Daily Market Outlook, 09 June, 2022

Market Wrap: Stocks, Bonds, Commodities

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

The Dow Jones Industrial Average fell 269.24 points to 32,910.90, the S&P 500 lose 44.91 points to 4,115.77 and the Nasdaq Composite subtract 88.96 points to 12,086.27.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.41% to 688.81 levels. Australian index lower 1.42% to 7,019.70. Japanese Nikkei Index ascend 0.04% to 28,246.53.

European stocks were negative on Thursday, with the Stoxx Europe 50 Index fell 0.75% to 3,760.35, Germany’s DAX decline 0.88% to 14,318.29, and France’s CAC lose 0.62% to 6,408.38, and U.K.’s FTSE 100 fell 0.60% to 7,545.42.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.55% to 3.012.

Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran.

Spot Brent crude oil subtract 0.32% to $123.19 per barrel. US West Texas Intermediate crude is down 0.47% to $121.56 a barrel.

The yellow metal gold is decline 0.28% to 1,851.20 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar and the euro stabilized in early European trade Thursday, with traders cautious ahead of a widely-anticipated meeting of the European Central Bank which should signal the tightening of its monetary policy.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a rose 0.09% to 102.632.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.13% today. This left the pair trading around $1.07000.

The Japanese yen was positive against the U.S. dollar on Thursday as the stock up. Today USD/JPY is fell 0.54% to 133.510 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.33% to 0.71680, and NZD/USD down 0.08 to 0.64420 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.07300

Preferable Price Action: Take sell positions below pivot level with targets at 1.06770 & 1.06370 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.07830 & 1.08200.

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


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.25470

Preferable Price Action: Sell positions below pivot with targets at 1.24630 & 1.24050 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.26290 & 1.26980.

Comment:  RSI below 50 levels 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


USD/JPY Intraday: May trend reverse from 134.400

Our pivot point is at 134.400

Preferable Price Action: Sell position below pivot with the target at 132.040 and 129.910 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 137.000 and 138.910.

Comment: MACD is negative territory 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


AUD/USD Intraday: In a consolidation zone

Our pivot point is at 0.71920

Preferable Price Action: Sell Positions below pivot with targets at 0.71350 & 0.70850 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.72420 & 0.72860 as targets.

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


CRUDEOIL Intraday: In a consolidation zone

Our pivot point is at 121.13

Preferable Price Action: Below pivots sell oil with 117.49 & 114.88 as targets.

Alternative Price Action: Buy crude above pivot with targets at 124.88 and 127.55 in extension.

Comment: MACD is in the negative territory 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


XAU/USD Intraday: Resistance level at 1856.00

Our pivot point is 1856.00

Preferable Price Action: Further downside to 1837.90 and 1824.00

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1871.30 and 1883.60.

Comment: MACD is negative territory 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


Dow Jones Intraday: Trend on the downside

Our pivot point is 32,951.00 

Preferable Price Action: Take sell positions below pivot with targets at 32,708.00 & 32,533.00.

Alternative Price Action: Above 32,951.00 looks for further upside to 33,138.00 & 33,303.00.

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

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