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Daily Market Reflection 20 June 2022
Market Outlook
The U.S. dollar rose in early European trade Friday, posting
strong gains against the Japanese yen after the Bank of Japan
maintained its ultra-easy monetary policy in contrast to the
aggressive tightening of its peers. The Dollar Index, which
tracks the greenback against a basket of six other currencies,
traded 0.8% higher at 104.245, after slipping to a one-week low
of 103.41 overnight, a contrast to the two-decade high of
105.79 prior to the Fed decision. Elsewhere, EUR/USD fell
0.4% to 1.0504, retreating from a one-week high in the wake of
the European Central Bank's decision to promise fresh support
to contain borrowing costs among southern nations.
Oil prices tumbled about 6% to a four-week low on Friday on
worries that interest rate hikes by major central banks could
slow the global economy and cut demand for energy. Also
pressuring prices, the U.S. dollar this week rose to its highest
level since December 2002 against a basket of currencies,
making oil more expensive for buyers using other currencies.
Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel,
while U.S. West Texas Intermediate (WTI) crude fell $8.03, or
6.8%, to settle at $109.56.There will be no U.S. trading on
Monday, the Juneteenth holiday.
Global Markets
World stocks on Friday closed out their steepest weekly slide
since the pandemic meltdown of March 2020, as investors
worried that tighter monetary policy by inflation-fighting
central banks could damage economic growth. The FED
biggest rate hike since 1994, the first such Swiss move in 15
years, a fifth rise in British rates since December and a move
by the ECB to bolster the indebted south all took turns roiling
markets. The BOJ was the only outlier in a week where
money prices rose around the world, sticking on Friday with
its strategy of pinning 10-year yields near zero.
INTRADAY SUPER STAR PREMIUM
Date Currency Entry Exit Target/SL
17/06 AUDCAD(L) 0.9032 0.9072 TARGET
Date Commodity Entry Exit Target/SL
17/06 XAUUSD(L) 1834 1844 TARGET
Fundamental News
 Russian imports may drop by 30%
this year, says top official –Tass
 U.S. manufacturing output softens;
leading indicator extends decline
 Canada home price index growth
slows pace in May - Teranet
Index of the Week
SENSEX
Indian shares nosedived on Monday amid concerns
that the U.S. Federal Reserve may raise interest
rates aggressively to control inflation.
Things to Note
MPC will continue to frontload policy tightening
over the coming months.
Event Calendar (20th
June 2022, Monday)
Time Currency Event Forecast Previous
6:30 pm EUR ECB President Lagarde Speaks - -
8:30 pm EUR ECB President Lagarde Speaks - -
10:15 pm USD FOMC Member Bullard Speaks - -
All Day USD Bank Holiday - -
- - - - -
- - - - - -
- - - - -
Global Currencies
Currencies Close Previous % Chg
GBPUSD 1.2225 1.2351 -1.02%
EURUSD 1.0500 1.0547 -0.45%
USDJPY 134.96 132.20 +2.09%
EURJPY 164.95 163.27 +1.03%
GBPJPY 1.1860 1.1938 -0.65%
GBPCHF 1.1860 1.1938 -0.65%
USDCHF 0.9703 0.9666 +0.38%
USDCAD 1.3026 1.2949 +0.59%
EURGBP 0.8589 0.8536 +0.62%
CHFJPY 139.17 136.71 +1.80%
EURCHF 1.0188 1.0196 -0.08%
AUDUSD 0.6935 0.7044 -1.55%
EURAUD 1.5138 1.4966 +1.15%
GBPAUD 1.7626 1.7523 +0.58%
International Markets
Index Value Change %
Change
DOW 29888.78 -38.29 -0.13%
NASDAQ 10798.35 +152.25 +1.43%
FTSE 7016.25 -28.73 -0.41%
NIKKEI 25963.00 -468.20 -1.77%
SHANGHAI 3316.79 +31.40 +0.96%
HANG SENG 21075.00 +229.57 +1.10%
DAX 13126.26 +87.77 +0.67%
COMEX
COMMODITY DATE
17/06/22
DATE
16/06/22
%
CHANGE
XAUUSD 1839.47 1856.74 -0.93%
XAGUSD 21.67 21.95 -1.27%
CRUDE 110.48 117.59 -6.05%
OVERVIEW
XAGUSD
R1 R2 S1 S2
22 22.20 21.40 21.20
XAUUSD
R1 R2 S1 S2
1855 1863 1825 1815
XAUUSD faced strong
resistance near 1855 in the
previous session and dropped
towards near support levels.
Strength is seen till it sustains
in range of 1840-1855 while
1825 is marked as immediate
support for the metal.
XAGUSD corrected from the
crucial resistance of 21.95 on
hourly charts. Major move
can be seen if it crosses the
resistance mark of 21.95 and
may move towards 22.40.
Meanwhile, 21.30 is seen as
key support for it.
GBPUSD
R1 R2 S1 S2
1.2340 1.2380 1.2140 1.2090
EURUSD
R1 R2 S1 S2
1.0550 1.0620 1.0420 1.0380
EURUSD gradually showed
downtrend during the entire
session and closed below the
previous close. Now, 1.0600 is
seen as major resistance level
from current levels whereas
hovering near or below 1.0450
may again result in weak trades.
GBPUSD did not sustain above
the gains so made in the previous
session and remained on weaker
side for the whole session. Again,
1.2380 is seen as immediate
resistance for the currency pair
and 1.2040 is seen as crucial
support.
INTRADAY SUPER STAR(PREMIUM)
SILVER is observed consolidating
in a pattern expected to move up
from the drawn level.
