Technical Analysis Report on Forex, Stocks, Commodity – 22 June 2022

Technical Analysis Report on Forex, Stocks, Commodity – 22 June 2022

Technical Analysis of Financial Markets

WALL STREET JUMPED AS INVESTORS SCOOPED UP SHARES OF GROWTH & ENERGY CO.

Asia-Pacific stocks were down on Wednesday morning. The Shanghai Composite is down 1.04% at 3,271.98. Overall, the Singapore MSCI is down 1.00% at 281.95. Over in Hong Kong, the Hang Seng Index is down 1.87% at 21,073. In Japan, the Nikkei 225 is down 0.50% at 26,100.00, while the Topix index is down 0.16% at 1850.00. South Korea’s Kospi is down 2.74% at 2,342.81. Australia S&P/ASX 200 down 0.23% at 6508.50.

Top News of the Day:

Wall Street’s major indexes jumped over 2% on Tuesday as investors scooped up shares of mega cap growth and energy companies after the stock market swooned last week on worries over a global economic downturn.

All 11 major S&P 500 sectors gained, as stocks rebounded broadly after the benchmark index last week logged its biggest weekly percentage decline since March 2020.

Market Summary as per 21/06/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded up 0.20% at 13,292.40, CAC 40 futures up 0.75% at 5964.67 and the UK 100 futures contract in the U.K. up 0.42% at 7,152.06.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 2.15% at 30530.26. The S&P 500 up 2.45% at 3764.80 and the Nasdaq 100 up 2.49% at 11546.76, NYSE closes up 2.25% at 14414.25.

Top Market News Today:

In the Forex market, GBPUSD down 0.47% at 1.2217. The USDJPY down 0.02% at 136.553. The USDCHF up 0.29% at 0.9686. EURUSD down 0.43% at 1.0485, EUR/GBP up 0.06% at 0.8582. The USD/CNY up 0.50% at 6.7229 at the time of writing.

In the Commodity market U.S. Gold futures down 0.43% at $1,825.01. Elsewhere, Silver futures down 1.72% at $21.291 per ounce, Platinum down 0.96% at $931.50 per ounce, and Palladium down 0.69% at $1867.00.

Crude Oil down on Wednesday; Brent Crude Oil down 4.62% at $109.33 per barrel while U.S. West Texas Intermediate (CLc1) down 5.15% at $103.56.

In the Cryptocurrency Markets, Bitcoin at 20050.00 up 3.88%, Ethereum down 4.11% at 1078.17, Litecoin at 51.08 down 4.58%, at the time of writing.

Top Market Segment to Watch Out Today:

AMAZON: Amazon.com Inc on Tuesday named long-time executive Doug Herrington to head its consumer business, part of a reorganization that includes departures of two of the most senior Black leaders from the online retailer.

Amazon (NASDAQ:AMZN), once ridiculed for having more top officials named Jeff than women or other underrepresented groups in leadership, said in an internal email seen by Reuters that Alicia Boler Davis is leaving as senior vice president of global customer fulfilment.

Economic News:

US: The Federal Reserve will deliver another 75-basis-point interest rate hike in July, followed by a half-percentage-point rise in September, and won’t scale back to quarter-percentage-point moves until November at the earliest, according to economists polled by Reuters.

Last week the Fed hiked the federal funds rate by three-quarters of a percentage point, its largest rate increase since 1994, after official data just a few days earlier showed inflation unexpectedly rose despite expectations it had peaked.

The latest poll results, released on Wednesday before Fed Chair Jerome Powell was due to appear before the Senate Banking Committee as part of his twice-yearly monetary policy testimony to Congress, show momentum is still behind the U.S. central bank doing more, not less, despite rising recession concerns and a steep sell-off in financial markets. Bond yields are up sharply and major Wall Street equity indexes are already trading in a bear market, defined as 20% down from their peak.

Eurozone: Soaring food prices pushed British consumer price inflation to a new 40-year high last month of 9.1%, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch.

The reading, up from 9.0% in April, matched the consensus of a Reuters poll of economists. Historical records from the Office for National Statistics show May’s inflation was the highest since March 1982 – and worse is likely to come.

The Bank of England said last week that inflation was likely to remain above 9% over the coming months before peaking at slightly above 11% in October, when regulated household energy bills are due to rise again.

The British government is doing all it can to combat a surge in prices, finance minister Rishi Sunak said in response to the data.

Prices for food and non-alcoholic goods rose by 8.7% in annual terms in May – the biggest jump since March 2009 and making this category the biggest driver of annual inflation last month.

Top Economic Releases Today:

  1. CANADA Core CPI (MoM) (May) today at 8:30 this time estimated 0.4%, previously which was 0.7%. 
  2. JAPAN Services PMI today at 20:30 previously which was 52.60.
  3. NEW ZEALAND Westpac Consumer Sentiment today at 17:00 previously which was 92.10.
  4. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 0.736M.
  5. U.K. CPI (YoY) (May) today at 2:00 this time estimated 9.1%, previously which was 9.0%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2174, TAKE PROFIT AT 1.2155 AND STOP LOSS AT 1.2205

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0490, TAKE PROFIT AT 1.0472 AND STOP LOSS AT 1.0511

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8614, TAKE PROFIT AT 0.8618 AND STOP LOSS AT 0.8611

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 143.041, TAKE PROFIT AT 143.926 AND STOP LOSS AT 142.336

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 11356.34 TAKE PROFIT AT 11270.79 AND STOP LOSS AT 11450.80

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 104.14 TAKE PROFIT AT 102.06 AND STOP LOSS AT 106.23

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1828.59, TAKE PROFIT AT 1818.99 AND STOP AT 1836.22

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1066.60 TAKE PROFIT AT 998.70 AND STOP AT 1147.57

About Author