Market Wrap: Stocks, Bonds, Commodities
U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist.
The Dow Jones Industrial Average fell 280.44 points to 31,510.43, the S&P 500 lose 31.16 points to 3,955.00 and the Nasdaq Composite subtract 66.93 points to 11,816.20.
MSCI’s index of Asia-Pacific stocks outside Japan is drop 1.80% to 629.35 levels. Australian index lower 2.02% to 6,845.60. Japanese Nikkei Index drop 1.53% to 27,661.47.
European stocks were negative on Thursday, with the Stoxx Europe 50 Index fell 1.65% to 3,458.35, Germany’s DAX drop 1.61% to 12,627.72, and France’s CAC subtract 1.65% to 6,024.22, and U.K.’s FTSE 100 slipped 1.63% to 7,168.93.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 2.24% to 3.2020.
Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China.
Spot Brent crude oil subtract 2.21% to $93.53 per barrel. US West Texas Intermediate crude is down 2.23% to $87.55 a barrel.
The yellow metal gold is decline 0.76% to 1,713.35 dollars per ounce.
Market Wrap: Forex
The dollar climbed to a 24-year peak against the Japanese yen on Thursday, as investors braced for higher U.S. interest rates while Japanese rates remain firmly pinned down.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.14% to 108.823.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.15% today. This left the pair trading around $1.00430.
The Japanese yen was positive against the U.S. dollar on Thursday as the stock up. Today USD/JPY is ascend 0.15% to 139.180 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD lose 0.07% to 0.68340, and NZD/USD down 0.16 to 0.61090 level.
EUR/USD Intraday: In a consolidation zone
Our pivot point is at 1.00380
Preferable Price Action: Take sell positions below pivot level with targets at 0.99900 & 0.99540 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.00900 & 1.01270.
Comment: RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Support level at 1.15870
Our pivot point is at 1.15870
Preferable Price Action: Buy positions above pivot with targets at 1.17100 & 1.18000 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.14750 & 1.13820.
Comment: RSI above 50 levels and Pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: In a consolidation zone
Our pivot point is at 139.110
Preferable Price Action: Buy position above pivot with the target at 140.030 and 140.720 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 138.280 and 137.620.
Comment: MACD is flat territory and Pairs above 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate 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 0.68240
Preferable Price Action: Buy Positions above pivot with targets at 0.68830 & 0.69300 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.67720 & 0.67230 as targets.
Comment: RSI above 50 levels and Pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 89.61
Preferable Price Action: Below pivots sell oil with 87.08 & 84.91 as targets.
Alternative Price Action: Buy crude above pivot with targets at 91.85 and 94.08 in extension.
Comment: MACD is in the negative territory and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend on the downside
Our pivot point is 1713.70
Preferable Price Action: Further downside to 1693.30 and 1679.00
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1730.40 and 1745.40.
Comment: MACD is negative territory and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Trend on the downside
Our pivot point is 31,657.00
Preferable Price Action: Take sell positions below pivot with targets at 30,952.00 & 30,434.00.
Alternative Price Action: Above 31,657.00 looks for further upside to 32,247.00 & 32,741.00.
Comment: RSI below 50 levels and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced