Daily Market Outlook, 10 June, 2022

Market Wrap: Stocks, Bonds, Commodities

US stocks sold off sharply Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May.

The Dow Jones Industrial Average fell 638.11 points to 32,272.79, the S&P 500 lose 97.95 points to 4,017.82 and the Nasdaq Composite subtract 332.05 points to 11,754.23.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.70% to 683.26 levels. Australian index lower 1.25% to 6,932.00. Japanese Nikkei Index drop 1.49% to 27,824.29.

European stocks were negative on Friday, with the Stoxx Europe 50 Index fell 1.37% to 3,673.25, Germany’s DAX decline 1.44% to 13,999.82, and France’s CAC lose 1.20% to 6,277.98, and U.K.’s FTSE 100 fell 0.87% to 7,411.57.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 0.06% to 3.0440.

Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world’s top consumer.

Spot Brent crude oil subtract 0.62% to $122.31 per barrel. US West Texas Intermediate crude is down 0.60% to $120.75 a barrel.

The yellow metal gold is decline 0.33% to 1,845.10 dollars per ounce.

Market Wrap: Forex 

The dollar edged off a two-week high on the euro on Friday, ahead of inflation data that should guide the Federal Reserve’s policy tightening path, and after the European Central Bank said it would start its rate-hike campaign next month.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a fell 0.08% to 103.130.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.23% today. This left the pair trading around $1.06390.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is fell 0.33% to 133.880 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.39% to 0.71250, and NZD/USD up 0.58 to 0.64290 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.06640

Preferable Price Action: Take sell positions below pivot level with targets at 1.05850 & 1.05270 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.07330 & 1.07930.

Comment: RSI below 50 levels and Pair below 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 1.25150

Preferable Price Action: Sell positions below pivot with targets at 1.24270 & 1.23640 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.25930 & 1.26550.

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 134.350

Our pivot point is at 134.350

Preferable Price Action: Sell position below pivot with the target at 133.040 and 131.940 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 135.730 and 136.870.

Comment: MACD is 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


AUD/USD Intraday: In a consolidation zone

Our pivot point is at 0.71090

Preferable Price Action: Buy Positions above pivot with targets at 0.71710 & 0.72210 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.70510 & 0.70020 as targets.

Comment: RSI above 50 levels and Pair above 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 119.54

Preferable Price Action: Below pivots sell oil with 117.88 & 116.53 as targets.

Alternative Price Action: Buy crude above pivot with targets at 121.35 and 122.84 in extension.

Comment: MACD is in the negative territory and Pair below 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: Resistance level at 1848.00

Our pivot point is 1848.00

Preferable Price Action: Further downside to 1838.50 and 1830.90

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1857.50 and 1864.90.

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 32,506.00 

Preferable Price Action: Take sell positions below pivot with targets at 32,058.00 & 31,701.00.

Alternative Price Action: Above 32,506.00 looks for further upside to 32,921.00 & 33,319.00.

Comment: RSI below 50 levels and Pair below 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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