Weekly Technical Analysis with Candlestick Charts – 06 March 2022
06 Mar 2022
WEEKLY SNAPSHOT
Composite PMI (Feb), U.K.
WHEN: WHAT IT HAD INFLUENCED:
03rd MARCH 2022 GBP and its subsequent pairs
WHAT HAPPENED: The Composite PMI Index measures the activity level of purchasing managers in both sectors. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction.
GBPCAD is trading in the down channel. Further downside can be seen in the coming week.
Nonfarm Payrolls (Feb), U.S.
WHEN: WHAT IT HAD INFLUENCED:
04th MARCH 2022 USD and its subsequent pairs
WHAT HAPPENED: Nonfarm Payrolls measure the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
USDCAD is currently in the upward channel. The further upside can be seen in the coming week.
Interest Rate Decision (Mar), AUSTRALIA
WHEN: WHAT IT HAD INFLUENCED:
28th FEBRUARY 2022 AUD and its subsequent pairs
WHAT HAPPENED: Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation.
AUDUSD is currently in the upward channel. The further upside can be seen in the coming week.
Gold Has Biggest Week in Almost 2 Years, Inching Toward $2,000
WHAT IT HAD INFLUENCED:
GOLD
WHAT HAPPENED: Gold had its biggest week in almost two years, inching toward the long-eyed $2,000 an ounce target as worsening Russian aggression in Ukraine raised geopolitical risks that boosted the yellow metal.
A sterling U.S. jobs report for February that extraordinarily found no gain in wages also aided gold.
Gold’s most-active contract on New York’s Comex, April, settled up $30.70, or 1.6% at $1,966.60 an ounce.
For the week, the benchmark gold futures rose 4.2% for its largest weekly advance since July 2020, when it was a route to record highs above $2,100 in August that year. Since achieving that pinnacle, gold has fallen to $1,600 levels and risen to as high as $1,976 last week without being able to test the $2,000.
GOLD is trading in the upward channel. Further upside can be seen in the coming week.
Oil surges to multi-year highs as Russian supply shortfall looms
WHAT IT HAD INFLUENCED:
CRUDE OIL
WHAT HAPPENED:
Oil surged on Friday, ending the week at multi-year highs as Russia’s invasion of Ukraine intensified and oil buyers shunned barrels from the world’s second-largest exporter of crude.
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Oil surged throughout the week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months.
Brent futures rose $7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $8.01, or 7.4%, to end at $115.68.
That was the highest close for Brent since February 2013 and for WTI since September 2008. During the week, Brent rose to its highest intraday since May 2012 and WTI its highest since September 2008.
BRENT CRUDE OIL was trading in the up channel. Further upside can be seen in the coming week after the breakout upside.
Litecoin Falls 10% In Rout
WHAT IT HAD INFLUENCED:
LITECOIN
WHAT HAPPENED:
Litecoin was trading at $99.100 by 17:31 (22:31 GMT) on the Investing.com Index on Friday, down 10.32% on the day. It was the largest one-day percentage loss since March 4.
The move downwards pushed Litecoin’s market cap down to $7.050B, or 0.40% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.
Litecoin had traded in a range of $99.100 to $112.600 in the previous twenty-four hours.
Over the past seven days, Litecoin has seen a drop in value, as it lost 6.89%. The volume of Litecoin traded in the twenty-four hours to time of writing was $876.326M or 1.02% of the total volume of all cryptocurrencies. It has traded in a range of $99.1000 to $115.8000 in the past 7 days.
At its current price, Litecoin is still down 76.40% from its all-time high of $420.00 set on December 12, 2017.
LITECOIN is currently in the downward channel. The further downside can be seen in the coming week.
5 KEY EVENTS TO WATCH OUT
GDP (MoM), U.K.
WHEN: WHAT IT INFLUENCES:
11th MARCH 2022 GBP and its subsequent
Pairs
WHAT’S HAPPENING: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
A higher-than-expected reading ought to be taken as positive/bullish for the GBP, whereas a lower-than-expected reading should be taken as negative/bearish for the GBP.
