Technical Analysis:Your Daily Dose of Market Insights, June 21, 2023
- forex368
- Jun 21, 2023
- 2 min read
Today's Headlines:
- Chinese Stocks Lose Momentum Again as Hang Seng Index drops about 2% ahead of holiday, yuan weakens.
- US Futures Fluctuate, European Contracts Rise Slightly, and Japanese Shares Buck the Trend in Asia.
- Goldman Sachs strategists advise funds to consider hedging S&P 500 exposure due to risks of crowded bullish positioning, overblown valuations, and hawkish signals from the Fed.
- Bond Yields Fall in Asia, while Dollar Strength Inched Up against G10 currencies except the yen.
- Fed Chair Jerome Powell's semi-annual report to Congress expected to have a hawkish tone, with forecasts implying potential rate hikes.
- Oil Prices Rose Slightly as traders assess China's outlook and anticipate Powell's commentary.
- Bitcoin Hits Six-Week High on crypto initiatives involving major players from the traditional financial sector.
- UK inflation shocker, possible further rate hikes back Sterling.
Key events today:
UK inflation data
Federal Reserve Chair Jerome Powell delivers semi-annual congressional testimony before the House Financial Services Committee
Chicago Fed President Austan Goolsbee speaks
Dollar Index (DXY) Intraday:
Pivot Level: 102.55
Gold Intraday:
Pivot Level: 1941.15
USD/JPY Intraday:
Pivot: 141.64
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AUD/USD Intraday:
Pivot: 0.6799
Crude Oil (WTI)‎ Intraday:
Pivot: 70.40
USD/CAD Intraday:
Pivot: 1.3238
EUR/USD Intraday:
Pivot: 1.092
GBP/USD Intraday:
Pivot: 1.276
EUR/GBP Intraday:
Pivot: 0.8555
Nasdaq 100 Intraday:
Pivot: 15,048.00
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