Technical Analysis Report on Forex, Stocks, Crypto and Gold – 13 June

Technical Analysis Report on Forex, Stocks, Crypto and Gold – 13 June

Technical Analysis of Financial Markets

Dow Futures Extend Losses After Worst Week Since January

Asia Pacific stocks were down on Monday morning. The Shanghai Composite is down 1.00% at 3,251.82. Overall, the Singapore MSCI is down 1.82% at 288.35. Over in Hong Kong, the Hang Seng Index is down 3.22% at 20,997. In Japan, the Nikkei 225 is down 3.27% at 26,950.00, while the Topix index is down 2.29% at 1897.50. South Korea’s Kospi is down 3.19% at 2513.03. Australia S&P/ASX 200 down 1.25% at 6932.00.

Top News of the Day:

U.S. stock futures were trading lower during Sunday’s evening deals, after major benchmark indices declined on Friday to post their biggest weekly declines in 5 months as a hotter-than-expected inflation print rattled risk sentiment.

Ahead in the week, market participants will be closely monitoring fresh retail sales data as well as the U.S. Federal Reserve interest rate decision, with policymakers expected to announce at least a half-point rate hike in an effort to stave off surging inflation pressures.

Market Summary as per 10/06/2022:

European equities Friday closing. The DAX futures contract in Germany traded down 3.08% at 13,761.83, CAC 40 futures down 2.69% at 6187.24 and the UK 100 futures contract in the U.K. down 2.12% at 7,317.53.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 2.73% at 31392.80. The S&P 500 down 2.91% at 3900.85 and the Nasdaq 100 down 3.56% at 11832.81, NYSE closes down 2.43% at 15096.68.

Top Market News Today:

In the Forex market, GBPUSD down 0.15% at 1.2296. The USDJPY up 0.39% at 134.906. The USDCHF up 0.15% at 0.9888. EURUSD down 0.23% at 1.0493, EUR/GBP up 0.03% at 0.8534. The USD/CNY up 0.40% at 6.7348 at the time of writing.

In the Commodity market U.S. Gold futures down 0.30% at $1,865.41. Elsewhere, Silver futures down 0.73% at $21.710 per ounce, Platinum down 1.44% at $958.50 per ounce, and Palladium down 1.29% at $1909.50.

Crude Oil down on Monday; Brent crude oil down 1.37% at $120.17 per barrel while U.S. West Texas Intermediate (CLc1) down 1.39% at $116.45.

In the Cryptocurrency Markets, Bitcoin at 25700.00 down 11.13%, Ethereum down 5.99% at 1347.09, Litecoin at 45.04 down 6.44%, at the time of writing.

Top Market Segment to Watch Out Today:

BRENT CRUDE: Oil prices slid on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China’s fuel demand, while worries about global inflation and sluggish economic growth further depressed the market.

Brent crude futures fell $1.81, or 1.48%, to $120.20 a barrel by 0443 GMT while U.S. West Texas Intermediate crude was at $118.81 a barrel, down $1.86, or 1.54%. Both contracts dropped over $2 earlier in the session.

Economic News:

US: A bipartisan group of U.S. lawmakers urged U.S. Trade Representative Katherine Tai to push during World Trade Organization meetings this week for an extension of a moratorium on tariffs on digital trade that has been in place since 1998.

More than 100 trade ministers from the WTO’s 164 members are meeting in Geneva this week, but the 27-year-old trade body remains deeply challenged by crises ranging from Russia’s war in Ukraine to the COVID-19 pandemic.

WTO chief Ngozi Okonjo-Iweala expressed cautious optimism on Sunday that one or two global deals could be reached this week, but said there were still challenges to overcome.

Eurozone: Britain’s economy faces stagnation next year and could easily fall into recession, the Confederation of British Industry (CBI) warned on Monday after it slashed its outlook for growth due to surging inflation.

The CBI is the third major body to cut its growth forecasts for Britain in the past week, following a downgrade from the British Chambers of Commerce and a warning from the OECD that Britain had the weakest outlook of any major economy bar Russia.

“Let me be clear – we’re expecting the economy to be pretty much stagnant. It won’t take much to tip us into a recession. And even if we don’t, it will feel like one for too many people,” CBI director-general Tony Danker said.

Households’ real disposable incomes are on track to fall 2.2% this year, the largest decline since records began in the 1950s, the CBI predicted, despite 37 billion pounds ($46 billion) of cost-of-living support measures from Britain’s government.

Top Economic Releases Today:

  1. U.K. GDP (MoM) today at 2:00 this time estimated 0.10%, previously which was -0.10%.
  2. this time estimated 0.2%, previously which was -0.2%.
  3. AUSTRALIA House Price Index (QoQ) (Q1) today at 21:30 this time estimated 1.40%, previously which was 4.70%.
  • INDIA House Price Index (QoQ) (Q1) today at 8:00 this time estimated 7.10%, previously which was 7.79%.
  • U.S. 6-Month Bill Auction today at 11:30 previously which was 1.710%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.2288, TAKE PROFIT AT 1.2258 AND STOP LOSS AT 1.2328

EURUSD

TRADE SUGGESTION- SELL AT 1.0488, TAKE PROFIT AT 1.0416 AND STOP LOSS AT 1.0562

USDJPY

TRADE SUGGESTION- BUY AT 134.823, TAKE PROFIT AT 135.173 AND STOP LOSS AT 134.472

USDCHF

TRADE SUGGESTION- BUY AT 0.9890, TAKE PROFIT AT 0.9917 AND STOP LOSS AT 0.9871

FTSE 100

TRADE SUGGESTION- SELL AT 7244.40 TAKE PROFIT AT 7178.40 AND STOP LOSS AT 7307.40

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 118.46 TAKE PROFIT AT 119.90 AND STOP LOSS AT 117.71

GOLD

TRADE SUGGESTION- BUY AT 1864.41, TAKE PROFIT AT 1872.96 AND STOP AT 1858.00

BITCOIN

TRADE SUGGESTION- SELL AT 25539.00 TAKE PROFIT AT 25369.25 AND STOP AT 25704.01

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