Technical Analysis with Candlestick Charts – 27 October 2021

Technical Analysis

Technical Analysis with Candlestick Charts – 27 October 2021

Asia Pacific stocks were mostly down on Wednesday morning as investors remained concerned about the risk from elevated inflation. The Shanghai composite is down 1.16% at 3,555.93. Overall, the Singapore MSCI up 0.27% at 371.55. Over in Hong Kong, the Hang Seng Index down 1.84% at 25,558.00. In Japan, the Nikkei 225 down 0.38% at 29,020.00, while the Topix index is down 0.52% at 2010.5. South Korea’s Kospi down 0.77% to 3025.49. Australia S&P/ASX 200 up 0.07% at 7448.7.

European equities Tuesday closing. The DAX futures contract in Germany traded up 1.01% at 15757.06, CAC 40 futures up 0.80% at 6766.52 and the UK 100 futures contract in the U.K. down 0.04% at 7,272.7.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.04% at 35756.89. The S&P 500 up 0.18% at 4574.80 and the Nasdaq 100 up 0.31% at 15584.5, NYSE closes at 17145.14 down 0.14%.

In the Forex market, GBPUSD up 0.07% at 1.377. The USDJPY down 0.09% at 114.027. The USDCHF down 0.12% at 0.9186. EURUSD up 0.08% at 1.1605, EUR/GBP up 0.11% at 0.84258. The USD/CNY up 0.01% at 6.3838 at the time of writing.

In the commodity market U.S. Gold futures down 0.18% at $1,790.15. Elsewhere, Silver futures down 0.51% to $24.03 per ounce, Platinum down 0.62% at $1023.11 per ounce, and Palladium up 0.17% at $2014.00.

Crude Oil mix on Wednesday; Brent crude oil down 0.86% at $85.36 per barrel while U.S. West Texas Intermediate (CLc1) is up 1.18% at $84.68.

In the Cryptocurrency Markets, BTCUSD at 60880.79 up 0.92%, Ethereum up 2.95% at 4253.95, Litecoin at 200.22 up 1.40%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

NVIDIA Corp. up 6.695% at $247.17, S&P Global Inc. up 3.856% at $464.62, IHS Markit Ltd. up 3.486% to $128.25, Facebook down 3.919% to $315.81, Baidu Inc. down 3.784% to $168.83, JD.Com Inc. down 3.288% at $81.48.

Economic news:

US: U.S. consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labour market prospects, suggesting economic growth was picking up after a turbulent third quarter.

The survey from the Conference Board on Tuesday showed consumers eager to buy a home and big-ticket item such as motor vehicles and major household appliances over the next six months. The share of Americans planning to go on vacation was the largest since February 2020, just before the nation was slammed by the first wave of COVID-19 infections.

A resurgence in coronavirus cases over the summer, driven by the Delta variant, and supply-chain constraints related to the pandemic restrained economic activity last quarter.

“Consumers are more upbeat after a rocky third quarter and this argues for a strong finish for the economy in 2021,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “Consumers know the tight labour market has their backs. Those forecasting a recession from the drop in the confidence late in the summer will have to back off that call.”

Eurozone: British finance minister Rishi Sunak will try to show that he is moving on from the COVID-19 pandemic on Wednesday when he announces multi-billion-pound investments to help Prime Minister Boris Johnson meet his spending promises to voters.

But Sunak, who has racked up the biggest ever peacetime budget deficit to combat the coronavirus, will also keep a tight grip on day-to-day spending by many government departments, something that could slow Britain’s still incomplete recovery.

As well as a budget update – which for once is not expected to include emergency stimulus measures – Sunak will announce a three-year spending plan with investments in public transport, skills training and other projects to advance Johnson’s plan to “level up” poorer regions of the country.

At the same time, he will try to burnish the government’s low-carbon credentials before Britain hosts the COP26 climate summit starting next week.

“Today’s budget begins the work of preparing for a new economy post-COVID…, an economy fit for a new age of optimism,” Sunak is due to say, according to excerpts of his speech released by the finance ministry.

Important Data: US Core Durable Goods Orders (MoM) (Sep) today at 8:30 this time estimated 0.4%, previously which was 0.3%. CANADA BoC Interest Rate Decision at 10:00 this time estimated 0.25%, previously which was 0.25%. US Crude Oil Inventories today at 10:30 this time estimated 1.914M, previously which was -0.431M. JAPAN Retail Sales (YoY) (Sep) today at 19:50 this time estimated

-2.3%, previously which was -3.2%.    

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- BUY AT 1.37616, TAKE PROFIT AT 1.37879 AND STOP LOSS AT 1.37378

EURUSD

TRADE SUGGESTION- SELL AT 1.15939, TAKE PROFIT AT 1.15840 AND STOP LOSS AT 1.16088

EURGBP

TRADE SUGGESTION- SELL AT 0.84233, TAKE PROFIT AT 0.84203 AND STOP LOSS AT 0.84303

EURJPY

TRADE SUGGESTION- BUY AT 132.320, TAKE PROFIT AT 132.562 AND STOP LOSS AT 132.099.

EURO STOXX 50

TRADE SUGGESTION- BUY AT 4198.00 TAKE PROFIT AT 4217.00 AND STOP LOSS AT 4189.00

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 83.38 TAKE PROFIT AT 84.19 AND STOP LOSS AT 83.13

GOLD

TRADE SUGGESTION- BUY AT 1802.09, TAKE PROFIT AT 1807.86 AND STOP AT 1797.27

BTC USD

TRADE SUGGESTION- BUY AT 62392.64 TAKE PROFIT AT 63638.92 AND STOP AT 61695.30

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