Technical Analysis with Candlestick Charts – 19 April 2022

Technical Analysis with Candlestick Charts – 19 April 2022

Technical Analysis

The Dollar Index surpassed 101 for the First time in Two Years

      Asia Pacific stocks were mostly up on Tuesday morning. The Shanghai Composite is down 0.25% at 3,187.65. Overall, the Singapore MSCI is up 0.06% at 316.20. Over in Hong Kong, the Hang Seng Index is down 2.30% at 21,023. In Japan, the Nikkei 225 is up 0.90% at 26,990.00, while the Topix index is up 1.01% at 1895.50. South Korea’s Kospi is up 0.95% at 2718.73. Australia S&P/ASX 200 up 0.54% at 7563.20.

Top News of the Day:

The dollar index rose past 101 for the first time since March 2020 on Tuesday, as the greenback set its latest 20-year high on the yen and tested a two-year peak on the euro, supported by high U.S. Treasury yields and expectations of good economic data. The dollar index, which measures the greenback against six peers, was last at 100.99, up 0.2%, having risen as high as 101.02 in early trade. It has gained 2.6% so far this month.

Market Summary as per 18/04/2022:

European equities Monday closing. The DAX futures contract in Germany traded up 0.62% at 14,163.85, CAC 40 futures up 0.72% at 6589.36 and the UK 100 futures contract in the U.K. up 0.47% at 7,616.37.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.11% at 34411.70. The S&P 500 down 0.02% at 4391.70 and the Nasdaq 100 up 0.13% at 13910.76, NYSE closes down 0.27% at 16466.21.

Top Market News Today:

In the Forex market, GBPUSD down 0.06% at 1.3000. The USDJPY up 0.95% at 128.192. The USDCHF up 0.19% at 0.9457. EURUSD down 0.07% at 1.0772, EUR/GBP up 0.08% at 0.8287. The USD/CNY down 0.02% at 6.3723 at the time of writing.

In the Commodity market U.S. Gold futures down 0.19% at $1,974.10. Elsewhere, Silver futures down 0.37% at $25.740 per ounce, Platinum up 0.44% at $1016.50 per ounce, and Palladium down 0.76% at $2427.00.

Crude Oil up on Tuesday; Brent crude oil up 0.08% at $112.77 per barrel while U.S. West Texas Intermediate (CLc1) up 0.21% at $106.907.

In the Cryptocurrency Markets, Bitcoin at 40696.93 down 0.28%, Ethereum down 0.53% at 3041.25, Litecoin at 111.85 up 0.54%, at the time of writing.

Top Market Segment to Watch Out Today:

GOLD: Gold was down on Tuesday morning in Asia, after hitting the $2,000 mark during the previous session. The dollar was near a two-year high and dented the safe-haven yellow metal’s appeal.

Gold futures were down 0.24% to $1,981.70 by 11:59 PM, after climbing to $1,998.10 on Monday as the war in Ukraine continues and inflation concerns mount. But gold gave up most of Monday’s gains as the dollar and U.S. 10-year Treasury yields firmed.

Economic News:

US: Confidence among U.S. single-family homebuilders fell to a seven-month low in April as surging mortgage rates and snarled supply chains boosted housing costs, shutting out some first-time buyers from the market, a survey showed on Monday.

The National Association of Home Builders/Wells Fargo Housing Market index dropped two points to 77 this month. The fourth straight monthly decline pushed the index to its lowest level since last September. A reading above 50 indicates that more builders view conditions as good rather than poor.

Despite record low housing inventory, shortages as well as the high cost of building materials such as framing lumber are making it difficult for builders to ramp up production. According to government data, the backlog of houses approved for construction but yet to be started hit an all-time high in February.

Eurozone: Russia’s invasion has damaged or destroyed up to 30% of Ukraine’s infrastructure at a cost of $100 billion, a Ukrainian minister said on Monday, adding reconstruction could be achieved in two years using frozen Russian assets to help finance it.

Ukraine has not previously outlined the specific impact on infrastructure, such as roads and bridges, although officials say the total bill for damage to everything from transport to homes and other buildings runs to about $500 billion so far.

Kubrakov said more than 300 bridges on national roads had been destroyed or damaged, more than 8,000 km (5,000 miles) of roads had to be repaired or rebuilt and dozens of railway bridges had been blown up. He put the bill at $100 billion so far.

Top Economic Releases Today:

  1. U.S. Building Permits (Mar) today at 8:30 this time estimated 1.825M, previously which was 1.865M.
  2. 19.1%.
  3. JAPAN Trade Balance (Mar) today at 19:50 this time estimated -100.8B, previously which was -669.7B.
  4. previously which was 13.49B.
  5. JAPAN Industrial Production (MoM) (Feb) today at 00:30 previously which was 0.1%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.3007, TAKE PROFIT AT 1.2983 AND STOP LOSS AT 1.3031

EURUSD

TRADE SUGGESTION- SELL AT 1.0782, TAKE PROFIT AT 1.0766 AND STOP LOSS AT 1.0794

USDJPY

TRADE SUGGESTION- BUY AT 128.111, TAKE PROFIT AT 128.305 AND STOP LOSS AT 127.831

USDCHF

TRADE SUGGESTION- BUY AT 0.9449, TAKE PROFIT AT 0.9462 AND STOP LOSS AT 0.9441

FTSE 100

TRADE SUGGESTION- BUY AT 7562.90 TAKE PROFIT AT 7608.70 AND STOP LOSS AT 7529.90

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 106.88 TAKE PROFIT AT 109.11 AND STOP LOSS AT 104.48

GOLD

TRADE SUGGESTION- BUY AT 1978.42, TAKE PROFIT AT 1988.83 AND STOP AT 1969.57

ETHEREUM

TRADE SUGGESTION- SELL AT 3027.22 TAKE PROFIT AT 2965.96 AND STOP AT 3077.49

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