Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 27 May

Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 27 May

Technical Analysis

Wall Street Jumps on Retailer Outlook Hikes

Asia-Pacific stocks were up on Friday morning. The Shanghai Composite is up 0.23% at 3,130.23. Overall, the Singapore MSCI is up 0.86% at 297.60. Over in Hong Kong, the Hang Seng Index is up 2.65% at 20,586. In Japan, the Nikkei 225 is up 0.75% at 26,810.00, while the Topix index is up 0.59% at 1889.00. South Korea’s Kospi is up 0.98% at 2638.05. Australia S&P/ASX 200 up 1.08% at 7182.70.

Top News of the Day:

Wall Street closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood.

All three major U.S. stock indexes posted solid gains, with economically sensitive consumer discretionary and microchip stocks beating the broader market.

Market Summary as per 26/05/2022:

European equities Thursday closing. The DAX futures contract in Germany traded up 0.47% at 14,298.52, CAC 40 futures up 0.36% at 6433.53 and the UK 100 futures contract in the U.K. down 0.24% at 7,546.90.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.61% at 32637.20. The S&P 500 up 1.99% at 4057.85 and the Nasdaq 100 up 2.79% at 12276.79, NYSE closes up 1.63% at 15663.99.

Top Market News Today:

In the Forex market, GBPUSD up 0.26% at 1.2630. The USDJPY up 0.03% at 127.122. The USDCHF up 0.08% at 0.9596. EURUSD up 0.23% at 1.0746, EUR/GBP up 0.04% at 0.8510. The USD/CNY down 0.09% at 6.7325 at the time of writing.

In the Commodity market U.S. Gold futures up 0.38% at $1,857.32. Elsewhere, Silver futures up 0.75% at $22.154 per ounce, Platinum up 0.42% at $951.00 per ounce, and Palladium up 0.79% at $2032.50.

Crude Oil mix on Friday; Brent crude oil up 0.13% at $117.44 per barrel while U.S. West Texas Intermediate (CLc1) down 0.25% at $112.85.

In the Cryptocurrency Markets, Bitcoin at 29125.00 down 0.82%, Ethereum down 1.92% at 1788.00, Litecoin at 63.21 down 0.33%, at the time of writing.

Top Market Segment to Watch Out Today:

GOOGLE: Alphabet (NASDAQ:GOOGL) Inc’s Google is in talks with the Indian government to integrate its shopping services with the country’s open e-commerce network ONDC, two sources familiar with the matter told Reuters.

Late last month India soft-launched its Open Network for Digital Commerce (ONDC) as the government tries to end the dominance of U.S. companies Amazon.com (NASDAQ:AMZN) and Walmart (NYSE:WMT) in the fast-growing e-commerce market.

Economic News:

US: The number of Americans filing new claims for unemployment benefits fell more than expected last week as the labor market remains tight amid strong demand for workers despite rising interest rates and tightening financial conditions.

But the outlook for the economy is uncertain, with other data on Thursday showing corporate profits falling across the board in the first quarter. Some economists believe the erosion of profits and falling share prices could force companies to pause hiring or start laying off workers.

Several retailers, including Walmart (NYSE:WMT) Inc, have lowered their full-year earnings forecasts, citing high inflation. Snap (NYSE:SNAP), the parent of Snapchat issued a profit warning this week, sparking a sell-off of social media stocks.

Eurozone: British finance minister Rishi Sunak said on Friday that the new 15 billion pounds ($19 billion) cost-of-living support package would have less than 1 percentage point impact on inflation.

“My view is that it will have a minimal impact on inflation,” Sunak told Sky News.

Asked if it would be a one percentage point impact, he said: “Much, much less than that.”

Sunak has announced a 25% windfall tax on oil and gas producers’ profits to partially fund the government’s measures to help families with rising costs.

Asked about a possible windfall tax on electricity generators, Sunak referred to his statement on Thursday, which said the government was looking at profits in the industry.

Top Economic Releases Today:

  1. U.S. Personal Spending (MoM) (Apr) today at 8:30 this time estimated 0.7%, previously which was 1.1%. 
  2. CANADA Budget Balance (YoY) (Mar) today at 11:00 previously which was -69.82B.
  3. BRAZIL CAGED Net Payroll Jobs (Apr) today at 11:00 this time estimated 170.66K, previously which was 136.20K.
  4. U.S. Goods Trade Balance (Apr) today at 8:30 previously which was -127.12B.
  5. EURO ZONE M3 Money Supply (YoY) (Apr) today at 4:00 this time estimated 6.3%, previously which was 6.3%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2617, TAKE PROFIT AT 1.2636 AND STOP LOSS AT 1.2596

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.0733, TAKE PROFIT AT 1.0757 AND STOP LOSS AT 1.0721

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 126.995, TAKE PROFIT AT 127.445 AND STOP LOSS AT 126.295

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9591, TAKE PROFIT AT 0.9571 AND STOP LOSS AT 0.9602

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 26874.00 TAKE PROFIT AT 27011.00 AND STOP LOSS AT 26709.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 114.75 TAKE PROFIT AT 115.44 AND STOP LOSS AT 114.31

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1860.04, TAKE PROFIT AT 1869.91 AND STOP AT 1851.25

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1761.70 TAKE PROFIT AT 1718.52 AND STOP AT 1801.75

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