Weekly Market Report: June 29, 2022

The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!

US stocks down; Gold up

US Stock Market

Last: 30,990

Pivot: 30,845

Review:

US stocks were lower after the close on Tuesday, as losses in the technology, consumer services and consumer goods sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 1.56%, while the S&P 500 index lost 2.01%, and the NASDAQ Composite index declined 2.98%.

Technical comment:

The RSI has just landed on a support around 30% and is reversing up.

Preference scenario:

For long positions above 30845, check out targets at 31720 and 32260 in extension.

Alternative scenario:

Should the rate slide below 30845, look for a further downside with 30290 and 29660 as targets.

Resistance 31,720 32,260 32,690
Support 30,845 30,290 29,660
US stocks down; Gold up
USD/CAD

Last: 1.2867

Pivot: 1.2845

Review:

Canada's jobless rate inched down to a new record low after adding more jobs than expected in May. The loonie was trading 0.7% lower at 1.2785 to the greenback.

Technical comment:

A support base at 1.2845 has formed and has allowed for a temporary stabilisation.

Preference scenario:

If the rate climbs above 1.2845, find new targets at 1.2890 and 1.2915 in extension.

Alternative scenario:

In the event of a downside breakout below 1.2845, look for a further downside with 1.2820 and 1.2800 as targets.

Resistance 1.289 1.2915 1.2935
Support 1.2845 1.282 1.28
US stocks down; Gold up
Gold

Last: 1,821.7

Pivot: 1,826

Review:

Gold rose Tuesday morning in Asia as the US dollar weakened on softening inflation expectations.

Technical comment:

As long as 1826.00 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

For short positions below 1826.00, check out targets at 1816.00 and 1810.00 in extension.

Alternative scenario:

If the rate climbs above 1826.00, look for a further upside with 1830.00 and 1834.00 as targets.

Resistance 1,826 1,830 1,834
Support 1,816 1,810 1,805
US stocks down; Gold up
Oil

Last: 111.66

Pivot: 109.8

Review:

US crude futures rose $2.09 to the rate of $111.66 a barrel.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Should the rate move above 109.80, find new targets at 113.70 and 115.00 in extension.

Alternative scenario:

Should the rate slide below 109.80, look for a further downside with 109.00 and 108.20 as targets.

Resistance 113.7 115 116.5
Support 109.8 109 108.2
US stocks down; Gold up
EUR/USD

Last: 1.0531

Pivot: 1.054

Review:

EUR/USD was trading slightly higher in the wake of Lagarde's statement, up 0.07% to 1.0589.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.0540.

Preference scenario:

For short positions below 1.0540, find fresh targets at 1.0515 and 1.0500 in extension.

Alternative scenario:

If the price moves above 1.0540, look for a further upside with 1.0560 and 1.0580 as targets.

Resistance 1.054 1.056 1.058
Support 1.0515 1.05 1.0485
US stocks down; Gold up
GBP/USD

Last: 1.2206

Pivot: 1.2225

Review:

GBP/USD pair inched up 0.07% to the level of 1.2272.

Technical comment:

Intraday technical indicators are mixed and call for caution.

Preference scenario:

If the price drops below 1.2225, find targets at 1.2170 and 1.2150 in extension.

Alternative scenario:

Should the rate increase above 1.2225, look for a further upside with 1.2260 and 1.2295 as targets.

Resistance 1.2225 1.226 1.2295
Support 1.217 1.215 1.213
US stocks down; Gold 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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