Market Wrap: Stocks, Bonds, Commodities
Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve unleashed its latest program designed to buttress local governments and businesses crushed by moves to slow the coronavirus outbreak.
The Dow Jones Industrial Average advanced 191.45 points (0.82%) to 23,626, the S&P 500 higher 0.91%, to 2,776 and the Nasdaq Composite rose 0.16% to 8,103.05.
Asian major stock indices traded lower as the Organization of the Petroleum Exporting Countries and its allies agreed on an agreement on a record oil production cut.
MSCI’s index of Asia-Pacific stocks outside Japan down 0.34% to 580 levels. The Australian market is closed today. Japan Nikkei slipped 2.33% to 19,043.
European stocks were slipped on Friday, with the Stoxx Europe 50 Index rose 1.46% to 2892.79, Germany’s DAX up 2.24% to 10,564.74 and France’s CAC higher 1.44% to 4,506.85 and U.K.’s FTSE 100 advanced 3.93% to 5,842.71.
Benchmark 10-year U.S. Treasury advanced as demand for safe asset grow again, today 10-year bond yield up 1.76% to 0.735.
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.
Brent crude oil advanced 2.10% to $33.615 per barrel. while US West Texas Intermediate (WTI) crude rose 3.00% to $28.53 per barrel.
Today, Yellow metal higher 0.75% to $1684 per ounce.
Market Wrap: Forex
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.33% to 99.610.
The Euro US Dollar (EUR/USD) widely traded pair higher by 0.22% today. This left the pairing trading around $1.09590.
The Japanese yen rose against the U.S. dollar on Monday as stock pushes higher. Today US/JPY slipped 0.60% to 107.810 level.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD rose 0.19% to 0.63600 and NZD/USD up 0.26% to 0.59420.
EUR/USD Intraday: Bias remains bullish
Our pivot point is at 1.09250
Preferable Price Action: Take Long positions above pivot level with targets at 1.09987 & 1.10487 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.08793 & 1.08348.
Comment: pair above 50MA & 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
GBP/USD Intraday: Trend upside
Our pivot point is at 1.24670
Preferable Price Action: Long positions above pivot with targets at 1.25702 & 1.26159 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.24170 & 1.23720.
Comment: The RSI indicator above 50 levels and pair above 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
JPY/USD Intraday: Demand for safe asset rise
Our pivot point is at 108.050
Preferable Price Action: Short position below pivot with the target at 107.396 and 106.958 in extension.
Alternative Price Action: The upside breakout of pivot would call for 108.503 and 108.915.
Comment: Pair below 55MA 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: Uptrend continues
Our pivot point is at 0.63250
Preferable Price Action: Long positions above pivot with targets at 0.64000 & 0.64450 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.62767 & 0.62298 as targets.
Comment: RSI above 50 level and pair continues rise
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: OPEC+ cut 9M barrel production
Our pivot point is at 29.12
Preferable Price Action: Sell below pivot with targets at 27.22 and 26.00 in extension.
Alternative Price Action: Above pivots buy Oil with 30.33 & 31.52 as targets.
Comment: MACD in the negative zone and RSI below 50 level mark.
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: Uptrend Continues
Our pivot point is at 1678.00
Preferable Price Action: Further upside to 1705.11 & 1720.02 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1662.15 and 1648.82.
Comment: demand for safe heaven rise as uncertainity extend.
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 may change
Our pivot point is at 23550.00
Preferable Price Action: Take Short positions below pivot with targets at 23020.00 & 22650.36 in extension.
Alternative Price Action: Above 23550.00 looks for further upside to 23989.36 & 24356.28.
Comment: May price reverse from here
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