Technical Analysis with Candlestick Charts – 10 January 2022

Technical Analysis

Technical Analysis with Candlestick Charts – 10 January 2022

Asia Pacific stocks were down on Monday morning. The Shanghai composite is up 0.22% at 3,587.12. Overall, the Singapore MSCI up 0.60% at 341.15. Over in Hong Kong, the Hang Seng Index up 0.89% at 23,674.00. In Japan, the Nikkei 225 down 0.14% at 28,410.00, while the Topix index is up 0.05% at 1992.5. South Korea’s Kospi down 0.93% to 2927.36. Australia S&P/ASX 200 down 0.08% at 7447.10.

European equities Friday closing. The DAX futures contract in Germany traded down 0.65% at 15947.74, CAC 40 futures down 0.42% at 7219.49 and the UK 100 futures contract in the U.K. up 0.04% at 7,503.70.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.01% at 36231.67. The S&P 500 down 0.40% at 4677.04 and the Nasdaq 100 down 1.10% at 15592.19, NYSE closes up 0.06% at 17166.27.

In the Forex market, GBPUSD down 0.04% at 1.35795. The USDJPY up 0.30% at 115.822. The USDCHF up 0.28% at 0.92089. EURUSD down 0.29% at 1.1328, EUR/GBP down 0.15% at 0.8341. The USD/CNY down 0.06% at 6.3731 at the time of writing.

In the commodity market U.S. Gold futures down 0.20% at $1,792.30. Elsewhere, Silver futures down 0.51% at $22.228 per ounce, Platinum down 0.31% at $953.50 per ounce, and Palladium down 0.28% at $1928.50.

Crude Oil mix on Monday; Brent crude oil down 0.07% at $81.75 per barrel while U.S. West Texas Intermediate (CLc1) is up 0.03% at $78.87.

In the Cryptocurrency Markets, Bitcoin at 41933.46 up 0.14%, Ethereum up 0.42% at 3164.69, Litecoin at 130.41 down 0.41%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Discovery Inc. up 16.874% at $30.06, Carnival Corp. up 3.939% at $21.90, American Airlines Group Inc. up 3.823% to $19.23, Progressive Corp. up 3.734% to $109.18, ETSY Inc. down 5.991% to $185.15, Lennar Corp. down 4.738% at $102.95.

Economic news:

US: Emerging economies must prepare for U.S. interest rate hikes, the International Monetary Fund said, warning that faster than expected Federal Reserve moves could rattle financial markets and trigger capital outflows and currency depreciation abroad.

In a blog published Monday, the IMF said it expected robust U.S. growth to continue, with inflation likely to moderate later in the year. The global lender is due to release fresh global economic forecasts on Jan. 25.

It said a gradual, well-telegraphed tightening of U.S. monetary policy would likely have little impact on emerging markets, with foreign demand offsetting the impact of rising financing costs.

But broad-based U.S. wage inflation or sustained supply bottlenecks could boost prices more than anticipated and fuel expectations for more rapid inflation, triggering faster rate hikes by the U.S. central bank.

“Emerging economies should prepare for potential bouts of economic turbulence,” the IMF said, citing the risks posed by faster-than-expected Fed rate hikes and the resurgent pandemic.

Eurozone: British trade minister Anne-Marie Trevelyan will visit India this week to hold talks to try to deepen trade and economic ties as part of London’s push in the Indo-Pacific region, her department said on Sunday.

As part of a two-day visit to New Delhi, Trevelyan will hold bilateral talks with Indian Minister of Commerce and Industry Piyush Goyal on Thursday on green trade, the removal of market access barriers and other issues.

They are also expected to confirm the launch of official negotiations on a new UK-India free trade deal, the trade department said in a statement.

“The UK and India are already close friends and trading partners, and building on that strong relationship is a priority for 2022,” Trevelyan said in the statement.

The last time the services PMI was lower was in February 2020 when the economy was still under lockdown, and restaurants and non-essential shops were closed to the public.

Important Data: UK BRC Retail Sales Monitor (YoY) (Dec) today at 19:01 this time estimated 0.3%, previously which was 1.8%. AUSTRALIA Retail Sales (MoM) (Nov) today at 19:30 this time estimated 3.9%, previously which was 4.9%. AUSTRALIA Trade Balance (Nov) today at 19:30 this time estimated 10.60B, previously which was 11.22B. US 6-Month Bill Auction today at 11:30 previously which was 0.220%.     

TECHNICAL SUMMARY    

GBPUSD

TRADE SUGGESTION- BUY AT 1.35774, TAKE PROFIT AT 1.36043 AND STOP LOSS AT 1.35489

EURUSD

TRADE SUGGESTION- BUY AT 1.13271, TAKE PROFIT AT 1.13576 AND STOP LOSS AT 1.13062

USDJPY

TRADE SUGGESTION- BUY AT 115.762, TAKE PROFIT AT 115.924 AND STOP LOSS AT 115.491

USDCHF

TRADE SUGGESTION- BUY AT 0.92055, TAKE PROFIT AT 0.92287 AND STOP LOSS AT 0.91845.

NIKKEI 225

TRADE SUGGESTION- SELL AT 28478.00 TAKE PROFIT AT 28272.00 AND STOP LOSS AT 28599.00

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 78.71 TAKE PROFIT AT 79.45 AND STOP LOSS AT 78.19

GOLD

TRADE SUGGESTION- SELL AT 1792.15, TAKE PROFIT AT 1786.16 AND STOP AT 1798.51

LITECOIN USD

TRADE SUGGESTION- SELL AT 128.339 TAKE PROFIT AT 124.360 AND STOP AT 141.636

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