Market Wrap: Stocks, Bonds, Commodities
American major stock index closed lower on Thursday after U.S. GDP fell worst in a decade and unemployment number rose, while President Donald Trump increases worry of traders by the possibility of delaying the American presidential election.
The Dow Jones Industrial Average plunged 225.92 points (0.85%) to 26,313.65, the S&P 500 fell 12.22 points (0.38%) to 3,246.22 and the Nasdaq Composite gained 44.87 points (0.43%) to 10,587.81.
Asian major equity indices gained on Friday after the quarterly result of Apple, Amazon and Facebook announce better than expected on Thursday after U.S. market close.
MSCI’s index of Asia-Pacific stocks outside Japan gained 0.10% to 702.30 levels. Australian index lost 2.04% to 5,927.80 Japanese market lost 2.82% to 21,710.50.
European stocks were lower on Friday, with the Stoxx Europe 50 Index slipped 2.79% to 3,208.20, Germany’s DAX down 3.45% to 12,379.65 and France’s CAC lower 2.13% to 4,852.94 and U.K.’s FTSE 100 fell 2.31% to 5,989.99.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 1.46% to 0.533.
Crude Oil prices slipped on Thursday following large unemployment claim and worst economic data and U.S. President Donald Trump comment on delay its November presidential election.
Spot Brent crude oil gained 0.95% to $43.66 per barrel. US West Texas Intermediate crude futures were rose 0.90% to $40.28 a barrel.
The yellow metal gain momentum on Thursday traded 1.30% higher to $1973.20 per ounce.
Market Wrap: Forex
The dollar declines to two-year low levels on Friday and is on track to post its biggest monthly fall in 10 years, as fed stay interest rate zero and traders worried that a recovery in the U.S. economy could be dumped by the second wave of COVID-19.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.47% to 92.570.
The Euro US Dollar (EUR/USD) widely traded pair higher by 0.45% today. This left the pairing trading around $1.19000.
The Japanese yen rose against the U.S. dollar on Friday as stock pushes higher. Today US/JPY down 0.35% to 104.340 level.
Other commodity-related currency broadly lower against U.S dollar, AUD/USD gained 0.45% to 0.72260 and NZD/USD up 0.25% to 0.67140.
EUR/USD Intraday: Strong trend on the upside
Our pivot point is at 1.18650
Preferable Price Action: Take Long positions above level with targets at 1.19290 & 1.19552 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.18020 & 1.17737.
Comment: Pair above 55MA & 20MA and RSI above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on upside
Our pivot point is at 1.31000
Preferable Price Action: Long positions above pivot with targets at 1.131639 & 1.13942 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.30340 & 1.30012.
Comment: Price above 20MA & 55MA and MACD in positive territory.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: major Trend downside
Our pivot point is at 104.610
Preferable Price Action: Short position below pivot with the target at 104.122 and 103.902 in extension.
Alternative Price Action: The upside breakout of pivot would call for 105.090 and 105.319.
Comment: price below 20MA & 55MA and RSi at oversold levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Support at 0.71970
Our pivot point is at 0.71970
Preferable Price Action: Long positions above pivot with targets at 0.72505 & 0.72755 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.71441 & 0.71168 as targets.
Comment: Pair above its 55MA & 20MA and RSI above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Bias on the upside
Our pivot point is at 39.90
Preferable Price Action: Buy crude above pivot with targets at 40.86 and 41.25 in extension.
Alternative Price Action: Below pivots sell Oil with 38.93 & 38.53 as targets.
Comment: Crude above Its 20MA and RSI above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Break resistance levels
Our pivot point is at 1961.90
Preferable Price Action: Further upside to 1988.17 & 1998.37 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1934.72 and 1923.23.
Comment: RSI at oversold level and price above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Support at 26290.50
Our pivot point is at 26290.50
Preferable Price Action: Take buy positions above pivot with targets at 26477.62 & 26590.23 in extension.
Alternative Price Action: Below 26290.50 looks for further downside to 26106.87 & 25988.95.
Comment: Price above 20MA and RSI at 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced7