Technical Analysis with Candlestick Charts – 17 March 2022

Technical Analysis with Candlestick Charts – 17 March 2022

Technical Analysis

Asia Pacific stocks were up on Thursday morning. The Shanghai composite is up 1.84% at 3,228.94. Overall, the Singapore MSCI up 1.76% at 321.60. Over in Hong Kong, the Hang Seng Index up 5.16% at 21,153.00. In Japan, the Nikkei 225 up 3.20% at 26,420.00, while the Topix index is up 2.31% at 1880.00. South Korea’s Kospi up 1.42% to 2697.09. Australia S&P/ASX 200 up 1.05% at 7250.80.

European equities Wednesday closing. The DAX futures contract in Germany traded up 3.76% at 14,440.74, CAC 40 futures up 3.68% at 6588.65 and the UK 100 futures contract in the U.K. down 0.47% at 7,286.70.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.55% at 34063.11. The S&P 500 up 2.24% at 4357.85 and the Nasdaq 100 up 3.70% at 13956.79, NYSE closes up 2.30% at 16261.50.

In the Forex market, GBPUSD up 0.02% at 1.3149. The USDJPY up 0.10% at 118.823. The USDCHF up 0.07% at 0.9406. EURUSD down 0.10% at 1.1022, EUR/GBP down 0.08% at 0.8382. The USD/CNY up 0.01% at 6.3518 at the time of writing.

In the commodity market U.S. Gold futures up 0.19% at $1,931.11. Elsewhere, Silver futures up 0.28% at $25.164 per ounce, Platinum down 0.25% at $1016.50 per ounce, and Palladium up 2.90% at $2470.00.

Crude Oil up on Thursday; Brent crude oil up 1.86% at $99.77 per barrel while U.S. West Texas Intermediate (CLc1) up 1.64% at $95.23.

In the Cryptocurrency Markets, Bitcoin at 41101.45 down 0.10%, Ethereum down 0.31% at 2767.03, Litecoin at 109.88 down 1.43%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Moderna Inc. up 14.34% at $169.36, Micron Technology Inc. up 8.97% at $79.67,

United Airlines Holdings Inc. up 7.714% to $41.19, NortonLifeLock Inc. down 13.285% at $26.11, General Dynamics Corp. down 4.17% to $227.69, Kroger Co. down 2.136% at $54.99.

Economic news:

US: The U.S. Treasury yield curve flattened further on Wednesday, as the Federal Reserve increased interest rates for the first time in three years and set out a path of tighter monetary policy to fight unabated inflation.

The shape of the yield curve is key metric investors watch as it impacts other asset prices, feeds through to banks’ returns and has been an indicator of how the economy will fare. Recent moves have reflected investor worries over whether the Fed can tighten monetary policy to tame inflation without hurting economic growth.

Here is a quick primer explaining what a steep, flat or inverted yield curve means and whether the yield curve’s current shape is forecasting a recession.

The U.S. Treasury finances federal government budget obligations by issuing various forms of debt. The $23 trillion Treasury market includes Treasury bills with maturities from one month out to one year, notes from two years to 10 years, as well as 20-and 30-year bonds.

Eurozone: The Bank of England looks set to press on with raising interest rates on Thursday as it tries to stop soaring inflation from becoming engrained in the British economy.

All but five of 49 economists recently polled by Reuters thought the BoE will raise Bank Rate for a third meeting running, back to its pre-pandemic level of 0.75%, with the rest expecting it to stay on hold at 0.5%.

The BoE last month predicted inflation will peak at around 7.25% in April – almost four times the British central bank’s 2% target – but that forecast has been overtaken by seismic shifts in European energy markets following Russia’s invasion of Ukraine.

Investors will be watching for any new thinking from rate-setters on how they – like central bankers elsewhere – plan to deal with the competing forces of price pressures and slowing economic growth which could even turn into a recession.

The U.S. Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday and laid out an aggressive plan to push borrowing costs to restrictive levels by next year, as concerns about high inflation and the war in Ukraine overtook the risks of the coronavirus pandemic.

Important Data: EURO ZONE CPI (YoY) (Feb) today at 06:00 this time estimated 5.8%, previously which was 5.8%. US Building Permits (Feb) today at 8:30 this time estimated 1.850M, previously which was 1.895M. US Initial Jobless Claims today at 8:30 this time estimated 220K, previously which was 227K. NEW ZEALAND today at 17:45 this time estimated 3.2%, previously which was -3.7%. JAPAN National Core CPI (YoY) (Feb) today at 19:30 this time estimated 0.6%, previously which was 0.2%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3163, TAKE PROFIT AT 1.3138 AND STOP LOSS AT 1.3180

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1033, TAKE PROFIT AT 1.0991 AND STOP LOSS AT 1.1088

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 156.454, TAKE PROFIT AT 156.791 AND STOP LOSS AT 156.034

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 126.374, TAKE PROFIT AT 126.519 AND STOP LOSS AT 126.250

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6628.30 TAKE PROFIT AT 6676.40 AND STOP LOSS AT 6542.90

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 97.33 TAKE PROFIT AT 94.45 AND STOP LOSS AT 98.87

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1931.05, TAKE PROFIT AT 1913.13 AND STOP AT 1949.43

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 40765.95 TAKE PROFIT AT 41523.91 AND STOP AT 40252.38

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