Market Wrap: Stocks, Bonds, Commodities
The three major US stock indexes fell more than 1 percent each and the S&P 500 had its biggest daily percentage drop since February 13 on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday’s US monthly jobs report.
The Dow Jones Industrial Average fell 530.16 points to 39,596.98, the S&P 500 lose 1.23% to 5,147.21 and the Nasdaq Composite slipped 228.38 points to 16,049.08.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.30% to 655.39 levels. The Australian index was lower by 0.56% to 7,773.30. Japanese Nikkei Index drop 2.03% today.
European stocks were negative on Friday, with the Stoxx Europe 50 Index fell 0.43% to 4,987.95, Germany’s DAX drop 1.59% to 18,109.25, and France’s CAC decline 1.49% to 8,029.89 and U.K.’s FTSE 100 lose 1.02% to 7,893.99.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields negative 0.51% to 4.3300.
Oil prices were steady on Thursday, shored up by concerns about lower supply as major producers keep output cuts in place and geopolitical tensions add further risk.
Spot Brent crude oil ascend 0.17% to $90.80 per barrel. US West Texas Intermediate crude is down 0.07% to $86.53 a barrel.
The yellow metal gold is decline 0.06% to 2,306.00 dollars per ounce.
Market Wrap: Forex
Most Asian currencies moved little on Friday with the Japanese yen steadying near two-week highs, while the dollar rose as anticipation of key nonfarm payrolls data spurred more caution over U.S. interest rates.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.12% to 104.020.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.02% today. This left the pair trading around $1.08370.
The Japanese yen was positive against the U.S. dollar on Friday. Today USD/JPY is surged 0.06% to the 151.430 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.06% to 0.65830, and NZD/USD slipped 0.09% to 0.60180 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.08400
Preferable Price Action: Take sell positions below pivot level with targets at 1.08190 & 1.08020 in extension.
Alternative Price Action: above pivot looks for a further upside to 1.08600 & 1.08750.
Comment: RSI is 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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.26380
Preferable Price Action: Sell positions below pivot with targets at 1.26130 & 1.25910 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.26640 & 1.26850.
Comment: RSI is below 50 levels and pairs below 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
USD/JPY Intraday: Trend on the downside
Our pivot point is at 151.320
Preferable Price Action: Sell position below pivot with the target at 151.150 and 151.020 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 151.470 and 151.600.
Comment: MACD is 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
AUD/USD Intraday: Trend on the downside
Our pivot point is at 0.65860
Preferable Price Action: Sell positions below pivot with targets at 0.65670 & 0.65520 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.66050 & 0.66190 as targets.
Comment: RSI is 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
CRUDEOIL Intraday: Support level at 86.01
Our pivot point is at 86.01
Preferable Price Action: Above pivot buy oil with 86.68 & 87.16 as targets.
Alternative Price Action: sell crude below pivot with targets at 85.38 and 84.86 in extension.
Comment: MACD is positive 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 2286.90
Preferable Price Action: Further upside to 2299.60 and 2309.10.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2275.10 and 2265.30.
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
Dow Jones Intraday: Trend on the downside
Our pivot point is 38,748.20
Preferable Price Action: Take sell positions below the pivot with targets at 38,530.20 & 38,367.00.
Alternative Price Action: Above 38,748.20 looks for further upside to 38,956.40 & 39,145.30.
Comment: RSI is 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