Daily Review for June 09, 2021
Traders are looking ahead to the European Central Bank’s interest rate decision which will be held tomorrow.
They are also awaiting the US inflation data, where economists expect the 2% inflation target to be exceeded.
DAX 30 is looking to consolidate the 15,600 zone. The market expects the ECB to take the initiative in terms of monetary policy. Therefore, fixed income and equities in Europe could show the first interesting volatilities of the week.
Crude oil keeps the upward trend and reaches the USD$70 per barrel mark. The market is now waiting for the US inventories data.
Wall Street indices are sideways awaiting the US inflation data.
EURUSD starts to rise after the European Parliament’s approval of the Covid passport.
| DAX 30 -0.10% |
| Futures in Europe are mixed as traders are focused on inflation data. Tomorrow, we will see the European Central Bank’s interest rate decision. Also, tomorrow, the US inflation data will be announced. At the moment, traders are testing the possible scenarios and expect the ECB to take the lead in monetary policy. At the moment the DAX 30 is down 0.10% and is trading at 15,645. |
 |
| Support 1: 15,647 Support 2: 15,641 Support 3: 15,632 Resistance 1: 15,662 Resistance 2: 15,671 Resistance 3: 15,677 Pivot Point: 15,656 |
| The index remains above 15,600 points. It is trending sideways towards 15,656. Expected trading range between 15,632 and 15,677. Pivot point at 15,656. RSI neutral. |
| CRUDE OIL +0.36% |
| Crude oil price reached the USD$70 per barrel mark. It is currently up 0.36% and is trading at USD$70.29. Today, the data on the IEA crude oil inventories report will be announced. Analysts forecast a drop of at least 2 million barrels. If the data exceeds expectations, there could be a rebound towards resistance 2 and 3, reaching prices of USD$71 to 72. |
 |
| Support 1: 70,29 Support 2: 70,11 Support 3: 70,00 Resistance 1: 70,58 Resistance 2: 70,69 Resistance 3: 70,87 Pivot Point: 70,40 |
| After crossing the Ichimoku cloud, the price headed to resistance 1. Bulls seeks to consolidate the zone, looking to climb towards 71. They are also expecting a favorable inventory report, that marks the bullish channel towards 80. Pivot point at 70.40. |
| S&P500 +0.02% |
| Wall Street indexes are sideways waiting for the US inflation data to set a new trend. The S&P500 is up 0.02% and is trading at 4,225. Economists are forecasting a US inflation rate of 0.4% for May. Depending on the outcome, the Fed’s tapering and/or interest rate hike strategy could be known. |
 |
| Support 1: 4,224.28 Support 2: 4,222.95 Support 3: 4,221.28 Resistance 1: 4,227.28 Resistance 2: 4,228.95 Resistance 3: 4,230.28 Pivot Point: 4,225.95 |
| Expected trading range between 4,221 and 4,230. Pivot point at 4,225. RSI neutral. Sideways movement towards 4,225. Market expectation in the medium term is that the US reaches the 2% annual inflation target. |
| EURUSD +0.07% |
| The European Parliament has approved the Covid passport. This is aimed at recovering the economic sectors mainly driven by tourism. In this way, all international travelers with covid-19 vaccination will be able to enter the Euro Zone. The EURUSD is up 0.07% and is trading at 1.2176. With this measure, a greater flow of Euros is expected for the summer in the Euro Zone. |
 |
| Support 1: 1.2177 Support 2: 1.2172 Support 3: 1.2166 Resistance 1: 1.2187 Resistance 2: 1.2192 Resistance 3: 1.2198 Pivot Point: 1.2182 |
| The price is between the pivot point and the resistance 1. Possible trend change. Trading range between 1.2166 and 1.2198. Pivot point at 1.2182. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
Risk Disclaimer
Any information/articles/materials/content provided by Capitalix or displayed on its website is intended to be used for educational purposes only and does not constitute investment advice or a consultation on how the client should trade.
Although Capitalix has ensured that the content of such information is accurate, it is not responsible for any omission/error/miscalculation and cannot guarantee the accuracy of any material or any information contained herein.
Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the client and Capitalix accepts no liability for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.
Risk Warning: Forex/CFDs trading involves significant risk to your invested capital. Please read and make sure that you fully understand our Risk Disclosure Policy.
You should ensure that, depending on your country of residence, you are allowed to trade Capitalix.com products. Please ensure that you are familiar with the company’s risk disclosure.