Technical Analysis Report on Forex, Stocks, Commodity – 23 June 2022

Technical Analysis Report on Forex, Stocks, Commodity – 23 June 2022

Technical Analysis

investors digested Fed Chair Powell’s comments ON INFLATION

Asia-Pacific stocks were mostly down on Thursday morning. The Shanghai Composite is up 1.52% at 3,316.55. Overall, the Singapore MSCI is up 0.67% at 283.95. Over in Hong Kong, the Hang Seng Index is up 1.52% at 21,299. In Japan, the Nikkei 225 is up 0.08% at 26,120.00, while the Topix index is down 0.05% at 1849.00. South Korea’s Kospi is down 1.22% at 2,314.32. Australia S&P/ASX 200 up 0.31% at 6528.40.

Top News of the Day:

Wall Street’s main indexes ended with slim losses on Wednesday after choppy trading as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell’s comments on the central bank’s aim to bring down inflation.

After opening lower, major U.S. indexes had erased losses following Powell’s testimony before a Senate committee, but then they faded into the close.

Market Summary as per 22/06/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 1.11% at 13,144.28, CAC 40 futures down 0.59% at 5881.87 and the UK 100 futures contract in the U.K. down 0.68% at 7,041.47.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.15% at 30483.14. The S&P 500 down 0.13% at 3759.90 and the Nasdaq 100 down 0.16% at 11527.71, NYSE closes down 0.43% at 14352.78.

Top Market News Today:

In the Forex market, GBPUSD down 0.21% at 1.2234. The USDJPY down 0.30% at 135.776. The USDCHF down 0.01% at 0.9607. EURUSD up 0.05% at 1.0569, EUR/GBP up 0.29% at 0.8637. The USD/CNY down 0.02% at 6.7011 at the time of writing.

In the Commodity market U.S. Gold futures down 0.19% at $1,834.26. Elsewhere, Silver futures down 0.48% at $21.287 per ounce, Platinum down 0.22% at $926.50 per ounce, and Palladium up 0.78% at $1877.00.

Crude Oil down on Thursday; Brent Crude Oil down 0.44% at $109.51 per barrel while U.S. West Texas Intermediate (CLc1) down 0.45% at $103.34.

In the Cryptocurrency Markets, Bitcoin at 20525.00 up 2.09%, Ethereum up 5.17% at 1102.47, Litecoin at 55.31 up 6.02%, at the time of writing.

Top Market Segment to Watch Out Today:

FORD MOTOR: Ford Motor (NYSE:F) Co said on Wednesday it will start producing electric vehicles in Spain later this decade but that would imply “significant” job cuts at its Spanish factory and another one in Germany amid its ambitious electrification push in Europe.

The U.S.-based carmaker said in a statement it had chosen its plant in Valencia as the preferred site to assemble vehicles based on a next-generation electric vehicle (EV) architecture.

Economic News:

US: Japan’s factory activity growth slowed to a four-month low in June as China’s COVID-19 curbs disrupted supply chains, while many other economies in Asia were also facing headwinds amid growing risks to the outlook from a potential U.S. recession.

Australia’s manufacturing activity held steady this month, data showed on Thursday which, together with Japan’s figures, come ahead of a string of European and U.S. purchasing managers’ index (PMI) surveys due out later in the day.

The readings will be closely scrutinised as financial markets fret over sharp interest rises by the Federal Reserve, and further aggressive tightening planned over coming months, which have substantially raised the risk of a U.S. recession.

“The global macroeconomic outlook has deteriorated materially since end-2021,” said Fitch Ratings, which slashed this year’s global growth outlook to 2.9% in June from 3.5% in March.

Eurozone: The European Central Bank will raise its deposit rate above zero for the first time in a decade in September, according to most economists polled by Reuters, who expect it to be at least 50 basis points higher than previously anticipated by year-end.

While economists say euro zone inflation is yet to peak the ECB has given itself some room to catch up with its global peers, who are rapidly hiking rates to neutral, by planning a new instrument to limit the divergence in the bloc’s bond yields.

The June 15-22 poll showed all but two of the 55 economists expected the ECB to deliver a quarter-point raise on July 21 to -0.25%. Two expected it to hike by 50 basis points, compared to none in the last poll.

A strong majority of 91% or 50 of 55 economists expected the Bank to hike its policy rate by 50 basis points in September, taking the deposit rate out of negative territory to 0.25%.

Last month forecasters were expecting the ECB to wait until the fourth quarter to bring the deposit rate, currently -0.50%, to positive territory.

Top Economic Releases Today:

  1. U.S. Initial Jobless Claims today at 8:30 this time estimated 227K, previously which was 229K. 
  2. CANADA Wholesale Sales (MoM) today at 8:30 previously which was -0.50%.
  3. U.S. Crude Oil Inventories today at 11:00 this time estimated -0.569M, previously which was 1.956M.
  4. JAPAN National Core CPI (YoY) (May) today at 19:30 this time estimated 2.1%, previously which was 2.1%.
  5. U.K. Composite PMI (Jun) today at 4:30 this time estimated 51.8, previously which was 51.8.

TECHNICAL SUMMARY

GBPUSD

Forex Technical Analysis
Forex Technical Analysis

TRADE SUGGESTION- SELL AT 1.2178, TAKE PROFIT AT 1.2140 AND STOP LOSS AT 1.2222

EURUSD

Forex Technical Analysis
Forex Technical Analysis

TRADE SUGGESTION- SELL AT 1.0504, TAKE PROFIT AT 1.0395 AND STOP LOSS AT 1.0540

GBPJPY

Forex Technical Analysis
Forex Technical Analysis

TRADE SUGGESTION- SELL AT 165.014, TAKE PROFIT AT 164.409 AND STOP LOSS AT 165.269

CHFJPY

Forex Technical Analysis
Forex Technical Analysis

TRADE SUGGESTION- BUY AT 140.087, TAKE PROFIT AT 140.680 AND STOP LOSS AT 139.822

DAX 40

Stock Technical Analysis
Stock Technical Analysis

TRADE SUGGESTION- SELL AT 13000.00 TAKE PROFIT AT 12909.90 AND STOP LOSS AT 13133.20

WTI CRUDE OIL

Stock Technical Analysis
Stock Technical Analysis

TRADE SUGGESTION- SELL AT 104.45 TAKE PROFIT AT 101.96 AND STOP LOSS AT 106.41

GOLD

Stock Technical Analysis
Stock Technical Analysis

TRADE SUGGESTION- SELL AT 1836.10, TAKE PROFIT AT 1828.75 AND STOP AT 1844.13

LITECOIN

Crypto Technical Analysis
Crypto Technical Analysis

TRADE SUGGESTION- BUY AT 53.90 TAKE PROFIT AT 59.87 AND STOP AT 49.52

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