Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and Dow Jones industrial average ended lower on Monday, with investors waiting for cues from the upcoming corporate earnings season and a key inflation report later this week.
The Dow Jones Industrial Average fell 55.2 points (0.16%) to 33,745.40, the S&P 500 flat to 4,127.99 and the Nasdaq Composite dropped 50.19 points (0.36%) to 13,850.00.
Asian stocks markets were broadly positive Tuesday after China’s exports grew at a strong pace during March and imports rebounded giving investors heart that domestic demand is improving as part of the recovery from the pandemic.
MSCI’s index of Asia-Pacific stocks outside Japan flat to 867.99 levels. Australian index lost 0.30% to 6,974.00. Japanese Nikkei traded 0.72% higher to 29,751.68.
European stocks were advance on Tuesday, with the Stoxx Europe 50 Index gained 0.37% to 3,976.53, Germany’s DAX rose 0.35% to 15,267.90 and France’s CAC higher 0.39% to 6,185.92 and U.K.’s FTSE 100 advance 0.06% to 6,893.67.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield advance 0.88% to 1.691.
Oil prices climbed on Tuesday as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.
Spot Brent crude Oil up 0.38% to $63.52 per barrel. US West Texas Intermediate crude advance 0.28% to $59.88 a barrel.
The yellow metal traded fell 0.28% to 1727.90 dollars per ounce.
Market Wrap: Forex
The dollar hovered near a three-week low against major rivals on Tuesday, pressured by lower Treasury yields as traders awaited highly anticipated U.S. inflation data later in the global day.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, gained 0.05% to 92.168.
The Euro US Dollar (EUR/USD) widely traded pair lost 0.10% today. This left the pairing trading around $1.18950.
The Japanese yen rose against the U.S. dollar on Monday as stock pushes higher. Today US/JPY flat to 109.370 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD lost 0.12% to 0.76110 and NZD/USD flat to 0.70250.
EUR/USD Intraday: In consolidation zone
Our pivot point is at 1.19110
Preferable Price Action: Take short positions below pivot level with targets at 1.18880 & 1.18750 in extension.
Alternative Price Action: Above pivot looks for further upside to 1.19320 & 1.19450.
Comment: Pair below its 20MA & 55MA 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: Support at 1.37180
Our pivot point is at 1.37180
Preferable Price Action: Buy positions above pivot with targets at 1.37620 & 1.37820 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.36750 & 1.36550.
Comment: Price above its 20MA & 55MA and RSI at 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
USD/JPY Intraday: Trend on the upside
Our pivot point is at 109.440
Preferable Price Action: Buy position above with the target at 109.700 and 109.820 in extension.
Alternative Price Action: The downside breakout of pivot would call for 109.180 and 109.060.
Comment: price above 20MA & 50MA 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 consolidation zone
Our pivot point is at 0.76250
Preferable Price Action: Sell Positions below pivot with targets at 0.75980 & 0.75870 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.76510 & 0.76620 as targets.
Comment: Pair below its 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
CRUDEOIL Intraday: Break resistance level at 59.65
Our pivot point is at 59.65
Preferable Price Action: Above pivots buy Oil with 60.30 & 60.70 as targets.
Alternative Price Action: Sell crude below pivot with targets at 59.00 and 58.60 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: Trend on the downside
Our pivot point is at 1733.80
Preferable Price Action: Further downside to 1722.00 & 1717.00.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1745.00 and 1750.00.
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: Support at 33,680.00
Our pivot point is 33,680.00
Preferable Price Action: Take buy positions above pivot with targets at 33,790.00 & 33,840.00.
Alternative Price Action: Below 33,680.00 looks for further downside to 33,570.00 & 33,520.00.
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