Here are today's directional views from the global research desks of Ventura Prime FX! These are starting points for your own research to identify opportunities that make sense for you.
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| DAILY NEWS BRIEF - MARKET OUTLOOK |
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| Here are today's directional views from the global research desks of Ventura Prime FX! These are starting points for your own research to identify opportunities that make sense for you. |
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The U.S. stock market finished higher Friday amid the highly anticipated SpaceX IPO debut.
The S&P 500 rose 37.16 points (+0.5%) to 7,431.46, the Nasdaq-100 added 189.77 points (+0.64%) to 29,635.95, and the Dow climbed 353.51 points (+0.7%) to 51,202.26.
Most sectors advanced, led by Materials (XLB), Financials (XLF) and Utilities (XLU). The biggest laggards were Communication Services (XLC), Health Care (XLV) and Consumer Discretionary (XLY).
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U.S. Economic Developments: |
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The Michigan Consumer Sentiment Index improved to 48.9 in June, according to a preliminary reading. This is up from 44.8 reported for May and above 46 expected. The index has been generally trending lower since February 2024.
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SpaceX (SPCX) debuted in trading, jumping 19% to become the largest IPO ever and the sixth‑largest U.S.‑listed company with a $2.1 trillion market capitalization. Tesla (TSLA) rose 1.82% in tandem.
Advanced Micro Devices (AMD) gained 4.73% after Citigroup upgraded the stock to "Buy" from "Neutral".
Intel (INTC) climbed 6.51% following a two-notch upgrade to "Buy" from "Underperform" and a raised price target of $135 (from $96).
Adobe (ADBE) fell 6.76% after CFO Dan Durn announced he will leave on June 15 to become CFO of Marvell Technology (MRVL). The company also said its near-term priority is accelerating user acquisition and lifetime value via a freemium offering.
CoreWeave (CRWV) rose 5.02%, Nebius Group (NBIS) gained 4.55%, and Teradyne (TER) jumped 5.72% ahead of their addition to the Nasdaq-100 index on June 22.
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At the European close, the major indices in the region finished in positive territory. Germany's Dax gained 425pts (+1.76%) to 24635 and France's Cac 40 rose 150pts (+1.83%) to 8350 while the U.K.'s FTSE 100 increased 167pts (+1.63%) to 10471.
The U.K. economy contracted 0.1% month-on-month in April, matching expectations after a 0.3% rise in March. Industrial production was flat in April versus the prior month, below the expected 0.3% gain and following a 0.2% decline in March.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX dropped 1.76pt (-9.05%) to 17.68 and the US 10 year yield rose to 4.483%.
Precious Metals & Crude:
In the commodities market, Gold was relatively flat at 4213.8 and Silver rose 0.59 dollars (+0.87%) to 67.94. Meanwhile, WTI Crude Oil slipped 3.47 dollars (-3.96%) to 84.24, with investors growing positive about a potential peace deal in the Middle East.
The Dollar & Majors:
The dollar index dropped 0.08pts (-0.08%) to 99.779.
EUR/USD declined 10pips (-0.09%) to 1.1567.
GBP/USD slipped 12pips (-0.09%) to 1.34.
USD/JPY rose 30pips (+0.19%) to 160.22.
USD/CHF climbed 25pips (+0.31%) to 0.7969.
AUD/USD fell 2pips (-0.03%) to 0.7046.
USD/CAD advanced 22pips (+0.16%) to 1.3986.
Digital Assets:
Bitcoin rose 153 dollars (+0.24%) to 63497 while Ethereum fell 5 dollars (-0.3%) to 1665.
