Technical Analysis with Candlestick Charts – 14 April 2022

Technical Analysis with Candlestick Charts – 14 April 2022

Technical Analysis

Holiday shortened week with Big Bank Result’s

Asia Pacific stocks were mostly up on Thursday morning. The Shanghai Composite is up 1.09% at 3,221.55. Overall, the Singapore MSCI is down 0.08% at 319.25. Over in Hong Kong, the Hang Seng Index up 0.73% at 21,468.00. In Japan, the Nikkei 225 is up 1.04% at 27,160.00, while the Topix index is up 0.71% at 1907.00. South Korea’s Kospi up 0.03% to 2717.85. Australia S&P/ASX 200 up 0.57% at 7521.30.

Top News of the Day:

On Thursday, the holiday-shortened week will end with results from a swath of big banks, including Morgan Stanley (NYSE:MS), Citigroup Inc (NYSE:C), Goldman Sachs Group Inc (NYSE:GS), and Wells Fargo (NYSE:WFC) & Co.

Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 2.87-to-1 ratio favoured advancers.

Market Summary as per 13/04/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.34% at 14,076.44, CAC 40 futures up 0.07% at 6542.15 and the UK 100 futures contract in the U.K. up 0.05% at 7,580.81.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.01% at 35464.60. The S&P 500 up 1.12% at 4446.60 and the Nasdaq 100 up 1.99% at 14217.29, NYSE closes up 0.90% at 16614.79.

Top Market News Today:

In the Forex market, GBPUSD up 0.15% at 1.3137. The USDJPY down 0.19% at 125.341. The USDCHF down 0.06% at 0.9329. EURUSD up 0.24% at 1.0914, EUR/GBP up 0.08% at 0.8308. The USD/CNY down 0.03% at 6.3660 at the time of writing.

In the Commodity market U.S. Gold futures down 0.23% at $1,973.28. Elsewhere, Silver futures up 0.07% at $25.731 per ounce, Platinum flat at $987.50 per ounce, and Palladium up 2.09% at $2367.50.

Crude Oil down on Thursday; Brent crude oil down 0.69% at $108.04 per barrel while U.S. West Texas Intermediate (CLc1) down 0.72% at $102.709.

In the Cryptocurrency Markets, Bitcoin at 41290.00 up 0.41%, Ethereum down 0.35% at 3107.16, Litecoin at 111.11 up 0.59%, at the time of writing.

Top Market Segment to Watch Out Today:

GOLD: Gold traded flat on Thursday but prices were set for a second consecutive weekly gain as the Ukraine crisis and broadening inflationary pressures lifted the safe-haven metal’s appeal.

Spot gold was little changed at $1,974.28 per ounce, as of 0426 GMT. U.S. gold futures were down 0.4% at $1,977.60. The metal has gained about 1.4% so far in the week. Most markets will be closed on Friday for a holiday.

Economic News:

US: The United States is pushing the U.N. Security Council to further sanction North Korea over its renewed ballistic missile launches by banning tobacco and halving oil exports to the country and blacklisting the Lazarus hacking group, according to a draft resolution reviewed by Reuters on Wednesday.

The United States circulated the draft to the 15 council members this week. It was not immediately clear if or when it could be put to a vote. A resolution needs nine “yes” votes and no vetoes by Russia, China, France, Britain or the United States.  

Russia and China have already signalled opposition to strengthening sanctions in response to Pyongyang’s launch last month of an intercontinental ballistic missile – it’s first since 2017.

Eurozone: The European Central Bank may outline on Thursday a clearer schedule for unwinding its extraordinary stimulus, as worries over record-high inflation trump concerns about a war-related recession.

The ECB has been reducing the pace of its money-printing programme for months but it has so far avoided committing to an end date for the scheme, worried that the war in Ukraine and sky-high energy prices could suddenly change the outlook.

For now, the bank plans to end bond purchases, commonly known as quantitative easing, at some point in the third quarter, with interest rates going up “some time” after that.

Approved last month, this loosely worded schedule is already being challenged as opposing forces leave the rate-setting Governing Council in a dilemma.

Top Economic Releases Today:

  1. U.S. Initial Jobless Claims today at 8:30 this time estimated 171K, previously which was 166K. 
  2. U.S. Retail Sales (MoM) (Mar) today at 8:30 this time estimated 0.6%, previously which was 0.3%.
  3. CANADA Wholesale Sales (MoM) (Feb) today at 8:30 this time estimated 0.9%, previously which was 4.2%.
  4. RUSSIA Central Bank reserves (USD) today at 9:00 previously which was 606.5B.
  5. EURO ZONE ECB Marginal Lending Facility today at 7:45 this time estimated 0.25%, previously which was 0.25%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3137, TAKE PROFIT AT 1.3171 AND STOP LOSS AT 1.3104

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0912, TAKE PROFIT AT 1.0870 AND STOP LOSS AT 1.0961

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 125.370, TAKE PROFIT AT 125.734 AND STOP LOSS AT 125.041

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9326, TAKE PROFIT AT 0.9350 AND STOP LOSS AT 0.9303

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7524.00 TAKE PROFIT AT 7550.00 AND STOP LOSS AT 7498.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 102.80 TAKE PROFIT AT 104.41 AND STOP LOSS AT 99.81

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1973.45, TAKE PROFIT AT 1988.96 AND STOP AT 1965.70

ETHEREUM 

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 3094.76 TAKE PROFIT AT 3029.98 AND STOP AT 3183.86

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