Daily Market Outlook, 21 June, 2022

Market Wrap: Stocks, Bonds, Commodities

Stock futures rose in overnight trading Monday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.

The Dow Jones Industrial Average fell 38.29 points to 29,888.78, the S&P 500 gain 8.07 points to 3,674.84 and the Nasdaq Composite add 152.25 points to 10,798.35.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 1.32% to 657.45 levels. Australian index higher 1.41% to 6,523.80. Japanese Nikkei Index ascend 1.84% to 26,246.31.

European stocks were positive on Tuesday, with the Stoxx Europe 50 Index rose 1.42% to 3,519.25, Germany’s DAX advance 1.29% to 13,436.35, and France’s CAC gain 1.60% to 6,014.53, and U.K.’s FTSE 100 surge 0.72% to 7,175.37.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 1.46% to 3.2860.

Oil prices rose 1% in early trade on Tuesday, clawing back more of last week’s losses as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track.

Spot Brent crude oil add 1.23% to $115.41 per barrel. US West Texas Intermediate crude is up 2.11% to $110.28 a barrel.

The yellow metal gold is decline 0.05% to 1,839.60 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged lower in early European trade Monday, in line with the wider increase in risk sentiment, but remained elevated with the U.S. Federal Reserve seen retaining an aggressive tightening stance.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a fell 0.38% to 103.865.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.51% today. This left the pair trading around $1.05630.

The Japanese yen was positive against the U.S. dollar on Tuesday as the stock up. Today USD/JPY is ascend 0.12% to 135.250 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.40% to 0.69770, and NZD/USD up 0.38 to 0.63580 level.


EUR/USD Intraday: Major support level at 1.05300

Our pivot point is at 1.05300

Preferable Price Action: Take buy positions above pivot level with targets at 1.06390 & 1.07250 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.04330 & 1.03490.

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 upside

Our pivot point is at 1.22790

Preferable Price Action: Buy positions above pivot with targets at 1.24030 & 1.24900 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.21710 & 1.20880.

Comment:  RSI above 50 levels 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


USD/JPY Intraday: In a consolidation zone

Our pivot point is at 134.930

Preferable Price Action: Buy position above pivot with the target at 136.320 and 137.330 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 133.820 and 132.890.

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


AUD/USD Intraday: Trend on the upside

Our pivot point is at 0.69660

Preferable Price Action: Buy Positions above pivot with targets at 0.70220 & 0.70600 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.69200 & 0.68820 as targets.

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


CRUDEOIL Intraday: In a consolidation zone

Our pivot point is at 108.94

Preferable Price Action: Above pivots buy oil with 111.20 & 112.95 as targets.

Alternative Price Action: Sell crude below pivot with targets at 106.22 and 104.14 in extension.

Comment: MACD is in the 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


XAU/USD Intraday: Trend on the downside

Our pivot point is 1836.50

Preferable Price Action: Further downside to 1826.00 and 1819.20

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1846.50 and 1853.80.

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: Major trend on the upside

Our pivot point is 30,263.00 

Preferable Price Action: Take buy positions above pivot with targets at 30,565.00 & 30,778.00.

Alternative Price Action: Below 30,263.00 looks for further downside to 29,963.00 & 29,748.00.

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

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