Weekly Technical Analysis with Candlestick Charts – 06 March 2022

Weekly Technical Analysis with Candlestick Charts – 06 March 2022

BITCOIN

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

Technical Analysis

GOLD was trading in the upward channel. Further upside can be seen in the coming week. 

SILVER

Technical Analysis

SILVER is trading in the upward channel. Further upside can be seen in the coming week.

BRENT CRUDE OIL

Technical Analysis

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

Technical Analysis

BTCUSD is trading in the down channel; downside will be seen in the coming days. 

ETHEREUM

Technical Analysis

ETHEREUM is currently in the downward channel. The further downside can be seen in the coming week.   

 TOP CURRENCY IN THE COMING WEEK

EURUSD

Technical Analysis

EURUSD was trading in the downward channel. The downside can be seen in the coming week after the breakout.

GBPUSD

Technical Analysis

GBPUSD is trading in the downward channel. The further downside can be seen in the coming week.

USDCHF

Technical Analysis

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

Technical Analysis

NASDAQ 100 is trading in the downward channel; further downside will be seen in the coming days.

NIKKEI 225

Technical Analysis

NIKKEI 225 is trading in the down channel; further downside will be seen in the coming days.

DATA WATCH

Technical Analysis

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