Weekly Technical Analysis with Candlestick Charts – 20 February 2022

Weekly Technical Analysis with Candlestick Charts – 20 February 2022

Technical Analysis

WEEKLY SNAPSHOT

    Claimant Count Change (Jan), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

15th FEBRUARY 2022                              GBP and its subsequent pairs

WHAT HAPPENED: 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.

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

     Retail Sales (MoM) (Jan), U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     16th FEBRUARY 2022                              USD and its subsequent pairs

WHAT HAPPENED: 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.

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

Employment Change (Jan), AUSTRALIA

WHEN:                                            WHAT IT HAD INFLUENCED:

16th FEBRUARY 2022                           AUD and its subsequent pairs 

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

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

Gold Has Biggest Week in 3 Months After Cracking $1,900

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold prices dipped on Friday but finished up for a third week in a row, with the biggest weekly gain in three months, as a combination of geopolitical concerns over the Russia-Ukraine conflict and soaring U.S. inflation drove a horde of safe-haven buyers into the yellow metal.

Gold’s most active contract on New York’s Comex, April, slipped $2.20 to settle Friday’s trade down 0.1% at $1,899.80 an ounce ahead of the long weekend break leading into Monday’s market holiday for the President’s Day.

For the week, the benchmark gold futures contract rose 3.1%, its most for a week since November.

Earlier on Friday, it hit an intraday peak of $1,905, marking an eight-month high with June being the last time when gold got to $1,900 levels.

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

Oil ends week mixed on geopolitical uncertainty, supply hopes

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

Oil prices ended the week mixed on Friday as investors weighed a potential supply disruption resulting from the Russia-Ukraine crisis against the prospect of increased Iranian oil exports.

Brent crude futures settled 57 cents, or 0.6%, higher at $93.54 a barrel, while U.S. West Texas Intermediate (WTI) crude ended down 69 cents, or 0.5%, at $91.07 a barrel. U.S. markets will be closed on Monday for the Presidents Day holiday.

Both benchmarks hit their highest levels since September 2014 on Monday, but growing prospects of easing oil sanctions against Iran has weighed on the market.

Brent posted a small 0.9% rise in its ninth weekly gain, while WTI fell 1.7% week, snapping an eight-week rally.

Fears over possible supply disruptions resulting from the Russian military presence at Ukraine’s borders limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks.

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

Ethereum Worth over $1.5M From the AscendEx Hack Moved to Uniswap

WHAT IT HAD INFLUENCED:

ETHEREUM

WHAT HAPPENED: 

Approximately two months after the security breach on the crypto exchange AscendEx (formerly Bitmax), took place the anonymous hackers have started to transfer funds from the hack.

For now, around $1.5 million worth of Ethereum has been sent to Uniswap in their first attempts to launder the money.

The Singapore-based cryptocurrency exchange suffered a hot wallet breach of $77.7 million, on December 13. As per early estimations, the total amount swiped during the security breach was close to about $80 million in Ethereum, Binance Coin, and MATIC.

Shedding light on the transfers, the blockchain security company PeckShield highlighted that there’s activity coming from one of the Ethereum addresses. They further stated that the hackers sent roughly 516 Ethereum, worth $1.5 million to Uniswap in their first attempts to launder the funds.

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

5 KEY EVENTS TO WATCH OUT

     Manufacturing PMI (Feb), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 21st FEBRUARY 2022                                      GBP and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. 

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.

      CB Consumer Confidence (Feb), U.S.

WHEN:                                                                WHAT IT INFLUENCES:

22nd FEBRUARY 2022                                              USD and its subsequent 

                                                                             Pairs

WHAT’S HAPPENING: Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

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.

    German GDP (QoQ) (Q4), GERMANY

WHEN:                                                               WHAT IT INFLUENCES:

25th FEBRUARY 2022                                       EUR and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: Gross Domestic Product (GDP) is the broadest measure of economic activity and is a key indicator of economic health. The quarterly percent changes in GDP show the growth rate of the economy as a whole.

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.

Private New Capital Expenditure (QoQ) (Q4), AUSTRALIA 

WHEN:                                                               WHAT IT INFLUENCES:

23rd FEBRUARY 2022                                         AUD and its subsequent 

                                                                            Pairs 

WHAT’S HAPPENING: Private New Capital Expenditure measures the change in the total inflation-adjusted value of new capital expenditures made by private businesses. It is a leading indicator of economic health.

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.

Manufacturing Sales (MoM), CANADA

WHEN:                                                               WHAT IT INFLUENCES:

24th FEBRUARY 2022                                       CAD and its subsequent 

                                                                            pairs

WHAT’S HAPPENING: Manufacturing Sales measures the change in the overall value of sales made at the manufacturing level.

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. Berkshire Hathaway A (BRKa) to announce its Quarterly Results on 21st FEBRUARY 2022, EPS estimated to 4230.87 per share while revenue estimated 71.55B. 

2. Fossil (FOSL) to announce its Quarterly Results on 21st FEBRUARY 2022, EPS estimated to 0.2611 per share while revenue estimated 632.53M.

3. Home Depot (HD) to announce its Quarterly Results on 22nd FEBRUARY 2022, EPS estimated to 3.17 per share while revenue estimated 34.83B.

4. RBC (RY) to announce its Quarterly Results on 24th FEBRUARY 2022, EPS estimated to 2.72 per share while revenue estimated 11.75B.

5. NetEase (NTES) to announce its Quarterly Results on 24th FEBRUARY 2022, EPS estimated to 6.56 per share while revenue estimated 23.98B.

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.

WTI CRUDE OIL

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

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. Further downside can be seen in the coming week.   

 TOP CURRENCY IN THE COMING WEEK

EURUSD

Technical Analysis

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

GBPUSD

Technical Analysis

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

EURGBP

Technical Analysis

EURGBP is currently in the downward channel. The 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.

FTSE 100

Technical Analysis

FTSE 100 is trading in the up channel; further upside will be seen in the coming days.

DATA WATCH

Technical Analysis

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