Daily Market Outlook, 05 August, 2022

Market Wrap: Stocks, Bonds, Commodities

Wall Street stocks ended mixed, with gains for high-growth stocks offset by the drag from energy shares, as a key US jobs report loomed on Friday.

The Dow Jones Industrial Average fell 85.68 points to 32,726.82, the S&P 500 lose 3.23 points to 4,151.94 and the Nasdaq Composite add 52.42 points to 12,720.58.

MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.95% to 648.96 levels. Australian index higher 0.58% to 7,015.60. Japanese Nikkei Index ascend 0.87% to 28,175.87.

European stocks were negative on Friday, with the Stoxx Europe 50 Index fell 0.27% to 3,745.45, Germany’s DAX decline 0.04% to 13,655.78, and France’s CAC drop 0.27% to 6,496.19, and U.K.’s FTSE 100 slipped 0.16% to 7,436.30.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 0.72% to 2.6950.

Oil prices extended losses on Friday, after hitting their lowest since before Russia’s February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand.

Spot Brent crude oil add 0.59% to $94.67 per barrel. US West Texas Intermediate crude is up 0.54% to $89.00 a barrel.

The yellow metal gold is decline 0.25% to 1,802.30 dollars per ounce.

Market Wrap: Forex 

The U.S. dollar edged higher in early European trade Friday, attempting to recoup some of the previous session’s hefty losses ahead of the release of the widely-watched monthly U.S. employment report.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.25% to 105.820.

The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.16% today. This left the pair trading around $1.02270.

The Japanese yen was positive against the U.S. dollar on Friday as the stock up. Today USD/JPY is ascend 0.33% to 133.280 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.24% to 0.69520, and NZD/USD down 0.21 to 0.62890 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.02560

Preferable Price Action: Take sell positions below pivot level with targets at 1.01720 & 1.01230 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.03220 & 1.03700.

Comment: RSI below 50 levels and Pairs below 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: Support level at 1.21430

Our pivot point is at 1.21430

Preferable Price Action: Buy positions above pivot with targets at 1.22310 & 1.23000 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20620 & 1.19960.

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


USD/JPY Intraday: In a consolidation zone

Our pivot point is at 133.820

Preferable Price Action: Sell position below pivot with the target at 132.020 and 130.420 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 136.000 and 137.420.

Comment: MACD is flat territory 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


AUD/USD Intraday: Trend on the downside

Our pivot point is at 0.69760

Preferable Price Action: Sell Positions below pivot with targets at 0.69290 & 0.68930 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.70120 & 0.70450 as targets.

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


CRUDEOIL Intraday: In a consolidation zone

Our pivot point is at 89.73

Preferable Price Action: Below pivots sell oil with 85.12 & 81.85 as targets.

Alternative Price Action: Buy crude above pivot with targets at 94.02 and 97.34 in extension.

Comment: MACD is in the flat 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: Trend reverse from 1796.60

Our pivot point is 1796.60

Preferable Price Action: Further downside to 1776.40 and 1762.00

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1814.60 and 1827.50.

Comment: MACD is negative territory and Pairs below 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: Resistance level at 32,840.00

Our pivot point is 32,840.00

Preferable Price Action: Take sell positions below pivot with targets at 32,672.00 & 32,544.00.

Alternative Price Action: Above 32,840.00 looks for further upside to 32,997.00 & 33,114.00.

Comment: RSI below 50 levels.

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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