Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and Nasdaq closed higher on Wednesday after data showed the US services industry growth slowed further in March, but the advance was limited after Federal Reserve chair Jerome Powell indicated a cut in interest was still not in sight.
The Dow Jones Industrial Average fell 43.10 points to 39,127.14, the S&P 500 gain 0.11% to 5,211.49 and the Nasdaq Composite surged 37.01 points to 16,277.46.
MSCI’s index of Asia-Pacific stocks outside Japan is advance 0.28% to 657.07 levels. The Australian index was higher by 0.45% to 7,817.30. Japanese Nikkei Index ascend 0.86% today.
European stocks were positive on Thursday, with the Stoxx Europe 50 Index rose 0.19% to 5,080.85, Germany’s DAX ascend 0.06% to 18,385.55, and France’s CAC advance 0.27% to 8,175.20 and U.K.’s FTSE 100 gain 0.45% to 7,973.27.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields positive 0.21% to 4.3630.
Oil prices extended gains on Wednesday, as investors mulled supply risks stemming from Ukrainian attacks on Russian refineries and the potential for escalation in the Middle East conflict, while OPEC+ ministers held steady their output policy.
Spot Brent crude oil drop 0.10% to $89.26 per barrel. US West Texas Intermediate crude is down 0.16% to $85.28 a barrel.
The yellow metal gold is decline 0.17% to 2,311.05 dollars per ounce.
Market Wrap: Forex
The dollar traded below recent peaks on Thursday as investors waited on this week’s U.S. labour data to guide the interest rate outlook, while the battered yen slid against other majors.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.15% to 103.865.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.20% today. This left the pair trading around $1.08590.
The Japanese yen was positive against the U.S. dollar on Thursday. Today USD/JPY is surged 0.03% to the 151.720 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.54% to 0.65990, and NZD/USD surged 0.52% to 0.60380 level.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.08370
Preferable Price Action: Take buy positions above pivot level with targets at 1.08560 & 1.08690 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.08190 & 1.08050.
Comment: RSI is above 50 levels 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
GBP/USD Intraday: Support level at 1.26510
Our pivot point is at 1.26510
Preferable Price Action: Buy positions above pivot with targets at 1.26770 & 1.26970 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.26240 & 1.26030.
Comment: RSI is above 50 levels 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
USD/JPY Intraday: Trend on the upside
Our pivot point is at 151.680
Preferable Price Action: Buy position above pivot with the target at 151.790 and 151.880 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 151.570 and 151.480.
Comment: MACD is 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.65790
Preferable Price Action: Buy positions above pivot with targets at 0.65980 & 0.66120 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.65610 & 0.65460 as targets.
Comment: RSI is above 50 levels and pairs above its 20MA & 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
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 85.21
Preferable Price Action: Below pivot sell oil with 84.57 & 84.05 as targets.
Alternative Price Action: Buy crude Above pivot with targets at 85.89 and 86.37 in extension.
Comment: MACD is negative territory.
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 upside
Our pivot point is 2292.60
Preferable Price Action: Further upside to 2306.80 and 2319.00.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2277.60 and 2265.50.
Comment: MACD is above 50 levels 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
Dow Jones Intraday: Trend on the upside
Our pivot point is 39,145.20
Preferable Price Action: Take Buy positions above the pivot with targets at 39,329.10 & 39,500.70.
Alternative Price Action: below 39,145.20 looks for further downside to 38,953.60 & 38,792.10.
Comment: RSI is above 50 levels and Pairs above its 20MA & 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