Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 01 June

Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 01 June

Technical Analysis Report

Russia’s Participation in the OPEC+ Production Deal?

 Asia-Pacific stocks were up on Wednesday morning. The Shanghai Composite is down 0.40% at 3,173.80. Overall, the Singapore MSCI is up 0.13% at 300.70. Over in Hong Kong, the Hang Seng Index is down 1.28% at 21,121. In Japan, the Nikkei 225 is up 0.88% at 27,500.00, while the Topix index is up 1.68% at 1941.00. South Korea’s Kospi is up 0.61% at 2685.90. Australia S&P/ASX 200 up 0.32% at 7234.00.

Top News of the Day:

Wall Street’s three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official.

After outperforming earlier in the session, the S&P’s energy sector lost ground after a report that some producers were exploring the idea of suspending Russia’s participation in the OPEC+ production deal.

Market Summary as per 31/05/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded down 1.29% at 14,388.35, CAC 40 futures down 1.43% at 6468.79 and the UK 100 futures contract in the U.K. up 0.10% at 7,607.67.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.67% at 32990.13. The S&P 500 down 0.63% at 4132.56 and the Nasdaq 100 down 0.31% at 12642.10, NYSE closes down 0.72% at 15827.04.

Top Market News Today:

In the Forex market, GBPUSD down 0.06% at 1.2595. The USDJPY up 0.58% at 129.350. The USDCHF up 0.07% at 0.9599. EURUSD down 0.14% at 1.0716, EUR/GBP down 0.02% at 0.8509. The USD/CNY up 0.27% at 6.6896 at the time of writing.

In the Commodity market U.S. Gold futures down 0.15% at $1,833.82. Elsewhere, Silver futures up 0.13% at $21.553 per ounce, Platinum up 0.52% at $972.00 per ounce, and Palladium up 0.87% at $2022.50.

Crude Oil up on Wednesday; Brent crude oil up 0.47% at $116.75 per barrel while U.S. West Texas Intermediate (CLc1) up 0.40% at $114.37.

In the Cryptocurrency Markets, Bitcoin at 31605.00 down 0.14%, Ethereum down 0.35% at 1933.76, Litecoin at 68.53 up 0.25%, at the time of writing.

Top Market Segment to Watch Out Today:

HSBC: HSBC Holdings (NYSE:HSBC) plans to invest more than 3 billion yuan($448 million) in its China operations, Chief Executive Noel Quinn told state news agency Xinhua, saying he sees challenges for the economy but also opportunities for investment.

Quinn said the investment would be carried out over a five-year period running until 2025 without specifying the divisions that would receive the cash.

Economic News:

US: U.S. Treasury Secretary Janet Yellen said on Tuesday that she was wrong in the past about the path inflation would take, but said taming price hikes is President Joe Biden’s top priority and he supports the Federal Reserve’s actions to achieve that.

Asked in a CNN interview whether she was wrong to downplay the threat that inflation posed in public statements over the past year, Yellen said: “I think I was wrong then about the path that inflation would take.”

“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t at the time fully understand,” Yellen said, adding that the shocks range from Russia’s invasion of Ukraine to recent COVID-19 lockdowns in China.

“So really, the shocks to the economy have continued, but inflation is the number one concern for President Biden,” Yellen said.

Eurozone: Russian manufacturing activity expanded in May after three months of contraction and price pressures eased notably, but sanctions continued to dent client demand, a survey showed on Wednesday.

The S&P Global (NYSE:SPGI) Purchasing Managers’ Index (PMI) rose to 50.8 from 48.2 in the previous month, climbing above the 50.0 mark that separates expansion from contraction for the first time since January.

Russia’s manufacturing industry remains under heavy pressure from sanctions imposed by the West over what Moscow calls a “special military operation” in Ukraine that started on Feb. 24.

Despite the increase in the main PMI index, actual manufacturing output continued to fall in May, S&P Global said.

Top Economic Releases Today:

  1. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 0.567M. 
  2. AUSTRALIA Retail Sales (MoM) today at 21:30 previously which was 0.9%.
  3. RUSSIA Unemployment Rate (Apr) today at 12:00 this time estimated 4.3%, previously which was 4.1%.
  4. U.S. ISM Manufacturing PMI (May) today at 10:00 this time estimated 54.5, previously which was 55.4.
  5. CANADA BoC Interest Rate Decision today at 10:00 this time estimated 1.50%, previously which was 1.00%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2601, TAKE PROFIT AT 1.2547 AND STOP LOSS AT 1.2652

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.0724, TAKE PROFIT AT 1.0757 AND STOP LOSS AT 1.0694

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 129.364, TAKE PROFIT AT 130.337 AND STOP LOSS AT 129.060

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9598, TAKE PROFIT AT 0.9544 AND STOP LOSS AT 0.9624

EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3780.00 TAKE PROFIT AT 3803.00 AND STOP LOSS AT 3759.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 116.67 TAKE PROFIT AT 117.15 AND STOP LOSS AT 116.33

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1833.68, TAKE PROFIT AT 1807.46 AND STOP AT 1850.26

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1926.85 TAKE PROFIT AT 1902.00 AND STOP AT 1972.92

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