Technical Analysis with Candlestick Charts – 31 March 2022

Technical Analysis with Candlestick Charts – 31 March 2022

Technical Analysis

DAILY FUNDAMENTAL SNAPSHOTS

Asia Pacific stocks were mostly down on Thursday morning. The Shanghai Composite is down 0.36% at 3,254.46. Overall, the Singapore MSCI is down 1.38% at 335.55. Over in Hong Kong, the Hang Seng Index down 0.82% at 21,992.00. In Japan, the Nikkei 225 is down 0.43% at 27,880.00, while the Topix index is down 0.91% at 1950.00. South Korea’s Kospi up 0.25% to 2753.63. Australia S&P/ASX 200 down 0.20% at 7499.60.

Market Summary as per 30/03/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 1.45% at 14,606.05, CAC 40 futures down 0.74% at 6741.60 and the UK 100 futures contract in the U.K. up 0.55% at 7,578.75.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.19% at 35228.82. The S&P 500 down 0.63% at 4602.46 and the Nasdaq 100 down 1.10% at 15071.55, NYSE closes down 0.48% at 16932.76.

Top Market News Today:

In the Forex market, GBPUSD down 0.04% at 1.3125. The USDJPY up 0.26% at 122.087. The USDCHF up 0.14% at 0.9244. EURUSD up 0.06% at 1.1165, EUR/GBP up 0.16% at 0.8506. The USD/CNY up 0.03% at 6.3493 at the time of writing.

In the Commodity market U.S. Gold futures down 0.49% at $1,923.15. Elsewhere, Silver futures down 0.87% at $24.620 per ounce, Platinum down 1.26% at $981.50 per ounce, and Palladium down 0.40% at $2257.50.

Crude Oil down on Thursday; Brent crude oil down 3.62% at $108.50 per barrel while U.S. West Texas Intermediate (CLc1) down 4.87% at $101.10.

In the Cryptocurrency Markets, Bitcoin at 47116.42 up 0.10%, Ethereum up 0.22% at 3394.41, Litecoin at 130.17 down 0.72%, at the time of writing.

Top Market Segment to Watch Out Today:

WTI CRUDE OIL: Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR.

U.S. West Texas Intermediate futures for May delivery fell $6.23, or 5.8%, to $101.59 a barrel after earlier slipping to a low of $100.85.

Economic News:

US: U.S. Treasury officials are urging municipalities to divert part of their shares of $350 billion in state and local COVID-19 aid to help struggling renters stay in their homes as the Emergency Rental Assistance runs short of funds this summer.

The Treasury said on Wednesday the $46.6 billion program aimed at preventing evictions has disbursed or obligated over $30 billion to renters and landlords through the end of February, and is on pace to exhaust the “vast majority” of its funding by mid-year.

The program, launched in January 2021, struggled for the first few months to get up and running as communities did not previously have infrastructure to prevent evictions and counsel renters facing job loss.

To avoid an abrupt cut-off of rental aid funding, the Treasury said some state, local and tribal governments have allocated some $3.75 billion from their allocations of State and Local Fiscal Recovery Funds for rent, mortgage and utility assistance as well as other eviction and prevention services.

Eurozone: Fears of a Russian gas supply crunch prompted some European countries on Wednesday to ask people to consume less energy in a move that could potentially yield big results.

Despite months of soaring energy prices and tight supplies most governments have avoided taking a step they fear could be unpopular but with concerns growing that Russia could turn off the taps, the message in some capitals is starting to shift.

The International Energy Agency (IEA) in Paris agrees that when done on a large scale, small behavioural changes can significantly reduce gas and oil demand.

It estimates that turning down thermostats in buildings across the European Union by 2 Celsius would save 20 billion cubic metres of gas, worth about $28 billion at current prices.

Top Economic Releases Today:

  1. CANADA GDP (MoM) (Jan) today at 8:30 this time estimated 0.2%, previously which was 0.0%. 
  2. U.S. Initial Jobless Claims today at 8:30 this time estimated 197K, previously which was 187K.
  3. JAPAN Tankan Large Manufacturers Index (Q1) today at 19:50 this time estimated 12, previously which was 18.
  4. AUSTRALIA Home Loans (MoM) today at 20:30 previously which was 1.0%.
  5. GERMANY Unemployment Change (Mar) today at 3:55 this time estimated -20K, previously which was -33K.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3126, TAKE PROFIT AT 1.3098 AND STOP LOSS AT 1.3153

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.1163, TAKE PROFIT AT 1.1230 AND STOP LOSS AT 1.1119

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 121.769, TAKE PROFIT AT 121.130 AND STOP LOSS AT 122.401

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9237, TAKE PROFIT AT 0.9218 AND STOP LOSS AT 0.9259

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7509.00 TAKE PROFIT AT 7551.00 AND STOP LOSS AT 7478.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 102.10 TAKE PROFIT AT 99.97 AND STOP LOSS AT 104.61

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1928.31, TAKE PROFIT AT 1917.30 AND STOP AT 1940.11

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3390.23 TAKE PROFIT AT 3436.85 AND STOP AT 3323.14

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