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Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out. |
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| Dow Jones (CME) (M6) intraday: the bias remains bullish. |
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| Pivot: |
| 51000 |
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| Our preference: |
| Long positions above 51000 with targets at 51600 & 51800 in extension. |
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| Alternative scenario: |
| Below 51000 look for further downside with 50830 & 50700 as targets. |
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| Comment: |
| The break above 51000 is a positive signal that has opened a path to 51600. |
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| S&P 500 (CME) (M6) intraday: turning up. |
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| Pivot: |
| 7395 |
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| Our preference: |
| Long positions above 7395 with targets at 7485 & 7530 in extension. |
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| Alternative scenario: |
| Below 7395 look for further downside with 7365 & 7340 as targets. |
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| Comment: |
| The next resistances are at 7485 and then at 7530. |
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| EUR/USD intraday : under pressure below 1.1589 |
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| Our pivot point is at 1.1589. |
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| Our preference: |
| Under pressure below 1.1589 |
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| Alternative scenario: |
| Above 1.1589, look for 1.1612 and 1.1626. |
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| Comment: |
| The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1572 and 1.1572). |
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| GBP/USD intraday : under pressure below 1.3437 |
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| Our pivot point is at 1.3437. |
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| Our preference: |
| Under pressure below 1.3437 |
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| Alternative scenario: |
| Above 1.3437, look for 1.3472 and 1.3493. |
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| Comment: |
| The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3410 and 1.3410). |
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| USD/JPY intraday : the upside prevails as long as 160.07 is support |
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| Our pivot point is at 160.07. |
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| Our preference: |
| The upside prevails as long as 160.07 is support |
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| Alternative scenario: |
| Below 160.07, expect 159.90 and 159.79. |
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| Comment: |
| The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is below its 20 period moving average (160.22) but above its 50 period moving average (160.18). |
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| Gold intraday: the bias remains bullish. |
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| Pivot: |
| 4170 |
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| Our preference: |
| Long positions above 4170 with targets at 4245 & 4270 in extension. |
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| Alternative scenario: |
| Below 4170 look for further downside with 4110 & 4060 as targets. |
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| Comment: |
| The next resistances are at 4245 and then at 4270. |
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| Silver intraday: intraday support around 66.50. |
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| Pivot: |
| 66.50 |
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| Our preference: |
| Long positions above 66.50 with targets at 68.80 & 70.10 in extension. |
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| Alternative scenario: |
| Below 66.50 look for further downside with 65.80 & 64.50 as targets. |
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| Comment: |
| The next resistances are at 68.80 and then at 70.10. |
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| Crude Oil (WTI) (N6) intraday: turning down. |
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| Pivot: |
| 87.10 |
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| Our preference: |
| Short positions below 87.10 with targets at 82.40 & 80.20 in extension. |
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| Alternative scenario: |
| Above 87.10 look for further upside with 88.90 & 91.50 as targets. |
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| Comment: |
| The RSI is below its neutrality area at 50% |
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TRADING FOREIGN EXCHANGE ON MARGIN CARRIES A HIGH LEVEL OF RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.
THE POSSIBILITY EXISTS THAT YOU COULD SUSTAIN A LOSS OF SOME OR ALL OF YOUR INITIAL INVESTMENT AND THEREFORE YOU SHOULD NOT INVEST MONEY THAT YOU CANNOT AFFORD TO LOSE.
THE HIGH DEGREE OF LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU. BEFORE DECIDING TO TRADE FOREIGN EXCHANGE OR CFD’S YOU SHOULD CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES, LEVEL OF EXPERIENCE, AND RISK APPETITE.
YOU SHOULD BE AWARE OF ALL THE RISKS ASSOCIATED WITH FOREIGN EXCHANGE AND OTHER CFD TRADING, AND SEEK ADVICE FROM AN INDEPENDENT FINANCIAL ADVISOR IF YOU HAVE ANY DOUBTS. VPFX RECOMMENDS READING THE RISK DISCLOSURE SECTION OF THE PROSPECTUS FOR ANY FINANCIAL PRODUCT MENTIONED.
VPFX is the trading name for Ventura Prime FX Limited with registration number LL16224 registered in Labuan F.T., Malaysia.
Ventura Prime FX Limited is authorised and regulated by the Labuan Financial Services Authority (LFSA). Registered Address:Kensington Gardens, No U1317, Lot 7616, Jalan Jumidar Buyong, 87000 Labuan Federal Territory, Malaysia
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