Daily Market Report: June 16, 2022

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

US stocks higher; Oil down

US Stock Market

Last: 11,560

Pivot: 11,700

Review:

US stocks were higher after the close on Wednesday, as gains in the technology, consumer services and consumer goods sectors led shares higher. At the close in the NYSE, the Dow Jones Industrial Average gained 1.00%, while the S&P 500 index climbed 1.46%, and the NASDAQ Composite index climbed 2.50%.

Technical comment:

The RSI is above its neutrality area at 50% but reversing down.

Preference scenario:

For short positions below 11700.00, look for targets at 11200.00 and 11050.00 in extension.

Alternative scenario:

In the event of a price rise above 11700.00, look for a further upside with 11830.00 and 11950.00 as targets.

Resistance 11,700 11,830 11,950
Support 11,200 11,050 10,880
US stocks higher; Oil down
USD/JPY

Last: 133.74

Pivot: 134.58

Review:

Higher US rates versus rock bottom Japanese yields have been weighing on the yen.

Technical comment:

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 134.42 and 134.79). Finally, the USD/JPY is trading below its lower Bollinger band (standing at 133.81).

Preference scenario:

The downside prevails as long as 134.58 is resistance.

Alternative scenario:

Should the rate move above 134.58, look for 135.40 and 135.89 as targets.

Resistance 134.58 135.4 135.89
Support 132.55 132.06 131.57
US stocks higher; Oil down
Oil

Last: 119.15

Pivot: 108.4

Review:

Oil prices fell as much as 3% on Wednesday after the Federal Reserve imposed in its biggest US rate since the 1990s, adding to fears that the central bank will push the world's largest economy into a recession in its bid to fight inflation ramping at 40-year highs.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

For long positions above 108.40, find new targets at 134.50 and 144.00 in extension.

Alternative scenario:

If the price drops below 108.40, look for a further downside with 103.20 and 94.60 as targets.

Resistance 134.5 144 154
Support 108.4 103.2 94.6
US stocks higher; Oil down
Gold

Last: 1,830.81

Pivot: 1,824

Review:

Gold traded higher, closing at the rate of 1830.81.

Technical comment:

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Gold is trading above both its 20 and 50 period moving average (respectively at 1826.20 and 1819.30).

Preference scenario:

The upside prevails as long as 1824 is support.

Alternative scenario:

In the event of a price fall below 1824, expect 1815 and 1809.50 as targets.

Resistance 1,857.5 1,863 1,868
Support 1,824 1,815 1,809.5
US stocks higher; Oil down
EUR/USD

Last: 1.0486

Pivot: 1.08

Review:

EUR/USD traded higher on news of a surprise meeting by the European Central Bank, which some traders hoped would address fragmentation risk in the region.

Technical comment:

The RSI is mixed to bearish.

Preference scenario:

If the price drops below 1.0800, with targets at 1.0340 and 1.0100 in extension.

Alternative scenario:

Should the price climb above 1.0800, look for a further upside with 1.0960 and 1.1185 as targets.

Resistance 1.08 1.096 1.1185
Support 1.034 1.01 0.995
US stocks higher; Oil down
GBP/USD

Last: 1.2187

Pivot: 1.2132

Review:

The GBP/USD traded higher but the reprieve could prove temporary with slowing UK economic growth and a potential trade conflict with the European Union weighing on the currency.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2092 and 1.2049). Finally, the GBP/USD is trading above its upper Bollinger band (standing at 1.2172).

Preference scenario:

The upside prevails as long as 1.2132 is support.

Alternative scenario:

In the case of a price dip below 1.2132, expect 1.2087 and 1.2060 as targets.

Resistance 1.2259 1.2286 1.2313
Support 1.2132 1.2087 1.206
US stocks higher; 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.

Trade with a Licensed Broker

1market.eu

Licensed by CySEC

Our EU client portal, operated by Exelcius Prime Ltd. under CySEC Regulation, license number 366/18.

1market.com

Our global client portal.

Search