digit list of other countries also in the danger zone.

A handful were already on the brink of debt crises in the wake of the COVID pandemic, the war’s resulting surge in energy and food prices, however, have undoubtedly made things worse.

Top Economic Releases Today:

  1. U.K. Services PMI (Mar) today at 4:30 this time estimated 61.00, previously which was 60.50. 
  2. U.S. Trade Balance (Feb) today at 8:30 this time estimated -88.50B, previously which was -89.70B.
  3. CANADA Trade Balance (Feb) today at 8:30 this time estimated 2.90B, previously which was 2.62B.
  4. U.S. Non-Manufacturing PMI (Mar) today at 10:00 this time estimated 58.40, previously which was 56.50.
  5. AUSTRALIA RBA Interest Rate Decision (Apr) today at 00:30 this time estimated 0.10%, previously which was 0.10%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3120, TAKE PROFIT AT 1.3089 AND STOP LOSS AT 1.3143

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0964, TAKE PROFIT AT 1.0929 AND STOP LOSS AT 1.1035

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 122.552, TAKE PROFIT AT 122.923 AND STOP LOSS AT 122.206

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9260, TAKE PROFIT AT 0.9242 AND STOP LOSS AT 0.9286

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7501.70 TAKE PROFIT AT 7551.00 AND STOP LOSS AT 7459.40

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 103.85 TAKE PROFIT AT 99.88 AND STOP LOSS AT 106.98

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1931.75, TAKE PROFIT AT 1940.23 AND STOP AT 1918.16

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3510.39 TAKE PROFIT AT 3531.80 AND STOP AT 3500.56

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