Market Wrap: Stocks, Bonds, Commodities
The Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc’s shares hitting a record high following its strong quarterly results.
The Dow Jones Industrial Average rose 36.12 points (0.12%) to 30,723.6, the S&P 500 gained 3.86 points (0.10%) to 3,830.17 and the Nasdaq Composite flat to 13,610.54.
Asian stocks came under pressure on Thursday as a mixed Wall Street session gave investors few immediate reasons to increase their risk positions following the recent social media-driven trading chaos.
MSCI’s index of Asia-Pacific stocks outside Japan fell 0.67% to 915.10 levels. Australian index down 0.87% to 6,765.50. Japanese Nikkei traded 1.06% lower to 28,341.95.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.37% to 3,622.87, Germany’s DAX rose 0.52% to 14,005.90 and France’s CAC higher 0.45% to 5,588.12 and U.K.’s FTSE 100 advance 0.10% to 6,512.74.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield gained 0.42% to 1.136.
Oil rose for a fourth day after OPEC and its allies pledged to continue whittling down the global surplus caused by the coronavirus pandemic.
Spot Brent crude Oil up 0.83% to $58.87 per barrel. US West Texas Intermediate crude advance 0.26% to $56.14 a barrel.
The yellow metal traded 1.26% higher to 1811.50 dollar per ounce.
Market Wrap: Forex
The dollar traded near its strongest in more than two months against the euro and the yen on Thursday as pessimism about the U.S. economic outlook receded before the release of important data on the jobs market.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, gained 0.37% to 91.430.
The Euro US Dollar (EUR/USD) widely traded pair slipped 0.34% today. This left the pairing trading around $1.19930.
The Japanese yen fell against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY rose 0.26% to 105.280 level.
Other commodity related currency lower against U.S dollar, AUD/USD gained 0.07% to 0.76220 and NZD/USD fell 0.26% to 0.71880.
EUR/USD Intraday: Resistance at 1.20390
Our pivot point is at 1.20390
Preferable Price Action: Take Short positions below pivot level with targets at 1.19840 & 1.19550 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.20930 & 1.21200.
Comment: Pair below its 55MA & 20MA an 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: Break support level
Our pivot point is at 1.36260
Preferable Price Action: Sell positions below pivot with targets at 1.35680 & 1.35400 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.36860 & 1.37140.
Comment: Price below its 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
USD/JPY Intraday: Major trend upside
Our pivot point is at 105.120
Preferable Price Action: Buy position above with the target at 105.350 and 105.480 in extension.
Alternative Price Action: The downside breakout of pivot would call for 104.890 and 104.750.
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
AUD/USD Intraday: In a consolidation zone
Our pivot point is at 0.76210
Preferable Price Action: Buy Positions above pivot with targets at 0.76430 & 0.76600 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.75990 & 0.75820 as targets.
Comment: Pair above its 20MA & 55MA 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: Trend on the upside
Our pivot point is at 55.75
Preferable Price Action: Above pivots buy Oil with 56.60 & 57.20 as targets.
Alternative Price Action: Sell crude below pivot with targets at 54.90 and 54.30 in extension.
Comment: Crude above its 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
XAU/USD Intraday: Resistance at 1834.10
Our pivot point is at 1834.10
Preferable Price Action: Further downside to 1820.00 & 1813.60.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1848.50 and 1855.30.
Comment: MACD in negative territory and price below 55MA & 20MA.
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 30,630.00
Preferable Price Action: Take buy positions above pivot with targets at 30,860.00 & 31,000.00 extension.
Alternative Price Action: Below 30,630.00 looks for further downside to 30,400.00 & 30,250.00.
Comment: Price above its 20MA & 55MA 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 produced7