Daily Technical Analysis Report By Capital Street Fx

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Commodity – Understanding Wheat Volatility & Food Security​

On 08th March 2022, Chicago wheat futures soared to a record high of $13.634 a bushel, surpassing the high formed during the 2008 food crisis. The price of wheat had risen around 65% since the invasion of Ukraine by Russia on intensifying concern of supply disruptions. It has since then dropped about 24% as other circumstances arose.

This fluctuation in wheat prices gives tremendous opportunities to traders and investors. Before making the most of this opportunity, we must first understand the basic but essential fundamental factors that influence wheat prices, enabling us to make informed trading and investing decisions.

Brief Historical Background:​

For generations, wheat has been one of the most critical food crops cultivated worldwide. There is evidence of wheat production beginning around 10,000 BCE and the Egyptians producing and baking bread over 5,000 years ago.

Wheat today is the second most-consumed grain globally, trailing behind rice. In the farming community, wheat is very favored for its ability to grow in many different climates. Additionally, the crop stays fresh for a long time and has high nutritional value. These facts ensure that wheat will remain an important food staple and a valuable commodity in the foreseeable future.

What are the Major Wheat Varieties?​

Wheat has several varieties, with climate and soil conditions determining the types grown in specific locations. The wheat industry classifies the thousands of varieties available today into six main classes:

1. Hard Red Winter (HRW).

2. Hard Red Spring (HRS).

3. Soft Red Winter (SRS).

4. Durum.

5. Hard White.

6. Soft White.

Spring wheat classes (hard, soft, and durum) are planted in the spring in the spring and harvested in the summer. Winter wheat is sown in the autumn; it lies dormant throughout the winter and grows in the spring, cultivating in the summer months.

Typically, the hard wheat classes (spring and winter) have higher proteins needed to produce the various bread products. Soft wheat, however, contains lower quantities of protein than hard wheat, and it is conducive to producing tender products. The white wheat classes are very desired as they lack a particular red gene in the bran that imparts a darker color and a slightly bitter flavor to the whole grain.

Leading Wheat Producers:

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OIL PRICES GO FROM BOOM TO BUST – WHAT’S NEXT?​

Prices of crude oil recently rallied to a high of 14 years. The Brent crude oil price attained a high of $127.98 a barrel on 08th March 2022, while the WTI crude oil peaked at $130.50 a barrel on 07th March 2022. Both the benchmark indices are nearing their all-time high, formed during the 2008 global financial crisis. Ever since the Russian invasion of Ukraine began, crude oil prices have been witnessing heavy fluctuations; it recently has crashed more than 20% after soaring to 14-years high.

To understand and trade (or invest) on crude oil prices – its rise and fall. We need to understand the historical backdrop of the industry, price movement, and volatility. Furthermore, understanding the fundamental factors influencing the prices of crude oil will aid us in making informed decisions, including any volatile situations that we may face subsequently, like the one we face currently.

Notable events that impacted crude oil prices (1970 – present):​

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TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 08 APRIL 2022​

WHOLESALE INVENTORIES DATA: TO RIDE THE MARKET​

Asia Pacific stocks were mostly down on Friday morning. The Shanghai Composite is down 0.02% at 3,236.19. Overall, the Singapore MSCI is down 1.07% at 326.80. Over in Hong Kong, the Hang Seng Index down 0.65% at 21,655.00. In Japan, the Nikkei 225 is up 0.11% at 26,930.00, while the Topix index is up 0.03% at 1891.50. South Korea’s Kospi up 0.13% to 2699.25. Australia S&P/ASX 200 up 0.44% at 7475.20.

Top News of the Day:

Wholesale Inventories Data: U.S. month-over-month wholesale inventories data will be released Friday at 10:00 AM ET. Analysts predict wholesale inventories, which gauge the change in the total value of goods held in inventory by wholesalers across the United States, will come in at 2.1%, above the previously reported 0.8%.

