Weekly Technical Analysis with Candlestick Charts – 13 March 2022

Weekly Technical Analysis with Candlestick Charts – 13 March 2022

BITCOIN

WEEKLY SNAPSHOT

    GDP (MoM), U.K.

     WHEN:                                              WHAT IT HAD INFLUENCED:

11th MARCH 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.

GBPNZD is trading in the down channel. Further downside can be seen in the coming week.

     JOLTs Job Openings (Jan), U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     09th MARCH 2022                                   USD and its subsequent pairs

WHAT HAPPENED: 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.

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

Factory Orders (MoM) (Jan), GERMANY

WHEN:                                            WHAT IT HAD INFLUENCED:

07th MARCH 2022                                EUR and its subsequent pairs 

WHAT HAPPENED: 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.

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

Gold dips on Putin’s comments on Ukraine talks

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.

Gold retreated on Friday as Russian President Vladimir Putin’s comments on making some progress in talks with Ukraine eased demand for the safe-haven asset that was further pressured by the likelihood that the U.S. interest rates were set to rise.

Spot gold was down 1.1% to $1,973.80 per ounce by 1531 GMT, but remained poised for a weekly rise of about 0.3% as concerns over the course of the Ukraine conflict kept investors on their toes. U.S. gold futures fell 0.9% to $1,981.80.

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

Oil settles up but posts biggest weekly decline since Nov

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia’s invasion of Ukraine.

Crude prices have soared since the invasion, which Moscow calls a “special military operation.” This week, futures benchmarks hit their highest levels since 2008, then pulled back sharply as some producing countries signalled, they may boost supply.

On Friday, supply concerns grew when talks to revive the 2015 Iran nuclear deal faced the threat of collapse after a last-minute Russian demand forced world powers to pause negotiations.

Brent crude futures rose $3.34, or 3.1%, on Friday, settling at $112.67 a barrel, after hitting a session low of $107.13. U.S. West Texas Intermediate (WTI) crude futures rose $3.31, or 3.1%, to settle at $109.33 a barrel, off the session low of $104.48.

BRENT CRUDE OIL was trading in the up channel. Further upside can be seen in the coming week after the breakout upside.

Ethereum’s ‘consensus layer’ contract hits 10M ETH staked

WHAT IT HAD INFLUENCED:

ETHEREUM

WHAT HAPPENED: 

Quantitative analysis conducted on popular blockchain site Etherscan indicates that 184,441 transactions have been responsible for 10.2 million Ether (ETH) staked into the Eth2 (consensus layer) deposit contract since inception on Nov. 4 last year. This figure is equivalent to over $26 billion, based upon current Ethereum prices.

Mathematical calculations suggest that the milestone was surpassed during block 14348729 in the evening of March 8, identified by mainstream cryptocurrency publications and community advocates in the last few hours.

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

5 KEY EVENTS TO WATCH OUT

    Claimant Count Change (Feb), U.K.

WHEN:                                                               WHAT IT INFLUENCES:

15th MARCH 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) (Feb), U.S.

WHEN:                                                                WHAT IT INFLUENCES:

16th MARCH 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.

    CPI (YoY) (Feb), EURO ZONE

WHEN:                                                               WHAT IT INFLUENCES:

17th MARCH 2022                                            EUR and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

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 (Feb), AUSTRALIA 

WHEN:                                                               WHAT IT INFLUENCES:

16th MARCH 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) (Jan), CANADA

WHEN:                                                               WHAT IT INFLUENCES:

18th MARCH 2022                                            CAD and it’s 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. CoreSite (COR) to announce its Quarterly Results on 14th MARCH 2022, EPS estimated to 0.42 per share while revenue estimated 165.83M. 

2. Ferguson (FERG) to announce its Quarterly Results on 15th MARCH 2022, EPS estimated to 1.89 per share while revenue estimated 6.11B.

3. IHS Holding (IHS) to announce its Quarterly Results on 15th MARCH 2022, EPS estimated to -0.0262 per share while revenue estimated 396.00M.

4. Lennar (LEN) to announce its Quarterly Results on 16th MARCH 2022, EPS estimated to 2.64 per share while revenue estimated 6.16B.

5. Accenture (ACN) to announce its Quarterly Results on 17th MARCH 2022, EPS estimated to 2.38 per share while revenue estimated 14.62B.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical Analysis

GOLD is 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 up channel; upside 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 is trading in the downward channel. The further downside can be seen in the coming week.

GBPUSD

Technical Analysis

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

USDJPY

Technical Analysis

USDJPY was in the upward channel. A further upside can be seen in the coming week after the breakout upside.

TOP INDEX IN THE COMING WEEK

DAX 40

Technical Analysis

DAX 40 is trading in the downward channel; further downside will be seen in the coming days.

CAC 40

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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