Market Wrap: Stocks, Bonds, Commodities
The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June.
The Dow Jones Industrial Average was down 11.66 points to 33,933.92, the S&P 500 was flat to 4,247.89, and the Nasdaq Composite was up 16.05 points (0.11%) at 14,269.32.
Asian shares marked time on Thursday, with China nudging lower, while the U.S. dollar held below an 11-week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.
MSCI’s index of Asia-Pacific stocks outside Japan rose 0.25% to 880.50 levels. Australian index fell 0.32% to 7,275.30. Japanese Nikkei traded flat to 28,875.00.
European stocks were higher on Thursday, with the Stoxx Europe 50 Index rose 0.60% to 4,100.75, Germany’s DAX advances 0.64% to 15,555.10, and France’s CAC up 6,588.95, and U.K.’s FTSE 100 higher 0.27% to 7,093.60.
Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields gained 1.02% to 1.502.
Oil prices hit new highs since 2018 on Wednesday after government supply-demand data showed not only the lowest U.S. crude stockpiles prior to the Covid-19 outbreak but also a huge surprising drawdown in gasoline that attested to a strong run-up to summer driving.
Spot Brent crude oil gained 0.33% to $75.27 per barrel. US West Texas Intermediate crude rose 0.38% to $73.36 a barrel.
The yellow metal lower 0.41% to 1778.50 dollars per ounce.
Market Wrap: Forex
The U.S. dollar vacillated below an 11-week high versus major peers on Thursday as traders attempted to navigate conflicting signals from Federal Reserve officials on the timing of a withdrawal of monetary stimulus.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, fell 0.05% to 91.745.
The Euro US Dollar (EUR/USD) is a widely traded pair that rose 0.10% today. This left the pairing trading around $1.19340.
The Japanese yen fup against the U.S. dollar on Thursday as the stock pushes higher. Today US/JPY lost 0.06% to 110.860 level.
Another commodity-related currency higher against the U.S dollar, AUD/USD flat to 0.75760, and NZD/USD rose 0.22% to 0.70570.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.19103
Preferable Price Action: Take long positions above pivot level with targets at 1.19604 & 1.19911 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.18580 & 1.18261.
Comment: Pair above its 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
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.39501
Preferable Price Action: Buy positions above pivot with targets at 1.40070 & 1.40623 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.38691 & 1.38117.
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: Trend on the upside
Our pivot point is at 110.641
Preferable Price Action: Buy position above pivot with the target at 111.036 and 111.224 in extension.
Alternative Price Action: The downside breakout of pivot would call for 110.217 and 110.000.
Comment: price below its 55MA & 20MA 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: Support at 0.75642
Our pivot point is at 0.75642
Preferable Price Action: Buy Positions above pivot with targets at 0.76044 & 0.76274 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.75295 & 0.75093 as targets.
Comment: Pair 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
CRUDEOIL Intraday: Support at 72.75
Our pivot point is at 72.75
Preferable Price Action: Above pivots buy Oil with 74.07 & 74.74 as targets.
Alternative Price Action: Sell crude below pivot with targets at 71.31 and 70.49 in extension.
Comment: Crude is above its 55MA & 20MA and MACD in the 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
XAU/USD Intraday: In a consolidation zone
Our pivot point is 1775.50
Preferable Price Action: Further upside to 1790.81 & 1803.23.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1750.84 and 1739.62.
Comment: MACD in positive territory and price above its 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 33,871.00
Preferable Price Action: Take Buy positions above pivot with targets at 34,281.00 & 34,541.00.
Alternative Price Action: Below 33,871.00 looks for further downside to 33,467.00 & 33,154.00.
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