Technical Analysis with Candlestick Charts – 20 April 2022

Technical Analysis with Candlestick Charts – 20 April 2022

Technical Analysis

Yellen, the US Treasury Secretary, will skip several G20 meetings

Asia Pacific stocks were mostly up on Wednesday morning. The Shanghai Composite is down 0.05% at 3,194.02. Overall, the Singapore MSCI is down 0.10% at 313.60. Over in Hong Kong, the Hang Seng Index is down 0.04% at 20,984. In Japan, the Nikkei 225 is up 0.70% at 27,240.00, while the Topix index is up 0.89% at 1916.50. South Korea’s Kospi is down 0.37% at 2708.45. Australia S&P/ASX 200 up 0.65% at 7614.60.

Top News of the Day:

U.S. Treasury Secretary Janet Yellen plans to skip some sessions of this week’s G20 finance meeting in protest at Russia’s assault on Ukraine and will urge International Monetary Fund and World Bank members to increase pressure on Moscow, two senior U.S. Treasury officials said. The Treasury Department will concentrate on cracking down on those seeking to evade sweeping sanctions imposed on Russia over the war, and those who facilitate such efforts, one of the officials said.

Market Summary as per 19/04/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.07% at 14,153.46, CAC 40 futures down 0.83% at 6534.80 and the UK 100 futures contract in the U.K. down 0.20% at 7,601.29.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.45% at 34911.21. The S&P 500 up 1.61% at 4462.22 and the Nasdaq 100 up 2.15% at 14210.26, NYSE closes up 1.17% at 16658.90.

Top Market News Today:

In the Forex market, GBPUSD up 0.15% at 1.3014. The USDJPY up 0.27% at 129.220. The USDCHF up 0.14% at 0.9529. EURUSD up 0.02% at 1.0788, EUR/GBP down 0.07% at 0.8289. The USD/CNY down 0.01% at 6.393 at the time of writing.

In the Commodity market U.S. Gold futures down 0.18% at $1,946.47. Elsewhere, Silver futures down 0.47% at $25.040 per ounce, Platinum down 1.16% at $980.50 per ounce, and Palladium up 0.11% at $2378.00.

Crude Oil up on Wednesday; Brent crude oil up 0.93% at $107.725 per barrel while U.S. West Texas Intermediate (CLc1) up 0.95% at $103.041.

In the Cryptocurrency Markets, Bitcoin at 41305.00 down 0.52%, Ethereum down 0.71% at 3080.61, Litecoin at 112.85 down 0.89%, at the time of writing.

Top Market Segment to Watch Out Today:

NETFLIX: Netflix Inc (NASDAQ:NFLX) said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted deeper losses ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic.

The company said it lost 200,000 subscribers in its first quarter, falling well short of its forecast of adding 2.5 million subscribers. Suspending service in Russia after the Ukraine invasion took a toll, resulting in the loss of 700,000 members.

Economic News:

US: The U.S. Department of Education has canceled student loan debt for 40,000 people and offered credits to help another 3.6 million pay off their loans under a plan announced on Tuesday designed to aid low-income borrowers and public servants.

“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” Education Secretary Miguel Cardona said in the statement.

The measures add to other steps taken by the administration of President Joe Biden, including a pause on nearly all student loan collection, but they stop short of demands from the progressive wing of the Democratic Party for comprehensive student loan forgiveness.

Eurozone: Russia plans to spend over 2.5 trillion roubles ($32.3 billion) on supporting its economy that has been targeted by unprecedented western sanctions, Finance Minister Anton Siluanov said on Tuesday.

Russia faces soaring inflation and capital flight while grappling with a possible debt default after the West imposed harsh sanctions to punish President Vladimir Putin for sending tens of thousands of troops into Ukraine on Feb. 24.

“In total, the financial support for the plan exceeds 2.5 trillion roubles. This includes budget allocations, the National Wealth Fund, and the tax incentives we have adopted,” Siluanov told a government meeting on Tuesday.

This year, Russia will be able to channel around 6 trillion roubles on financing budget spending and paying debt after it had suspended the budget rule that used to channel extra revenues from oil and gas exports into state coffers, the Higher School of Economics (HSE) think tank said on Tuesday.

Top Economic Releases Today:

  1. GERMANY PPI (MoM) (Mar) today at 2:00 this time estimated 2.6%, previously which was 1.4%. 
  2. EUROZONE Industrial Production (MoM) (Feb) today at 5:00 this time estimated 0.7%, previously which was 1.3%.
  3. CANADA Core CPI (MoM) (Mar) today at 8:30 this time estimated 0.5%, previously which was 0.8%.
  4. U.S. Existing Home Sales (Mar) today at 10:00 this time estimated 5.80M, previously which was 6.02M.
  5. U.S. Crude Oil Inventories today at 10:30 this time estimated 2.471M, previously which was 9.382M.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3017, TAKE PROFIT AT 1.2984 AND STOP LOSS AT 1.3049

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0796, TAKE PROFIT AT 1.0757 AND STOP LOSS AT 1.0848

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8291, TAKE PROFIT AT 0.8275 AND STOP LOSS AT 0.8312

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 139.301, TAKE PROFIT AT 139.626 AND STOP LOSS AT 139.043

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7597.00 TAKE PROFIT AT 7606.00 AND STOP LOSS AT 7590.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 102.43 TAKE PROFIT AT 99.87 AND STOP LOSS AT 104.36

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1945.42, TAKE PROFIT AT 1938.17 AND STOP AT 1949.66

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 111.156 TAKE PROFIT AT 107.516 AND STOP AT 117.622

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