Market Summary as per 07/04/2022:

European equities Thursday closing. The DAX futures contract in Germany traded down 0.52% at 14,078.15, CAC 40 futures down 0.57% at 6461.69 and the UK 100 futures contract in the U.K. down 0.47% at 7,551.82.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.25% at 34583.58. The S&P 500 up 0.42% at 4500.20 and the Nasdaq 100 up 0.23% at 14531.81, NYSE closes up 0.27% at 16631.44.

Top Market News Today:

In the Forex market, GBPUSD down 0.03% at 1.3069. The USDJPY up 0.08% at 123.993. The USDCHF up 0.18% at 0.9347. EURUSD down 0.14% at 1.0862, EUR/GBP down 0.06% at 0.8310. The USD/CNY down 0.03% at 6.3586 at the time of writing.

In the Commodity market U.S. Gold futures down 0.06% at $1,930.05. Elsewhere, Silver futures up 0.14% at $24.614 per ounce, Platinum flat at $963.00 per ounce, and Palladium up 1.36% at $2268.50.

Crude Oil down on Friday; Brent crude oil down 0.88% at $100.49 per barrel while U.S. West Texas Intermediate (CLc1) down 0.80% at $95.58.

In the Cryptocurrency Markets, Bitcoin at 43605.00 up 0.52%, Ethereum up 1.17% at 3267.94, Litecoin at 114.47 up 0.30%, at the time of writing.

TECHNICAL SUMMARY​

GBPUSD

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NASDAQ 100 TECHNICAL ANALYSIS & TRADING TIPS​

NASDAQ 100 TECHNICAL ANALYSIS: WEEKLY CHART​

In the weekly charts, NASDAQ 100 is trading above its downward channel.

It is trading below all SMAs: MA (5), MA (20), and MA (50).

The immediate support is 13730 and the resistance level is at 14860.

NASDAQ 100 is trading outside and above its previous downward channel.

NASDAQ 100 TECHNICAL ANALYSIS: DAILY CHART​

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AUDUSD FOREX REPORT: TRADE SUGGESTION, PRICE AND TECHNICAL CHART​

AUDUSD TECHNICAL ANALYSIS: WEEKLY CHART​

In the weekly charts, AUDUSD is trading in an upward channel.

It is trading below MA (5) but above MA (20) and MA (50).

The immediate support is at 0.73230 and the resistance level is at 0.75982.

AUDUSD is trading in an upward channel until there is a trend reversal.

AUDUSD TECHNICAL ANALYSIS: DAILY CHART​

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TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 21 APRIL 2022​

FED CHAIR POWELL – TWO PUBLIC APPEARANCES​

Asia Pacific stocks were mixed on Thursday morning. The Shanghai Composite is down 1.36% at 3,108.07. Overall, the Singapore MSCI is down 0.77% at 317.55. Over in Hong Kong, the Hang Seng Index is down 1.60% at 20,597. In Japan, the Nikkei 225 is up 1.36% at 27,550.00, while the Topix index is up 0.76% at 1928.50. South Korea’s Kospi is up 0.48% at 2731.83. Australia S&P/ASX 200 up 0.44% at 7602.60.

TOP NEWS OF THE DAY:​

There will be two speaking appearances by Fed Chair Powell on Thursday. The first will be at 11:00 AM ET in opening remarks for the Volcker Alliance and Penn Institute for Urban Research, with the second at 1:00 PM ET at the IMF-World Bank meeting, where he will take part in a panel discussion with European Central Bank President Christine Lagarde and other policymakers.

MARKET SUMMARY AS PER 20/04/2022:​

European equities Wednesday closing. The DAX futures contract in Germany traded up 1.47% at 14,362.03, CAC 40 futures up 1.38% at 6624.92 and the UK 100 futures contract in the U.K. up 0.37% at 7,629.23.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.71% at 35160.80. The S&P 500 down 0.06% at 4459.46 and the Nasdaq 100 down 1.49% at 13998.53, NYSE closes up 0.61% at 16761.34.

