Daily Market Outlook, 22 July, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street’s main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla. The tech-heavy Nasdaq added 1.4 percent to lead the gains while the S&P 500 closed at its highest level since June 9.

The Dow Jones Industrial Average rose 162.06 points to 32,036.90, the S&P 500 gain 39.05 points to 3,998.95 and the Nasdaq Composite add 161.96 points to 12,059.61.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.14% to 644.04 levels. Australian index lower 0.04% to 6,791.50. Japanese Nikkei Index ascend 0.40% to 27,914.66.

European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 0.09% to 3,599.65, Germany’s DAX advance 0.21% to 13,271.61, and France’s CAC ascend 0.09% to 6,206.65, and U.K.’s FTSE 100 surge 0.26% to 7,288.55.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 2.72% to 2.8290.

Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week.

Spot Brent crude oil add 0.16% to $104.03 per barrel. US West Texas Intermediate crude is up 0.01% to $96.39 a barrel.

The yellow metal gold is advance 0.20% to 1,716.90 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged lower Friday, while the euro gave back a lot of the knee-jerk gains that followed the European Central Bank’s Thursday decision to raise borrowing costs by more than expected.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.26% to 107.085.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.79% today. This left the pair trading around $1.01470.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is ascend 0.24% to 137.700 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.20% to 0.68150, and NZD/USD down 0.27 to 0.62330 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.01850

Preferable Price Action: Take sell positions below pivot level with targets at 1.01290 & 1.00840 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.02350 & 1.02750.

Comment: RSI below 50 levels and Pair below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


GBP/USD Intraday: Resistance level at 1.19900

Our pivot point is at 1.19900

Preferable Price Action: Sell positions below pivot with targets at 1.18960 & 1.18380 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.20680 & 1.21200.

Comment:  RSI below 50 levels and pair below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


USD/JPY Intraday: Trend on the downside

Our pivot point is at 137.960

Preferable Price Action: Sell position below pivot with the target at 137.050 and 136.500 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 138.720 and 139.280.

Comment: MACD is negative territory and Pair below 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


AUD/USD Intraday: Major resistance level at 0.69160

Our pivot point is at 0.69160

Preferable Price Action: Sell Positions below pivot with targets at 0.68550 & 0.68160 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.69670 & 0.70070 as targets.

Comment: RSI below 50 levels and Pairs below 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


CRUDEOIL Intraday: Trend on the downside

Our pivot point is at 96.99

Preferable Price Action: Below pivots sell oil with 93.09 & 90.75 as targets.

Alternative Price Action: Buy crude above pivot with targets at 100.39 and 102.68 in extension.

Comment: MACD is in the negative territory and Pairs below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


XAU/USD Intraday: Trend on the upside

Our pivot point is 1714.80

Preferable Price Action: Further upside to 1737.70 and 1752.50

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1695.50 and 1682.00.

Comment: MACD is positive territory and Pairs above 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


Dow Jones Intraday: In a consolidation zone

Our pivot point is 31,896.00

Preferable Price Action: Take buy positions above pivot with targets at 32,328.00 & 32,583.00.

Alternative Price Action: Below 31,896.00 looks for further downside to 31,545.00 & 31,269.00.

Comment: RSI at 50 levels and Pair above 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced

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