Daily Market Outlook, 08 June, 2022

Market Wrap: Stocks, Bonds, Commodities

Japan stocks were higher after the close on Wednesday, as gains in the Shipbuilding, Chemical, Petroleum & Plastic and Gas & Water sectors led shares higher.

The Dow Jones Industrial Average rose 264.14 points to 33,180.14, the S&P 500 gain 39.25 points to 4,160.68 and the Nasdaq Composite add 113.86 points to 12,175.23.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 1.35% to 690.16 levels. Australian index higher 0.36% to 7,121.10. Japanese Nikkei Index ascend 1.04% to 28,234.29.

European stocks were negative on Wednesday, with the Stoxx Europe 50 Index fell 0.01% to 3,806.35, Germany’s DAX decline 0.18% to 14,530.00, and France’s CAC lose 0.36% to 6,476.18, and U.K.’s FTSE 100 fell 0.21% to 7,583.70.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 1.24% to 3.007.

Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.

Spot Brent crude oil add 0.86% to $121.64 per barrel. US West Texas Intermediate crude is up 1.05% to $120.61 a barrel.

The yellow metal gold is decline 0.06% to 1,850.95 dollars per ounce.

Market Wrap: Forex 

The euro hit a seven-year peak against the yen on Wednesday ahead of a European Central Bank (ECB) rate-setting meeting on Thursday that is likely to leave the Bank of Japan (BoJ) standing alone with ultra-loose monetary policy.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a rose 0.30% to 102.625.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.05% today. This left the pair trading around $1.06930.

The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is rose 0.89% to 133.750 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.57% to 0.71860, and NZD/USD down 0.68 to 0.64440 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.07020

Preferable Price Action: Take sell positions below pivot level with targets at 1.06470 & 1.06080 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.07530 & 1.07930.

Comment: RSI below 50 levels and Pair below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.26000

Preferable Price Action: Sell positions below pivot with targets at 1.25230 & 1.24640 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.26730 & 1.27300.

Comment:  RSI below 50 levels pair below 20MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


USD/JPY Intraday: Major trend on the upside

Our pivot point is at 133.060

Preferable Price Action: Buy position above pivot with the target at 135.200 and 136.520 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 131.170 and 129.700.

Comment: MACD is positive territory and Pair above its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


AUD/USD Intraday: In a consolidation zone

Our pivot point is at 0.72220

Preferable Price Action: Sell Positions below pivot with targets at 0.71630 & 0.71240 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.72800 & 0.73200 as targets.

Comment: RSI below 50 levels and Pair below 20MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


CRUDEOIL Intraday: In a consolidation zone

Our pivot point is at 118.07

Preferable Price Action: above pivots buy oil with 121.20 & 123.44 as targets.

Alternative Price Action: Sell crude below pivot with targets at 115.27 and 113.27 in extension.

Comment: MACD is in the positive territory and Pair above its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


XAU/USD Intraday: Support level at 1848.10

Our pivot point is 1848.10

Preferable Price Action: Further upside to 1864.70 and 1877.20

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1834.30 and 1821.50.

Comment: MACD is positive territory and pair above 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


Dow Jones Intraday: In a consolidation zone

Our pivot point is 32,988.00 

Preferable Price Action: Take buy positions above pivot with targets at 33,308.00 & 33,592.00.

Alternative Price Action: Below 32,988.00 looks for further upside to 32,660.00 & 32,384.00.

Comment: RSI at 50 levels and Pair above 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced

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