Technical Analysis with Candlestick Charts – 06 April 2022

Technical Analysis with Candlestick Charts – 06 April 2022

Technical Analysis

The Day full of FED-Federal Reserve Speeches

Asia Pacific stocks were down on Wednesday morning. The Shanghai Composite is down 0.02% at 3,281.964. Overall, the Singapore MSCI is down 1.57% at 335.40. Over in Hong Kong, the Hang Seng Index down 1.13% at 22,219.00. In Japan, the Nikkei 225 is down 1.47% at 27,390.00, while the Topix index is down 1.28% at 1926.50. South Korea’s Kospi down 0.78% to 2737.74. Australia S&P/ASX 200 down 0.42% at 7496.10.

Top News of the Day:

Several Federal Reserve officials will speak throughout the day, including governor Lael Brainard at 10:05 a.m. ET and New York Fed President John Williams at 2 p.m. ET. Neel Kashkari of Minneapolis, largely regarded as the most dovish of the regional Fed presidents, will also speak at 10 a.m. ET. In addition, the Institute for Supply Management will release its non-manufacturing index for the month.

Market Summary as per 05/04/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.65% at 14,424.36, CAC 40 futures down 1.28% at 6645.50 and the UK 100 futures contract in the U.K. up 0.72% at 7,613.72.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.80% at 34641.19. The S&P 500 down 1.26% at 4525.11 and the Nasdaq 100 down 2.24% at 14820.64, NYSE closes down 1.10% at 16645.04.

Top Market News Today:

In the Forex market, GBPUSD down 0.02% at 1.3067. The USDJPY up 0.28% at 123.937. The USDCHF up 0.18% at 0.9311. EURUSD down 0.09% at 1.0893, EUR/GBP down 0.04% at 0.8336. The USD/CNY down 0.18% at 6.3630 at the time of writing.

In the Commodity market U.S. Gold futures down 0.06% at $1,922.36. Elsewhere, Silver futures down 0.01% at $24.326 per ounce, Platinum down 0.26% at $966.00 per ounce, and Palladium up 0.78% at $2249.50.

Crude Oil up on Wednesday; Brent crude oil up 1.38% at $106.716 per barrel while U.S. West Texas Intermediate (CLc1) up 1.14% at $101.423.

In the Cryptocurrency Markets, Bitcoin at 45383.63 down 0.26%, Ethereum down 2.26% at 3364.00, Litecoin at 120.19 down 2.06%, at the time of writing.

Top Market Segment to Watch Out Today:

Intel Corp (NASDAQ:INTC): U.S. chipmaker Intel Corp. said on Tuesday it has suspended business operations in Russia, joining a slew of companies to exit the country following its invasion of Ukraine. The company, which had last month suspended shipments to customers in Russia and Belarus, said it has implemented business continuity measures to minimize disruption to its global operations.

Economic News:

US: U.S. Treasury Secretary Janet Yellen met with the head of the World Health Organization in Washington on Tuesday and the two agreed to work toward boosting global pandemic preparedness and financing, the Treasury Department said in a statement.

Yellen and WHO Director-General Tedros Adhanom Ghebreyesus discussed the importance of continuing efforts to vaccinate 70% of the population in all countries this year, and working to strengthen the global architecture to fight pandemics.

Yellen underscored the United States’ commitment to working closely with the WHO, the World Bank and the Group of 20 major economies to develop a financial intermediary fund on pandemic preparedness housed at the World Bank.

She and Tedros agreed such a fund would be an important element of the pandemic preparedness architecture.

Eurozone: The European Central Bank could cut households’ fuel bill by raising interest rates but that would weigh on industrial output and boost unemployment, the German Institute for Economic Research or DIW, said in a research note on Wednesday.

With inflation at a record high 7.5%, the ECB is under increasing pressure to tighten policy, even if rapid price growth is mostly due to soaring oil and gas prices, which are largely outside the bank’s control.

But a rate hike would strengthen the euro, so the effective cost of energy would fall since these commodities are mostly denominated in dollars.

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. Construction PMI (Mar) today at 4:30 this time estimated 57.80, previously which was 59.10. 
  2. U.S. Crude Oil Inventories today at 10:30 this time estimated -2.056M, previously which was -3.449M.
  3. CANADA Ivey PMI (Mar) today at 10:00 this time estimated 60.00, previously which was 60.60.
  4. GERMANY Factory Orders (MoM) (Feb) today at 2:00 this time estimated -0.2%, previously which was 2.3%.
  5. AUSTRALIA Trade Balance (Feb) today at 21:30 this time estimated 12.00B, previously which was 12.891B.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3051, TAKE PROFIT AT 1.3032 AND STOP LOSS AT 1.3076

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0882, TAKE PROFIT AT 1.0875 AND STOP LOSS AT 1.0890

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8333, TAKE PROFIT AT 0.8314 AND STOP LOSS AT 0.8352

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 134.956, TAKE PROFIT AT 135.645 AND STOP LOSS AT 134.283

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 14824.74 TAKE PROFIT AT 15060.60 AND STOP LOSS AT 14666.85

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 101.00 TAKE PROFIT AT 97.58 AND STOP LOSS AT 104.46

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1920.00, TAKE PROFIT AT 1913.16 AND STOP AT 1928.55

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 118.955 TAKE PROFIT AT 114.204 AND STOP AT 125.567

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