NAGA Weekly Recap | June 5 — June 9 — 2023
This week witnessed the NASDAQ's steepest dip since April and the unveiling of Apple's innovative 'Vision Pro' headset. Gold prices flirted with free fall, and EUR/USD set sights on the 1.0850 mark. Navigate these turbulent waters with us for a closer look at the highlights 👇
NASDAQ plunges by 1.86% in the biggest sell-off since April
The NASDAQ sees its most significant selloff since April, declining by 1.86% during yesterday’s US trading session. They were partially triggered by pending orders, which could be seen in the depth of the market shortly after the US trading bell rang. However, the downward trend was also influenced by hawkish sentiment around the globe, which may also affect the Federal Reserve.
Higher bond yields and interest rates are known to pressure the stock market. In addition to this, investor sentiment declined due to lower exports from China and the OECD’s prediction of lower global economic growth. In response, the NASDAQ and SNP500 declined.
Trading involves significant risk of loss.
Apple ($AAPL) introduced its new $3,499 'Vision Pro' mixed-reality headset
Tim Cook revealed Apple's first mixed-reality headset, the Vision Pro, during the company's annual keynote at the Worldwide Developers Conference on Monday. It'll launch early next year.
The Vision Pro represents Apple's first major product release since the Apple Watch was announced in 2014, and has been years in the making, reportedly with some setbacks and product design compromises along the way.
Trading involves significant risk of loss.
Gold prices are at risk of free fall below the 100-day MA at $1,950
Gold prices fell by approximately $30 due to an unexpected rate hike by the Bank of Canada (BoC), which had a widespread impact on the markets.
Following the Reserve Bank of Australia (RBA), the Bank of Canada also surprised the market with a 25 basis points increase, leading to complete pricing in of a 25 basis points rate hike by the US Federal Reserve (Fed) in July.
It is evident that retail traders currently have a bullish stance on gold, with 73% of traders holding long positions (as of now).
Trading involves significant risk of loss.
EUR/USD now targets the 1.0850 region
EUR/USD is poised to target the 1.0850 region as momentum continues to build. However, there is uncertainty about sustaining levels above 1.0800 due to overbought conditions in the market. There is support at 1.0760, and a break below 1.0740 suggests a decrease in upward pressure.
Looking ahead to the next 1-3 weeks, there is a tentative increase in upward momentum. Strong resistance is anticipated between 1.0800 and 1.0815. As long as EUR remains above 1.0730, there is potential for the upward momentum to persist in the coming days.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
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