Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 06 June
06 Jun 2022
Week Brings CPI Reports In The U.S.
Asia-Pacific stocks were mostly up on Monday morning. The Shanghai Composite is up 1.11% at 3,231.04. Overall, the Singapore MSCI is down 0.85% at 296.35. Over in Hong Kong, the Hang Seng Index is up 1.61% at 21,280. In Japan, the Nikkei 225 is up 0.43% at 27,910.00, while the Topix index is up 0.10% at 1935.50. South Korea’s Kospi is up 0.44% at 2670.65. Australia S&P/ASX 200 down 0.45% at 7206.30.
Top News of the Day:
Stock markets ended the first week of June on a down note, as a strong U.S. jobs report made clear the Federal Reserve and other central banks can continue their monetary tightening policy, at the expense of risk assets.
This week brings CPI reports in the U.S., as inflation remains the biggest concern at the Fed and other central banks. The European Central Bank meets this week amidst expectations of policy normalization
Market Summary as per 03/06/2022:
European equities Friday closing. The DAX futures contract in Germany traded down 0.17% at 14,460.09, CAC 40 futures down 0.23% at 6485.31 and the UK 100 futures contract in the U.K. down 0.98% at 7,532.96.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.05% at 32899.71. The S&P 500 down 1.63% at 4108.55 and the Nasdaq 100 down 2.67% at 12548.03, NYSE closes down 1.02% at 15797.17.
Top Market News Today:
In the Forex market, GBPUSD up 0.29% at 1.2525. The USDJPY down 0.24% at 130.510. The USDCHF down 0.07% at 0.9617. EURUSD up 0.04% at 1.0723, EUR/GBP down 0.11% at 0.8560. The USD/CNY down 0.12% at 6.6525 at the time of writing.
In the Commodity market U.S. Gold futures up 0.13% at $1,853.49. Elsewhere, Silver futures up 1.39% at $22.214 per ounce, Platinum down 0.25% at $1014.00 per ounce, and Palladium up 1.94% at $2021.00.
Crude Oil down on Monday; Brent crude oil down 0.71% at $120.38 per barrel while U.S. West Texas Intermediate (CLc1) down 0.46% at $117.72.
In the Cryptocurrency Markets, Bitcoin at 31285.00 up 5.93%, Ethereum up 7.59% at 1878.00, Litecoin at 65.46 up 3.79%, at the time of writing.
Top Market Segment to Watch Out Today:
GSK: British drugmaker GSK said on Monday its vaccine, Priorix, was approved by the U.S. Food and Drug Administration (FDA) for the prevention of measles, mumps and rubella for those aged one year and above.
US: U.S. Commerce Secretary Gina Raimondo said on Sunday that President Joe Biden has asked his team to look at the option of lifting some tariffs on China that were put into place by former President Donald Trump, to combat the current high inflation.
“We are looking at it. In fact, the president has asked us on his team to analyse that. And so, we are in the process of doing that for him and he will have to make that decision,” Raimondo told CNN in an interview on Sunday when asked about whether the Biden administration was weighing lifting tariffs on China to ease inflation.
“There are other products – household goods, bicycles, etc – and it may make sense” to weigh lifting tariffs on those, she said, adding the administration had decided to keep some of the tariffs on steel and aluminium to protect U.S. workers and the steel industry.
Eurozone: Russia’s failure to send an interest payment to creditors is triggering a pay out on debt insurance, taking the country another step closer to its first default on international bonds since the Bolshevik revolution more than a century ago.
On Friday, the European Union expanded sanctions on Russia, including on a domestic payments processing firm Moscow hoped to use for servicing its Eurobonds.
Nudging Russia towards a debt crisis through the mechanism of financial sanctions is part of a wider stand-off that has built up between the Kremlin and the West during the 100 days since Russia’s invasion of Ukraine, which it refers to as a “special operation”.
Under President Vladimir Putin, Russia has been ejected from the financial systems which oil the wheels of global trade. A default will seal its status as a pariah.
Top Economic Releases Today:
- AUSTRALIA Building Approvals (MoM) today at 21:30 previously which was -2.4%.
- JAPAN Household Spending (YoY) (Apr) today at 19:30 this time estimated -0.80%, previously which was -2.30%.
- JAPAN Household Spending (MoM) (Apr) today at 19:30 this time estimated 1.3%, previously which was 4.1%.
- U.S. 6-Month Bill Auction today at 11:30 previously which was 1.58%.
- U.K. BRC Retail Sales Monitor (YoY) (May) today at 19:01 this time estimated 0.2%, previously which was -1.7%.
TRADE SUGGESTION- SELL AT 1.2527, TAKE PROFIT AT 1.2475 AND STOP LOSS AT 1.2566
TRADE SUGGESTION- BUY AT 1.0728, TAKE PROFIT AT 1.0764 AND STOP LOSS AT 1.0694
TRADE SUGGESTION- BUY AT 130.703, TAKE PROFIT AT 130.965 AND STOP LOSS AT 130.333
TRADE SUGGESTION- SELL AT 0.9614, TAKE PROFIT AT 0.9566 AND STOP LOSS AT 0.9641
EURO STOXX 50
TRADE SUGGESTION- BUY AT 3828.00 TAKE PROFIT AT 3851.00 AND STOP LOSS AT 3804.00
WTI CRUDE OIL
TRADE SUGGESTION- BUY AT 119.60 TAKE PROFIT AT 120.40 AND STOP LOSS AT 119.29
TRADE SUGGESTION- SELL AT 1852.37, TAKE PROFIT AT 1840.63 AND STOP AT 1856.93
TRADE SUGGESTION- SELL AT 1885.70 TAKE PROFIT AT 1805.81 AND STOP AT 2005.16