Technical Analysis Report on Forex, Stocks, Crypto – 28 June 2022

Technical Analysis Report on Forex, Stocks, Crypto – 28 June 2022

Technical Analysis

U.S. STOCK SLAMMED BY HEIGHTENED INFLATION & tIGHTENING FED POLICY

Asia-Pacific stocks were mostly down on Tuesday morning. The Shanghai Composite is up 0.24% at 3,387.38. Overall, the Singapore MSCI is down 1.57% at 288.05. Over in Hong Kong, the Hang Seng Index is down 0.62% at 22,059. In Japan, the Nikkei 225 is up 0.45% at 26,890.00, while the Topix index is up 0.88% at 1896.00. South Korea’s Kospi is up 0.34% at 2,410.03. Australia S&P/ASX 200 up 0.56% at 6743.40.

Top News of the Day:

U.S. stocks closed lower on Monday, with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.

The major U.S. stock indexes lost ground after oscillating earlier in the session, with weakness in interest rate sensitive mega caps such as Amazon.com (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) Inc providing the heaviest drag.

Market Summary as per 27/06/2022:

European equities Monday closing. The DAX futures contract in Germany traded up 0.52% at 13,186.07, CAC 40 futures down 0.43% at 6047.32 and the UK 100 futures contract in the U.K. up 0.69% at 7,258.33.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.20% at 31438.27. The S&P 500 down 0.30% at 3900.12 and the Nasdaq 100 down 0.81% at 12008.24, NYSE closes up 0.16% at 14835.29.

Top Market News Today:

In the Forex market, GBPUSD up 0.03% at 1.2268. The USDJPY down 0.06% at 135.381. The USDCHF up 0.08% at 0.9564. EURUSD down 0.06% at 1.0575, EUR/GBP down 0.07% at 0.8619. The USD/CNY up 0.09% at 6.6975 at the time of writing.

In the Commodity market U.S. Gold futures up 0.15% at $1,825.16. Elsewhere, Silver futures up 0.20% at $21.168 per ounce, Platinum down 0.55% at $904.00 per ounce, and Palladium up 1.04% at $1889.50.

Crude Oil up on Tuesday; Brent Crude Oil up 0.76% at $116.26 per barrel while U.S. West Texas Intermediate (CLc1) up 0.54% at $110.58.

In the Cryptocurrency Markets, Bitcoin at 20735.00 down 0.31%, Ethereum down 0.32% at 1186.31, Litecoin at 54.81 down 1.79%, at the time of writing.

Top Market Segment to Watch Out Today:

NISSAN: Japan’s Nissan (OTC:NSANY) Motor Co Ltd on Tuesday rejected a shareholder proposal at its annual general meeting (AGM) that would have led to the disclosure of a decades-old agreement with 43% stakeholder Renault SA (OTC:RNLSY).

Ahead of the AGM, one investor proposed designating Renault (EPA:RENA) as Nissan’s parent company which by law would force the publication of the agreement which stipulates the automakers’ capital and business alliance.

Economic News:

US: New orders for U.S.-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter, but rising interest rates and tighter financial conditions could slow momentum.

The nearly broad rise in orders reported by the Commerce Department on Monday occurred despite deteriorating business and consumer sentiment as well as heightened fears of a recession. The gains partly reflected higher prices. The Federal Reserve is aggressively tightening monetary policy to quell inflation.

“There’s some inflation behind the increase in orders, but, nevertheless, there are a lot of dollars flowing through the economy right now,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “Businesses would not order new equipment if they thought consumers and other companies were looking to pull back their purchases.”

Orders for non-defence capital goods excluding aircraft, a closely watched proxy for business spending plans, rose 0.5% last month. These so-called core capital goods orders gained 0.3% in April. Economists polled by Reuters had forecast core capital goods orders would climb 0.3%.

Eurozone: The British public’s expectations for inflation in future years receded this month to the lowest level since January, a survey showed on Monday in good news for Bank of England officials who fear price pressures are becoming embedded.

U.S. bank Citi and pollsters YouGov said the expectations for inflation in five to 10 years fell to 4.0% in June from 4.2% in May, a move Citi described as encouraging.

Inflation expectations for 12 months’ time were steady at 6.1%, the survey showed.

BoE rate-setters are watching surveys for signs that high inflation – which hit a 40-year record of 9.1% last month – is becoming entrenched in the psychology of the British public, which would make it harder to bring inflation back to the BoE’s 2% target.

Financial markets show a roughly 73% chance that the BoE will raise its Bank Rate to 1.75% from 1.25% at its next policy decision on Aug. 4.

Top Economic Releases Today:

  1. U.S. CB Consumer Confidence (Jun) today at 10:00 this time estimated 100.40, previously which was 106.40. 
  2. AUSTRALIA Retail Sales (MoM) (May) today at 21:30 this time estimated 0.4%, previously which was 0.9%.
  3. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 5.607M.
  4. GERMANY Consumer Climate (Jul) today at 2:00 this time estimated -27.60, previously which was -26.00.
  5. EURO ZONE ECB’s Elderson Speaks today at 5:30.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2273, TAKE PROFIT AT 1.2233 AND STOP LOSS AT 1.2299

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.0592, TAKE PROFIT AT 1.0660 AND STOP LOSS AT 1.0569

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 166.460, TAKE PROFIT AT 167.381 AND STOP LOSS AT 165.298

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 141.911, TAKE PROFIT AT 141.981 AND STOP LOSS AT 141.880

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6673.00 TAKE PROFIT AT 6698.00 AND STOP LOSS AT 6632.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 111.45 TAKE PROFIT AT 108.42 AND STOP LOSS AT 114.59

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1827.68, TAKE PROFIT AT 1807.28 AND STOP AT 1840.28

LITECOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 54.470 TAKE PROFIT AT 52.827 AND STOP AT 55.640

About Author