Daily Market Outlook, 10 August, 2022

Market Wrap: Stocks, Bonds, Commodities

The Nasdaq closed down on Tuesday after a dismal forecast from Micron Technology pulled chip makers and tech stocks lower as investors await U.S. inflation data that could lead the Federal Reserve to further tighten its efforts to curb inflation.

The Dow Jones Industrial Average fell 58.13 points to 32,774.41, the S&P 500 lose 17.59 points to 4,122.47 and the Nasdaq Composite subtract 150.53 points to 12,493.93.

MSCI’s index of Asia-Pacific stocks outside Japan is drop 1.31% to 635.66 levels. Australian index lower 0.53% to 6,992.70. Japanese Nikkei Index drop 0.65% to 27,819.33.

European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 0.15% to 3,720.95, Germany’s DAX advance 0.30% to 13,575.69, and France’s CAC ascend 0.09% to 6,495.16, and U.K.’s FTSE 100 surge 0.07% to 7,488.60.

Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.84% to 2.7740.

Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.

Spot Brent crude oil subtract 0.33% to $95.98 per barrel. US West Texas Intermediate crude is down 0.33% to $90.25 a barrel.

The yellow metal gold is decline 0.20% to 1,808.65 dollars per ounce.

Market Wrap: Forex 

The dollar held steady ahead of new data out of the U.S. that is expected to show a slight moderation in red-hot inflation in the world’s largest economy.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is fell 0.16% to 106.080.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.10% today. This left the pair trading around $1.02210.

The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is drop 0.10% to 135.000 level.

Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.14% to 0.69740, and NZD/USD up 0.33 to 0.63070 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.02100

Preferable Price Action: Take buy positions above pivot level with targets at 1.02480 & 1.02720 in extension.

Alternative Price Action: Below pivot looks for a further downside to 1.01800 & 1.01550.

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: Support level at 1.20750

Our pivot point is at 1.20750

Preferable Price Action: Buy positions above pivot with targets at 1.21270 & 1.21630 in extension.

Alternative Price Action: The price below pivot would call for further downside to 1.20350 & 1.19960.

Comment:  RSI at 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


USD/JPY Intraday: In a consolidation zone

Our pivot point is at 135.030

Preferable Price Action: Buy position above pivot with the target at 135.750 and 136.200 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 134.420 and 133.930.

Comment: MACD is flat territory.

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: In a consolidation zone

Our pivot point is at 0.69540

Preferable Price Action: Buy Positions above pivot with targets at 0.69960 & 0.70280 in extension.

Alternative Price Action: Below pivot looks for a further downside with 0.69200 & 0.68940 as targets.

Comment: RSI at 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


CRUDEOIL Intraday: Major trend on the downside

Our pivot point is at 89.98

Preferable Price Action: Below pivots sell oil with 86.12 & 83.36 as targets.

Alternative Price Action: Buy crude above pivot with targets at 93.52 and 96.22 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 downside

Our pivot point is 1797.50

Preferable Price Action: Further downside to 1774.10 and 1760.70

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1813.90 and 1827.00.

Comment: MACD is 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


Dow Jones Intraday: Trend on the upside

Our pivot point is 32,765.00

Preferable Price Action: Take buy positions above pivot with targets at 32,913.00 & 33,009.00.

Alternative Price Action: Below 32,765.00 looks for further downside to 32,654.00 & 32,566.00.

Comment: RSI above 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

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