Daily Market Report: June 21, 2022

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

US stocks eased; Oil up

US Stock Market

Last: 3,674

Pivot: 3,635

Review:

US stock futures eased in overnight trading Monday, with markets remaining closed for a public holiday after suffering heavy losses in the previous week. Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were each trading 0.1% lower.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

For long positions above 3635.00, check out targets at 3837.00 and 3900.00 in extension.

Alternative scenario:

Should the rate slide below 3635.00, look for a further downside with 3565.00 and 3475.00 as targets.

Resistance 3,837 3,900 3,943
Support 3,635 3,565 3,475
US stocks eased; Oil up
USD/CHF

Last: 0.9665

Pivot: 0.9645

Review:

USD/CHF fades rebound from a fortnight-low, remains sidelined of late. The USD/CHF seesaws around 0.9675, fading the late Monday’s bounce off a two-week low, as traders await fresh catalysts.

Technical comment:

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

Preference scenario:

For long positions above 0.9645, discover fresh targets at 0.9690 and 0.9710 in extension.

Alternative scenario:

If the rate dips below 0.9645, look for a further downside with 0.9620 and 0.9600 as targets.

Resistance 0.969 0.971 0.973
Support 0.9645 0.962 0.96
US stocks eased; Oil up
Gold

Last: 1,839.39

Pivot: 1,845

Review:

The gold price picks up bids to refresh intraday high, reverses week-start declines. The gold price (XAU/USD) remains firmer around $1,843 as bulls cheer the US dollar’s sustained weakness during the lackluster Asian session on Tuesday.

Technical comment:

As long as 1845.00 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

In the case of a price drop below 1845.00, look for targets at 1833.00 and 1825.00 in extension.

Alternative scenario:

Should the price increase above 1845.00, look for a further upside with 1852.00 and 1858.00 as targets.

Resistance 1,845 1,852 1,858
Support 1,833 1,825 1,818
US stocks eased; Oil up
Oil

Last: 110.03

Pivot: 108

Review:

Oil rises on market caution over supply concerns. Oil prices rose to 110.50 or 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.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Should the rate climb above 108.00, look for the next targets at 111.20 and 112.40 in extension.

Alternative scenario:

If the rate slides below 108.00, look for a further downside with 106.40 and 105.30 as targets.

Resistance 111.2 112.4 113.8
Support 108 106.4 105.3
US stocks eased; Oil up
EUR/USD

Last: 1.0533

Pivot: 1.05

Review:

EUR/USD grinds higher around 1.0525 as bulls jostle with weekly resistance line. EUR/USD battles with an eight-day-old resistance line as buyers extend the week-start rebound to 1.0520 during Tuesday’s Asian session.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

If the price moves above 1.0500, find fresh targets at 1.0545 and 1.0575 in extension.

Alternative scenario:

Should the price decline below 1.0500, look for a further downside with 1.0470 and 1.0445 as targets.

Resistance 1.0545 1.0575 1.06
Support 1.05 1.047 1.0445
US stocks eased; Oil up
GBP/USD

Last: 1.2265

Pivot: 1.223

Review:

GBP/USD fades week-start rebound, seesaws inside short-term triangle. The GBP/USD remains sidelined around the mid-1.2200s as it funnels down to the short-term triangle break during early Tuesday’s Asian session.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

For long positions above 1.2230, check out targets at 1.2310 and 1.2340 in extension.

Alternative scenario:

If the price falls below 1.2230, look for a further downside with 1.2200 and 1.2170 as targets.

Resistance 1.231 1.234 1.2375
Support 1.223 1.22 1.217
US stocks eased; Oil up

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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