Daily Market Report: May 25, 2022

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

US stocks dip; Oil down

US Stock Market

Last: 3,964

Pivot: 3,933

Review:

US stock futures dipped during Monday’s evening trade as investors remained cautious after major benchmark averages attempted to rebound during the regular session. Dow Jones Futures were down 0.4%, S&P 500 Futures fell 0.8% and Nasdaq 100 Futures dipped 1.5%.

Technical comment:

The break above 3933.00 is a positive signal that has opened a path to 4000.00.

Preference scenario:

For long positions above 3933.00, look for targets at 4000.00 and 4051.00 in extension.

Alternative scenario:

If the price drops below 3933.00, look for a further downside with 3900.00 and 3857.00 as targets.

Resistance 4,000 4,051 4,089
Support 3,933 3,900 3,857
US stocks dip; Oil down
USD/CHF

Last: 0.9661

Pivot: 0.969

Review:

USD/CHF holds lower grounds after refreshing multi-day low. USD/CHF refreshed its monthly low to 0.9627, before consolidating losses near 0.9658, as the US dollar extends the previous week’s losses amid firmer sentiment. However, the Swiss currency (CHF) pair recently turned sidelined amid cautious sentiment ahead of the key US PMIs for May and a speech from Federal Reserve (Fed) Chairman Jerome Powell.

Technical comment:

As long as 0.9690 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

If the price should fall below 0.9690, with targets at 0.9630 and 0.9610 in extension.

Alternative scenario:

If the rate climbs above 0.9690, look for a further upside with 0.9710 and 0.9730 as targets.

Resistance 0.969 0.971 0.973
Support 0.963 0.961 0.959
US stocks dip; Oil down
Gold

Last: 1,853

Pivot: 1,846

Review:

Gold renews intrdaay low while reversing from fortnight top, probes four-day uptrend. The XAU/USD struggles for clear directions as it retreats from a two-week high during a lackluster Asian session on Tuesday, trading at 1,849 at the time of writing.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

In the event of a price rise above 1846.00, look for targets at 1865.00 and 1871.00 in extension.

Alternative scenario:

In the case of a price slide below 1846.00, look for a further downside with 1839.00 and 1832.00 as targets.

Resistance 1,865 1,871 1,880
Support 1,846 1,839 1,832
US stocks dip; Oil down
Oil

Last: 109.4

Pivot: 110.8

Review:

Oil prices were caught between worries over a possible global downturn and the prospect of higher fuel demand from the US summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown. WTI Oil was down 59 cents at $109.70.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

For short positions below 110.80, check out targets at 108.10 and 106.90 in extension.

Alternative scenario:

Should the rate move above 110.80, look for a further upside with 111.90 and 113.20 as targets.

Resistance 110.8 111.9 113.2
Support 108.1 106.9 105.9
US stocks dip; Oil down
EUR/USD

Last: 1.068

Pivot: 1.0645

Review:

EUR/USD bulls have moved in and have begun a mitigation process. The price imbalance between recent highs and towards 1.10 is compelling, trading at 1.0672, at the time of writing.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Should the rate climb above 1.0645, discover fresh targets at 1.0700 and 1.0730 in extension.

Alternative scenario:

In the scenario of a rate dip below 1.0645, look for a further downside with 1.0620 and 1.0600 as targets.

Resistance 1.07 1.073 1.076
Support 1.0645 1.062 1.06
US stocks dip; Oil down
GBP/USD

Last: 1.2566

Pivot: 1.254

Review:

GBP/USD bulls are in charge and looking for a break of key daily resistance. The GBP/USD pair is oscillating in a narrow range of 1.2560-1.2593 in the early Tokyo session as investors are awaiting the release of the Purchase Managers Index (PMI) numbers from the UK and the US.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

If the price moves above 1.2540, find new targets at 1.2600 and 1.2620 in extension.

Alternative scenario:

Should the price move below 1.2540, look for a further downside with 1.2520 and 1.2500 as targets.

Resistance 1.26 1.262 1.264
Support 1.254 1.252 1.25
US stocks dip; Oil down

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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