Technical Analysis with Candlestick Charts – 10 March 2022

Technical Analysis with Candlestick Charts – 10 March 2022

Technical Analysis

Asia Pacific stocks were up on Thursday morning. The Shanghai composite is up 1.30% at 3,298.64. Overall, the Singapore MSCI up 1.79% at 307.80. Over in Hong Kong, the Hang Seng Index up 1.03% at 20,731.00. In Japan, the Nikkei 225 up 4.00% at 25,740.00, while the Topix index is up 4.17% at 1835.00. South Korea’s Kospi up 2.21% to 2680.32. Australia S&P/ASX 200 up 1.10% at 7130.80.

European equities Wednesday closing. The DAX futures contract in Germany traded up 7.92% at 13847.93, CAC 40 futures up 7.12% at 6387.83 and the UK 100 futures contract in the U.K. up 3.25% at 7,190.72.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 2.00% at 33286.26. The S&P 500 up 2.57% at 4277.87 and the Nasdaq 100 up 3.58% at 13742.20, NYSE closes up 2.25% at 15977.54.

In the Forex market, GBPUSD up 0.03% at 1.3179. The USDJPY up 0.20% at 116.050. The USDCHF up 0.05% at 0.9266. EURUSD down 0.17% at 1.0555, EUR/GBP down 0.12% at 0.8387. The USD/CNY up 0.07% at 6.3205 at the time of writing.

In the commodity market U.S. Gold futures down 0.36% at $1,983.80. Elsewhere, Silver futures down 1.05% at $25.509 per ounce, Platinum down 1.44% at $1062.00 per ounce, and Palladium down 0.32% at $2930.00.

Crude Oil up on Thursday; Brent crude oil up 1.45% at $113.69 per barrel while U.S. West Texas Intermediate (CLc1) up 0.63% at $107.39.

In the Cryptocurrency Markets, Bitcoin at 39420.04 down 6.10%, Ethereum down 4.88% at 2595.26, Litecoin at 101.58 down 4.99%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Match Group Inc. up 12.805% at $98.93, Moderna Inc. up 10.218% at $142.49,

Carnival Corp. up 8.753% to $17.27, PVH Corp. up 8.666% at $75.36, Exxon Mobil Corp. down 5.685% to $82.79, Marathon Oil Corp. down 2.864% at $23.40.

Economic news:

US: U.S. job openings fell in January, but remained near record highs as worker shortages persisted, pointing to a tight labor market that will continue to generate strong wage gains and contribute to keeping inflation high.

Job openings, a measure of labor demand, dropped 185,000 to 11.263 million on the last day of January, the Labor Department said on Wednesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS report.

Data for December was revised higher to show a record 11.448 million job openings instead of the previously reported 10.925 million. The government revised the 2021 data.

The Federal Reserve is expected to raise interest rates next Wednesday to quell inflation. Economists expect as many as seven rate hikes, though much would depend on the fallout from Russia’s war against Ukraine. The United States and its allies have imposed harsh sanctions on Moscow. On Tuesday, President Joe Biden banned imports of Russian oil into the United States.

Eurozone: The European Central Bank is likely to make as few policy commitments as possible on Thursday as the shock of Russia’s invasion of Ukraine up-ends its expectations for the economy and leaves policymakers grappling with new realities.

With inflation in the euro zone at a record high even before Moscow began its assault on Feb. 24, policymakers had been expected to announce an end to years of money-printing stimulus, opening the way for an interest rate hike late this year.

But the war has shattered that consensus and the 25-member ECB Governing Council will go into the meeting divided, raising the chances of a policy surprise — and the risk of an error.

The safest route would appear to be for the bank to confirm an earlier decision to continue reducing bond purchases next quarter while leaving all other commitments, including an end-date for the buys and the timing of a rate hike, up in the air.

Even if Thursday sees the can kicked down the road, high inflation makes the removal of stimulus almost unavoidable, but the real issue is how a changed world order will impact prices further out, a time horizon more relevant for the ECB.

High energy prices will lower growth and could be a drag on inflation in the longer term as families have less to spend on other items and firms postpone investments.

This is why the ECB’s inflation projection for 2024 is unlikely to be wildly different from the 1.8% it predicted three months ago.

Important Data: US Core CPI (MoM) (Feb) today at 8:30 this time estimated 0.5%, previously which was 0.6%. US Initial Jobless Claims today at 8:30 this time estimated 216K, previously which was 215K. US Federal Budget Balance (Feb) today at 14:00 previously which was 119.0B. JAPAN Household Spending (MoM) (Jan) today at 18:30 this time estimated -3.0%, previously which was 0.1%. JAPAN BSI Large Manufacturing Conditions (Q1) today at 18:50 this time estimated 8.2, previously which was 7.9.

Technical Summary

GBPUSD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3183, TAKE PROFIT AT 1.3141 AND STOP LOSS AT 1.3199

EURUSD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1062, TAKE PROFIT AT 1.1034 AND STOP LOSS AT 1.1076

USDJPY

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 115.912, TAKE PROFIT AT 116.123 AND STOP LOSS AT 115.756

USDCHF

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9274, TAKE PROFIT AT 0.9292 AND STOP LOSS AT 0.9260

NIKKEI 225

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 25464.00 TAKE PROFIT AT 25254.00 AND STOP LOSS AT 25720.00

WTI CRUDE OIL

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 111.49 TAKE PROFIT AT 114.65 AND STOP LOSS AT 109.19

GOLD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 1982.44, TAKE PROFIT AT 1988.58 AND STOP AT 1974.29

ETHEREUM

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 2575.70 TAKE PROFIT AT 2494.65 AND STOP AT 2681.08

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