Technical Analysis Report on Forex, Stocks, Crypto – 29 June 2022

Technical Analysis Report on Forex, Stocks, Crypto – 29 June 2022

Technical Analysis

U.S. STOCK SLightly HIGHER AMID INFLATION & AGGRESSIVE RATE HIKE

Asia-Pacific stocks were down on Wednesday morning. The Shanghai Composite is down 1.09% at 3,372.04. Overall, the Singapore MSCI is down 0.67% at 288.30. Over in Hong Kong, the Hang Seng Index is down 1.91% at 21,952. In Japan, the Nikkei 225 is down 1.29% at 26,720.00, while the Topix index is down 0.92% at 1890.00. South Korea’s Kospi is down 1.58% at 2,383.70. Australia S&P/ASX 200 down 0.67% at 6718.00.

Top News of the Day:

U.S. stock futures were slightly higher during Tuesday’s evening deals after major benchmark averages retreated during the regular session amid rising recession fears as aggressive rate hikes and rising bond yields continue to sap risk sentiment.

By 06:55 PM ET (22:55 GMT) Dow Jones Futures and S&P 500 Futures were up 0.1%, while Nasdaq 100 Futures gained 0.2%.

Market Summary as per 28/06/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded up 0.35% at 13,231.82, CAC 40 futures up 0.64% at 6086.03 and the UK 100 futures contract in the U.K. up 0.90% at 7,323.42.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.56% at 30947.00. The S&P 500 down 2.01% at 3821.54 and the Nasdaq 100 down 3.09% at 11637.77, NYSE closes down 1.13% at 14667.32.

Top Market News Today:

In the Forex market, GBPUSD up 0.14% at 1.2199. The USDJPY down 0.04% at 136.070. The USDCHF down 0.06% at 0.9565. EURUSD down 0.07% at 1.0509, EUR/GBP down 0.18% at 0.8615. The USD/CNY down 0.07% at 6.7000 at the time of writing.

In the Commodity market U.S. Gold futures up 0.10% at $1,821.19. Elsewhere, Silver futures up 0.06% at $20.829 per ounce, Platinum up 0.05% at $913.00 per ounce, and Palladium up 2.11% at $1911.50.

Crude Oil down on Wednesday; Brent Crude Oil down 1.16% at $116.79 per barrel while U.S. West Texas Intermediate (CLc1) down 0.91% at $109.59.

In the Cryptocurrency Markets, Bitcoin at 20200.00 up 0.12%, Ethereum down 0.66% at 1134.97, Litecoin at 52.28 down 0.70%, at the time of writing.

Top Market Segment to Watch Out Today:

TESLA: Tesla (NASDAQ:TSLA) has shuttered its office in San Mateo, California and laid off roughly 200 employees working on its Autopilot driver-assistant system there, one of the people told Reuters, in a move seen as accelerating cost-cutting.

Most of the laid-off people had been hourly workers, that person said. Early this month, Tesla Chief Executive Elon Musk told top managers he had a “super bad feeling” about the economy and that the maker of electric cars needed to cut staff by about 10%.

Economic News:

US: Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn.

“Many are worried that the Fed might be acting too aggressively and maybe tip the economy into recession,” San Francisco Fed President Mary Daly said in an interview on LinkedIn. “I am myself worried that left unbridled, inflation would be a major constraint and threat to the U.S economy and continued expansion.”

The Fed, she said, is therefore “tapping the brakes” by raising interest rates to cool demand.

“We are working towards that as quickly as we possibly can, and hopefully Americans everywhere will start to see some relief in their pocketbooks,” she said, adding that she expects the economy to slow but not stop growing.

Eurozone: European Central Bank policymakers are weighing up whether or not they should announce the size and duration of their upcoming bond-buying scheme, designed to curb financing costs for Italy and other debt-laden countries, sources told Reuters.

The ECB is set to announce the new tool on July 21, along with its first interest rate hike in more than a decade, in response to a surge in bond yields that has hit the most indebted countries hardest.

ECB staff is preparing different options for policymakers, including how many of its details, such as firepower and duration, should be made public, according to conversations with half a dozen policymakers at the ECB’s annual forum in Sintra, Portugal.

The pros of announcing a large envelope would include to put investors’ minds at rest about the ECB’s commitment to fight what it calls financial fragmentation in the euro zone, the sources said.

Top Economic Releases Today:

  1. U.S. GDP (QoQ) (Q1) today at 8:30 this time estimated -1.50%, previously which was -1.50%. 
  2. U.S. Crude Oil Inventories today at 10:30 previously which was 1.956M.
  3. RUSSIA Retail Sales (YoY) (May) today at 12:00 this time estimated -5.5%, previously which was -9.7%.
  4. RUSSIA GDP Monthly (YoY) today at 18:00, previously which was -3.00%.
  5. CHINA Manufacturing PMI (Jun) today at 21:30 this time estimated 50.50, previously which was 49.60.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2182, TAKE PROFIT AT 1.2172 AND STOP LOSS AT 1.2206

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0494, TAKE PROFIT AT 1.0474 AND STOP LOSS AT 1.0516

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 135.882, TAKE PROFIT AT 136.241 AND STOP LOSS AT 135.551

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9562, TAKE PROFIT AT 0.9543 AND STOP LOSS AT 0.9587

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 21864.00 TAKE PROFIT AT 22010.00 AND STOP LOSS AT 21739.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 111.40 TAKE PROFIT AT 109.10 AND STOP LOSS AT 112.14

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1818.56, TAKE PROFIT AT 1807.26 AND STOP AT 1828.80

BITCOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 20013.00 TAKE PROFIT AT 19734.00 AND STOP AT 20829.21

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