Daily Market Outlook, 03 August, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street ended lower after a choppy session on Tuesday, with geopolitical tensions flaring after US House of Representatives Speaker Nancy Pelosi visited Taiwan.

The Dow Jones Industrial Average fell 402.23 points to 32,396.17, the S&P 500 lose 27.44 points to 4,091.19 and the Nasdaq Composite subtract 20.22 points to 12,348.76.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.09% to 635.23 levels. Australian index lower 0.32% to 6,975.90. Japanese Nikkei Index ascend 0.53% to 27,741.90.

European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 0.29% to 3,694.25, Germany’s DAX decline 0.01% to 13,445.93, and France’s CAC ascend 0.12% to 6,417.74, and U.K.’s FTSE 100 slipped 0.16% to 7,396.00.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 0.40% to 2.7520.

Oil prices fell about 1 percent in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar.

Spot Brent crude oil subtract 0.93% to $99.62 per barrel. US West Texas Intermediate crude is down 0.50% to $93.92 a barrel.

The yellow metal gold is decline 0.54% to 1,780.15 dollars per ounce.

Market Wrap: Forex 

The dollar strengthened sharply against the Japanese yen on Tuesday as remarks by U.S. Federal Reserve officials hinted that more interest rate hikes are coming in the near term.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.02% to 106.080.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.20% today. This left the pair trading around $1.01850.

The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is ascend 0.09% to 133.290 level.

Another commodity-related currency mixed against the U.S dollar, AUD/USD gain 0.14% to 0.69290, and NZD/USD down 0.01 to 0.62560 level.


EUR/USD Intraday: In a consolidation zone

Our pivot point is at 1.01710

Preferable Price Action: Take buy positions above pivot level with targets at 1.02380 & 1.02940 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.01130 & 1.00630.

Comment: RSI at 50 levels and Pairs above 20MA.

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 1.21770

Preferable Price Action: Buy positions above pivot with targets at 1.22850 & 1.23700 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20840 & 1.20030.

Comment:  RSI above 50 levels and pair above 20MA.

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 upside

Our pivot point is at 132.920

Preferable Price Action: Buy position above pivot with the target at 134.740 and 136.080 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 131.420 and 130.190.

Comment: MACD is positive territory 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


AUD/USD Intraday: Resistance level at 0.69450

Our pivot point is at 0.69450

Preferable Price Action: Sell Positions below pivot with targets at 0.68760 & 0.68240 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.70110 & 0.70650 as targets.

Comment: RSI at 50 levels and Pair above 20MA.

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: Major resistance level at 94.37

Our pivot point is at 94.37

Preferable Price Action: Below pivots sell oil with 89.72 & 86.50 as targets.

Alternative Price Action: Buy crude above pivot with targets at 98.72 and 102.15 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: In a consolidation zone

Our pivot point is 1762.40

Preferable Price Action: Further upside to 1787.80 and 1804.30

Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1742.40 and 1727.60.

Comment: MACD is flat territory and Pairs above 20MA.

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 downside

Our pivot point is 32,557.00

Preferable Price Action: Take sell positions below pivot with targets at 32,174.00 & 31,918.00.

Alternative Price Action: Above 32,557.00 looks for further upside to 32,922.00 & 33,232.00.

Comment: RSI below 50 levels 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

Leave a Reply