Daily Market Report: June 20, 2022

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

US stocks up; Gold recovers

US Stock Market

Last: 11,268.04

Pivot: 11,950

Review:

US stock futures rose modestly during Sunday’s evening deals. Dow Jones Futures were up 0.4%, S&P 500 Futures gained 0.6% and Nasdaq 100 Futures were up 1%.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

For short positions below 11950.00, check out targets at 10930.00 and 10300.00 in extension.

Alternative scenario:

In the case of a price rise above 11950.00, look for a further upside with 12400.00 and 12900.00 as targets.

Resistance 11,950 12,400 12,900
Support 10,930 10,300 9,735
US stocks up; Gold recovers
USD/CAD

Last: 1.3004

Pivot: 1.3045

Review:

USD/CAD pares recent gains at 19-month high, renews intraday low of late. The USD/CAD takes offers to renew intraday low around 1.3000 as buyers take a breather around the highest levels since late 2020 amid a sluggish start to the week.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

In the event of a price drop below 1.3045, find new targets at 1.2990 and 1.2965 in extension.

Alternative scenario:

Should the rate move above 1.3045, look for a further upside with 1.3080 and 1.3105 as targets.

Resistance 1.3045 1.308 1.3105
Support 1.299 1.2965 1.294
US stocks up; Gold recovers
Gold

Last: 1,845.38

Pivot: 1,851

Review:

Gold price has recovered its opening losses and has reclaimed $1,842.00. (XAU/USD) has rebounded sharply after slipping below the potential cushion of $1,842.00.

Technical comment:

A break below 1833.00 would trigger a drop towards 1825.00.

Preference scenario:

Should the rate fall below 1851.00, find new targets at 1833.00 and 1825.00 in extension.

Alternative scenario:

If the price climbs above 1851.00, look for a further upside with 1858.00 and 1865.00 as targets.

Resistance 1,851 1,858 1,865
Support 1,833 1,825 1,816
US stocks up; Gold recovers
Oil

Last: 108.99

Pivot: 111.2

Review:

WTI crude oil prices retreat towards the monthly low, despite taking rounds to $108.50 during Monday’s Asian session, as fears of economic slowdown join hopes of higher output.

Technical comment:

As long as the resistance at 111.20 is not surpassed, the risk of the break below 106.40 remains high.

Preference scenario:

If the price drops below 111.20, discover new targets at 106.40 and 104.20 in extension.

Alternative scenario:

Should the price move above 111.20, look for a further upside with 113.30 and 114.80 as targets.

Resistance 111.2 113.3 114.8
Support 106.4 104.2 102
US stocks up; Gold recovers
EUR/USD

Last: 1.0491

Pivot: 1.045

Review:

EUR/USD bears take a breather after three-week downside, sidelined of late. The EUR/USD pares recent losses around 1.0500 during a quiet Asian session on Monday.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

For long positions above 1.0450, check out targets at 1.0510 and 1.0540 in extension.

Alternative scenario:

If the rate dips below 1.0450, look for a further downside with 1.0420 and 1.0385 as targets.

Resistance 1.051 1.054 1.057
Support 1.045 1.042 1.0385
US stocks up; Gold recovers
GBP/USD

Last: 1.2225

Pivot: 1.218

Review:

The GBP/USD pair is oscillating in a narrow range of 1.2205-1.2233 in the early Asian session after a minor rebound from a low of 1.2173, recorded on Friday. The pair is displaying a balanced market profile and is expected to turn imbalance as higher expectations of Consumer Price Index (CPI) figures by the UK economy will spurt the recession fears and will weaken the cable further.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

Should the rate climb above 1.2180, find the next targets at 1.2260 and 1.2300 in extension.

Alternative scenario:

In the event of a price drop below 1.2180, look for a further downside with 1.2135 and 1.2090 as targets.

Resistance 1.226 1.23 1.234
Support 1.218 1.2135 1.209
US stocks up; Gold recovers

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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