Market Wrap: Stocks, Bonds, Commodities
Wall Street’s main indexes and the Dow hit a record high on Wednesday, as growth stocks bounced from a steep selloff in the previous session and a survey showed private jobs rose in April.
The Dow Jones Industrial Average was up 155.88 points (0.46%) at 34,288.91, the S&P 500 was up 22.33 points (0.54%) at 4,186.99 and the Nasdaq Composite was up 85.27 points (0.63%) at 13,718.77.
Asian shares rose on Thursday and commodity prices held near multi-year highs as investors switched to cyclical amid hopes of a strong economic recovery, while the Australian dollar fell after China said it would end economic dialogue with Canberra.
MSCI’s index of Asia-Pacific stocks outside Japan advance 0.39% to 874.40 levels. Australian index lost 0.48% to 7,061.80. Japanese Nikkei jumped 1.80% to 29,331.37.
European stocks were advanced Thursday, with the Stoxx Europe 50 Index advance 0.05% to 4,004.80, Germany’s DAX rose 0.18% to 15,200.50, and France’s CAC higher 0.10% to 6,344.16, and U.K.’s FTSE 100 gained 0.05% to 7,041.35.
Benchmark 10-year U.S. Treasury rose as demand for risky assets grows again, today 10-year bond yields fell 0.91% to 1.570.
Oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices.
Spot Brent crude oil down 0.43% to $68.74 per barrel. US West Texas Intermediate crude slipped 0.41% to $65.34 a barrel.
The yellow metal traded higher 0.56% to 1794.30 dollars per ounce.
Market Wrap: Forex
The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.23% to 91.080.
The Euro US Dollar (EUR/USD) is a widely traded pair gained 0.30% today. This left the pairing trading around $1.20370.
The Japanese yen fell against the U.S. dollar on Thursday as the stock pushes lower. Today US/JPY flat to 109.200 level.
Another commodity-related currency lower against the U.S dollar, AUD/USD declined 0.10% to 0.77400 and NZD/USD lost 0.12% to 0.72020.
EUR/USD Intraday: Break resistamce area
Our pivot point is at 1.20090
Preferable Price Action: Take long positions above pivot level with targets at 1.20407 & 1.20603 in extension.
Alternative Price Action: Below pivot looks for further downside to 1.19751 & 1.19578.
Comment: Pair above its 55MA & 20MA and RSI at overbought 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 1.38860
Our pivot point is at 1.38860
Preferable Price Action: Buy positions above pivot with targets at 1.39299 & 1.39565 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.38425 & 1.38061.
Comment: Price 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
USD/JPY Intraday: Support at 109.188
Our pivot point is at 109.188
Preferable Price Action: Buy position above with the target at 109.508 and 109.664 in extension.
Alternative Price Action: The downside breakout of pivot would call for 108.895 and 108.706.
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 consolidation zone
Our pivot point is at 0.77330
Preferable Price Action: Buy Positions above pivot with targets at 0.77679 & 0.77894 in extension.
Alternative Price Action: Below pivot looks for the further downside with 0.77090 & 0.76913 as targets.
Comment: Pair above 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: Trend on the upside
Our pivot point is at 65.17
Preferable Price Action: Above pivots buy Oil with 66.65 & 67.50 as targets.
Alternative Price Action: Sell crude below pivot with targets at 64.01 and 63.21 in extension.
Comment: Crude above its 20MA & 55MA and MACD in the flat 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 upside
Our pivot point is at 1786.98
Preferable Price Action: Further upside to 1800.51 & 1806.79
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1775.23 and 1767.90..
Comment: MACD in positive territory 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: Break resistance level
Our pivot point is 34,182.00
Preferable Price Action: Take buy positions above pivot with targets at 34,387.00 & 34,499.00.
Alternative Price Action: Below 34,182.00 looks for further downside to 34,005.00 & 33,868.00
Comment: Price above 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