Technical Analysis with Candlestick Charts – 22 March 2022

Technical Analysis with Candlestick Charts – 22 March 2022

Technical Analysis

Asia Pacific stocks were mostly up on Tuesday morning. The Shanghai Composite is up 0.45% at 3,268.22. Overall, the Singapore MSCI is down 1.32% at 327.85. Over in Hong Kong, the Hang Seng Index up 1.89% at 21,637.00. In Japan, the Nikkei 225 is up 0.94% at 26,980.00, while the Topix index is up 0.63% at 1910.00. South Korea’s Kospi up 0.89% to 2708.98. Australia S&P/ASX 200 up 0.86% at 7341.10.

Market Summary as per 21/03/2022:

European equities Monday closing. The DAX futures contract in Germany traded down 0.60% at 14,326.97, CAC 40 futures down 0.57% at 6582.34 and the UK 100 futures contract in the U.K. up 0.51% at 7,442.40.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.58% at 34553.00. The S&P 500 down 0.04% at 4461.17 and the Nasdaq 100 down 0.31% at 14376.09, NYSE closes down 0.04% at 16606.66.

Top Market News Today:

In the Forex market, GBPUSD down 0.30% at 1.3124. The USDJPY up 0.78% at 120.405. The USDCHF up 0.34% at 0.9368. EURUSD down 0.36% at 1.0976, EUR/GBP flat at 0.8363. The USD/CNY up 0.01% at 6.3641 at the time of writing.

In the Commodity market U.S. Gold futures flat at $1,935.97. Elsewhere, Silver futures up 0.65% at $25.340 per ounce, Platinum up 0.19% at $1039.50 per ounce, and Palladium down 0.66% at $2574.00.

Crude Oil up on Tuesday; Brent crude oil up 2.19% at $115.914 per barrel while U.S. West Texas Intermediate (CLc1) up 2.02% at $112.60.

In the Cryptocurrency Markets, Bitcoin at 42316.41 up 3.04%, Ethereum up 2.71% at 2973.78, Litecoin at 118.33 up 1.85%, at the time of writing.

Top Market Segment to Watch Out Today:

BOEING Co.: A China Eastern Airlines (NYSE:CEA) Boeing (NYSE:BA) 737-800 with 132 people on board crashed in mountains in southern China on Monday after a sudden plunge from cruising altitude at about the time when it would normally start to descend ahead of its landing.

FACEBOOK: A Moscow court said on Monday that Meta was guilty of “extremist activity”, but the ruling will not affect its WhatsApp messenger service, focusing on the U.S. firm’s already-banned Facebook (NASDAQ:FB) and Instagram social networks.

Economic News:

US: U.S. and British officials kicked off two days of meetings to strengthen trade ties on Monday, underscoring transatlantic cooperation at a time when Western countries are ratcheting up pressure on Russia over its war in Ukraine.

The talks in the port city of Baltimore mark a broad effort to take stock of the $260 billion bilateral trade relationship, while specific disputes will be dealt with separately and formal talks on a free trade agreement remain on ice.

U.S. Trade Representative Katherine Tai said the two allies had resolved disputes over aircraft subsidies and digital services taxes over the past year, and were now working together closely to punish Russian President Vladimir Putin for his invasion of Ukraine.

Trevelyan said Britain was seeking to “forge even closer bonds of trade and investment between us, because we do more business together than any other two countries in the world.”

Eurozone: The European Central Bank should continue to normalize policy and raise interest rates, possibly as soon as this year, if the inflation outlook warrants it, Bundesbank President Joachim Nagel said on Monday.

With Russia’s war in Ukraine clouding the outlook, the ECB took only a small step in unwinding stimulus earlier this month and some policymakers are calling for an abundance of caution with future moves, even as inflation is running at a record high 5.9%, almost three times the ECB’s target.

Nagel, however, took a more conservative view, warning that high inflation was at risk of getting entrenched and if the ECB woke up too late, policy tightening would have to be so abrupt, it could choke off growth.

The ECB earlier this month said that it will not be in a hurry to raise rates and it could even pause after winding down the bond buys.

Top Economic Releases Today:

  1. CANADA Wholesale Sales (MoM) today at 08:30 previously which was 4.2%. 
  2. U.S. Redbook (YoY) today at 8:55 previously which was 12.6%.
  3. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 3.754M.
  4. U.K. CBI Industrial Trends Orders (Mar) today at 07:00 this time estimated 16, previously which was 20.

5. EUROZONE Current Account (Jan) today at 05:00 this time stood at 24.3B, previously which was 22.6B.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3126, TAKE PROFIT AT 1.3101 AND STOP LOSS AT 1.3170

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0966, TAKE PROFIT AT 1.0929 AND STOP LOSS AT 1.1000

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 158.207, TAKE PROFIT AT 158.246 AND STOP LOSS AT 157.642

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 128.583, TAKE PROFIT AT 128.593 AND STOP LOSS AT 128.567

EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 3796.00 TAKE PROFIT AT 3761.00 AND STOP LOSS AT 3842.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 113.46 TAKE PROFIT AT 114.94 AND STOP LOSS AT 113.31

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1934.92, TAKE PROFIT AT 1917.17 AND STOP AT 1949.03

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 42277.46 TAKE PROFIT AT 43205.34 AND STOP AT 41498.65

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