Technical Analysis:Your Daily Dose of Market Insights, June 21, 2023

Today's Headlines:

- Chinese Stocks Lose Momentum Again as Hang Seng Index drops about 2% ahead of holiday, yuan weakens.

- US Futures Fluctuate, European Contracts Rise Slightly, and Japanese Shares Buck the Trend in Asia.

- Goldman Sachs strategists advise funds to consider hedging S&P 500 exposure due to risks of crowded bullish positioning, overblown valuations, and hawkish signals from the Fed.

- Bond Yields Fall in Asia, while Dollar Strength Inched Up against G10 currencies except the yen.

- Fed Chair Jerome Powell's semi-annual report to Congress expected to have a hawkish tone, with forecasts implying potential rate hikes.

- Oil Prices Rose Slightly as traders assess China's outlook and anticipate Powell's commentary.

- Bitcoin Hits Six-Week High on crypto initiatives involving major players from the traditional financial sector.

- UK inflation shocker, possible further rate hikes back Sterling.

Key events today:

• UK inflation data

• Federal Reserve Chair Jerome Powell delivers semi-annual congressional testimony before the House Financial Services Committee

• Chicago Fed President Austan Goolsbee speaks

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Dollar Index (DXY) Intraday:

Pivot Level: 102.55

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Gold Intraday:

Pivot Level: 1941.15

USD/JPY Intraday:

Pivot: 141.64

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AUD/USD Intraday:

Pivot: 0.6799

Crude Oil (WTI)‎ Intraday:

Pivot: 70.40

USD/CAD Intraday:

Pivot: 1.3238

EUR/USD Intraday:

Pivot: 1.092

GBP/USD Intraday:

Pivot: 1.276

EUR/GBP Intraday:

Pivot: 0.8555

Nasdaq 100 Intraday:

Pivot: 15,048.00

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