Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 02 June

Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 02 June

Technical Analysis

Investors Bet on Latest Economic Data

Asia-Pacific stocks were mostly down on Thursday morning. The Shanghai Composite is up 0.33% at 3,193.07. Overall, the Singapore MSCI is down 1.21% at 296.85. Over in Hong Kong, the Hang Seng Index is down 1.08% at 20,871. In Japan, the Nikkei 225 is down 0.15% at 27,460.00, while the Topix index is down 0.67% at 1928.00. South Korea’s Kospi is down 1.00% at 2658.99. Australia S&P/ASX 200 down 0.80% at 7175.90.

Top News of the Day:

Wall Street’s three major indexes closed lower on Wednesday as investors bet that the latest economic data would do nothing to push the Federal Reserve off track from its aggressive interest rate hiking cycle aimed at taming run-away inflation.

Data showed that while U.S. job openings fell in April, they remained at high levels, suggesting continued wage increases contributing to uncomfortably high inflation as companies scramble for workers.

Market Summary as per 01/06/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.33% at 14,340.47, CAC 40 futures down 0.77% at 6418.90 and the UK 100 futures contract in the U.K. down 0.65% at 7,547.70.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.54% at 32813.24. The S&P 500 down 0.75% at 4101.24 and the Nasdaq 100 down 0.74% at 12548.36, NYSE closes down 0.74% at 15709.61.

Top Market News Today:

In the Forex market, GBPUSD up 0.28% at 1.2519. The USDJPY down 0.21% at 129.810. The USDCHF down 0.42% at 0.9580. EURUSD up 0.31% at 1.0677, EUR/GBP down 0.08% at 0.8525. The USD/CNY down 0.19% at 6.6738 at the time of writing.

In the Commodity market U.S. Gold futures up 0.32% at $1,851.86. Elsewhere, Silver futures up 0.74% at $21.961 per ounce, Platinum up 1.00% at $1008.00 per ounce, and Palladium up 1.13% at $2019.50.

Crude Oil down on Thursday; Brent crude oil down 1.17% at $114.48 per barrel while U.S. West Texas Intermediate (CLc1) down 1.28% at $111.90.

In the Cryptocurrency Markets, Bitcoin at 29870.00 down 0.55%, Ethereum up 1.89% at 1825.30, Litecoin at 63.14 up 0.89%, at the time of writing.

Top Market Segment to Watch Out Today:

AMAZON: Amazon.com (NASDAQ:AMZN)’s Kindle unit said on Thursday it will stop operating its Kindle e-bookstore in China from the end of June next year, after which customers in China will no longer be able to purchase new eBooks.

It said it would also, with immediate effect, stop supplying resellers with its Kindle reader. It did not give a reason for the move, which it announced on its official WeChat account.

Economic News:

US: High inflation is being driven by global phenomena that could not be anticipated, including Russia’s invasion of Ukraine, U.S. Deputy Secretary of the Treasury Wally Adeyemo said on Wednesday, adding that U.S. demand remains strong.

“I don’t think anyone saw the invasion – Russia’s invasion of Ukraine – coming, which is driving the high energy prices that we see today,” Adeyemo told MSNBC a day after U.S. Treasury Secretary Janet Yellen said she was “wrong” last year about the path that inflation would take.

Yellen had told CNN on Tuesday that since public comments she made in 2021 suggesting a more benign and transitory path for inflation, the global economy was hit by multiple unanticipated shocks, including persistent supply chain disruptions, Russia’s war in Ukraine and strict lockdowns of China’s economy.

Adeyemo echoed those comments and said other countries were also struggling with high inflation.

Eurozone: Russia recorded flat consumer prices after modest deflation the week before, data showed on Wednesday, ahead of the central bank’s rate-setting meeting scheduled for June 10.

Weekly inflation spiked to 2.22% in early March, soon after Russia started what it calls a “special military operation” in Ukraine on Feb. 24, but has been slowing since, capped by a rapid recovery in the rouble.

In the week to May 27, the consumer price index (CPI) was unchanged after declining 0.02% in the previous week for the first time since August 2021, data from statistics service Rosstat showed.

In annual terms, inflation slowed to 17.35% from 17.51%, the economy ministry said, after data showed consumer demand measured by retail sales slumped in April.

Top Economic Releases Today:

  1. U.S. Initial Jobless Claims today at 8:30 this time estimated 210K, previously which was 210K. 
  2. U.S. ADP Nonfarm Employment Change (May) today at 8:15 previously which was 300K, previously which was 247K.
  3. U.S. Factory Orders (MoM) (Apr) today at 10:00 this time estimated 0.7%, previously which was 1.8%.
  4. JAPAN Services PMI (May) today at 20:30 previously which was 51.7.
  5. AUSTRALIA Home Loans (MoM) today at 21:30 previously which was 0.9%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2534, TAKE PROFIT AT 1.2496 AND STOP LOSS AT 1.2597

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.0685, TAKE PROFIT AT 1.0732 AND STOP LOSS AT 1.0640

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8527, TAKE PROFIT AT 0.8542 AND STOP LOSS AT 0.8513

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 138.846, TAKE PROFIT AT 138.886 AND STOP LOSS AT 138.760

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 20926.00 TAKE PROFIT AT 21071.00 AND STOP LOSS AT 20795.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 112.52 TAKE PROFIT AT 114.89 AND STOP LOSS AT 111.34

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1851.67, TAKE PROFIT AT 1865.58 AND STOP AT 1840.30

LITECOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 61.726 TAKE PROFIT AT 60.080 AND STOP AT 63.409

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