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Daily Market Report

Crude Climbs 2% Ahead of June Jobs Report

June 30, 2020

U.S. Stock Market

Pivot : 3,152.00 Last : 3,035.57

Review:

U.S. indices closed higher on Monday, thanks to gains in the Telecom, Industrials and Consumer Goods sectors. The Dow Jones Industrial Average added 2.32%, while the S&P 500 added 1.47%, and the NASDAQ Composite gained 1.20%.

Technical comment:

The S&P 500 RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 3,152 with targets at 2,965 and 2,863 in extension.

Alternative scenario:

Above 3,152, look for further upside with 3,231 and 3,330 as targets.

Resistance 3,152.00 3,231.00 3,330.00
Support 2,965.00 2,863.00 2,713.00

USD/JPY

Pivot : 108.00 Last : 107.19

Review:

The USD/JPY fell on Monday to close at 107.19.

Technical comment:

As long as the resistance at 108 is not surpassed, the risk of a break below 106 remains high.

Preference scenario:

Short positions below 108 with targets at 106 and 104.50 in extension.

Alternative scenario:

Above 108, look for further upside with 109.65 and 111.20 as targets.

Resistance 108.00 109.65 111.20
Support 106.00 104.50 102.40

Gold

Pivot : 1,705.0 Last : 1,770.3

Review:

Gold stayed within striking distance of the $1,800 per ounce target on Monday, with the safe-haven crowd keeping the yellow metal in positive territory despite an unexpected increase in risk appetite by investors shrugging off some of their COVID-19 fears. U.S. gold futures for August delivery settled up 90 cents, or 0.05%, at $1,781.20 per ounce on New York’s COMEX. On Thursday, the contract price spiked to $1,796.10, its highest point since November 2011. Spot gold rose by 80 cents, or 0.05%, to $1,772.27 by 15:24 ET (20:24 BST). The bullion indicator hit an intraday high of $1,779.45 on Thursday, marking a peak since October 2012.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 1,705 with targets at 1,825 and 1,855 in extension.

Alternative scenario:

Below 1,705, look for further downside with 1,655 and 1,610 as targets.

Resistance 1,825.0 1,855.0 1,885.0
Support 1,705.0 1,655.0 1,610.0

Oil

Pivot : 34.00 Last : 39.35

Review:

Bets that U.S. economic data and road traffic numbers will improve over time are helping the oil bulls, even as coronavirus infections set new records in Florida, South Carolina, and Nevada. Crude prices rose as much as 2%, answering the prayers of those banking on an optimistic U.S. jobs report for June and better weekly demand numbers for fuel — both expected later in the week. Assurances of unlimited stimulus from the Federal Reserve — a long-running theme across U.S. markets — also nudged oil higher.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

Long positions above 34 with targets at 42.50 and 48 in extension.

Alternative scenario:

The RSI is bullish and calls for further upside.

Resistance 42.50 48.00 50.00
Support 34.00 30.80 27.50

EUR/USD

Pivot : 1.1100 Last : 1.1246

Review:

The EUR/USD rose on Monday to close at 1.1246.

Technical comment:

Even though a continuation of the current consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Long positions above 1.1100 with targets at 1.1375 and 1.1495 in extension.

Alternative scenario:

Below 1.1100, look for further downside with 1.1000 and 1.0870 as targets.

Resistance 1.1375 1.1495 1.1565
Support 1.1100 1.1000 1.0870

GBP/USD

Pivot : 1.2555 Last : 1.2293

Review:

The GBP/USD fell 0.32% to $1.2293.

Technical comment:

A break below 1.2245 would likely trigger a drop towards 1.2060.

Preference scenario:

Short positions below 1.2555 with targets at 1.2245 and 1.2060 in extension.

Alternative scenario:

Above 1.2555, look for further upside with 1.2815 and 1.2980 as targets.

Resistance 1.2980 1.2815 1.2555
Support 1.2245 1.2060 1.1950

Disclaimer: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.