Technical Analysis with Candlestick Charts – 23 March 2022

Technical Analysis with Candlestick Charts – 23 March 2022

Technical Analysis

Asia Pacific stocks were up on Wednesday morning. The Shanghai Composite is up 0.46% at 3,274.95. Overall, the Singapore MSCI is up 0.82% at 332.85. Over in Hong Kong, the Hang Seng Index up 1.25% at 22,191.00. In Japan, the Nikkei 225 is up 2.73% at 27,810.00, while the Topix index is up 2.11% at 1959.00. South Korea’s Kospi up 0.84% to 2732.71. Australia S&P/ASX 200 up 0.50% at 7377.90.

Market Summary as per 22/03/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded up 1.02% at 14,473.20, CAC 40 futures up 1.17% at 6659.42 and the UK 100 futures contract in the U.K. up 0.46% at 7,476.73.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.74% at 34807.47. The S&P 500 up 1.13% at 4511.60 and the Nasdaq 100 up 1.94% at 14654.33, NYSE closes up 0.78% at 16735.48.

Top Market News Today:

In the Forex market, GBPUSD up 0.15% at 1.3281. The USDJPY up 0.28% at 121.097. The USDCHF up 0.18% at 0.9343. EURUSD up 0.06% at 1.1034, EUR/GBP down 0.05% at 0.8308. The USD/CNY up 0.08% at 6.3709 at the time of writing.

In the Commodity market U.S. Gold futures down 0.12% at $1,918.65. Elsewhere, Silver futures up 0.09% at $24.772 per ounce, Platinum down 0.59% at $1018.00 per ounce, and Palladium up 2.57% at $2553.50.

Crude Oil up on Wednesday; Brent crude oil up 1.35% at $116.02 per barrel while U.S. West Texas Intermediate (CLc1) up 0.89% at $109.06.

In the Cryptocurrency Markets, Bitcoin at 42044.81 down 0.82%, Ethereum down 0.61% at 2953.21, Litecoin at 120.53 down 1.84%, at the time of writing.

Top Market Segment to Watch Out Today:

APPLE: Apple Inc’s Apple (NASDAQ:AAPL) Music, mobile App Store and Podcasts resumed services on Tuesday, after facing outages for a second consecutive day, according to the company’s system status page. Tuesday’s outage also affected Mac App Store, users of Apple Card, Apple Books, iCloud Web Apps and Weather. The outage on Monday affected 11 of Apple’s services, including Arcade and Maps.

WALT DISNEY: Employees of the Walt Disney (NYSE:DIS) Co staged walkouts and social media campaigns on Tuesday to protest the company’s response to Florida legislation that would limit classroom discussion of sexual orientation or gender identity.

Economic News:

US: Top trade officials from the United States and Britain will meet in Scotland in April after two days of talks in the U.S. port city of Baltimore on forging deeper and more inclusive trade relations, and a surprise deal on cutting tariffs.

British trade minister Anne-Marie Trevelyan told reporters on Tuesday the meetings had energized efforts by the two historic allies to work together more closely and “stay ahead of the game in a fast-changing global economy.”

Trevelyan and U.S. Trade Representative Katherine Tai met with industry executives and labor unions, toured the Baltimore port, and visited a minority-owned digital technology firm as part of wide-ranging dialogues aimed at finding new ways to expand trade and investment between the two countries.

Eurozone: European Union leaders are set to agree this week on an international fund to help finance the reconstruction of Ukraine from the destruction wrought by the Russian invasion, a draft of their summit statement showed.

Russian destruction of Ukraine’s main cities, infrastructure and industrial sites will require enormous funds to rebuild after the war, EU officials have said.

The task will be made more difficult by the fact that Ukraine is now effectively cut off from international financial markets and its hryvnia currency has collapsed.

Some EU politicians have called for the use of Russian assets frozen by the West, including some $300 billion of Russian central bank reserves, as reconstruction money for Ukraine once the aggression ends.

Top Economic Releases Today:

  1. U.K. CPI (YoY) (Feb) today at 03:00 this time estimated 5.9%, previously which was 5.5%. 
  2. U.S. New Home Sales (Feb) today at 10:00 this time estimated 810K, previously which was 801K.
  3. JAPAN Services PMI today at 20:30 previously which was 44.20.
  4. AUSTRALIA Manufacturing PMI today at 18:00 previously which was 57.00.

RUSSIA PPI (YoY) (Feb) today at 12:00 previously which was 23.1%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3259, TAKE PROFIT AT 1.3298 AND STOP LOSS AT 1.3207

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1018, TAKE PROFIT AT 1.0956 AND STOP LOSS AT 1.1042

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 121.094, TAKE PROFIT AT 121.198 AND STOP LOSS AT 120.986

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9340, TAKE PROFIT AT 0.9362 AND STOP LOSS AT 0.9317

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6664.60 TAKE PROFIT AT 6732.60 AND STOP LOSS AT 6542.90

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 109.84 TAKE PROFIT AT 110.66 AND STOP LOSS AT 109.36

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1920.47, TAKE PROFIT AT 1912.83 AND STOP AT 1937.83

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 2944.21 TAKE PROFIT AT 3033.38 AND STOP AT 2844.36

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