Daily Market Outlook, 15 June, 2022

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 ended lower on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session with a key policy statement from the Federal Reserve on deck that will reveal how aggressive the central bank’s policy path will be.

The Dow Jones Industrial Average fell 151.91 points to 30,364.83, the S&P 500 lose 14.15 points to 3,735.48 and the Nasdaq Composite add 19.12 points to 10,828.34.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.08% to 659.39 levels. Australian index lower 1.27% to 6,601.00. Japanese Nikkei Index drop 1.14% to 26,326.16.

European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 1.07% to 3,512.25, Germany’s DAX advance 0.97% to 13,433.34, and France’s CAC gain 1.08% to 6,014.25, and U.K.’s FTSE 100 surge 0.70% to 7,238.12.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 1.44% to 3.4330.

Oil prices dropped on Wednesday on worries over fuel demand ahead of a U.S. Federal Reserve meeting which is expected to see the central bank to hike rates by at least 75 basis points to combat inflation.

Spot Brent crude oil add 0.07% to $121.26 per barrel. US West Texas Intermediate crude is up 0.02% to $118.95 a barrel.

The yellow metal gold is advance 0.37% to 1,820.30 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged lower in early European trade Wednesday, consolidating near a 20-year high ahead of the conclusion of the Federal Reserve’s two-day policy meeting which is expected to result in more aggressive monetary tightening.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a fell 0.58% to 104.727.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.65% today. This left the pair trading around $1.04820.

The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is drop 0.56% to 134.710 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.74% to 0.69190, and NZD/USD up 0.24 to 0.62280 level.


EUR/USD Intraday: Major support level at 1.04430

Our pivot point is at 1.04430

Preferable Price Action: Take buy positions above pivot level with targets at 1.05580 & 1.06470 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.03270 & 1.02390.

Comment: RSI above 50 levels 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


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.20860

Preferable Price Action: Sell positions below pivot with targets at 1.18480 & 1.16870 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.22900 & 1.24300.

Comment:  RSI below 50 levels 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


USD/JPY Intraday: Trend on the downside

Our pivot point is at 135.220

Preferable Price Action: Sell position below pivot with the target at 133.890 and 133.040 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 136.420 and 137.470.

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 0.68870

Preferable Price Action: Buy Positions above pivot with targets at 0.70250 & 0.71280 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.67770 & 0.66810 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: Trend on the downside

Our pivot point is at 117.53

Preferable Price Action: Below pivots sell oil with 114.02 & 111.43 as targets.

Alternative Price Action: Buy crude above pivot with targets at 121.01 and 123.82 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: May trend reverse from 1816.40

Our pivot point is 1816.40

Preferable Price Action: Further upside to 1843.10 and 1863.70

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1791.50 and 1768.40.

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


Dow Jones Intraday: Major trend on the downside

Our pivot point is 30,746.00 

Preferable Price Action: Take sell positions below pivot with targets at 29,827.00 & 29,063.00.

Alternative Price Action: Above 30,746.00 looks for further upside to 31,665.00 & 32,421.00.

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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