Market Wrap: Stocks, Bonds, Commodities
Wall Street indexes closed mixed on Wednesday, with the Nasdaq Composite and S&P 500 falling despite another record intraday high for the latter and big banks’ stellar results on the first day of earnings season.
The Dow Jones Industrial Average rose 53.62 points (0.16%) to 33,730.89; and the S&P 500 lost 16.93 points (0.41%) at 4,124.66. The Nasdaq Composite dropped 138.26 points (0.99%) to 13,857.84.
Asian markets were mixed with Australia’s jobs data were better than expected.
MSCI’s index of Asia-Pacific stocks outside Japan fell 0.10% to 875.67 levels. Australian index gained 0.51% to 7,058.60. Japanese Nikkei traded 0.10% higher to 29,642.69.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.17% to 3,982.50, Germany’s DAX rose 0.22% to 15,242.90, and France’s CAC higher 0.10% to 6,214.22 and U.K.’s FTSE 100 advance 0.33% to 6,961.45.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield lost 0.43% to 1.629.
Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic.
Spot Brent crude Oil flat to $66.56 per barrel. US West Texas Intermediate crude fell 0.05% to $63.12 a barrel.
The yellow metal traded advance 0.61% to 1747.10 dollars per ounce.
Market Wrap: Forex
The dollar nursed losses on Thursday, holding near a three-week low against a basket of currencies as U.S. bond yields pulled back from last month’s surge with investors buying the Federal Reserve’s arguments that interest rates can stay low.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lost 0.10% to 91.602.
The Euro US Dollar (EUR/USD) widely traded pair gained 0.05% today. This left the pairing trading around $1.19820.
The Japanese yen rose against the U.S. dollar on Wednesday as stock pushes higher. Today US/JPY flat to 108.890 level.
Another commodity-related currency higher against the U.S dollar, AUD/USD rose 0.18% to 0.77340 and NZD/USD up 0.37% to 0.71620.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.19640
Preferable Price Action: Take long positions above pivot level with targets at 1.19980 & 1.20140 in extension.
Alternative Price Action: Below pivot looks for further downside to 1.19290 & 1.19130.
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
GBP/USD Intraday: Support at 1.37680
Our pivot point is at 1.37680
Preferable Price Action: Buy positions above pivot with targets at 1.38120 & 1.38320 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.37250 & 1.37040.
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 downside
Our pivot point is at 109.080
Preferable Price Action: Sell position below with the target at 108.690 and 108.510 in extension.
Alternative Price Action: The upside breakout of pivot would call for 109.460 and 109.640.
Comment: price below 20MA & 50MA 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.77190
Preferable Price Action: Buy Positions above pivot with targets at 0.77730 & 0.708000 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.76630 & .076360 as targets.
Comment: Pair above its 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
CRUDEOIL Intraday: Trend on the upside
Our pivot point is at 62.50
Preferable Price Action: Above pivots buy Oil with 63.50 & 64.10 as targets.
Alternative Price Action: Sell crude below pivot with targets at 61.50 and 60.90 in extension.
Comment: Crude above its 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: Near resistance area
Our pivot point is at 1740.20
Preferable Price Action: Further upside to 1750.50 & 1755.50.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1730.50 and 1725.50.
Comment: MACD in positive territory and price above 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 33,780.00
Our pivot point is 33,780.00
Preferable Price Action: Take buy positions above pivot with targets at 33,910.00 & 33,970.00.
Alternative Price Action: Below 33,780.00 looks for further upside to 33,650.00 & 33,590.00.
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