Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 30 May

Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 30 May

Unemployment Rate is Expected to Tick Down to 3.5%

Asia Pacific stocks were up on Monday morning. The Shanghai Composite is up 0.47% at 3,144.93. Overall, the Singapore MSCI is up 0.40% at 299.50. Over in Hong Kong, the Hang Seng Index is up 0.69% at 20,894. In Japan, the Nikkei 225 is up 2.20% at 27,390.00, while the Topix index is up 1.88% at 1924.50. South Korea’s Kospi is up 1.19% at 2669.50. Australia S&P/ASX 200 up 1.34% at 7279.00.

Top News of the Day:

Friday’s nonfarm payrolls data for May is expected to show that the labour market remains robust, with economists expecting the economy to have added 320,000 jobs in May, slowing from 428,000 in April. While still firm it would represent the smallest jobs growth in around a year.

Wage growth is expected to remain solid amid a shortage of workers and the unemployment rate is expected to tick down to 3.5%.

Market Summary as per 27/05/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 1.62% at 14,462.19, CAC 40 futures up 1.64% at 6515.76 and the UK 100 futures contract in the U.K. up 0.27% at 7,585.47.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.76% at 33212.97. The S&P 500 up 2.47% at 4158.23 and the Nasdaq 100 up 3.30% at 12681.42, NYSE closes up 1.78% at 15942.62.

Top Market News Today:

In the Forex market, GBPUSD up 0.11% at 1.2639. The USDJPY down 0.02% at 127.068. The USDCHF down 0.04% at 0.9566. EURUSD up 0.21% at 1.0757, EUR/GBP up 0.21% at 0.8510. The USD/CNY down 0.72% at 6.6501 at the time of writing.

In the Commodity market U.S. Gold futures up 0.47% at $1,861.71. Elsewhere, Silver futures up 0.71% at $22.245 per ounce, Platinum up 0.37% at $957.00 per ounce, and Palladium up 0.36% at $2081.00.

Crude Oil up on Monday; Brent crude oil up 0.67% at $119.99 per barrel while U.S. West Texas Intermediate (CLc1) up 0.86% at $114.75.

In the Cryptocurrency Markets, Bitcoin at 30520.00 down 5.92%, Ethereum up 8.76% at 1899.50, Litecoin at 66.09 up 3.83%, at the time of writing.

Top Market Segment to Watch Out Today:

BOEING: Norwegian Air has agreed to buy 50 Boeing (NYSE:BA) 737 MAX aircraft and has secured options to acquire a further 30 planes, the budget carrier said on Monday.

“The 50 aircraft are due to be delivered between 2025 and 2028, at a schedule closely corresponding to current aircraft lease expirations. This entails a limited net increase of the company’s current fleet,” Norwegian said in a statement.

Economic News:

US: U.S. consumer spending rose more than expected in April as households boosted purchases of goods and services, and the increase in inflation slowed, which could underpin economic growth in the second quarter amid rising fears of a recession.

The economy’s near-term prospects were also brightened by other data from the Commerce Department on Friday showing the goods trade deficit narrowed sharply last month. A record trade deficit caused a contraction in output in the first quarter.

“The economy can always turn on a dime, but at this point in the economic cycle, consumers are still spending their hearts out, keeping the recessionary winds at bay,” said Christopher Rupkey, chief economist at FWDBONDS in New York.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.9% last month. Data for March was revised higher to show outlays racing 1.4% instead of 1.1% as previously reported. The strength in spending is despite consumer sentiment being at its lowest level since 2011.

Eurozone: European Union leaders will meet on Monday to declare continued support for Ukraine to help it fend off Russia’s assault, but the talks will be overshadowed by their failure to agree on a new sanctions package against Moscow.

Over two days, leaders of the 27-nation bloc are to discuss how best to aid Ukraine four months into Russia’s invasion and how to deal with the conflict’s impacts: high energy prices, an impending food shortage and the EU’s defence needs.

But draft conclusions of the meeting, seen by Reuters, showed that while the EU will be generous with verbal support for the government in Kyiv, there will be little in terms of new decisions on any of the main topics.

The most tangible will be the leaders’ political backing for a 9 billion euro package of EU loans, with a small grants component to cover part of the interest, so that Ukraine can keep its government going and pay wages for around two months.

But even there, the decision will be only made later, after the European Commission makes a proposal on how to raise the money.

Top Economic Releases Today:

  1. GERMANY CPI (MoM) (May) today at 8:00 this time estimated 0.5%, previously which was 0.8%. 
  2. CANADA Current Account (Q1) today at 8:30 this time estimated 3.2B, previously which was -0.8B.
  3. JAPAN Jobs/applications ratio (Apr) today at 19:30 this time estimated 1.23, previously which was 1.22.
  4. CHINA Manufacturing PMI (May) today at 21:30 this time estimated 48.0, previously which was 47.4.
  5. AUSTRALIA Company Gross Operating Profits (QoQ) (Q1) today at 21:30 this time estimated 4.0%, previously which was 2.0%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2637, TAKE PROFIT AT 1.2651 AND STOP LOSS AT 1.2625

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.0752, TAKE PROFIT AT 1.0804 AND STOP LOSS AT 1.0696

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8506, TAKE PROFIT AT 0.8522 AND STOP LOSS AT 0.8492

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 136.768, TAKE PROFIT AT 137.334 AND STOP LOSS AT 136.187

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7284.00 TAKE PROFIT AT 7324.00 AND STOP LOSS AT 7241.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 115.68 TAKE PROFIT AT 115.88 AND STOP LOSS AT 115.48

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1860.86, TAKE PROFIT AT 1869.70 AND STOP AT 1849.65

LITECOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 65.234 TAKE PROFIT AT 60.251 AND STOP AT 71.543

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