Daily Market Outlook, 17 June, 2022

Market Wrap: Stocks, Bonds, Commodities

US stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve’s largest rate hike since 1994.

The Dow Jones Industrial Average fell 741.46 points to 29,927.07, the S&P 500 lose 123.22 points to 3,666.77 and the Nasdaq Composite subtract 453.06 points to 10,646.10.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.24% to 649.13 levels. Australian index lower 1.76% to 6,474.80. Japanese Nikkei Index drop 1.77% to 25,963.00.

European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 0.66% to 3,451.55, Germany’s DAX advance 0.63% to 13,120.91, and France’s CAC gain 0.55% to 5,918.11, and U.K.’s FTSE 100 surge 0.60% to 7,082.92.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 1.14% to 3.2670.

Oil prices edged slightly lower on Friday as worries about global economic growth and uncertainty weighed on markets following numerous interest rate hikes around the world this week.

Spot Brent crude oil add 0.13% to $120.01 per barrel. US West Texas Intermediate crude is up 0.12% to $117.72 a barrel.

The yellow metal gold is decline 0.09% to 1,848.10 dollars per ounce.

Market Wrap: Forex 

Switzerland’s franc soared on Thursday after the Swiss National Bank took markets by surprise with a large interest rate hike, putting the currency on track for its biggest one-day rise against the euro in more than seven years.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a rose 0.67% to 104.112.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.27% today. This left the pair trading around $1.05180.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is ascend 1.71% to 134.470 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.87% to 0.69850, and NZD/USD down 0.60 to 0.63240 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.05490

Preferable Price Action: Take sell positions below pivot level with targets at 1.04450 & 1.03640 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.06480 & 1.07300.

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: Resistance level at 1.23370

Our pivot point is at 1.23370

Preferable Price Action: Sell positions below pivot with targets at 1.21450 & 1.20150 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.25070 & 1.26280.

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: Trend on the upside

Our pivot point is at 134.140

Preferable Price Action: Buy position above pivot with the target at 135.190 and 135.860 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 133.330 and 132.720.

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: Trend on the downside

Our pivot point is at 0.70130

Preferable Price Action: Sell Positions below pivot with targets at 0.69230 & 0.68650 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.71000 & 0.71580 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: Support level at 114.41

Our pivot point is at 114.41

Preferable Price Action: Above pivots buy oil with 117.37 & 119.50 as targets.

Alternative Price Action: Sell crude below pivot with targets at 111.75 and 109.53 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: In a consolidation zone

Our pivot point is 1840.40

Preferable Price Action: Further upside to 1860.20 and 1874.10

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1825.90 and 1814.40.

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: Trend on the downside

Our pivot point is 30,252.00 

Preferable Price Action: Take sell positions below pivot with targets at 29,649.00 & 29,142.00.

Alternative Price Action: Above 30,252.00 looks for further upside to 30,787.00 & 31,275.00.

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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