How to trade on June 23?

How to trade on June 23?

Fundamental factors

  • Trump’s adviser Peter Navarro roiled the market. He said that the US-China trade deal is over during the interview by Fox News. Stock dropped

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  • Later, the US president calmed the market’s participants down. The phase one agreement of the trade deal is enforceable. Both sides officially claimed that they intend to stick to the deal.
  • That situation has proven that the US-China relationship is still one of the key drivers of the market.
  • The Australian Manufacturing PMI tuned out 49.8, it was better than analysts expected. That data encouraged investors as above 50.0 indicates industry expansion. AUD jumped.
  • The Japanese Manufacturing PMI came worse than forecasts. JPY loosened.

Technical tips

 S&P 500

Most analysts don’t expect another pullback this week. S&P 500 is headed towards new highs. It has just passed 3110. If bulls are as strong as most anticipate, the stock index will surge to 3225. Support levels are 3020 and 3000.

S&P500Daily.png

AUD/USD

The AUD/USD rose on the positive industry data. If it crosses the resistance at 0.6950, it will open doors toward the June high at 0.7020. Nevertheless, if risk-averse returns, the pair will slump to 0.6800.

AUDUSDH4.png

 USD/JPY

The Japanese yen weakened against the US dollar on the poor PMI data. The 50-day moving average at 107.40 is a key resistance that the pair struggles to break. If it crosses it, it will soar to 38.2 % Fibonacci level at 107.85. Support levels are 106.80 and 106.00.

USDJPYDaily.png

WTI oil

The WTI oil price has reached the three-months high. It has crossed $40.5 a barrel. Now it’s moving up towards the early March highest point at $47.5. Support levels are $36 and $32.

WTI_OilDaily.png

To trade WTI with FBS you need to choose WTI-20N.

Upcoming news today:

  • The French, German and EU PMI will be released at 10:15, 10:30 and 11:00 MT time, respectively.
  • The UK PMI will be reported at 11:30 MT time.
  • The US PMI will be published at 16:45 MT time.  

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Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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