US OPENING BELL 20-06-2022
US FUTURES EDGE HIGHER FOLLOWING THE POSITIVE FIRST HALF OF THE EU SESSION; EYES ON LAGARDE SPEECH IN THE US SEMI-CLOSING DAY
US future indices edge higher this Monday following the EU trend, where Dax 40 is gaining 0.39%, Eurostoxx 50 0.32%. As mentioned, US markets will remain semi-closed today for the Juneteenth Day, which could mean low trading volumes in all major markets.
All major cryptos continue to try a pullback from the recent multi-year bottoms, with Ethereum up by almost 10% at around 1150.
Elsewhere, no significant move on WTI, which is still below the psychological level of 110, and Gold, which is trading around parity today.
EURUSD, M15
The EURUSD pulled back, finding support around the D-1 VAH, after posting a relative high this morning around 8:15. It gained then some bullish momentum posting a new higher high, and it could confirm the positive bias for the rest of the day, or at least until Lagarde’s speech, which could reshuffle the cards. From a technical point of view and considering an intraday perspective, until EURUSD manage to hold the W-1 VAH, the upside channel in which prices are currently trading could lead the pair up to the yearly LVN and the 1.0614 mark. On the other hand, if prices break the D-1 VAH downward and eventually come back into the W-1 Value Area, other drops are expected to target the W-1 POC first and the W-1 VAL then.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 1.0509, 1.0490, 1.0446, 1.0407.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 1.0580, 1.0614.
SP500, M30
It seems that the main US index started a new accumulation phase from the long-term support area between 3580 and 3646. Prices pulled back twice from that support, which could mean buyers tried to support the market around that area. The index broke the last Friday’s VAH upward this morning, which could be considered a positive bias for the day. Until prices remain above the D-1 VAH and the W-1 POC, the most likely scenario is a continuation of the short-term uptrend to target the 3733 area first and the W-1 VAH. The area around the 3733 mark will probably be significant because above it there are a lot of volumetric gaps that could be filled quickly in case of a breakout of that level. On the flip side, if prices fail to stay above the main intraday support level, the D-1 VAH, the most likely scenario becomes a drop to target again the W-1 VAL.
Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 3701, 3676, 3646.
Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 3733, 3772.
