Technical Analysis with Candlestick Charts – 06 October 2021

Technical Analysis

Technical Analysis with Candlestick Charts – 06 October 2021

Asia Pacific stocks were down on Wednesday morning. The Shanghai composite is up 0.90% at 3,568.16. Overall, the Singapore MSCI up 0.33% at 353.60. Over in Hong Kong, the Hang Seng Index down 0.28% at 23,986.00. In Japan, the Nikkei 225 down 0.65% at 27,560.00, while the Topix index is up 0.13% at 1946.0. South Korea’s Kospi down 1.00% to 2932.91. Australia S&P/ASX 200 down 0.58% at 7206.5.

European equities Tuesday closing. The DAX futures contract in Germany traded up 1.05% at 15194.49, CAC 40 futures up 1.52% at 6576.29 and the UK 100 futures contract in the U.K. up 0.94% at 7,077.11.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.92% at 34314.68. The S&P 500 up 1.05% at 4345.71 and the Nasdaq 100 down 0.63% at 14585.3, NYSE closes at 16327.08 up 0.79%.

In the Forex market, GBPUSD down 0.14% at 1.36049. The USDJPY up 0.28% at 111.757. The USDCHF up 0.22% at 0.9297. EURUSD down 0.12% at 1.1583, EUR/GBP up 0.07% at 0.8513. The USD/CNY flat at 6.4466 at the time of writing.

In the commodity market U.S. Gold futures down 0.47% at $1,751.13. Elsewhere, Silver futures down 1.01% to $22.38 per ounce, Platinum down 1.10% at $951.38 per ounce, and Palladium down 0.91% at $1900.00.

Crude Oil up on Wednesday; Brent crude oil up 0.34% at $82.82 per barrel while U.S. West Texas Intermediate (CLc1) is up 1.32% at $78.81.

In the Cryptocurrency Markets, BTCUSD at 51568.98 up 0.13%, Ethereum down 0.62% at 3494.31, Litecoin at 174.39 up 0.29%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Netflix Inc. up 5.214% at $634.81, A O Smith Corp. up 4.071% at $63.66,

Marathon Oil Corp. up 3.709% to $15.38, NVIDIA Corp. up 3.644% to $204.51, Equinix Inc. down 3.251% to $760.07, Incyte Corp. down 1.493% at $65.33.

Economic news:

US: President Joe Biden warned on Tuesday that failure to pass his huge social and infrastructure spending package could contribute to America’s decline, while lawmakers in his Democratic Party wrangled over its price tag.

Squabbling Democratic moderates and progressives dealt Biden a setback last week when they failed to move ahead with his proposed $1 trillion infrastructure bill or a planned $3.5 trillion social spending bill, which is now facing cuts.

“These bills are not about left versus right or moderate versus progressive,” Biden said in Michigan, arguing the bills would make the United States more competitive and restore its role as a world leader.

“We’re at risk of losing our edge as a nation … To oppose these investments is to be complicit in America’s decline,” he said.

Democrats fear that if they fail to pass the infrastructure bill they could be punished by angry voters in November 2022 congressional elections. Rebuilding U.S. infrastructure was one of Biden’s main election promises.

Eurozone: The European Central Bank is closely watching inflation expectations and wage developments as predicting the length of disruptions caused the economy’s post-pandemic reopening is difficult, ECB President Christine Lagarde said.

“We should not overreact to supply shortages or rising energy prices, as our monetary policy cannot directly affect those phenomena,” Lagarde said in a speech.

“But we will pay close attention to wage developments and inflation expectations to ensure that inflation expectations are anchored at 2%,” she said.

Lagarde added that she still expected these “frictions” to be transitory, repeating the bank’s long-standing line that the inflation spike will abate next year.

Important Data: US Construction PMI (Sep) today at 4:30 this time estimated 54.0, previously which was 55.2. EURO ZONE Retail Sales (MoM) (Aug) today at 5:00 this time estimated 0.8%, previously which was -2.3%.US ADP Nonfarm Employment Change (Sep) today at 8:15 this time estimated 428K, previously which was 374K. US Crude Oil Inventories today at 6:00 this time estimated -0.418M, previously which was 4.578M.  

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.36010, TAKE PROFIT AT 1.35723 AND STOP LOSS AT 1.36283

EURUSD

TRADE SUGGESTION- SELL AT 1.15723, TAKE PROFIT AT 1.15585 AND STOP LOSS AT 1.15873

GBPJPY

TRADE SUGGESTION- BUY AT 151.958, TAKE PROFIT AT 152.386 AND STOP LOSS AT 151.757

CHFJPY

TRADE SUGGESTION- BUY AT 120.098, TAKE PROFIT AT 120.313 AND STOP LOSS AT 119.959

DAX 30

TRADE SUGGESTION- SELL AT 14997.5 TAKE PROFIT AT 14956.2 AND STOP LOSS AT 15031.6

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 79.13 TAKE PROFIT AT 79.37 AND STOP LOSS AT 79.06

GOLD

TRADE SUGGESTION- SELL AT 1751.52, TAKE PROFIT AT 1743.79 AND STOP AT 1760.29

BTCUSD

TRADE SUGGESTION- BUY AT 51362.00 TAKE PROFIT AT 51698.76 AND STOP AT 51159.02

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