Daily Market Report: June 23, 2022

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

US stocks down; Gold falls

US Stock Market

Last: 30,498

Pivot: 30,065

Review:

US stocks were lower after the close on Wednesday, as losses in the oil and gas, basic materials and industrials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average declined 0.15%, while the S&P 500 index fell 0.13%, and the NASDAQ Composite index lost 0.15%.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

For long positions above 30065, check out targets at 31010 and 31400 in extension.

Alternative scenario:

Should the rate move below 30065, look for a further downside with 29660 and 29200 as targets.

Resistance 31,010 31,400 31,700
Support 30,065 29,660 29,200
US stocks down; Gold falls
USD/JPY

Last: 136.17

Pivot: 136.86

Review:

USD/JPY traded lower, its highest since October 1998, with the yen weighed by the ever-widening gap between yields on Japanese government bonds and US Treasuries.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (136.07) but under its 50 period moving average (136.23).

Preference scenario:

Look for a technical rebound towards 136.86 before a new drop.

Alternative scenario:

In the event of a price rise above 136.86, look for 137.68 and 138.16 as targets.

Resistance 136.86 137.68 138.16
Support 135.14 134.65 134.16
US stocks down; Gold falls
Gold

Last: 1,837.95

Pivot: 1,825.5

Review:

Gold down, as the US dollar firmed ahead of the US Federal Reserve Chair’s two-day testimony, where investors are expecting to seek more clues on monetary policies.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Gold is below its 20 period moving average (1838.80) but above its 50 period moving average (1832.80).

Preference scenario:

As long as 1825.50 is support look for 1866.50 as the next target.

Alternative scenario:

If the price drops below 1825.50, expect 1810 and 1801 as targets.

Resistance 1,866.5 1,876 1,885
Support 1,825.5 1,810 1,801
US stocks down; Gold falls
Oil

Last: 105.54

Pivot: 107.3

Review:

Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the US economy into recession, dampening demand for fuel.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

For short positions below 107.30, find out new targets at 101.50 and 98.00 in extension.

Alternative scenario:

If the rate climbs above 107.30, look for a further upside with 109.00 and 111.00 as targets.

Resistance 107.3 109 111
Support 101.5 98 95
US stocks down; Gold falls
EUR/USD

Last: 1.0568

Pivot: 1.0535

Review:

EUR/USD traded lower. closing at the rate of 1.0568.

Technical comment:

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.0559 and 1.0533).

Preference scenario:

As long as 1.0535 is support look for 1.0635 as the next target.

Alternative scenario:

The downside breakout of 1.0535 would call for 1.0498 and 1.0476 as targets.

Resistance 1.0613 1.0635 1.0657
Support 1.0535 1.0498 1.0476
US stocks down; Gold falls
GBP/USD

Last: 1.2268

Pivot: 1.2221

Review:

GBP/USD traded lower, after inflation in Britain rose to a new 40-year high of 9.1% in May, fuelled by a jump in costs for food and energy.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2268 and 1.2255).

Preference scenario:

As long as 1.2221 is support look for 1.2362 as the next target.

Alternative scenario:

Should the rate fall below 1.2221, expect 1.2169 and 1.2138 as targets.

Resistance 1.2331 1.2362 1.2393
Support 1.2221 1.2169 1.2138
US stocks down; Gold falls

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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