Technical Analysis Report on Forex, Stocks, Crypto and S&P 500 – 16 June

Technical Analysis Report on Forex, Stocks, Crypto and S&P 500 – 16 June

Technical Analysis

S&P 500 Snap a Five-Session Losing Skid

Asia-Pacific stocks were up on Thursday morning. The Shanghai Composite is down 0.32% at 3,294.93. Overall, the Singapore MSCI is up 1.01% at 286.10. Over in Hong Kong, the Hang Seng Index is down 1.35% at 20,923. In Japan, the Nikkei 225 is up 0.57% at 26,430.00, while the Topix index is up 0.62% at 1863.50. South Korea’s Kospi is up 0.16% at 2451.41. Australia S&P/ASX 200 down 0.15% at 6591.10.

Top News of the Day:

The S&P 500 rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Federal Reserve that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession.

The Federal Reserve raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994, and projected a slowing economy and rising unemployment in the months to come.

Market Summary as per 15/06/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded up 1.36% at 13,485.29, CAC 40 futures up 1.35% at 6030.14 and the UK 100 futures contract in the U.K. up 1.20% at 7,273.42.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.00% at 30668.54. The S&P 500 up 1.46% at 3790.00 and the Nasdaq 100 up 2.49% at 11593.77, NYSE closes up 1.04% at 14595.22.

Top Market News Today:

In the Forex market, GBPUSD down 0.42% at 1.2122. The USDJPY up 0.51% at 134.484. The USDCHF up 0.39% at 0.9976. EURUSD down 0.23% at 1.0417, EUR/GBP up 0.24% at 0.8593. The USD/CNY down 0.14% at 6.7045 at the time of writing.

In the Commodity market U.S. Gold futures down 0.13% at $1,829.94. Elsewhere, Silver futures flat at $21.611 per ounce, Platinum down 0.74% at $933.00 per ounce, and Palladium down 0.22% at $1852.50.

Crude Oil up on Thursday; Brent Crude Oil up 0.50% at $119.42 per barrel while U.S. West Texas Intermediate (CLc1) up 0.46% at $113.94.

In the Cryptocurrency Markets, Bitcoin at 21767.03 down 3.49%, Ethereum down 5.12% at 1173.70, Litecoin at 48.03 down 5.15%, at the time of writing.

Top Market Segment to Watch Out Today:

BOEING: Boeing (NYSE:BA) Co has, for the moment, sidestepped one particular supply chain snag that curbed 737 MAX output and deliveries last month, and is working to stabilize production at its targeted monthly rate, an executive said on Wednesday.

Economic News:

US: U.S. retail sales unexpectedly fell in May as motor vehicle purchases declined amid rampant shortages, and record high gasoline prices pulled spending away from other goods.

The first drop in sales in five months reported by the Commerce Department on Wednesday also suggested that high inflation was starting to hurt demand. It followed in the wake of major retailers like Walmart (NYSE:WMT) and Target (NYSE:TGT) cutting their profit forecasts because of cost pressures.

The weak retail sales did not divert the Federal Reserve from its aggressive monetary policy tightening path to bring inflation back to its 2% target. The U.S. central bank raised its policy interest rate by three-quarters of a percentage point, the biggest hike since 1994.

Retail sales dropped 0.3% last month. Data for April was revised lower to show sales increasing 0.7% instead of 0.9% as previously reported.

Eurozone: The European Central Bank is likely to attach some loose conditions to an upcoming scheme designed to cap borrowing costs for the euro zone’s most indebted states in a bid to win support for it, sources told Reuters.

The ECB stepped in to stem a rout in bond markets on Wednesday by announcing plans to devise a new purchase scheme aimed at fighting “fragmentation”, or a widening gap between the yields paid by Germany and those of lower-rated countries such as Italy.

Sources close to the matter said the scheme would likely have conditions, such as that countries comply with the European Commission’s economic recommendations.

These are issued annually by the European Commission and typically address a country’s structural issues, such as its labour market or pension system.

Top Economic Releases Today:

  1. U.S. Initial Jobless Claims today at 8:30 this time estimated 215K, previously which was 229K. 
  2. RUSSIA GDP Quarterly (YoY) (Q1) today at 12:40 this time estimated 3.5%, previously which was 3.5%.
  3. AUSTRALIA House Price Index (QoQ) (Q1) today at 21:30 this time estimated 1.4%, previously which was 4.7%.
  4. CANADA Wholesale Sales (MoM) (Apr) today at 8:30 this time estimated 0.2%, previously which was 0.3%.
  5. RUSSIA Central Bank reserves (USD) today at 9:00 previously which was 591.3B.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.2070, TAKE PROFIT AT 1.2038 AND STOP LOSS AT 1.2120

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0393, TAKE PROFIT AT 1.0384 AND STOP LOSS AT 1.0424

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 134.370, TAKE PROFIT AT 134.646 AND STOP LOSS AT 134.111

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.9849, TAKE PROFIT AT 0.9871 AND STOP LOSS AT 0.9798

S&P 200

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 6366.00 TAKE PROFIT AT 6361.00 AND STOP LOSS AT 6368.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 115.87 TAKE PROFIT AT 114.89 AND STOP LOSS AT 117.68

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1829.03, TAKE PROFIT AT 1806.76 AND STOP AT 1839.97

BITCOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 21693.00 TAKE PROFIT AT 21452.74 AND STOP AT 22252.96

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