Weekly Technical Analysis with Candlestick Charts – 21 November 2021

Technical Analysis

Weekly Technical Analysis with Candlestick Charts – 21 November 2021

WEEKLY SNAPSHOT

    Claimant Count Change (Oct), U.K.

    WHEN:                                               WHAT IT HAD INFLUENCED:

16th NOVEMBER 2021                            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 labour market, which has a trickle-down effect on consumer spending and economic growth.

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

     Building Permits (Oct), U.S.

     WHEN:                                              WHAT IT HAD INFLUENCED:

     17th NOVEMBER 2021                            USD and its subsequent pairs

WHAT HAPPENED: Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.

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

Core Retail Sales (MoM) (Sep), CANADA

WHEN:                                              WHAT IT HAD INFLUENCED:

19th NOVEMBER 2021                           CAD and its subsequent pairs 

WHAT HAPPENED: 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.

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

Gold Clings to Mid-$1,800 as Bears Try to Crush Bullion’s Run

WHAT IT HAD INFLUENCED:

GOLD 

WHAT HAPPENED: Gold posted its first weekly loss in three, but bullion’s defenders held defiantly at around the mid-$1,800 level as Friday’s trade dwindled to a close — despite a break below the key psychological level earlier in the day.

Gold has settled higher only one day this week, with the other four days in the red being a sign that the rally that began in the penultimate week of October had reached the exhaustion point.

Yet, with the long crowd fighting to keep the spot price of bullion, as well as the front-month of New York-traded Comex futures, near the $1,850 level, there seemed chances the yellow metal could rebound next week.

U.S. gold futures’ most active contract, December, settled Friday’s trade down $9.80, or 0.5%, at $1,851.60 an ounce. It earlier hit a session low of $1,843.60 and was down almost 1% on the week.

Despite swings below $1,850 this week, December gold has also made a five-week high of almost $1,880, shoring up the confidence of market bulls that the yellow metal could still get to $1,900 in the coming days and weeks on the back of the U.S. inflation theme.

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

Oil Down 11% From 2021 Highs as Covid Returns, Consumers Fight Back

WHAT IT HAD INFLUENCED:

CRUDE OIL

WHAT HAPPENED: 

There were always fears that they could return and they have, to flip the long-running oil rally.

Covid lockdowns not reported for months are back in the news amid Europe’s rush to contain rampaging cases of the virus, hammering the oil market harder this week than anytime over the past three months, with crude prices down as much as 11% from the year’s highs.

The front-month January contract in West Texas Intermediate, the U.S. crude benchmark, settled down $2.91, or 3.2%, at 75.94 per barrel. For the week, it fell 5.8%, bringing its combined losses over the past four weeks to 9.3%, after an 18% rally over nine straight weeks. Just in mid-October, WTI traded at a seven-year high of $85.41. Despite the slump of the past week, the U.S. crude benchmark remains up 57% on the year.

The January contract for London-traded Brent, the global benchmark for oil, settled down $2.35, or 2.9%, at $78.89 per barrel. For the week, Brent fell 4%, bringing its combined losses over the past four weeks to 8%, after an 18% rally over seven weeks in a row. Just in mid-October, Brent traded at a seven-year high of $86.70. Despite the slump of the past week, the global crude benchmark remains up 52% for the year.

WTI CRUDE OIL is trading in the down channel; downside will be seen in the coming days.

Litecoin Climbs 10% In Bullish Trade

WHAT IT HAD INFLUENCED:

LITECOIN

WHAT HAPPENED: Litecoin was trading at $224.700 by 20:55 (01:55 GMT) on the Investing.com Index on Saturday, up 10.09% on the day. It was the largest one-day percentage gain since November 9.

The move upwards pushed Litecoin’s market cap up to $15.507B, or 0.59% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.

Litecoin had traded in a range of $217.300 to $224.700 in the previous twenty-four hours.

Over the past seven days, Litecoin has seen a drop in value, as it lost 9.92%. The volume of Litecoin traded in the twenty-four hours to time of writing was $2.380B or 1.97% of the total volume of all cryptocurrencies. It has traded in a range of $199.8000 to $281.1000 in the past 7 days.

At its current price, Litecoin is still down 46.50% from its all-time high of $420.00 set on December 12, 2017.

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

5 KEY EVENTS TO WATCH OUT

     Composite PMI (Oct), U.K.

 WHEN:                                                              WHAT IT INFLUENCES:

 22nd NOVEMBER 2021                                      GBP and its subsequent 

                                                                            Pairs

WHAT’S HAPPENING: The Composite PMI Index measures the activity level of purchasing managers in the both sectors. A reading above 50 indicates expansion in the sector; a reading 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.

      Initial Jobless Claims, U.S.

WHEN:                                                                WHAT IT INFLUENCES:

24th NOVEMBER 2021                                            USD and its subsequent 

                                                                             Pairs

WHAT’S HAPPENING: 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.

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

    GDP (QoQ) (Q3), GERMANY

WHEN:                                                               WHAT IT INFLUENCES:

25th NOVEMBER 2021                                          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.

Retail Sales (MoM) (Oct), AUSTRALIA

WHEN:                                                                WHAT IT INFLUENCES:

25th NOVEMBER 2021                                            AUD and its subsequent 

                                                                            Pairs 

WHAT’S HAPPENING:  Retail Sales measure the change in the total value of inflation-adjusted 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 AUD, whereas a lower-than-expected reading should be taken as negative/bearish for the AUD.

Tokyo Core CPI (YoY) (Nov), JAPAN 

WHEN:                                                               WHAT IT INFLUENCES:

25th NOVEMBER 2021                                     JPY and its subsequent 

                                                                            pairs

WHAT’S HAPPENING: The Tokyo Core Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food.

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

EQUITIES IN THE COMING WEEK

1. Zoom Video (ZM) to announce its Quarterly Results on 22nd NOVEMBER 2021, EPS estimated to 1.09 per share while revenue estimated 1.02B. 

2. Autodesk (ADSK) to announce its Quarterly Results on 23rd NOVEMBER 2021, EPS estimated to 1.26 per share while revenue estimated 1.12B.

3. Dell Tech (DELL) to announce its Quarterly Results on 23rd NOVEMBER 2021, EPS estimated to 2.31 per share while revenue estimated 27.38B.

4. HP Inc (HPQ) to announce its Quarterly Results on 23rd NOVEMBER 2021, EPS estimated to 0.8861 per share while revenue estimated 15.43B.

5. United Utilities (UU) to announce its Quarterly Results on 24th NOVEMBER 2021, EPS estimated to 25.21 per share while revenue estimated 888.9M.

TOP COMMODITIES IN THE COMING WEEK

GOLD

Technical Analysis

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

SILVER

SILVER is trading in the upward channel; upside will be seen in the coming days.

WTI CRUDE OIL

Technical Analysis

WTI CRUDE OIL is trading in the down channel; downside will be seen in the coming days.

TOP CRYPTO IN THE COMING WEEK

BTCUSD

Technical Analysis

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

LITECOIN USD

Technical Analysis

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

 TOP CURRENCY IN THE COMING WEEK

EURUSD

Technical Analysis

EURUSD is trading in the down channel; further downside can be seen in the coming days.

GBPUSD

Technical Analysis

GBPUSD is trading in the down channel; further downside can be seen in the coming days.

USDJPY

Technical Analysis

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

TOP INDEX IN THE COMING WEEK

NASDAQ 100

Technical Analysis

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

S&P 500

Technical Analysis

S&P 500 is trading in the up channel; further upside will be seen in the coming days.

DATA WATCH

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