Technical Analysis with Candlestick Charts – 21 April 2022

Technical Analysis with Candlestick Charts – 21 April 2022

Technical Analysis

Fed Chair Powell – Two Public Appearances

Asia Pacific stocks were mixed on Thursday morning. The Shanghai Composite is down 1.36% at 3,108.07. Overall, the Singapore MSCI is down 0.77% at 317.55. Over in Hong Kong, the Hang Seng Index is down 1.60% at 20,597. In Japan, the Nikkei 225 is up 1.36% at 27,550.00, while the Topix index is up 0.76% at 1928.50. South Korea’s Kospi is up 0.48% at 2731.83. Australia S&P/ASX 200 up 0.44% at 7602.60.

Top News of the Day:

There will be two speaking appearances by Fed Chair Powell on Thursday. The first will be at 11:00 AM ET in opening remarks for the Volcker Alliance and Penn Institute for Urban Research, with the second at 1:00 PM ET at the IMF-World Bank meeting, where he will take part in a panel discussion with European Central Bank President Christine Lagarde and other policymakers.

Market Summary as per 20/04/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded up 1.47% at 14,362.03, CAC 40 futures up 1.38% at 6624.92 and the UK 100 futures contract in the U.K. up 0.37% at 7,629.23.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.71% at 35160.80. The S&P 500 down 0.06% at 4459.46 and the Nasdaq 100 down 1.49% at 13998.53, NYSE closes up 0.61% at 16761.34.

Top Market News Today:

In the Forex market, GBPUSD down 0.08% at 1.3058. The USDJPY up 0.27% at 128.151. The USDCHF up 0.15% at 0.9498. EURUSD flat at 1.0850, EUR/GBP up 0.08% at 0.8308. The USD/CNY up 0.33% at 6.440 at the time of writing.

In the Commodity market U.S. Gold futures down 0.19% at $1,953.71. Elsewhere, Silver futures down 0.32% at $25.080 per ounce, Platinum down 0.51% at $982.50 per ounce, and Palladium down 0.79% at $2439.00.

Crude Oil up on Thursday; Brent crude oil up 0.93% at $108.27 per barrel while U.S. West Texas Intermediate (CLc1) up 1.25% at $103.353.

In the Cryptocurrency Markets, Bitcoin at 41487.42 up 0.27%, Ethereum down 0.12% at 3073.93, Litecoin at 110.93 down 0.83%, at the time of writing.

Top Market Segment to Watch Out Today:

AT&T Inc.: AT&T Inc (NYSE:T) will report earnings Thursday before the open. The company, which beat earnings and revenue expectations in its previous release, is expected to post earnings per share of 75 cents on revenue of $38.25 billion, according to analysts tracked by Investing.com.

AT&T recently completed the spinoff of its WarnerMedia entertainment and news division to Discovery (NASDAQ:WBD) and has plans to double-down on its legacy telecommunications business as it invests heavily in the 5G buildout.

Economic News:

US: The U.S. economy expanded at a moderate pace from mid-February through early April and there was little respite for businesses from high inflation and worker shortages, a Federal Reserve report showed on Wednesday.

The latest anecdotal evidence from U.S. firms paints a picture of an economy which received a boost from falling COVID-19 cases and remains resilient despite high inflation amid gummed up supply chains. But it also points to ongoing problems that show no signs of easing as the Fed gears up to more rapidly tighten borrowing costs to put the economy on a more even keel.

Inflation continues to be a worry, with demand still far outstripping the supply of everything from labor to goods, not helped by recent lockdowns in China to restrict the spread of COVID-19 and a spike in food and energy costs due to Russia’s invasion of Ukraine.

Eurozone: The euro zone suffered a trade deficit for a fourth consecutive month in February as surging energy prices led to a sharp increase in the value of energy imports, data showed on Wednesday.

Eurostat said the non-adjusted trade deficit of the 19 countries sharing the euro was 7.6 billion euros ($8.2 billion) compared with a 23.6-billion-euro surplus a year earlier in February 2021.

Payments for imports jumped by 38.8% year-on-year, while revenues from exports grew by only 17.0%. Euro zone trade is rarely in deficit, but this was the fourth consecutive month of shortfall, albeit sharply lower than the January figure of 27.2 billion euros.

Top Economic Releases Today:

  1. EURO ZONE CPI (YoY) (Mar) today at 5:00 this time estimated 7.5%, previously which was 5.9%. 
  2. U.S. Initial Jobless Claims today at 8:30 this time estimated 180K, previously which was 185K.
  3. JAPAN National Core CPI (YoY) (Mar) today at 19:30 this time estimated 0.8%, previously which was 0.6%.
  4. JAPAN Services PMI today at 20:30 previously which was 49.4.
  5. RUSSIA Central Bank reserves (USD) today at 9:00 previously which was 609.4B.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3052, TAKE PROFIT AT 1.2985 AND STOP LOSS AT 1.3091

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0891, TAKE PROFIT AT 1.0812 AND STOP LOSS AT 1.0935

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 167.334, TAKE PROFIT AT 167.761 AND STOP LOSS AT 166.916

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 134.927, TAKE PROFIT AT 135.235 AND STOP LOSS AT 134.548

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 20640.00 TAKE PROFIT AT 20578.00 AND STOP LOSS AT 20816.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 103.80 TAKE PROFIT AT 98.63 AND STOP LOSS AT 108.16

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1951.33, TAKE PROFIT AT 1965.23 AND STOP AT 1936.90

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 41679.42 TAKE PROFIT AT 40612.32 AND STOP AT 42708.48

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