Market Wrap: Stocks, Bonds, Commodities
Asia Pacific stocks were mostly up Tuesday morning as investors digested more Chinese economic data released earlier in the day, and await key U.S. economic data, due later in the day, to gauge the country’s economic outlook.
MSCI’s index of Asia-Pacific stocks outside Japan gained 0.68% to 899.40 levels. Australian index fell 0.27% to 7,142.60. Japanese Nikkei traded 0.16% lower to 28,814.34.
European stocks were higher on Tuesday, with the Stoxx Europe 50 Index rose 0.92% to 4,076.63, Germany’s DAX gained 1.20% to 15,606.50, and France’s CAC advance 0.69% 6,491.76, and U.K.’s FTSE 100 jumped 1.17% to 7,105.25.
Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields rose 1.79% to 1.622.
Oil prices rose on Tuesday ahead of an OPEC+ meeting and on optimism that fuel demand will grow in the months ahead with the summer driving season starting in the United States, the world’s top oil consumer.
Spot Brent crude oil surged 2.14% to $70.79 per barrel. US West Texas Intermediate crude rose 2.11% to $68.20 a barrel.
The yellow metal traded 0.27% higher to 1908.20 dollars per ounce.
Market Wrap: Forex
Sterling hit a three-year high and the dollar traded under pressure on Tuesday, as traders waited for the next batch of U.S. and European data to shape the outlook on interest rates.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, slipped 0.16% to 89.847.
The Euro US Dollar (EUR/USD) is a widely traded pair that flat today. This left the pairing trading around $1.22230
The Japanese yen fell against the U.S. dollar on Tuesday as the stock pushes higher. Today US/JPY up 0.05% to 109.580 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD up 0.08% to 0.77400, and NZD/USD slipped 0.04% to 0.72660.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.21129
Preferable Price Action: Take long positions above pivot level with targets at 1.22473 & 1.22670 in extension.
Alternative Price Action: Below pivot looks for further downside to 1.21766 & 1.21499.
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: Break resistance level
Our pivot point is at 1.42117
Preferable Price Action: Buy positions above pivot with targets at 1.4252 & 1.42755 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.41729 & 1.41383.
Comment: Price above its 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
USD/JPY Intraday: Support at 109.348
Our pivot point is at 109.348
Preferable Price Action: Buy position above with the target at 109.568and 109.739 in extension.
Alternative Price Action: The downside breakout of pivot would call for 109.156 and 109.039.
Comment: price above its 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
AUD/USD Intraday: Support at 0.77356
Our pivot point is at 0.0.77356
Preferable Price Action: Buy Positions above pivot with targets at 0.77568 & 0.77710 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.77147 & 0.77029 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 67.24
Preferable Price Action: Above pivots buy Oil with 68.21 & 68.82 as targets.
Alternative Price Action: Sell crude below pivot with targets at 65.97 and 65.34 in extension.
Comment: Crude is above its 55MA & 20MA and MACD in the 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: Support at 1911.05
Our pivot point is 1911.05
Preferable Price Action: Further upside to 1918.40 & 1922.28.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1902.32 and 1896.60.
Comment: MACD in positive territory and price above its 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 on the upside
Our pivot point is 34,556.53
Preferable Price Action: Take buy positions above pivot with targets at 34,655.00 & 34,728.00.
Alternative Price Action: Below 34,556.00 looks for further downside to 34,457.00 & 34,380.90.
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