Technical Analysis with Candlestick Charts – 14 March 2022

Technical Analysis with Candlestick Charts – 14 March 2022

Technical Analysis

Asia Pacific stocks were mostly down on Monday morning. The Shanghai composite is down 2.25% at 3,235.98. Overall, the Singapore MSCI down 2.09% at 303.95. Over in Hong Kong, the Hang Seng Index down 3.99% at 19,678.00. In Japan, the Nikkei 225 down 0.16% at 25,050.00, while the Topix index is up 0.14% at 1788.50. South Korea’s Kospi down 0.59% to 2645.65. Australia S&P/ASX 200 up 1.21% at 7149.40.

European equities Friday closing. The DAX futures contract in Germany traded up 1.38% at 13628.11, CAC 40 futures up 0.85% at 6260.26 and the UK 100 futures contract in the U.K. up 0.80% at 7,155.63.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.69% at 32944.20. The S&P 500 down 1.30% at 4204.32 and the Nasdaq 100 down 2.13% at 13301.83, NYSE closes down 1.10% at 15753.70.

In the Forex market, GBPUSD down 0.10% at 1.3024. The USDJPY up 0.44% at 117.788. The USDCHF up 0.07% at 0.9353. EURUSD up 0.08% at 1.0920, EUR/GBP up 0.29% at 0.8386. The USD/CNY up 0.25% at 6.3562 at the time of writing.

In the commodity market U.S. Gold futures down 0.62% at $1,975.77. Elsewhere, Silver futures down 0.78% at $25.649 per ounce, Platinum down 2.28% at $1052.00 per ounce, and Palladium down 4.56% at $2689.00.

Crude Oil down on Monday; Brent crude oil down 2.15% at $109.92 per barrel while U.S. West Texas Intermediate (CLc1) down 2.51% at $103.77.

In the Cryptocurrency Markets, Bitcoin at 38695.75 up 2.40%, Ethereum up 2.50% at 2579.81, Litecoin at 103.30 up 1.52%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Baker Hughes Co. up 2.45% at $37.64, McDonald’s Corp. up 2.194% at $226.8, Pfizer Inc. up 2.175% to $50.27, ETSY Inc. down 11.498% at $121.23, Adobe Inc. down 5.142% to $416.38, Starbucks Corp. down 5.083% at $82.73.

Economic news:

US: In what now seem the simpler days of December, when there was only a pandemic to worry about, Federal Reserve officials rallied around the view they could tame inflation with modest interest rate hikes while the economy and labor market thrived.

A war in Europe has now been layered on top of the health crisis, and when U.S. central bank policymakers meet this week, they will have to decide just how much damage has been done to that rosy outlook, and whether their hopes for an economic “soft landing” have been diminished or dashed altogether.

The Fed is almost certain to raise its benchmark overnight interest rate by a quarter of a percentage point at the end of its two-day policy meeting on Wednesday. More important will be projections showing just how far policymakers think rates will need to rise this year and in 2023 and 2024 to tame inflation that has blasted past their expectations.

If their outlook for the federal funds rate breaches what is regarded as a neutral level of around 2.50%, it means the mood within the policy-setting Federal Open Market Committee (FOMC) has shifted, and that its members see a need to eventually curb the economy – and run a higher risk of recession – to bring rising prices into line. As of December, most Fed policymakers projected that rate would only need to rise to 2.10% by the end of 2024.

Eurozone: Euro zone finance ministers are likely to endorse on Monday the European Commission’s view that fiscal policy should move from supportive to neutral in 2023, but that they must be ready with more cash should the war in Ukraine make it necessary.

Finance ministers from the 19 countries sharing the euro meet on Monday to discuss their fiscal stance next year as Russia’s invasion of Ukraine increased uncertainty and risks to EU economic growth that is rebounding after the pandemic.

The Commission recommended on March 2 that EU governments should move to a neutral fiscal stance next year from a supportive stance now, but be ready to adapt quickly if the Ukraine crisis produces new challenges for the rest of Europe.

EU government borrowing limits are likely to stay suspended in 2023, the Commission indicated, but high debt countries such as Italy and Greece should still focus on tightening fiscal policy, while low debt ones focus more on investment.

Important Data: AUSTRALIA House Price Index (QoQ) (Q4) today at 20:30 this time estimated 3.9%, previously which was 5.0%. CHINA Industrial Production (YoY) (Feb) today at 22:00 this time estimated 3.9%, previously which was 4.3%. US 6-Month Bill Auction today at 11:30 previously which was 0.710%. INDIA CPI (YoY) (Feb) today at 8:00 this time estimated 5.93%, previously which was 6.01%. Germany WPI (MoM) (Feb) today at 3:00 this time estimated 0.9%, previously which was 2.3%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3030, TAKE PROFIT AT 1.3027 AND STOP LOSS AT 1.3036

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0922, TAKE PROFIT AT 1.0882 AND STOP LOSS AT 1.0956

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 153.451, TAKE PROFIT AT 152.612 AND STOP LOSS AT 153.929

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 125.760, TAKE PROFIT AT 125.956 AND STOP LOSS AT 125.623

EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 3725.00 TAKE PROFIT AT 3599.00 AND STOP LOSS AT 3803.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 105.32 TAKE PROFIT AT 107.18 AND STOP LOSS AT 103.49

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1968.70, TAKE PROFIT AT 1980.88 AND STOP AT 1961.18

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 39208.98 TAKE PROFIT AT 38015.35 AND STOP AT 40228.63

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