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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Market Wrap: Stocks, Bonds, Commodities
On Friday, the Nasdaq 100 fell 322 points (-1.09%) to 29,118, dragged by losses in AI-related chip stocks.
The S&P 500 dipped 3 points (-0.05%) to 7,354, and the Dow Jones slipped 44 points (-0.09%) to 51,876.
ON Semiconductor (ON) plunged 23.66% after agreeing to acquire internet-of-things company Synaptics (SYNA) in an all-stock deal valued at approximately 7 billion dollars.
Micron Technology (MU) retreated 6.69% after surging 16% in the prior session.
Data-storage stocks also closed lower, with SanDisk (SNDK) sliding 10.46%, Western Digital (WDC) down 13.17%, and Seagate Technology (STX) down 12.24%.
Eli Lilly (LLY) jumped 7.13% after European regulators backed its Jaypirca drug for chronic lymphocytic leukemia.
Moderna (MRNA) also surged 12.59%.
European stock markets closed lower as well, with the DAX 40 falling 1.29%, the CAC 40 down 0.55%, and the FTSE 100 down 0.21%.
U.S. WTI crude futures fell 2.69 dollars (-3.74%) to 69.23 dollars a barrel, down nearly 9% for the week.
Gold rebounded a further 62 dollars (+1.54%) to 4,089 dollars an ounce.
Over the weekend, the U.S. struck military targets in Iran after the latter attacked shipping vessels in the Strait of Hormuz.
Market Wrap: Forex
The U.S. dollar softened against major currencies for a second consecutive session, with the dollar index easing slightly to 101.32 – though it posted gains for two consecutive weeks.
The U.S. non-farm payrolls report for June is due Thursday.
U.S. markets are closed Friday for the Independence Day holiday.
EUR/USD rose 19 pips to 1.1388.
USD/JPY dipped to 161.73. The Bank of Japan Tankan large manufacturers index for the second quarter will be released Wednesday.
GBP/USD gained 8 pips to 1.3199.
Over the weekend, Bitcoin struggled to hold the 60,000-dollar level.
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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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| Crude Oil (WTI) (Q6) intraday: towards 68.60. |
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| Pivot: |
| 70.90 |
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| Our preference: |
| Short positions below 70.90 with targets at 69.30 & 68.60 in extension. |
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| Alternative scenario: |
| Above 70.90 look for further upside with 71.85 & 72.50 as targets. |
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| Comment: |
| As long as 70.90 is resistance, look for choppy price action with a bearish bias. |
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| Gold intraday: intraday support around 4040. |
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| Pivot: |
| 4040 |
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| Our preference: |
| Long positions above 4040 with targets at 4095 & 4122 in extension. |
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| Alternative scenario: |
| Below 4040 look for further downside with 4005 & 3985 as targets. |
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| Comment: |
| The RSI is above its neutrality area at 50%. |
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| GBP/USD intraday: under pressure. |
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| Pivot: |
| 1.3230 |
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| Our preference: |
| Short positions below 1.3230 with targets at 1.3170 & 1.3150 in extension. |
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| Alternative scenario: |
| Above 1.3230 look for further upside with 1.3250 & 1.3270 as targets. |
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| Comment: |
| As long as 1.3230 is resistance, likely decline to 1.3170. |
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| USD/JPY intraday: aim @ 161.90. |
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| Pivot: |
| 161.65 |
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| Our preference: |
| Long positions above 161.65 with targets at 161.90 & 162.05 in extension. |
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| Alternative scenario: |
| Below 161.65 look for further downside with 161.50 & 161.35 as targets. |
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| Comment: |
| The break above 161.65 is a positive signal that has opened a path to 161.90. |
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| EUR/USD intraday: watch 1.1370. |
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| Pivot: |
| 1.1410 |
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| Our preference: |
| Short positions below 1.1410 with targets at 1.1370 & 1.1350 in extension. |
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| Alternative scenario: |
| Above 1.1410 look for further upside with 1.1435 & 1.1455 as targets. |
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| Comment: |
| A break below 1.1370 would trigger a drop towards 1.1350. |
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| Dow Jones (CME) (U6) intraday: towards 52860. |
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| Pivot: |
| 52130 |
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| Our preference: |
| Long positions above 52130 with targets at 52620 & 52860 in extension. |
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| Alternative scenario: |
| Below 52130 look for further downside with 51930 & 51720 as targets. |
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| Comment: |
| The RSI advocates for further upside. |
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| S&P 500 (CME) (U6) intraday: aim @ 7525. |
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| Pivot: |
| 7365 |
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| Our preference: |
| Long positions above 7365 with targets at 7490 & 7525 in extension. |
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| Alternative scenario: |
| Below 7365 look for further downside with 7330 & 7295 as targets. |
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| Comment: |
| The RSI calls for a bounce. |
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| Silver intraday: bullish bias above 57.90. |
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| Pivot: |
| 57.90 |
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| Our preference: |
| Long positions above 57.90 with targets at 59.60 & 60.70 in extension. |
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| Alternative scenario: |
| Below 57.90 look for further downside with 56.90 & 55.60 as targets. |
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| Comment: |
| The next resistances are at 59.60 and then at 60.70. |
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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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