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On January 13, the Goldman Sachs research team said in a report that Goldman Sachs maintained its generally bullish outlook for the U.S. dollar against Asian currencies, partly due to a stronger outlook for the U.S. dollar this year. Taking into account the foreign exchange trends in December and the revision of the Feds rate cut forecast by Goldman Sachs economists after the release of the strong non-farm payrolls report last Friday, Goldman Sachs updated its dollar/Asian foreign exchange forecast, raising the forecast for the U.S. dollar/yen from 155 to 160 in the next three months, from 157 to 161 in the next six months, and from 159 to 162 in the next 12 months. Goldman Sachs also raised its forecasts for some other U.S. dollar/Asian foreign exchange, such as the U.S. dollar against the Singapore dollar from 1.3600 to 1.3900 in the next three months, from 1.3800 to 1.4000 in the next six months, and from 1.3800 to 1.4100 in the next 12 months.On January 13, the markets expectations for the Federal Reserves rate cuts this year have cooled, and Hong Kong real estate stocks were under pressure today. The MTR Corporation (00066.HK) was last reported at HK$24.1, down 4.4%. HSBC Global Research published a report saying that it downgraded the rating of MTR from "buy" to "hold" and lowered the target price from HK$34.6 to HK$27, which is equivalent to widening the discount to its net asset value per share forecast (HK$32.1) to 16%. The bank said that although the recurring business of MTR continued to improve, the bank believed that the rising capital expenditure cycle may have the risk of lowering profitability. The bank regards MTR as a defensive share in its industry, but the recent catalysts are limited. Taking into account the increase in financing costs and lower rental forecasts, the bank lowered its profit forecast for 2024 to 2026 by 2% to 7.5%.According to the Islamic Republic News Agency (IRNA): Irans Foreign Minister said that Iran will adjust its relations with any Syrian government chosen by the Syrian people.SpaceXs competitor Blue Origin live-streamed the maiden flight of its New Glenn heavy-lift rocket on the social media platform "X", and Musk wished it good luck.On January 13, Lian Ping, chief economist of Guangkai Industrial Research Institute, pointed out that moderately loose monetary policy in 2025 will nourish the financial market, and the deposit reserve ratio is expected to be lowered by about 1 percentage point throughout the year; the policy interest rate is expected to be lowered by 0.4-0.5 percentage points, and the LPR is further reduced by 0.3-0.6 percentage points. In terms of exchange rate, Lian Ping expects that the midpoint of the USD/RMB exchange rate in 2025 will fluctuate in both directions within the range of 7.0-7.5.

E-Mini Dow Trading on Strong Side of Main Retracement Zone

Skylar Shaw

Apr 21, 2022 10:06


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Investors brushed over weak Netflix results, which weighed on the S&P 500 and NASDAQ Composite.


June E-mini Dow Jones Industrial Average futures are trading higher just before the cash market opens on Wednesday. Meanwhile, Procter & Gamble and International Business Machines are leading the blue chip average with solid results.


June E-mini Dow Jones Industrial Average futures are trading at 34966, up 125 points or 0.36 percent, at 12:27 GMT. The SPDR Dow Jones Industrial Average ETF (DIA) closed at $349.14 on Tuesday, up $5.04 or 1.47 percent from its previous close.


In stock news, Procter & Gamble's shares rose by 1% after reporting better-than-expected profits.


Procter & Gamble also raised its full-year sales forecast. Another Dow component, IBM, surged more than 1% after reporting better-than-expected profits and sales.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is up. Buyers knocked out the last major top at 34820 on Tuesday, bringing it back up. The primary trend will be changed to down if a transaction is made through 34002.


The minor trend is upwards as well. A trade through 34179 will shift momentum to the downward and alter the minor trend to down.


36708 to 32086 is the primary range. The market is now edging closer to the top of its retracement zone, which runs from 34942 to 34397.

Technical Forecast for the Daily Swing Chart

Trader response to 34942 is expected to impact the direction of the June E-mini Dow Jones Industrial Average futures contract on Wednesday.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 34942. The uptrend will be reaffirmed if the next big top at 35015 is taken out. This might lead to a run to the major peak at 35281 on March 29. This might be a tipping point for a move higher, with the February 9 major peak at 35649 being the next objective.

Scenario that is bearish

The presence of selling will be signaled by a persistent rise below 34942. We might see a break through the 50% mark at 34397 if this develops enough downward momentum.