Technical Analysis Report on Forex, Stocks, Crypto and Nikkei 225 – 17 June

Technical Analysis Report on Forex, Stocks, Crypto and Nikkei 225 – 17 June

After a Resumption of The Selloff, The Dow Futures Tick Higher

Asia-Pacific stocks were mixed on Friday morning. The Shanghai Composite is up 0.94% at 3,316.31. Overall, the Singapore MSCI is down 1.33% at 279.00. Over in Hong Kong, the Hang Seng Index is up 1.15% at 20,984. In Japan, the Nikkei 225 is down 2.46% at 25,780.00, while the Topix index is down 2.25% at 1821.50. South Korea’s Kospi is down 0.43% at 2440.93. Australia S&P/ASX 200 down 1.76% at 6474.80.

Top News of the Day:

U.S. stock futures were trading slightly higher during Thursday’s overnight deals after major benchmark indices closed lower during regular trade, refreshing multi-month lows as recession fears continue to grow.

By 6:50pm ET (10:50pm GMT) S&P 500 Futures and Dow Jones Futures were 0.3% higher while Nasdaq 100 Futures lifted 0.4%.

Market Summary as per 16/06/2022:

European equities Thursday closing. The DAX futures contract in Germany traded down 3.31% at 13,038.49, CAC 40 futures down 2.39% at 5886.25 and the UK 100 futures contract in the U.K. down 3.14% at 7,044.99.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 2.42% at 29927.08. The S&P 500 down 3.25% at 3666.76 and the Nasdaq 100 down 4.02% at 11127.57, NYSE closes down 3.10% at 14142.19.

Top Market News Today:

In the Forex market, GBPUSD down 0.69% at 1.2265. The USDJPY up 1.52% at 134.169. The USDCHF up 0.28% at 0.9684. EURUSD down 0.39% at 1.0504, EUR/GBP up 0.35% at 0.8565. The USD/CNY down 0.06% at 6.6994 at the time of writing.

In the Commodity market U.S. Gold futures down 0.66% at $1,845.09. Elsewhere, Silver futures down 0.35% at $21.848 per ounce, Platinum down 0.79% at $945.50 per ounce, and Palladium up 1.01% at $1902.50.

Crude Oil up on Friday; Brent Crude Oil up 0.32% at $119.45 per barrel while U.S. West Texas Intermediate (CLc1) up 0.15% at $114.52.

In the Cryptocurrency Markets, Bitcoin at 20770.00 down 0.10%, Ethereum up 3.33% at 1102.46, Litecoin at 46.80 up 4.65%, at the time of writing.

Top Market Segment to Watch Out Today:

GOOGLE: The Russian subsidiary of Alphabet’s Google (NASDAQ:GOOGL) has submitted a declaration of bankruptcy, Interfax reported on Friday, citing court online filings.

The subsidiary announced plans to file for bankruptcy in May after authorities seized its bank account, making it impossible to pay staff and vendors.

Economic News:

US: The United States imposed sanctions on Thursday on Chinese and Emirati companies and on a network of Iranian firms that help export Iran’s petrochemicals, a step that may raise pressure on Tehran to revive the 2015 Iran nuclear deal.

The U.S. Treasury department said it had imposed penalties on two companies based in Hong Kong, three in Iran, and four in the United Arab Emirates, as well as on Chinese citizen Jinfeng Gao and Indian national Mohammed Shaheed Ruknooddin Bhore.

“The United States is pursuing the path of meaningful diplomacy to achieve a mutual return to compliance with the Joint Comprehensive Plan of Action,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement, referring to the 2015 nuclear agreement.

Under the pact, Iran limited its nuclear program to make it harder for Tehran to obtain a nuclear weapon in exchange for relief from U.S., European Union and United Nations sanctions that had choked Iran’s oil-dependent economy.

Eurozone: The European Central Bank grappled with how to rein in ballooning euro sovereign risk premia as it prepares to raise rates next month for the first in more than a decade. But agreement on the “anti-fragmentation” backstop was seen as a quid pro quo for steeper policy rate rises and markets now price almost 2 percentage points of hikes by the year-end.

The Fed’s outsize 75 basis point rate rise was its biggest move in 28 years, with markets now expecting its key rate to more than double from new target range of 1.50-1.75% within a year. Even grappling with a much weaker economy, the Bank of England is also expected to almost double rates to more than 2% from here.

The shock half-point rise in SNB rates on Thursday threw another log on the fire, leaving a lonely Bank of Japan the only one of the major players still pegging short and long-term borrowing rates down.

Top Economic Releases Today:

  1. EURO ZONE CPI (YoY) (May) today at 5:00 this time estimated 8.1%, previously which was 8.1%. 
  2. CANADA RMPI (MoM) (May) today at 8:30 previously which was -2.0%.
  3. U.S. Industrial Production (MoM) (May) today at 9:15 this time estimated 0.4%, previously which was 1.1%.
  4. CANADA Foreign Securities Purchases (Apr) today at 8:30 previously which was 46.94B.
  5. RUSSIA GDP Quarterly (YoY) (Q1) today at 12:40 this time estimated 3.5%, previously which was 3.5%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2277, TAKE PROFIT AT 1.2257 AND STOP LOSS AT 1.2324

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0512, TAKE PROFIT AT 1.0491 AND STOP LOSS AT 1.0553

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8549, TAKE PROFIT AT 0.8526 AND STOP LOSS AT 0.8584

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 141.385, TAKE PROFIT AT 141.716 AND STOP LOSS AT 140.807

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 20950.00 TAKE PROFIT AT 20709.00 AND STOP LOSS AT 21193.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 115.87 TAKE PROFIT AT 114.67 AND STOP LOSS AT 117.51

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1848.79, TAKE PROFIT AT 1859.12 AND STOP AT 1840.23

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1096.70 TAKE PROFIT AT 1042.99 AND STOP AT 1146.17

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