Weekly Market Report: May 20, 2022
The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!
May 20, 2022
US stocks lower; OIl up
US stocks were lower after the close on Thursday, as losses in the consumer goods, technology and financials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 0.75% to hit a new 52-week low, while the S&P 500 index declined 0.58%, and the NASDAQ Composite index lost 0.26%.
The RSI is below its neutrality area at 50%.
For short positions below 31570, look for targets at 31000 and 30820 in extension.
If the price moves above 31570, look for a further upside with 31730 and 31930 as targets.
USD/JPY rose 0.3% to 128.57, with the safe-haven yen sliding during Thursday’s session
The RSI has just struck against its neutrality area at 50% and is reversing down.
Should the rate slide below 128.20, check out new targets at 127.35 and 127.00 in extension.
In the event of a price rise above 128.20, look for a further upside with 128.55 and 128.90 as targets.
US gold futures settled up 1.4% at $1,841.20 an ounce, as a weaker dollar and Treasury yields burnished bullion's safe-haven appeal.
The RSI is bullish and calls for further advance.
For long positions above 1833.00, check out targets at 1849.00 and 1858.00 in extension.
Should the rate drop below 1833.00, look for a further downside with 1825.00 and 1818.00 as targets.
US crude futures rose $2.62 to settle at the rate of $112.21 a barrel.
The RSI advocates for further upside.
If the price climbs above 109.60, look for targets at 113.50 and 115.40 in extension.
In the case of a price dip below 109.60, look for a further downside with 108.00 and 106.70 as targets.
EUR/USD rose 1% to the price of $1.0585.
The RSI calls for a new upleg.
Should there be a price rise above 1.0550, discover new targets at 1.0610 and 1.0630 in extension.
If the rate slides below 1.0550, look for a further downside with 1.0530 and 1.0510 as targets.
GBP/USD marches towards 1.24. However, economists at ING expect the pair to break under 1.2330 in a move back to the 1.22 lows.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
For long positions above 1.2410, check out targets at 1.2510 and 1.2540 in extension.
Should the rate fall below 1.2410, look for a further downside with 1.2370 and 1.2340 as targets.
Customer Notice: 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. 1Market 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. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.
Trade with a Licensed Broker
Licensed by CySEC
Our EU client portal, operated by Exelcius Prime Ltd. under CySEC Regulation, license number 366/18.
Our global client portal.