Market Wrap: Stocks, Bonds, Commodities
Wall Street’s main indexes rose on Monday, with the Nasdaq and the S&P 500 hitting record highs as traders awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the equity market.
Dow Jones Industrial Average was up 67.40 points (0.19%) at 34,937.56, the S&P 500 was up 8.20 points (0.19%) at 4,377.75 and the Nasdaq Composite was up 10.22 points (0.07%) at 14,712.14.
Stock indices in Asia-Pacific were higher in Tuesday morning trade as investors awaited the release of China’s trade data for June.
MSCI’s index of Asia-Pacific stocks outside Japan advance 1.16% to 867.24 levels. Australian index flat to 7,332.00. Japanese Nikkei traded higher 0.46% to 28,701.00.
European stocks were lower on Tuesday, with the Stoxx Europe 50 Index lost 0.05% to 4,092.50, Germany’s DAX fell 0.03% to 15,786.60, and France’s CAC down 0.36% to 6,506.50, and U.K.’s FTSE 100 gained 0.28% to 7,145.30.
Benchmark 10-year U.S. Treasury fell as demand for safe risk grows again, today 10-year bond yields rose 0.25% to 1.366.
Oil prices climbed on Tuesday, reversing some of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains.
Spot Brent crude oil rose 0.40% to $75.46 per barrel. US West Texas Intermediate crude added 0.50% to $74.44 a barrel.
The yellow metal higher 0.24% to 1810.30 dollars per ounce.
Market Wrap: Forex
The dollar found support on Tuesday ahead of U.S. inflation data, with investors on edge over whether the figures may offer clues about the likely timing of tapering and interest rate hikes.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, flat to 92.245.
The Euro US Dollar (EUR/USD) is a widely traded pair that flat today. This left the pairing trading around $1.18600.
The Japanese yen failed against the U.S. dollar on Tuesday as the stock pushes higher. Today US/JPY flat to 110.360 level.
Another commodity-related currency higher against the U.S dollar, AUD/USD gained 0.17% to 0.74880, and NZD/USD slipped 0.31% to 0.69840.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.18495
Preferable Price Action: Take long positions above pivot level with targets at 1.18919 & 1.19133 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.18155 & 1.17939.
Comment: Pair near 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 1.38687
Our pivot point is at 1.38687
Preferable Price Action: Buy positions above pivot with targets at 1.39216 & 1.39582 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.38141 & 1.37778.
Comment: Price 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
USD/JPY Intraday: Support at 110.209
Our pivot point is at 110.209
Preferable Price Action: Buy position above pivot with the target at 110.591 and 110.791 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 109.894 and 109.655.
Comment: price 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
AUD/USD Intraday: Break Resistance level
Our pivot point is at 0.74785
Preferable Price Action: Buy Positions above pivot with targets at 0.75230 & 0.75447 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.74385 & 0.74092 as targets.
Comment: Pair above its 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 72.99
Our pivot point is at 72.99
Preferable Price Action: Above pivots buy Oil with 74.81 & 75.92 as targets.
Alternative Price Action: Sell crude below pivot with targets at 71.19 and 70.03 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: In the consolidation area
Our pivot point is 1806.22
Preferable Price Action: Further upside to 1817.90 & 1823.42.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1797.00 and 1791.81.
Comment: MACD in positive territory and price above it’s 20MA & 50MA.
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 34,842.00
Preferable Price Action: Take buy positions pivot with targets at 35,149.00 & 35,369.00.
Alternative Price Action: Below 34,842.00 looks for further downside to 34,522.00 & 34,282.00.
Comment: Price 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