BUY ABOVE 22.78 TARGETS
22.93 SL BELOW 22.63
AUDCHF closed below the support
levels on daily charts and may extend
bears in coming session.
SELL BELOW 0.6715 TARGETS
0.6695/0.6675 SL ABOVE 0.6735.
XAUUSD on hourly chart, shows pattern
which is positively biased and may bring
the metal northwards.
BUY ABOVE 1845 TARGETS 1850/1855
SL BELOW 1840.
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market report

  • 1. Daily Market Reflection 20 June 2022 Market Outlook The U.S. dollar rose in early European trade Friday, posting strong gains against the Japanese yen after the Bank of Japan maintained its ultra-easy monetary policy in contrast to the aggressive tightening of its peers. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.8% higher at 104.245, after slipping to a one-week low of 103.41 overnight, a contrast to the two-decade high of 105.79 prior to the Fed decision. Elsewhere, EUR/USD fell 0.4% to 1.0504, retreating from a one-week high in the wake of the European Central Bank's decision to promise fresh support to contain borrowing costs among southern nations. Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy. Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies. Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.There will be no U.S. trading on Monday, the Juneteenth holiday. Global Markets World stocks on Friday closed out their steepest weekly slide since the pandemic meltdown of March 2020, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth. The FED biggest rate hike since 1994, the first such Swiss move in 15 years, a fifth rise in British rates since December and a move by the ECB to bolster the indebted south all took turns roiling markets. The BOJ was the only outlier in a week where money prices rose around the world, sticking on Friday with its strategy of pinning 10-year yields near zero. INTRADAY SUPER STAR PREMIUM Date Currency Entry Exit Target/SL 17/06 AUDCAD(L) 0.9032 0.9072 TARGET Date Commodity Entry Exit Target/SL 17/06 XAUUSD(L) 1834 1844 TARGET Fundamental News  Russian imports may drop by 30% this year, says top official –Tass  U.S. manufacturing output softens; leading indicator extends decline  Canada home price index growth slows pace in May - Teranet Index of the Week SENSEX Indian shares nosedived on Monday amid concerns that the U.S. Federal Reserve may raise interest rates aggressively to control inflation. Things to Note MPC will continue to frontload policy tightening over the coming months.
  • 2. Event Calendar (20th June 2022, Monday) Time Currency Event Forecast Previous 6:30 pm EUR ECB President Lagarde Speaks - - 8:30 pm EUR ECB President Lagarde Speaks - - 10:15 pm USD FOMC Member Bullard Speaks - - All Day USD Bank Holiday - - - - - - - - - - - - - - - - - - Global Currencies Currencies Close Previous % Chg GBPUSD 1.2225 1.2351 -1.02% EURUSD 1.0500 1.0547 -0.45% USDJPY 134.96 132.20 +2.09% EURJPY 164.95 163.27 +1.03% GBPJPY 1.1860 1.1938 -0.65% GBPCHF 1.1860 1.1938 -0.65% USDCHF 0.9703 0.9666 +0.38% USDCAD 1.3026 1.2949 +0.59% EURGBP 0.8589 0.8536 +0.62% CHFJPY 139.17 136.71 +1.80% EURCHF 1.0188 1.0196 -0.08% AUDUSD 0.6935 0.7044 -1.55% EURAUD 1.5138 1.4966 +1.15% GBPAUD 1.7626 1.7523 +0.58% International Markets Index Value Change % Change DOW 29888.78 -38.29 -0.13% NASDAQ 10798.35 +152.25 +1.43% FTSE 7016.25 -28.73 -0.41% NIKKEI 25963.00 -468.20 -1.77% SHANGHAI 3316.79 +31.40 +0.96% HANG SENG 21075.00 +229.57 +1.10% DAX 13126.26 +87.77 +0.67% COMEX COMMODITY DATE 17/06/22 DATE 16/06/22 % CHANGE XAUUSD 1839.47 1856.74 -0.93% XAGUSD 21.67 21.95 -1.27% CRUDE 110.48 117.59 -6.05%
  • 3. OVERVIEW XAGUSD R1 R2 S1 S2 22 22.20 21.40 21.20 XAUUSD R1 R2 S1 S2 1855 1863 1825 1815 XAUUSD faced strong resistance near 1855 in the previous session and dropped towards near support levels. Strength is seen till it sustains in range of 1840-1855 while 1825 is marked as immediate support for the metal. XAGUSD corrected from the crucial resistance of 21.95 on hourly charts. Major move can be seen if it crosses the resistance mark of 21.95 and may move towards 22.40. Meanwhile, 21.30 is seen as key support for it.
  • 4. GBPUSD R1 R2 S1 S2 1.2340 1.2380 1.2140 1.2090 EURUSD R1 R2 S1 S2 1.0550 1.0620 1.0420 1.0380 EURUSD gradually showed downtrend during the entire session and closed below the previous close. Now, 1.0600 is seen as major resistance level from current levels whereas hovering near or below 1.0450 may again result in weak trades. GBPUSD did not sustain above the gains so made in the previous session and remained on weaker side for the whole session. Again, 1.2380 is seen as immediate resistance for the currency pair and 1.2040 is seen as crucial support.
  • 5. INTRADAY SUPER STAR(PREMIUM) SILVER is observed consolidating in a pattern expected to move up from the drawn level. BUY ABOVE 22.78 TARGETS 22.93 SL BELOW 22.63 AUDCHF closed below the support levels on daily charts and may extend bears in coming session. SELL BELOW 0.6715 TARGETS 0.6695/0.6675 SL ABOVE 0.6735. XAUUSD on hourly chart, shows pattern which is positively biased and may bring the metal northwards. BUY ABOVE 1845 TARGETS 1850/1855 SL BELOW 1840.
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