Technical Analysis Report on Forex, Stocks, Crypto – 30 June 2022

Technical Analysis Report on Forex, Stocks, Crypto – 30 June 2022

Technical Analysis

FED POWELL TO TIGHTEN MONETaRY POLICY TO BRING DOWN INFLATION

Asia-Pacific stocks were mixed on Thursday morning. The Shanghai Composite is up 1.10% at 3,398.11. Overall, the Singapore MSCI is down 2.00% at 281.85. Over in Hong Kong, the Hang Seng Index is down 1.05% at 21,633. In Japan, the Nikkei 225 is down 1.39% at 26,310.00, while the Topix index is down 1.03% at 1865.50. South Korea’s Kospi is down 1.91% at 2,332.64. Australia S&P/ASX 200 down 1.97% at 6568.10.

Top News of the Day:

The Dow closed higher Wednesday after Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to keep tightening monetary policy to bring down inflation just as U.S. quarterly economic activity slipped for first time in two years.   

The S&P 500 fell 0.1%, the Dow Jones Industrial Average gained 0.3%, or 82 points, the Nasdaq was down 0.03%

Market Summary as per 29/06/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 1.73% at 13,003.35, CAC 40 futures down 0.90% at 6031.49 and the UK 100 futures contract in the U.K. down 0.15% at 7,312.33.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.27% at 31029.32. The S&P 500 down 0.07% at 3818.84 and the Nasdaq 100 up 0.18% at 11658.26, NYSE closes down 0.46% at 14599.58.

Top Market News Today:

In the Forex market, GBPUSD up 0.18% at 1.2138. The USDJPY down 0.18% at 136.344. The USDCHF up 0.11% at 0.9552. EURUSD up 0.17% at 1.0456, EUR/GBP up 0.02% at 0.8613. The USD/CNY down 0.06% at 6.6944 at the time of writing.

In the Commodity market U.S. Gold futures down 0.04% at $1,816.96. Elsewhere, Silver futures up 0.14% at $20.754 per ounce, Platinum up 0.05% at $914.00 per ounce, and Palladium down 0.28% at $1955.50.

Crude Oil down on Thursday; Brent Crude Oil down 0.34% at $115.22 per barrel while U.S. West Texas Intermediate (CLc1) down 0.35% at $107.89.

In the Cryptocurrency Markets, Bitcoin at 19430.00 down 3.91%, Ethereum down 3.54% at 1059.30, Litecoin at 51.48 down 3.63%, at the time of writing.

Top Market Segment to Watch Out Today:

GOOGLE: Alphabet (NASDAQ:GOOGL) has been targeted by a French consumer group and its peers in complaints to privacy watchdogs over its vast trove of users’ personal data harvested via their Google accounts, European consumer organisation BEUC said on Thursday.

Economic News:

US: The Federal Reserve will not let the economy slip into a “higher inflation regime” even if it means raising interest rates to levels that put growth at risk, Fed Chair Jerome Powell said on Wednesday in remarks emphasizing the U.S. central bank’s do-whatever-it-takes approach to tempering future price hikes.

“The clock is kind of running on how long will you remain in a low-inflation regime … The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime, and our job is to literally prevent that from happening and we will prevent that from happening,” Powell said at a European Central Bank conference.

While “there is a risk” the Fed slows the economy more than needed to bring inflation back to the central bank’s 2% target, Powell said, “I would not agree that is the bigger risk. The bigger mistake would be to fail to restore price stability.”

The Fed chief used his appearance at the ECB’s annual conference in Sintra, Portugal, to restate what has now become the U.S. central bank’s guiding policy principal: That regaining control of inflation is necessary even if it means raising interest rates to levels that push the economy towards a recession or that lead to rising unemployment.

Eurozone: Britain racked up a record shortfall in its current account in the first three months of this year, as the deficit ballooned to 51.7 billion pounds ($62.8 billion) or 8.3% of gross domestic product, official data showed on Thursday.

The Office for National Statistics said the figures were subject to more uncertainty than usual due to the impact of post-Brexit changes in how data is collected for goods imports and foreign direct investment, which are being investigated.

Economists polled by Reuters had expected a deficit of just under 40 billion pounds.

The shortfall was the biggest in records going back to 1955.

The ONS said the primary account swung back into the red after a rare surplus in the last three months of 2021 as income from British assets abroad was more than offset by investment-related flows, including dividends, out of the country.

Stripping out the effect of trade in precious metals – which the ONS views as a distortion due to London’s role as a gold-trading hub – the deficit was still a record at 7.1% of GDP, but by a smaller margin relative to the previous peak in late 2014.

Top Economic Releases Today:

  1. U.K. GDP (YoY) (Q1) today at 2:00 this time estimated 8.70%, previously which was 8.70%. 
  2. GERMANY Unemployment Change (Jun) today at 3:55 this time estimated -6K, previously which was -4K.
  3. U.S. Initial Jobless Claims today at 8:30 this time estimated 228K, previously which was 229K.
  4. CANADA GDP (MoM) (Apr) today at 8:30, this time estimated 0.3%, previously which was 0.7%.
  5. JAPAN Tankan Large Non-Manufacturers Index (Q2) today at 19:50 this time estimated 14, previously which was 9.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2138, TAKE PROFIT AT 1.2103 AND STOP LOSS AT 1.2168

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0445, TAKE PROFIT AT 1.0388 AND STOP LOSS AT 1.0489

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8609, TAKE PROFIT AT 0.8628 AND STOP LOSS AT 0.8591

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 142.237, TAKE PROFIT AT 142.658 AND STOP LOSS AT 141.717

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 26299.00 TAKE PROFIT AT 26151.00 AND STOP LOSS AT 26411.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 109.97 TAKE PROFIT AT 108.99 AND STOP LOSS AT 111.12

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1814.83, TAKE PROFIT AT 1806.97 AND STOP AT 1824.93

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1042.40 TAKE PROFIT AT 1007.24 AND STOP AT 1089.78

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