TECHNICAL SUMMARY​

GBPUSD

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STOCK MARKET: FORD MOTOR CO. PRICE CHART, ANALYSIS, AND TRADING SIGNALS​

FORD MOTOR CO. TECHNICAL ANALYSIS: WEEKLY CHART​

In the weekly charts, FORD MOTOR CO. is trading in a down channel.

It is trading below 20 and 50 days SMA & above 100 days SMA.

The immediate support is 14.73 & the resistance level is at 17.01.

FORD MOTOR CO. is trading in the down channel until there is trend reversal.

FORD MOTOR CO. TECHNICAL ANALYSIS: DAILY CHART​

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TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 22 APRIL 2022​

FED CHAIR POWELL – 50 BASIS POINT HIKE FOR MAY​

Asia Pacific stocks were down on Friday morning. The Shanghai Composite is up 0.52% at 3,095.85. Overall, the Singapore MSCI is down 1.29% at 313.20. Over in Hong Kong, the Hang Seng Index is down 0.17% at 20,623. In Japan, the Nikkei 225 is down 1.56% at 27,090.00, while the Topix index is down 1.27% at 1903.00. South Korea’s Kospi is down 0.86% at 2704.71. Australia S&P/ASX 200 down 1.57% at 7473.30.

TOP NEWS OF THE DAY:​

Federal Reserve Chairman Jerome Powell said Thursday that a 50 basis-point rate hike was on the table for the May meeting as the central bank aims to step up the pace of monetary policy tightening to curb elevated inflation.

The Fed chairman also backed the idea of the central bank hiking aggressively at the start of the tightening cycle, or front loading more than one 50 basis-point hike at future meetings.

MARKET SUMMARY AS PER 21/04/2022:​

European equities Thursday closing. The DAX futures contract in Germany traded up 0.98% at 14,502.41, CAC 40 futures up 1.36% at 6715.11 and the UK 100 futures contract in the U.K. down 0.02% at 7,627.94.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.05% at 34792.77. The S&P 500 down 1.48% at 4393.67 and the Nasdaq 100 down 1.99% at 13720.45, NYSE closes down 1.56% at 16499.33.

TECHNICAL SUMMARY​

GBPUSD

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TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 25 APRIL 2022​

THE WEEK FULL OF RESULTS AHEAD​

Asia Pacific stocks were down on Monday morning. The Shanghai Composite is down 4.32% at 2,953.51. Overall, the Singapore MSCI is down 1.21% at 310.50. Over in Hong Kong, the Hang Seng Index is down 3.41% at 19,903. In Japan, the Nikkei 225 is down 1.99% at 26,560.00, while the Topix index is down 1.47% at 1875.00. South Korea’s Kospi is down 1.76% at 2657.14. Australia S&P/ASX 200 down 1.57% at 7473.30.

TOP NEWS OF THE DAY:​

Almost 180 companies listed in the S&P 500, worth approximately half of the benchmark index’s market value, are due to report results in the coming week, including the four largest U.S. companies by market capitalization: Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Google parent Alphabet (NASDAQ:GOOGL).

MARKET SUMMARY AS PER 22/04/2022:​

European equities Friday closing. The DAX futures contract in Germany traded up 2.48% at 14,142.09, CAC 40 futures down 1.99% at 6581.43 and the UK 100 futures contract in the U.K. down 1.39% at 7,521.68.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 2.82% at 33811.41. The S&P 500 down 2.77% at 4271.79 and the Nasdaq 100 down 2.65% at 13356.87, NYSE closes down 2.68% at 16056.88.

TECHNICAL SUMMARY​

GBPUSD

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ETHEREUM (ETH) TECHNICAL ANALYSIS & HOW TO TRADE ETHEREUM​

ETHEREUM TECHNICAL ANALYSIS: WEEKLY CHART​

In the weekly charts, ETHEREUM is trading in an upward channel.

It is trading below all SMAs: MA (5), MA (20), and MA (50).

The immediate support is at 2752 and the resistance level is at 3320.

ETHEREUM is trading in an upward channel until there is a trend reversal.

ETHEREUM TECHNICAL ANALYSIS: DAILY CHART​

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