Weekly Technical Analysis with Candlestick Charts – 13 February 2022

Weekly Technical Analysis with Candlestick Charts – 13 February 2022

Technical Analysis

WEEKLY SNAPSHOT

    GDP (QoQ) (Q4), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

11th FEBRUARY 2022                              GBP and its subsequent pairs

WHAT HAPPENED: 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.

GBPCAD is trading in the up channel. Further upside can be seen in the coming week.

     Initial Jobless Claims, U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     10th FEBRUARY 2022                              USD and its subsequent pairs

WHAT HAPPENED: Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

USDCAD is currently in the downward channel. Further downside can be seen in the coming week.

Industrial Production (MoM) (Dec), GERMANY

WHEN:                                            WHAT IT HAD INFLUENCED:

07th FEBRUARY 2022                           EUR and its subsequent pairs 

WHAT HAPPENED: German Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

EURNZD is currently in the upward channel. Further upside can be seen in the coming week.

Gold Hits 3-Month High on Heightened Fear of Russia-Ukraine War

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: The last time gold got above $1,860 was three months ago, and the last time it rose 2% in a day was six months ago — long enough for longs in the market to forget.

But that’s what happened in Friday’s session amid U.S.-fed fears of an imminent Russia-Ukraine war and that, too, after the close of the Comex session that unofficially put the market up 3% for the week.

Gold’s most active contract on New York’s Comex, April, settled up $4.70, or 0.3%, at $1,842.10 an ounce.

That was before the PBS reported that the United States believed that Russian leader Vladimir Putin has decided to invade Ukraine and has communicated those plans to the Russian military.

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

Oil soars 3% to 7-yr highs on Ukraine jitters, tight supplies

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies.

Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours.

Britain also advised its nationals to leave Ukraine as Prime Minister Boris Johnson impressed the need for NATO allies to make it absolutely clear that there will be a heavy package of economic sanctions ready to go, should Russia invade Ukraine.

Brent crude futures settled $3.03, or 3.3%, higher at $94.44 a barrel, while U.S. West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel.

Both benchmarks touched their highest since late 2014, surpassing the highs hit on Monday, and posted their eighth consecutive week of gains on growing concerns about global supplies as demand recovers from the coronavirus pandemic.

WTI CRUDE OIL is trading in the up channel. Further upside can be seen in the coming week.

Bitcoin Reacts to Accelerating Inflation Rate – Loses 4% to Drop Below $44k

WHAT IT HAD INFLUENCED:

BITCOIN

WHAT HAPPENED: 

In January, when it was announced that the U.S annual inflation rate had hit a 40-year high of 7%, Bitcoin dropped below the $40k level when the Fed reacted by stating it would raise interest rates for the first time in more than three years.

Less than a month later, the inflation rate has accelerated from 7.0% to 7.5%. The NASDAQ 100 ended the day with a 2.10% loss in response.

The downtrend has seemingly spilled over into the crypto market, with Bitcoin dropping by more than 4% over the last 24 hours. The reactionary price drop has sent Bitcoin crashing down from $45,661.17 to an inter-day low of $42,850.

Marginal gains over the last few hours now see bitcoin trading at $43,482 as of this writing.

BITCOIN is currently in the downward channel. Further downside can be seen in the coming week. 

5 KEY EVENTS TO WATCH OUT

     Claimant Count Change (Jan), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 15th FEBRUARY 2022                                      GBP and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: Claimant Count Change measures the change in the number of unemployed people in the U.K. during the reported month. A rising trend indicates weakness in the labor market, which has a trickle-down effect on consumer spending and economic growth. 

A higher-than-expected reading ought to be taken as negative/bearish for the GBP, whereas a lower-than-expected reading should be taken as positive/bullish for the GBP.

      Retail Sales (MoM) (Jan), U.S.

WHEN:                                                                WHAT IT INFLUENCES:

16th FEBRUARY 2022                                               USD and its subsequent 

                                                                             Pairs

WHAT’S HAPPENING: Retail Sales measure the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.

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.

    ZEW Economic Sentiment (Feb), GERMANY

WHEN:                                                               WHAT IT INFLUENCES:

15th FEBRUARY 2022                                       EUR and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: The German (ZEW) Economic Sentiment Index gauges the six-month economic outlook. A level above zero indicates optimism; below indicates pessimism. The reading is compiled from a survey of about 350 German institutional investors and analysts.

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.

Employment Change (Jan), AUSTRALIA 

WHEN:                                                               WHAT IT INFLUENCES:

16th FEBRUARY 2022                                         AUD and its subsequent 

                                                                            Pairs 

WHAT’S HAPPENING: Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending.

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.

Core Retail Sales (MoM) (Dec), CANADA

WHEN:                                                               WHAT IT INFLUENCES:

18th FEBRUARY 2022                                       CAD and its subsequent 

                                                                            pairs

WHAT’S HAPPENING: Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy.

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. Airbnb (ABNB) to announce its Quarterly Results on 15th FEBRUARY 2022, EPS estimated to 0.04 per share while revenue estimated 1.46B. 

2. NVIDIA (NVDA) to announce its Quarterly Results on 16th FEBRUARY 2022, EPS estimated to 1.22 per share while revenue estimated 7.41B.

3. Cisco (CSCO) to announce its Quarterly Results on 16th FEBRUARY 2022, EPS estimated to 0.81 per share while revenue estimated 12.66B.

4. Walmart (WMT) to announce its Quarterly Results on 17th FEBRUARY 2022, EPS estimated to 1.49 per share while revenue estimated 151.74B.

5. Natwest Group (NWG) to announce its Quarterly Results on 18th FEBRUARY 2022, EPS estimated to 0.07 per share while revenue estimated 3.57B.

TOP COMMODITIES IN THE COMING WEEK

GOLD Technical Analysis

Technical Analysis

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

SILVER Technical Analysis

Technical Analysis

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

WTI CRUDE OIL Technical Analysis

Technical Analysis

WTI CRUDE OIL is trading in the up channel. Further upside can be seen in the coming week.

TOP CRYPTO IN THE COMING WEEK

BTCUSD Technical Analysis

Technical Analysis

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

ETHEREUM Technical Analysis

Technical Analysis

ETHEREUM is currently in the upward channel. Further upside can be seen in the coming week.   

 TOP CURRENCY IN THE COMING WEEK

EURUSD Technical Analysis

Technical Analysis

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

GBPUSD Technical Analysis

Technical Analysis

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

USDJPY Technical Analysis

Technical Analysis

USDJPY is currently in the upward channel. The further upside can be seen in the coming week.

TOP INDEX IN THE COMING WEEK

DOW JONES Technical Analysis

Technical Analysis

DOW JONES is trading in the upward channel; further upside will be seen in the coming days.

CAC 40 Technical Analysis

Technical Analysis

CAC 40 is trading in the down channel; further downside will be seen in the coming days.

DATA WATCH

Technical Analysis

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