Technical Analysis Report on Forex, Stocks, Crypto and Gold – 08 June

Technical Analysis Report on Forex, Stocks, Crypto and Gold – 08 June

Technical Analysis

U.S. Stocks Claw Back Losses Despite Worries About the Retail Sector

Asia-Pacific stocks were up on Wednesday morning. The Shanghai Composite is up 0.10% at 3,245.04. Overall, the Singapore MSCI is up 0.66% at 299.00. Over in Hong Kong, the Hang Seng Index is up 2.01% at 21,796. In Japan, the Nikkei 225 is up 0.68% at 28,800.00, while the Topix index is up 0.95% at 1968.00. South Korea’s Kospi is up 0.03% at 2627.12. Australia S&P/ASX 200 up 0.40% at 7124.30.

Top News of the Day:

U.S. stocks erased the early morning losses on Tuesday despite worries about the retail sector that earlier weighed on the broader market.

Tech flirted between gains and losses in choppy trade as investors weighed up signs of easing regulatory crackdown on tech in China against ongoing expectations for Federal Reserve monetary policy tightening.

Market Summary as per 07/06/2022:

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.66% at 14,556.62, CAC 40 futures down 0.74% at 6500.36 and the UK 100 futures contract in the U.K. down 0.12% at 7,598.94.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.80% at 33180.15. The S&P 500 up 0.95% at 4160.67 and the Nasdaq 100 up 0.89% at 12711.68, NYSE closes up 1.08% at 16019.56.

Top Market News Today:

In the Forex market, GBPUSD down 0.18% at 1.2568. The USDJPY up 0.46% at 133.178. The USDCHF up 0.24% at 0.9741. EURUSD down 0.10% at 1.0688, EUR/GBP up 0.07% at 0.8504. The USD/CNY up 0.03% at 6.6699 at the time of writing.

In the Commodity market U.S. Gold futures down 0.13% at $1,849.72. Elsewhere, Silver futures down 0.23% at $22.189 per ounce, Platinum up 0.15% at $1011.50 per ounce, and Palladium up 0.50% at $1998.00.

Crude Oil mix on Wednesday; Brent crude oil flat at $120.82 per barrel while U.S. West Texas Intermediate (CLc1) up 0.16% at $117.22.

In the Cryptocurrency Markets, Bitcoin at 30460.00 down 1.88%, Ethereum down 0.61% at 1801.13, Litecoin at 62.92 down 1.38%, at the time of writing.

Top Market Segment to Watch Out Today:

GOLD: Gold was down on Wednesday morning in Asia as investors awaited the U.S. consumer price index (CPI) for more clues on the interest rate hikes.

Gold futures inched down 0.05% to $1,851.05 by 11:01 PM ET (3:01 AM GMT). The dollar, which normally moves inversely to gold, edged up on Wednesday morning

Economic News:

US: The US Treasury stepped up its financial sanctions on Russia, restricting investors from buying the country’s debt in the secondary market, bringing trading activity almost to a halt on Tuesday as investors scrambled to understand the restrictions.

The new guidance means US firms can hold or sell Russian debt, but can’t buy it, according to a spokesperson for Treasury’s Office of Foreign Assets Control. The guidance applies to both corporate and sovereign debt as well as equities, the person said.

OFAC’s update on its website late Monday told US market participants are prohibited from purchasing both new and existing debt and equity securities issued by a Russian Federation entity.  

But investors can still sell such assets, or facilitate their sale, to non-U.S. residents and may continue to hold them, according to the statement. The additional sanctions caught investors by surprise on Tuesday, prompting many to contact lawyers to determine what the new rules entail, according to people familiar with the matter.

Eurozone: Russia’s lower house of parliament on Tuesday approved a bill in the first reading that removes legal liability for parallel imports of a range of goods and intellectual property after sanctions were imposed by the West over the war in Ukraine.

The bill is designed to protect Russian companies from liability if they import specific goods approved by the trade ministry as well as a range of intellectual property.

Russia legalised parallel import at the end of March this year. The move permits suppliers of foreign products to resell them in Russia without the permission of the trademark owner, said Russian Prime Minister Mikhail Mishustin.

In early May, the Ministry of Industry and Trade approved a list of goods whose import does not require the consent of foreign copyright holders. The list includes goods from 56 different sectors, including cars, electronics, clothing and footwear, cosmetics, equipment, chemical products, and raw materials.

Top Economic Releases Today:

  1. U.K. Construction PMI (May) today at 4:30 this time estimated 56.60, previously which was 58.20. 
  2. EURO ZONE GDP (QoQ) (Q1) today at 5:00 this time estimated 0.3%, previously which was 0.3%.
  3. U.S. Crude Oil Inventories today at 10:30 this time estimated -1.917M, previously which was -5.068M.
  4. RUSSIA CPI (MoM) (May) today at 12:00 this time estimated 0.3%, previously which was 1.6%.
  5. CHINA Trade Balance (USD) (May) today at 23:00 this time estimated 58.00B, previously which was 51.12B.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2563, TAKE PROFIT AT 1.2611 AND STOP LOSS AT 1.2495

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0687, TAKE PROFIT AT 1.0661 AND STOP LOSS AT 1.0713

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 167.512, TAKE PROFIT AT 167.619 AND STOP LOSS AT 167.495

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 136.788, TAKE PROFIT AT 136.860 AND STOP LOSS AT 136.715

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 21850.00 TAKE PROFIT AT 21939.00 AND STOP LOSS AT 21733.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 119.85 TAKE PROFIT AT 120.22 AND STOP LOSS AT 119.56

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1848.59, TAKE PROFIT AT 1840.25 AND STOP AT 1855.94

BITCOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 30405.00 TAKE PROFIT AT 30703.69 AND STOP AT 29867.75

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