Technical Analysis with Candlestick Charts – 18 March 2022

Technical Analysis with Candlestick Charts – 18 March 2022

Technical Analysis

Asia Pacific stocks were mixed on Friday morning. The Shanghai composite is up 0.09% at 3,218.26. Overall, the Singapore MSCI up 0.76% at 324.65. Over in Hong Kong, the Hang Seng Index down 1.74% at 21,094.00. In Japan, the Nikkei 225 up 0.11% at 26,470.00, while the Topix index is up 0.05% at 1881.00. South Korea’s Kospi down 0.20% to 2689.15. Australia S&P/ASX 200 up 0.35% at 7276.20.

European equities Thursday closing. The DAX futures contract in Germany traded down 0.36% at 14,388.06, CAC 40 futures up 0.36% at 6612.53 and the UK 100 futures contract in the U.K. up 1.28% at 7,385.34.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.23% at 34480.77. The S&P 500 up 1.23% at 4411.66 and the Nasdaq 100 up 1.16% at 14118.60, NYSE closes up 1.37% at 16483.57.

In the Forex market, GBPUSD up 0.03% at 1.3152. The USDJPY up 0.15% at 118.759. The USDCHF up 0.02% at 0.9370. EURUSD down 0.11% at 1.1079, EUR/GBP down 0.13% at 0.8422. The USD/CNY up 0.17% at 6.3567 at the time of writing.

In the commodity market U.S. Gold futures down 0.55% at $1,932.01. Elsewhere, Silver futures down 0.59% at $25.191 per ounce, Platinum down 0.34% at $1020.00 per ounce, and Palladium up 4.66% at $2637.50.

Crude Oil up on Friday; Brent crude oil up 2.01% at $109.02 per barrel while U.S. West Texas Intermediate (CLc1) up 2.02% at $103.863.

In the Cryptocurrency Markets, Bitcoin at 40539.49 down 1.03%, Ethereum down 1.14% at 2783.35, Litecoin at 108.88 down 1.30%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Devon Energy Corp. up 9.645% at $57.52, Marathon Oil Corp. up 6.855% at $23.07,

Mosaic Co. up 6.132% to $61.10, ETSY Inc. up 5.882% at $141.68, HP Inc. down 3.686% to $34.49, Advanced Micro Devices Inc. down 3.19% at $111.69.

Economic news:

US: U.S. consumers exposed to a surge in energy costs due to the war in Ukraine may need targeted support that would delay fiscal consolidation, according to the chief economist of the Organization for Economic Cooperation and Development.

Speaking in an interview on Bloomberg Television, Laurence Boone said some lower-income households are particularly exposed to food and energy that account for between 30% and 50% of their purchases.

“These very high energy and food prices mean that some consumers, some households will be hurt, and those households, they need to be supported,” she said. “If there is this fiscal-targeted support measure for these people, then perhaps fiscal consolidation in the U.S. will be delayed a little.”

The economist’s message follows the OECD’s assessment of the economic impact of Russia’s invasion of Ukraine earlier on Thursday, in which its officials put the onus of the policy response to the crisis on governments rather than central banks.

Boone said support for households would in fact make it easier for the Federal Reserve to continue moving “in the direction that it should” as the recovery from Covid is strong, unemployment is low and prices pressures are broad-based.

Eurozone: The European Central Bank will be in no hurry to raise interest rates and any move will be gradual, ECB President Christine Lagarde said on Thursday, even as another policymaker made the case for one and possibly two rate moves later this year.

Speaking just a week after accelerating the ECB’s exit from unconventional stimulus, Lagarde said the decision gives the ECB “extra space” between the planned end of its money-printing programme this summer and the first interest rate hike in more than a decade.

Investors were ramping up their bets on higher ECB rates after the Federal Reserve raised the cost of borrowing late on Wednesday, tightening its stance for the first time since the start of the coronavirus pandemic and despite uncertainty stemming from Russia’s invasion of Ukraine.

Central banks worldwide have been caught on the hop by a surge in inflation, which hit 5.9% in the 19-nation euro zone last month after spending most of the last decade below the ECB’s 2% target.

Important Data: CANADA Core Retail Sales (MoM) (Jan) today at 08:30 this time estimated 2.4%, previously which was -2.5%. US Existing Home Sales (Feb) today at 10:00 this time estimated 6.10M, previously which was 6.50M. CANADA Foreign Securities Purchases (Jan) today at 8:30 previously which was 37.56B. RUSSIA Interest Rate Decision (Mar) today at 6:30 this time estimated 20.00%, previously which was 20.00%. JAPAN Tertiary Industry Activity Index (MoM) today at 00:30 previously which was 0.4%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3152, TAKE PROFIT AT 1.3100 AND STOP LOSS AT 1.3185

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.1081, TAKE PROFIT AT 1.1118 AND STOP LOSS AT 1.1051

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 118.751, TAKE PROFIT AT 118.831 AND STOP LOSS AT 118.703

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9364, TAKE PROFIT AT 0.9375 AND STOP LOSS AT 0.9349

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7368.90 TAKE PROFIT AT 7414.50 AND STOP LOSS AT 7319.80

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 105.83 TAKE PROFIT AT 104.76 AND STOP LOSS AT 106.99

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1934.24, TAKE PROFIT AT 1920.79 AND STOP AT 1949.29

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 2776.98 TAKE PROFIT AT 2842.28 AND STOP AT 2667.22

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