Daily Market Reflection 23 June 2022

Market Outlook

The U.S. dollar pushed higher in early European trade

Wednesday with Fed Chair Jerome Powell expected to talk Fundamental News
tough on inflation during his testimony to Congress, while
sterling fell in wake of more elevated inflation data. The Dollar
Index, which tracks the greenback against a basket of six other  UK inflation hits 40-year record,
currencies, traded 0.4% higher at 104.650. Wednesday's main highest in G7
event is the start of U.S. Federal Reserve Chair Jerome Powell's
 U.S. home sales slide as prices break
two-day testimony to Congress, with investors looking for
above $400,000 for first time
further clues about whether another 75 basis point rate hike is
on the cards at the Fed's July meeting.  German industry body slashes forecast,
warns of recession if Russian gas
Oil prices tumbled on Wednesday amid a push by U.S. President
halted
Joe Biden to cut taxes on fuel to cut costs for drivers amid
aggravated relations between the White House and the U.S. oil
industry. Brent crude futures were down $4.65, or 4.1%, at
$110.00 a barrel while U.S. WTI futures fell $5.08, or 4.6%, to
$104.44 by 0918 GMT. Earlier in the session, both contracts had INTRADAY SUPER STAR PREMIUM
shed over $6 each to hit their lowest levels since May 19 and 12,
respectively.Biden on Wednesday is expected to ask Congress to
greenlight a three-month suspension of the 18.4 cents per gallon Date Currency Entry Exit Target/SL
federal tax on gasoline and call on states to suspend their fuel 22/06 EURUSD(L) 1.0582 - UNEXE
taxes
Date Commodity Entry Exit Target/SL
22/06 XAUUSD(L) 1840 - UNEXE
Global Markets
European stock markets sold off Wednesday, with the week’s
Index of the Week
rally fizzling out after soaring U.K. inflation added to
FTSE 100
persistent concerns about aggressive monetary policy
Markets are still digesting the higher re-pricing of
tightening and slowing growth. The DAX in Germany traded
Fed rate expectations, and global risk assets may
2.1% lower, the CAC 40 in France fell 1.8%, and the UK’s
struggle to show any sustainable rebound for now.
FTSE 100 dropped 1.2%. The main European indices posted
Things to Note
minor gains on Tuesday, adding to Monday’s improvement in
The focus on the path for interest rates and
the wake of last week’s hefty losses as a number of global
inflation is likely to dominate markets this
central banks tightened monetary policies to tame red hot
week.too.
inflation.
Global Currencies International Markets
Currencies Close Previous % Chg Index Value Change %
4:30 pm Change
DOW 30530.25 +641.47 +2.15%
GBPUSD 1.2264 1.2272 -0.06%
NASDAQ 11069.30 +270.95 +2.51%
EURUSD 1.0521 1.0525 -0.04%
USDJPY 136.15 136.61 -0.34% FTSE 7053.71 -97.10 -1.36%
EURJPY 143.24 143.78 -0.37%
DAX 13037.25 -255.66 -1.93%
GBPJPY 166.95 167.70 -0.45%
NIKKEI 26149.55 -96.76 -0.37%
GBPCHF 1.1843 1.1857 -0.12%
USDCHF 0.9650 0.9661 -0.11% SHANGHAI 3267.20 -39.52 -1.20%
USDCAD 1.2981 1.2919 +0.48% HANG SENG 21008.34 -551.25 -2.56%
EURGBP 0.8580 0.8572 +0.09%
COMEX
CHFJPY 141.08 141.37 -0.21%
COMMODITY DATE DATE %
EURCHF 1.0155 1.0166 -0.11% 22/06/22 21/06/22 CHANGE
AUDUSD 0.6900 0.6970 -1.00% XAUUSD 1830.68 1833.06 -0.3%
EURAUD 1.5249 1.5100 +0.99%
XAGUSD 21.40 21.69 -1.33%
GBPAUD 1.7757 1.7613 +0.81%
CRUDE 104.64 109.52 -4.46%

Event Calendar (23rd June 2022, Thursday)

Time Currency Event Forecast Previous

1:00 pm EUR German Flash Manufacturing 54.0 54.8
PMI
1:00 pm EUR German Flash Services PMI 54.6 55.0
2:00 pm GBP Flash Manufacturing PMI 53.8 54.6
2:00 pm GBP Flash Services PMI 53.0 53.4
6:00 pm USD Unemployment Claims 227K 229K
7:15 pm USD Flash Manufacturing PMI 56.2 57.0 -
7:30 pm USD Fed Chair Powell Testifies - -
 OVERVIEW
XAUUSD

XAUUSD jumped from the

support levels of 1824 around
which it was hovering for the
first half of the session. It
indicates 1855 as immediate
resistance for the metal while
1820 may continue to act as
R1 R2 S1 S2
strong support.
1850 1857 1820 1812

XAGUSD

XAGUSDshowed weak trend

in the morning session where
it tested 21.25 from where it
showed correction on higher
side. According to daily
charts, 22 will continue to act
as strict resistance whereas
R1 R2 S1 S2
20.90 is seen as support.
21.70 21.90 21.20 21
 EURUSD

EURUSD had been moving

with negative bias since last four
sessions and 1.0580 is still acting
as major resistance for the
currency pair. Selling on rise
may drag it towards the
important support of 1.0450 and
may even drop further if
R1 R2 S1 S2
sustains below it.
1.0560 1.0600 1.0470 1.0430

GBPUSD

GBPUSD showed a sudden

downfall and dropped towards
1.2160 in the early part of the
session. But soon, it corrected
towards higher side and resisted
near 1.2280. If it continues to
sustain above 1.2250 then it may
lift towards 1.2320 while 1.2160
R1 R2 S1 S2 is seen as major support.

1.2290 1.2330 1.2140 1.2100

INTRADAY SUPER STAR(PREMIUM)

CADJPYhas been consolidating near

the up sloping trend line coming from
recent lows.
SELL BELOW 104.59 TARGETS
104.39/104.19 SL ABOVE 104.79.

SILVER is observed consolidating

XAUUSD bounced
in a pattern expectedfrom theup near
to move
support levels of 1824.
from the drawn level.
BUYBUYABOVE 184522.78
ABOVE TARGETS 1850/1855
TARGETS
SL BELOW22.931840.
SL BELOW 22.63
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