Technical Analysis with Candlestick Charts – 21 March 2022

Technical Analysis with Candlestick Charts – 21 March 2022

Technical Analysis

Asia Pacific stocks were mostly down on Monday morning. The Shanghai Composite is down 0.14% at 3,246.61. Overall, the Singapore MSCI is up 1.82% at 330.00. Over in Hong Kong, the Hang Seng Index down 1.15% at 21,177.00. In Japan, the Nikkei 225 is up 1.38% at 27,100.00, while the Topix index is up 1.08% at 1918.50. South Korea’s Kospi down 0.77% to 2686.05. Australia S&P/ASX 200 down 0.22% at 7278.50.

Market Summary as per 18/03/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 0.17% at 14,413.09, CAC 40 futures up 0.12% at 6620.24 and the UK 100 futures contract in the U.K. up 0.26% at 7,404.74.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.80% at 34754.94. The S&P 500 up 1.17% at 4463.11 and the Nasdaq 100 up 2.14% at 14420.08, NYSE closes up 0.78% at 16612.64.

Top Market News Today:

In the Forex market, GBPUSD down 0.19% at 1.3151. The USDJPY up 0.09% at 119.253. The USDCHF up 0.25% at 0.9339. EURUSD down 0.10% at 1.1039, EUR/GBP up 0.11% at 0.8392. The USD/CNY up 0.03% at 6.3630 at the time of writing.

In the Commodity market U.S. Gold futures up 0.15% at $1,924.16. Elsewhere, Silver futures up 0.08% at $24.960 per ounce, Platinum up 0.64% at $1028.50 per ounce, and Palladium up 2.95% at $2564.50.

Crude Oil up on Monday; Brent crude oil up 3.03% at $111.04 per barrel while U.S. West Texas Intermediate (CLc1) up 3.13% at $106.20.

In the Cryptocurrency Markets, Bitcoin at 40891.99 down 0.85%, Ethereum up 0.23% at 2866.45, Litecoin at 114.27 down 0.57%, at the time of writing.

Top Market Segment to Watch Out Today:

CRUDE OIL: Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.

GOLD: Gold was down on Monday morning in Asia, as the U.S. Federal Reserve’s hawkish stance on monetary policy capped gains. However, safe-haven support came as fighting in Ukraine shows no sign of abating. Gold futures were up 0.66% to $1,671.75.

Economic News:

US: The U.S. House of Representatives overwhelmingly backed legislation on Thursday to remove “most favored nation” trade status for Russia and Belarus over the invasion of Ukraine, paving the way for higher tariffs on imports from the countries.

The Democratic-controlled House voted 424-8 in favor of removing Permanent Normal Trade Relations (PNTR) status, the latest congressional effort to put economic pressure on Moscow.

To become law, the measure must also pass the Senate. Senate Democratic Majority Leader Chuck Schumer said it would move through the Senate quickly, after approval by the House.

The move to revoke Russia’s status at the World Trade Organization is being coordinated with similar efforts by other G7 democracies. It would automatically raise U.S. tariffs to non-WTO rates for imports from Russia and it authorizes U.S. President Joe Biden to proclaim higher tariff rates on products from both Russia and Belarus.

Eurozone: Germany’s finance minister has called for fresh talks over a free trade agreement between the European Union and the United States, a newspaper reported on Sunday, aiming to revive discussions halted by former U.S. President Donald Trump.

Trump ended negotiations over the so-called Transatlantic Trade and Investment Partnership (TTIP) and instead pressed a number of trade disputes with the EU.

It is unclear to what extent there is support for such talks in Europe. In recent years, some officials have spoken in favour of a resumption, while others have been more cautious.

In a statement, the U.S. embassy in Berlin didn’t respond directly to Lindner’s proposal but said an existing U.S.-EU Trade and Technology Council ensured that trade and technology policies support broad-based growth.

Top Economic Releases Today:

  1. U.S. Investing.com S&P 500 Index today at 01:30 this time stood at 56.8%, previously which was 61.6%. 
  2. NEW ZEALAND Westpac Consumer Sentiment (Q1) today at 17:00 previously which was 99.10.
  3. US 6-Month Bill Auction today at 11:30 previously which was 0.820%.
  4. GERMANY 12-Month Bubill Auction today at 06:30 previously which was -0.625%.

JAPAN Investing.com USD/JPY Index today at 01:30 this time stood at 53.8%, previously which was 45.1%.

Technical Summary

GBP/USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3162, TAKE PROFIT AT 1.3142 AND STOP LOSS AT 1.3180

EUR/USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.1055, TAKE PROFIT AT 1.1093 AND STOP LOSS AT 1.1018

EUR/GBP

Technical Analysis

TRADE SUGGESTION- BUY AT 0.8398, TAKE PROFIT AT 0.8410 AND STOP LOSS AT 0.8380

EUR/JPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 131.712, TAKE PROFIT AT 132.048 AND STOP LOSS AT 131.448

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 14355.94 TAKE PROFIT AT 14566.64 AND STOP LOSS AT 14177.29

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 109.08 TAKE PROFIT AT 107.83 AND STOP LOSS AT 110.25

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1925.82, TAKE PROFIT AT 1917.45 AND STOP AT 1935.21

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 113.437 TAKE PROFIT AT 119.277 AND STOP AT 109.886

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