Daily Market Report: July 6, 2022

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July 6, 2022

Gold timidly shimmers; EURUSD under pressure

US Stock Market (Nasdaq 100)

Last: 11,767

Pivot: 11,510

Review:

US stock futures were little changed during Tuesday’s evening deals, after major benchmark indices finished in a mixed fashion as falling bond yields boosted risk sensitive tech stocks. Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were all trading flat, the Dow Jones Industrial Average lost 0.4%, the S&P 500 added 0.2% and the NASDAQ Composite lifted 1.8%.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

Buyers may find an opportunity to go long should the price break out above 11510.00, making 12010.00 and 12170.00 the next levels to watch.

Alternative scenario:

Shoult it break out below 11510.00, look for further downside with 11360.00 and 11180.00 as targets.

Resistance 12,010 12,170 12,410
Support 11,510 11,360 11,180
Gold timidly shimmers; EURUSD under pressure
USD/CHF

Last: 0.9684

Pivot: 0.965

Review:

USDCHF consolidates the biggest daily gains in three weeks around a fortnight top. USDCHF eases from a fortnight high as buyers take a breather around 0.9680, after rising the most in three weeks, during Wednesday’s Asian session.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

Going long may be a lucrative option in case of a breakout above 0.9650, with targets at 0.9705 and 0.9730 in extension.

Alternative scenario:

A breakout below 0.9650 would clear the downward path towards 0.9620 and afterwards 0.9590 in extension.

Resistance 0.9705 0.973 0.976
Support 0.965 0.962 0.959
Gold timidly shimmers; EURUSD under pressure
Gold

Last: 1,768

Pivot: 1,783

Review:

The Gold price portrays a corrective pullback near the lowest levels in seven months. Gold Price (XAU/USD) consolidates the biggest daily fall in three weeks around $1,770, refreshing its intraday high to $1,772 during Wednesday’s Asian session.

Technical comment:

The downward breakout of 1783.00 is a negative signal that will open a path to 1755.00.

Preference scenario:

Traders looking to go short may do so if the price breaks out below 1783.00, with targets at 1755.00 and 1748.00 in extension.

Alternative scenario:

Should the price rise above 1783.00, look for further upside, with 1794.00 and 1804.00 as targets.

Resistance 1,783 1,794 1,804
Support 1,755 1,748 1,740
Gold timidly shimmers; EURUSD under pressure
Oil

Last: 101.1

Pivot: 102.3

Review:

Oil claws back after heavy selloff as supply concerns return. US WTI crude climbed $2.46, or 2.4%, to $101.95 a barrel, after closing below $100 for the first time since late April.

Technical comment:

Oil currently faces a challenging resistance area at 102.30.

Preference scenario:

Going short may offer sellers a window of opportunity if the price breaks out below 102.30, making 99.00 and 97.40 the next targets to look out for.

Alternative scenario:

A breakout above 102.30 will clear the upside path towards 104.65 and 106.90 in extension.

Resistance 102.3 104.65 106.9
Support 99 97.4 95.4
Gold timidly shimmers; EURUSD under pressure
EUR/USD

Last: 1.0257

Pivot: 1.03

Review:

EURUSD fades bounces off 20-year low inside monthly falling channel. EURUSD remains pressured around the lowest levels since December 2002, flashed the previous day, as bears flirt with 1.0260 during Wednesday’s Asian session.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

A breakout below 1.0300 would open the downside, with targets at 1.0230 and 1.0200 in extension.

Alternative scenario:

A breakout above 1.0300 will steer the price on a continued upward path towards 1.0330 and further to 1.0360.

Resistance 1.03 1.033 1.036
Support 1.023 1.02 1.017
Gold timidly shimmers; EURUSD under pressure
GBP/USD

Last: 1.1947

Pivot: 1.2

Review:

GBPUSD bulls are taking on the bears with eyes towards a 50% mean reversion. The bears could be throwing in the towel here in Tokyo as the US dollar starts to fall away. However, it is early days in the equities session in Asia still and it is yet to be seen if a high is being cut out currently or if a low is in place.

Technical comment:

The RSI is poised for decline.

Preference scenario:

Short positions may provide a profit-taking opportunity should the price break out below 1.2000, and clearing the path towards1.1900 and 1.1870 in extension.

Alternative scenario:

In case of a breakout above 1.2000 look for further upside, with 1.2030 and 1.2060 as targets.

Resistance 1.2 1.203 1.206
Support 1.19 1.187 1.184
Gold timidly shimmers; EURUSD under pressure

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