TECHNICAL ANALYSIS REPORT ON FOREX, STOCKS, CRYPTO, AND GOLD – 09 JUNE

TECHNICAL ANALYSIS REPORT ON FOREX, STOCKS, CRYPTO, AND GOLD – 09 JUNE

Technical Analysis

TREASURY YIELDS ABOVE 3% PSYCHOLOGICALLY LEVEL

          Asia-Pacific stocks were mostly down on Thursday morning. The Shanghai Composite is down 0.77% at 3,238.53. Overall, the Singapore MSCI is down 0.07% at 299.00. Over in Hong Kong, the Hang Seng Index is down 0.49% at 21,743. In Japan, the Nikkei 225 is up 0.35% at 28,290.00, while the Topix index is up 0.03% at 1967.50. South Korea’s Kospi is down 0.31% at 2618.03. Australia S&P/ASX 200 down 1.19% at 7036.40.

Top News of the Day:

U.S. stocks fell on Wednesday as Treasury yields rose above the psychologically important 3% level and oil prices jumped, fanning worries about inflation and the outlook for interest rates.

The S&P 500 ended down more than 1% in the broad sell-off, snapping a two-day winning streak.

Market Summary as per 08/06/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.76% at 14,445.99, CAC 40 futures down 0.80% at 6448.64 and the UK 100 futures contract in the U.K. down 0.08% at 7,593.01.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.81% at 32910.91. The S&P 500 down 1.08% at 4115.78 and the Nasdaq 100 down 0.76% at 12615.13, NYSE closes down 1.10% at 15843.83.

Top Market News Today:

In the Forex market, GBPUSD down 0.13% at 1.2515. The USDJPY down 0.25% at 133.881. The USDCHF up 0.05% at 0.9788. EURUSD down 0.06% at 1.0710, EUR/GBP up 0.12% at 0.8557. The USD/CNY up 0.02% at 6.6851 at the time of writing.

In the Commodity market U.S. Gold futures down 0.14% at $1,849.57. Elsewhere, Silver futures down 0.19% at $21.996 per ounce, Platinum down 1.74% at $991.00 per ounce, and Palladium up 0.39% at $1946.50.

Crude Oil mix on Thursday; Brent crude oil down 0.33% at $123.31 per barrel while U.S. West Texas Intermediate (CLc1) up 1.99% at $120.09.

In the Cryptocurrency Markets, Bitcoin at 30305.00 up 0.75%, Ethereum up 0.34% at 1796.44, Litecoin at 61.36 up 0.03%, at the time of writing.

Top Market Segment to Watch Out Today:

TESLA: Tesla (NASDAQ:TSLA) was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas.

Economic News:

US: US Treasury Secretary Janet Yellen said the Biden administration is looking to “reconfigure” tariffs imposed on Chinese goods under former President Donald Trump to make them more “strategic.”

“This administration inherited a set of 301 tariffs imposed by the Trump administration that I think really weren’t designed to serve our strategic interests,” Yellen told lawmakers on Capitol Hill Wednesday.

While China is guilty of unfair trade practices and the US should be acting to protect its national-security interests, some of the existing tariffs have hurt American consumers and businesses, she said.

President Joe Biden’s team is weighing what to do with Trump’s tariffs on about $300 billion of goods imported from the US economy’s biggest rival. While some businesses have benefited from the tariffs protecting them from Chinese import competition, companies that use the goods as inputs in areas including manufacturing have been hurt.

Eurozone: The European Central Bank will pull the plug on years of stimulus on Thursday and signal a string of rate hikes to fight surging inflation, leaving markets only to guess the size and speed of policy tightening.

With inflation at a record-high 8.1% and broadening quickly, the ECB has already flagged a series of moves, hoping to stop rapid price growth from developing into a hard-to-break wage-price spiral.

Details remain elusive, however, as predicting inflation has proven impossible, suggesting the ECB will only signal its initial steps on Thursday and maintain plenty of discretion further down the line.

What appears certain is that the ECB will end its long-running Asset Purchase Programme at the end of this month, promise a rate hike on July 21 and signal that the deposit rate will be out of negative territory in the third quarter.

Top Economic Releases Today:

  1. EURO ZONE ECB Interest Rate Decision (Jun) today at 7:45 this time estimated 0.00%, previously which was 0.00%.
  2. this time estimated 210K, previously which was 200K.
  3. CHINA CPI (YoY) (May) today at 21:30 this time estimated 2.2%, previously which was 2.1%.
  • EURO ZONE Deposit Facility Rate (Jun) today at 7:45 this time estimated -0.50%, previously which was -0.50%.
  • BRAZIL CPI (YoY) (May) today at 8:00 this time estimated 11.84%, previously which was 12.13%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.2517, TAKE PROFIT AT 1.2469 AND STOP LOSS AT 1.2565

EURUSD

TRADE SUGGESTION- BUY AT 1.0712, TAKE PROFIT AT 1.0761 AND STOP LOSS AT 1.0693

USDJPY

TRADE SUGGESTION- BUY AT 133.585, TAKE PROFIT AT 134.171 AND STOP LOSS AT 133.523

USDCHF

TRADE SUGGESTION- BUY AT 0.9794, TAKE PROFIT AT 0.9853 AND STOP LOSS AT 0.9759

S&P 200

TRADE SUGGESTION- SELL AT 7032.00 TAKE PROFIT AT 6987.00 AND STOP LOSS AT 7059.00

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 121.34 TAKE PROFIT AT 121.50 AND STOP LOSS AT 120.40

GOLD

TRADE SUGGESTION- SELL AT 1850.61, TAKE PROFIT AT 1839.97 AND STOP AT 1857.96

ETHEREUM

TRADE SUGGESTION- SELL AT 1804.60 TAKE PROFIT AT 1732.80 AND STOP AT 1860.54

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