Daily Market Outlook, 01 August, 2022

Market Wrap: Stocks, Bonds, Commodities

US stocks added to their recent rally on Friday after upbeat forecasts from Apple and Amazon.com, and the S&P 500 and Nasdaq posted their biggest monthly percentage gains since 2020.

The Dow Jones Industrial Average rose 315.50 points to 32,845.13, the S&P 500 gain 57.86 points to 4,130.29 and the Nasdaq Composite add 228.10 points to 12,390.69.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.05% to 642.57 levels. Australian index higher 0.69% to 6,993.00. Japanese Nikkei Index ascend 0.69% to 27,993.35.

European stocks were positive on Monday, with the Stoxx Europe 50 Index rose 0.48% to 3,726.05, Germany’s DAX advance 0.43% to 13,539.43, and France’s CAC ascend 0.52% to 6,482.18, and U.K.’s FTSE 100 surge 0.54% to 7,463.90.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 1.69% to 2.6870.

Oil prices dropped early on Monday as investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.

Spot Brent crude oil add 0.04% to $104.04 per barrel. US West Texas Intermediate crude is down 0.55% to $98.08 a barrel.

The yellow metal gold is decline 0.08% to 1,780.50 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged lower Monday, weakening especially against the Japanese yen as the market reassessed the Federal Reserve’s tightening path.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.23% to 105.530.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.18% today. This left the pair trading around $1.02360.

The Japanese yen was positive against the U.S. dollar on Monday as the stock up. Today USD/JPY is drop 0.54% to 132.470 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.52% to 0.70220, and NZD/USD up 0.46 to 0.63180 level.


EUR/USD Intraday: Support level at 1.02180

Our pivot point is at 1.02180

Preferable Price Action: Take buy positions above pivot level with targets at 1.02930 & 1.03470 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.01570 & 1.01110.

Comment: RSI above 50 levels and Pairs above 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: Trend on the upside

Our pivot point is at 1.21650

Preferable Price Action: Buy positions above pivot with targets at 1.22750 & 1.23610 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20720 & 1.19970.

Comment:  RSI above 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


USD/JPY Intraday: Major trend on the downside

Our pivot point is at 133.270

Preferable Price Action: Sell position below pivot with the target at 131.070 and 129.170 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 135.060 and 137.000.

Comment: MACD is negative territory 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


AUD/USD Intraday: Trend on the upside

Our pivot point is at 0.70010

Preferable Price Action: Buy Positions above pivot with targets at 0.70600 & 0.71040 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.69520 & 0.69140 as targets.

Comment: RSI above 50 levels and Pair above 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


CRUDEOIL Intraday: Trend on the downside

Our pivot point is at 97.93

Preferable Price Action: Below pivots sell oil with 94.50 & 91.86 as targets.

Alternative Price Action: Buy crude above pivot with targets at 100.79 and 103.14 in extension.

Comment: MACD is in the negative territory 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


XAU/USD Intraday: Major trend on the upside

Our pivot point is 1760.60

Preferable Price Action: Further upside to 1783.70 and 1798.50

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1741.50 and 1726.00.

Comment: MACD is positive territory and Pairs above 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


Dow Jones Intraday: Trend on the upside

Our pivot point is 32,731.00

Preferable Price Action: Take buy positions above pivot with targets at 33,059.00 & 33,317.00.

Alternative Price Action: Below 32,731.00 looks for further downside to 32,443.00 & 32,203.00.

Comment: RSI above 50 levels and Pair above 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

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