JOLTs Job Openings (Jan), U.S.
WHEN: WHAT IT INFLUENCES:
09th MARCH 2022 USD and its subsequent
Pairs
WHAT’S HAPPENING: A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses’ employment, job openings, recruitment, hires and separations.
A higher-than-expected reading ought to be taken as positive/bullish for the USD, whereas a lower-than-expected reading should be taken as negative/bearish for the USD.
Factory Orders (MoM) (Jan), GERMANY
WHEN: WHAT IT INFLUENCES:
07th MARCH 2022 EUR and its subsequent
Pairs
WHAT’S HAPPENING: German Factory Orders measures the change in the total value of new purchase orders placed with manufacturers for both durable and non-durable goods. It is a leading indicator of production.
A higher-than-expected reading ought to be taken as positive/bullish for the EUR, whereas a lower-than-expected reading should be taken as negative/bearish for the EUR.
NAB Business Confidence (Feb), AUSTRALIA
WHEN: WHAT IT INFLUENCES:
07th MARCH 2022 AUD and its subsequent
Pairs
WHAT’S HAPPENING: The National Australia Bank (NAB) Business Confidence Index rates the current level of business conditions in Australia. Changes in business sentiment can be an early signal of future economic activity such as spending, hiring, and investment.
A higher-than-expected reading ought to be taken as positive/bullish for the AUD, whereas a lower-than-expected reading should be taken as negative/bearish for the AUD.
Trade Balance (Jan), CANADA
WHEN: WHAT IT INFLUENCES:
08th MARCH 2022 CAD and it’s subsequent
pairs
WHAT’S HAPPENING: The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported.
A higher-than-expected reading ought to be taken as positive/bullish for the CAD, whereas a lower-than-expected reading should be taken as negative/bearish for the CAD.
EQUITIES IN THE COMING WEEK
1. Caseys (CASY) to announce its Quarterly Results on 8th MARCH 2022, EPS estimated to 1.45 per share while revenue estimated 3.04B.
2. CareMax (CMAX) to announce its Quarterly Results on 8th MARCH 2022, EPS estimated to -0.0682 per share while revenue estimated 118.36M.
3. MongoDB (MDB) to announce its Quarterly Results on 9th MARCH 2022, EPS estimated to -0.2048 per share while revenue estimated 243.63M.
4. Oracle (ORCL) to announce its Quarterly Results on 10th MARCH 2022, EPS estimated to 1.18 per share while revenue estimated 10.51B.
5. DocuSign (DOCU) to announce its Quarterly Results on 11th MARCH 2022, EPS estimated to 0.479 per share while revenue estimated 561.58M.
TOP COMMODITIES IN THE COMING WEEK
GOLD
GOLD was trading in the upward channel. Further upside can be seen in the coming week.
SILVER
SILVER is trading in the upward channel. Further upside can be seen in the coming week.
BRENT CRUDE OIL
BRENT CRUDE OIL was trading in the up channel. Further upside can be seen in the coming week after the breakout upside.
TOP CRYPTO IN THE COMING WEEK
BTCUSD
BTCUSD is trading in the down channel; downside will be seen in the coming days.
ETHEREUM
ETHEREUM is currently in the downward channel. The further downside can be seen in the coming week.
TOP CURRENCY IN THE COMING WEEK
EURUSD
EURUSD was trading in the downward channel. The downside can be seen in the coming week after the breakout.
GBPUSD
GBPUSD is trading in the downward channel. The further downside can be seen in the coming week.
USDCHF
USDCHF is currently in the downward channel. A further downside can be seen in the coming week.
TOP INDEX IN THE COMING WEEK
NASDAQ 100
NASDAQ 100 is trading in the downward channel; further downside will be seen in the coming days.
NIKKEI 225
NIKKEI 225 is trading in the down channel; further downside will be seen in the coming days.
DATA WATCH
