Market Wrap: Stocks, Bonds, Commodities
World stock markets edged higher on Thursday on surging shares of Netflix and Amazon.com as investors anticipated big earnings from the coronavirus-induced slowdowns keeping people at home, while bond yields fell as data reflected record U.S. joblessness.
The Dow Jones Industrial Average advanced 0.15%, to 23,535.20. The S&P 500 surged 0.58%, to 2,800.35 and the Nasdaq Composite rose 140 points (1.70%) to 8,533.45.
Asian major indices rose after trump announcing open of American economy and USA drug maker company claim that they find medicine which cures corona patient very fast.
MSCI’s index of Asia-Pacific stocks outside Japan gained 2.60% to 600 levels. Australian index rose 1.31% to 5,487.50. Japan Nikkei added 2.90% to 19,850.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index gained 0.15% to 2812.35, Germany’s DAX up 0.22% to 10,301.54 and France’s CAC flat to 4,350.16 and U.K.’s FTSE 100 advanced 0.55% to 5,628.43.
Benchmark 10-year U.S. Treasury advanced as demand for safe asset grow again, today 10-year bond yield up 6.84% to 0.653.
Oil prices rose on Friday with Brent gaining nearly 3% after President Donald Trump laid out guidelines on reviving a U.S. economy ravaged by the coronavirus pandemic that has punched a huge hole in global demand for crude and refined products.
Brent crude oil advanced 2.73% to $31.300 per barrel. while US West Texas Intermediate (WTI) crude rose 1.50% to $26.63 per barrel.
The Yellow metal was down in the early morning on Friday as investors demand increase for a risky asset. Today, Yellow metal slipped 1.35% to $1690.5 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 0.10% to 100.010.
The Euro US Dollar (EUR/USD) widely traded pair higher by 0.12% today. This left the pairing trading around $1.08480.
The Japanese yen down against the U.S. dollar on Friday as stock pushes higher. Today US/JPY fell 0.20% to 107.770 level.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD gained 0.30% to 0.63450 and NZD/USD rose 0.49% to 0.59970.
EUR/USD Intraday: Bias remains bearish
Our pivot point is at 1.08840
Preferable Price Action: Take short positions below pivot level with targets at 1.08107 & 1.07588 in extension.
Alternative Price Action: Below pivot looks for further upside at 1.09545 & 1.10008.
Comment: pair below 50MA & 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
GBP/USD Intraday: Trend may change to downside
Our pivot point is at 1.25200
Preferable Price Action: Short positions below pivot with targets at 1.24153 & 1.23626 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.26122 & 1.26633.
Comment: The RSI indicator below 50 levels and pair below 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 107.520
Preferable Price Action: Long position above pivot with the target at 108.238 and 108.720 in extension.
Alternative Price Action: The downside breakout of pivot would call for 106.807 and 106.361.
Comment: Pair above 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: Bias on downside
Our pivot point is at 0.63800
Preferable Price Action: Short positions below pivot with targets at 0.62955 & 0.62511 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.64603 & 0.65026 as targets.
Comment: MACD in negative zone and RSI at 50 level.
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: Intraday Bias positive
Our pivot point is at 26.10
Preferable Price Action: Buy crude above pivot with targets at 27.80 and 28.80 in extension.
Alternative Price Action: Below pivots sell Oil with 24.58 & 23.61 as targets.
Comment: MACD in the positive zone and RSI above 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: Break support level
Our pivot point is at 1707.00
Preferable Price Action: Further downside to 1680.03 & 1665.11 level.
Alternative Price Action: If price gives upside breakout of a pivot, then price extends to 1733.59 and 1748.31.
Comment: price break long support area and RSI at Oversold level
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 24500.00
Preferable Price Action: Take sell positions below pivot with targets at 23,823 & 23,373 in extension.
Alternative Price Action: Above 24,500 looks for further upside to 25,163.75 & 25,556.22.
Comment: Index above 20MA & 55MA and also MACD in positive side.
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