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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U.S. futures consolidated on Friday as markets were closed for Juneteenth, and following postponed U.S.–Iran talks amid intensified fighting in Lebanon. However, U.S. officials said Israel and Hezbollah agreed to a renewed ceasefire.
On Thursday, the U.S. stock market finished higher on the back of a tech stock rally. The S&P 500 advanced 80.48pts (+1.08%) to 7500.58, the Nasdaq 100 rose 735.246pts (+2.48%) to 30406.194, and the Dow increased 72.15pts (+0.14%) to 51564.7. On the sector front, the outperforming sectors were Technology (XLK), Consumer Discretionary (XLY), and Industrials (XLI) while Energy (XLE), Financials (XLF), and Health Care (XLV) underperformed the most.
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At the European close, the major indices in the region finished in negative territory. Germany's Dax fell 40pts (-0.16%) to 24985 while France's Cac 40 declined 46pts (-0.55%) to 8421 and the U.K.'s FTSE 100 dropped 36pts (-0.35%) to 10363.
On the data calendar, Germany's producer prices rose 2.2% year-on-year in May (vs. 2.5% expected), after a 1.7% increase in April. U.K. retail sales jumped 1.2% month-on-month in May (consensus +0.5%) following a revised 1.0% drop in April. Finally, the GfK consumer confidence index held at −23 in June (vs. −24 expected).
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Global Macro, FX & Commodities: |
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Precious Metals & Crude:
In the commodities market, Gold fell 48.59 dollars (-1.15%) to 4160 and Silver dropped 0.92 dollars (-1.39%) to 64.9.
WTI Crude Oil advanced 0.94 dollars (+1.23%) to 77.54 after U.S.-Iran talks were postponed as Israel said it had carried out strikes in Lebanon.
The Dollar & Majors:
The dollar index slid 0.13pts (-0.13%) to 100.72.
EUR/USD rose 21pips (+0.18%) to 1.1477.
GBP/USD climbed 32pips (+0.24%) to 1.3234.
USD/JPY declined 11pips (-0.07%) to 161.26.
USD/CHF climbed 19pips (+0.24%) to 0.8064.
AUD/USD fell 2pips (-0.03%) to 0.7012.
USD/CAD advanced 37pips (+0.26%) to 1.4173. Canadian retail sales rose 1.0% month-over-month in May, above the 0.3% forecast.
Digital Assets:
Finally, in the cryptocurrencies market, Bitcoin fell 94 dollars (-0.15%) to 62923 and Ethereum dropped 10 dollars (-0.61%) to 1698.
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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) (U6) intraday: choppy. |
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| Pivot: |
| 52120 |
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| Our preference: |
| Short positions below 52120 with targets at 51680 & 51470 in extension. |
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| Alternative scenario: |
| Above 52120 look for further upside with 52280 & 52420 as targets. |
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| Comment: |
| The RSI is below its neutrality area at 50% |
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| S&P 500 (CME) (U6) intraday: 7520 in sight. |
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| Pivot: |
| 7580 |
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| Our preference: |
| Short positions below 7580 with targets at 7520 & 7488 in extension. |
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| Alternative scenario: |
| Above 7580 look for further upside with 7615 & 7635 as targets. |
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| Comment: |
| The RSI is around its neutrality area at 50% |
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| EUR/USD intraday : the upside prevails as long as 1.1449 is support |
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| Our pivot point is at 1.1449. |
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| Our preference: |
| The upside prevails as long as 1.1449 is support |
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| Alternative scenario: |
| Below 1.1449, expect 1.1426 and 1.1412. |
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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 above its 20 and 50 period moving average (respectively at 1.1469 and 1.1459). |
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| GBP/USD intraday : as long as 1.3199 is support look for 1.3310 |
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| Our pivot point is at 1.3199. |
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| Our preference: |
| As long as 1.3199 is support look for 1.3310 |
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| Alternative scenario: |
| Below 1.3199, expect 1.3167 and 1.3147. |
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| Comment: |
| The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3230 and 1.3214). |
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| USD/JPY intraday : the upside prevails as long as 161.13 is support |
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| Our pivot point is at 161.13. |
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| Our preference: |
| The upside prevails as long as 161.13 is support |
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| Alternative scenario: |
| Below 161.13, expect 160.97 and 160.87. |
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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 above its 20 and 50 period moving average (respectively at 161.27 and 161.29). |
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| Gold intraday: choppy. |
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| Pivot: |
| 4180 |
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| Our preference: |
| Short positions below 4180 with targets at 4125 & 4105 in extension. |
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| Alternative scenario: |
| Above 4180 look for further upside with 4230 & 4270 as targets. |
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| Comment: |
| The index currently faces a challenging resistance area at 4180. |
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| Silver intraday: key resistance at 65.30. |
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| Pivot: |
| 65.30 |
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| Our preference: |
| Short positions below 65.30 with targets at 63.20 & 62.25 in extension. |
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| Alternative scenario: |
| Above 65.30 look for further upside with 66.10 & 67.00 as targets. |
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| Comment: |
| The upward potential is likely to be limited by the resistance at 65.30. |
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| Crude Oil (WTI) (Q6) intraday: the bias remains bullish. |
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| Pivot: |
| 74.80 |
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| Our preference: |
| Long positions above 74.80 with targets at 77.10 & 78.50 in extension. |
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| Alternative scenario: |
| Below 74.80 look for further downside with 73.50 & 72.85 as targets. |
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| Comment: |
| The next resistances are at 77.10 and then at 78.50. |
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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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