Market Wrap: Stocks, Bonds, Commodities
American major stock index closed higher on Thursday, with the Nasdaq ending the session above 11,200 level for the first time as traders hoped for a new relief stimulus package at end of the week.
The Dow Jones Industrial Average climbed 185.50 points (0.69%) to 27,387.05, the S&P 500 higher 21.40 points (0.64%) to 3,349.20 and the Nasdaq Composite rose 109.70 points (1.00%) to 11,108.10.
Asian major equity indices lower on Friday after U.S. President Donald Trump put a further ban on a deal with Tiktok and WeChat.
MSCI’s index of Asia-Pacific stocks outside Japan lose 0.84% to 716.50 levels. Australian index fell 0.62% to 6,004.80 Japanese market lost 0.39% to 22,329.94.
European stocks were lower on Thursday, with the Stoxx Europe 50 Index slipped 0.86% to 3,240.39, Germany’s DAX fell 0.54% to 12,591.68 and France’s CAC lose 0.98% to 4,885.13 and U.K.’s FTSE 100 down 1.27% to 6,026.94.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 2.11% to 0.525.
Crude Oil prices flat on Thursday, Trader worries on fuel demand counteracted optimism about Iraq’s further supply cuts, pushing the oil benchmarks in and out of the positive territory.
Spot Brent crude Oil slipped 0.10% to $45.05 per barrel. US West Texas Intermediate crude futures were lost 0.14% to $41.44 a barrel.
The yellow metal rose continuously from $1700 to $2070 level. Today traded 0.17% higher to $2,063.50 per ounce.
Market Wrap: Forex
The dollar advances against major currencies on Friday ahead of the U.S. economic data, which some traders fear could reinforce the view that recovery in the United State is slowing.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.24% to 92.995.
The Euro US Dollar (EUR/USD) widely traded pair lower by 0.26% today. This left the pairing trading around $1.18440.
The Japanese yen fell against the U.S. dollar on Wednesday as stock pushes higher. Today US/JPY flat to 105.560 level.
Other commodity-related currency broadly lower against U.S dollar, AUD/USD fell 0.28% to 0.72130 and NZD/USD down 0.24% to 0.66700.
EUR/USD Intraday: May trend change temporary
Our pivot point is at 1.18630
Preferable Price Action: Take Short positions below level with targets at 1.18116 & 1.17825 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.19124 & 1.19400.
Comment: Pair below 55MA & 20MA and RSI below 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: Resistance at 1.31450
Our pivot point is at 1.31450
Preferable Price Action: Short positions below pivot with targets at 1.30827 & 1.30531 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.32094 & 1.32366.
Comment: Price below 55MA & 20MA and MACD in negative 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: Bias on the upside
Our pivot point is at 105.430
Preferable Price Action: Long position above pivot with the target at 105.751 and 105.906 in extension.
Alternative Price Action: The downside breakout of pivot would call for 105.114 and 104.957.
Comment: price above 20MA & 55MA 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 produced
AUD/USD Intraday: Trend upside
Our pivot point is at 0.71950
Preferable Price Action: Long positions above pivot with targets at 0.72302 & 0.72503 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.71595 & 0.71395 as targets.
Comment: Pair above its 55MA 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 produced
CRUDEOIL Intraday: Support at 41.65
Our pivot point is at 41.65
Preferable Price Action: Buy crude above pivot with targets at 42.40 and 42.80 in extension.
Alternative Price Action: Below pivots sell Oil with 40.91 & 40.51 as targets.
Comment: Crude below Its 20MA and RSI below 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: Support at $2048
Our pivot point is at 2048.00
Preferable Price Action: Further upside to 2069.22 & 2078.81 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 2026.44 and 2017.15.
Comment: RSI at 50 levels and price above its 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: Trend upside
Our pivot point is at 27210.00
Preferable Price Action: Take buy positions above pivot with targets at 27455.66 & 27601.99 in extension.
Alternative Price Action: Below 27210.00 looks for further downside to 26945.89 & 26789.79.
Comment: Price above 20MA & 55MA 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