Daily Market Outlook, 23 June, 2022

Market Wrap: Stocks, Bonds, Commodities

Major US stock indexes ended down slightly Wednesday, losing early gains tied to remarks by Federal Reserve Chair Jerome Powell that the US central bank is “strongly committed” to bringing down inflation, while sharply lower oil prices weighed on energy shares.

The Dow Jones Industrial Average fell 47.12 points to 30,483.13, the S&P 500 lose 4.90 points to 3,759.89 and the Nasdaq Composite subtract 16.22 points to 11,053.08.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.28% to 645.87 levels. Australian index higher 0.31% to 6,528.40. Japanese Nikkei Index ascend 0.08% to 26,171.25.

European stocks were negative on Thursday, with the Stoxx Europe 50 Index fell 1.16% to 3,424.45, Germany’s DAX decline 1.19% to 12,985.26, and France’s CAC lose 1.09% to 5,856.92, and U.K.’s FTSE 100 slipped 0.70% to 7,045.61.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 1.95% to 3.0950.

Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

Spot Brent crude oil subtract 1.41% to $110.06 per barrel. US West Texas Intermediate crude is down 1.65% to $104.48 a barrel.

The yellow metal gold is decline 0.02% to 1,838.05 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged higher in early European trade Thursday, stabilizing after earlier losses as growing recession worries resulted in Treasury yields retreating.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a rose 0.36% to 104.362.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.46% today. This left the pair trading around $1.05150.

The Japanese yen was positive against the U.S. dollar on Thursday as the stock up. Today USD/JPY is drop 0.45% to 135.660 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.62% to 0.68830, and NZD/USD down 0.22 to 0.62580 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.05440

Preferable Price Action: Take sell positions below pivot level with targets at 1.05080 & 1.04840 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.05720 & 1.06000.

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


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.22240

Preferable Price Action: Sell positions below pivot with targets at 1.21720 & 1.21380 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.22670 & 1.23060.

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: Resistance level at 135.920

Our pivot point is at 135.920

Preferable Price Action: Sell position below pivot with the target at 135.390 and 134.930 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 136.370 and 136.850.

Comment: MACD is 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


AUD/USD Intraday: Trend on the downside

Our pivot point is at 0.68980

Preferable Price Action: Sell Positions below pivot with targets at 0.68260 & 0.67690 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.69630 & 0.70220 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 104.52

Preferable Price Action: Below pivots sell oil with 99.31 & 95.79 as targets.

Alternative Price Action: Buy crude above pivot with targets at 108.65 and 112.39 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: In a consolidation zone

Our pivot point is 1831.60

Preferable Price Action: Further upside to 1849.00 and 1860.40

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1815.90 and 1805.90.

Comment: MACD is flat territory.

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 30,465.00 

Preferable Price Action: Take sell positions below pivot with targets at 30,121.00 & 29,860.00.

Alternative Price Action: Above 30,465.00 looks for further upside to 30,832.00 & 31,130.00.

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

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