Technical Analysis with Candlestick Charts & Economic News

04 Apr

Technical Analysis with Candlestick Charts – 04 April 2022

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COVID -19 Says: I am back in Shanghai😷

Asia Pacific stocks were up on Monday morning. The Shanghai Composite is up 0.94% at 3,282.71. Overall, the Singapore MSCI is up 0.11% at 333.20. Over in Hong Kong, the Hang Seng Index up 1.35% at 22,324.00. In Japan, the Nikkei 225 is up 0.07% at 27,680.00, while the Topix index is up 0.44% at 1950.00. South Korea’s Kospi up 0.31% to 2748.32. Australia S&P/ASX 200 up 0.35% at 7520.20.

Top News of the Day:

The riding factor of the market on Monday will be the increasing COVID-19 cases in CHINA: China has sent the military and thousands of healthcare workers into Shanghai to help carry out COVID-19 tests for all of its 26 million residents as cases continued to rise on Monday, in one of the country’s biggest-ever public health responses.

Market Summary as per 01/04/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 0.22% at 14,446.48, CAC 40 futures up 0.37% at 6684.32 and the UK 100 futures contract in the U.K. up 0.30% at 7,537.91.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.40% at 34818.28. The S&P 500 up 0.34% at 4545.87 and the Nasdaq 100 up 0.15% at 14861.21, NYSE closes up 0.70% at 16787.75.

Top Market News Today:

In the Forex market, GBPUSD up 0.05% at 1.3119. The USDJPY up 0.02% at 122.567. The USDCHF up 0.07% at 0.9261. EURUSD up 0.02% at 1.1049, EUR/GBP down 0.02% at 0.8421. The USD/CNY flat at 6.3625 at the time of writing.

In the Commodity market U.S. Gold futures down 0.27% at $1,919.26. Elsewhere, Silver futures flat at $24.628 per ounce, Platinum up 0.10% at $986.50 per ounce, and Palladium up 1.34% at $2307.00.

Crude Oil up on Monday; Brent crude oil up 0.33% at $104.225 per barrel while U.S. West Texas Intermediate (CLc1) up 0.11% at $98.613.

In the Cryptocurrency Markets, Bitcoin at 46170.00 down 0.82%, Ethereum down 0.59% at 3502.50, Litecoin at 126.26 down 1.96%, at the time of writing.

Top Market Segment to Watch Out Today:

CRUDE OIL: Oil prices fell at the start of Asian trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues.

The early losses this week come after oil prices settled down around 13% last week – their biggest weekly falls in two years – when U.S. President Joe Biden announced the largest-ever U.S. oil reserves release.

Economic News:

US: U.S. employers maintained a brisk pace of hiring in March, driving the unemployment rate to a new two-year low of 3.6% while also boosting wages, resulting in a further tightening of labor market conditions and opening the door to a hefty 50 basis points interest rate hike from the Federal Reserve in May.

The Labor Department’s closely watched employment report on Friday also showed more people joining the workforce, likely attracted by the higher wages. Employment in professional and business services, financial activities and retail sectors is now above pre-pandemic levels.

The 11th straight month of job gains in excess of 400,000 underscored the economy’s resilience even as growth appears to have slowed considerably in the first quarter under the weight of high inflation amid snarled supply chains.

Eurozone: Europe and Russia will both lose heavily if President Vladimir Putin follows through on his threat to cut gas supplies to countries he judges “unfriendly” unless they pay in roubles.

Even at the height of the Cold War, Moscow never cut gas to Europe, but on Thursday, Putin signed a decree ordering foreign buyers to pay in roubles instead of euros from April 1 or face going without Russian supplies.

European capitals rejected the ultimatum and on Friday Kremlin spokesman Dmitry Peskov said it would not affect settlements until later this month.

Although the threat of shortages comes after the peak demand European winter season, Europe still has much to lose when its businesses and households are already reeling from record energy prices, while Moscow could be cutting off one of its main sources of revenue.

Russia exported around 155 billion cubic metres (bcm) of gas to Europe last year, providing more than a third of its gas supply.

Top Economic Releases Today:

GERMANY Trade Balance (Feb) today at 2:00 this time estimated 9.6B, previously which was 9.4B.
CANADA Building Permits (MoM) (Feb) today at 8:30 this time estimated 2.0%, previously which was -8.8%.
U.S. Factory Orders (MoM) (Feb) today at 10:00 this time estimated -0.5%, previously which was 1.4%.
JAPAN Household Spending (MoM) (Feb) today at 19:30 this time estimated -1.5%, previously which was -1.2%.
EUROZONE PPI (MoM) (Feb) today at 5:00 this time estimated 2.3%, previously which was 3.0%.