Market Wrap: Stocks, Bonds, Commodities
Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well underway.
The Dow Jones Industrial Average rose 92.39 points (0.36%) to 25,827.36, the S&P 500 gained 14.15 points (0.45%) to 3,130.01 and the Nasdaq Composite added 53.00 points (0.52%) to 10,207.63.
Asian shares held near four-month highs on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases delayed reopening across the United States.
MSCI’s index of Asia-Pacific stocks outside Japan gain 1.90% to 687.30 levels. Australian index declined 0.72% to 6,014.60. Japan’s Nikkei gain 1.83% to 22,715.39.
European stocks were lower on Friday, with the Stoxx Europe 50 Index fell 0.77% to 3,294.38, Germany’s DAX down 0.64% to 12,528.18 and France’s CAC lost 0.84% to 5,007.14 and U.K.’s FTSE 100 slipped 1.33% to 6,157.30.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 2.94% to 0.691.
Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while US benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.
Spot Brent crude Oil rose 0.91% to $43.18 per barrel. US West Texas Intermediate crude futures were gain 0.10% to $40.70 a barrel.
Today, Bullion prices down 0.30% to $1775.25 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 0.42% to 96.888.
The Euro US Dollar (EUR/USD) widely traded pair gain 0.40% today. This left the pairing trading around $1.12880.
The Japanese yen down against the U.S. dollar on Tuesday as stock pushes higher. Today US/JPY rose 0.20% to 107.700 level.
Other commodity related currency broadly higher against U.S dollar, AUD/USD gained 0.45% to 0.69700 and NZD/USD rose 0.37% to 0.65560.
EUR/USD Intraday: Break Resistance level
Our pivot point is at 1.12760
Preferable Price Action: Take Long positions above level with targets at 1.13250 & 1.13500 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.12243 & 1.11986.
Comment: Pair above 55MA & 20MA and RSI at oversold 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 1.24720
Preferable Price Action: Long positions above pivot with targets at 1.25253 & 1.25501 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.24183 & 1.23925.
Comment: Price 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
USD/JPY Intraday: Bias on the upside
Our pivot point is at 107.500
Preferable Price Action: Long position above pivot with the target at 107.876 and 108.073 in extension.
Alternative Price Action: The downside breakout of pivot would call for 107.129 and 106.932.
Comment: Pair above 55MA and MACD in positive zone.
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: Trend upside
Our pivot point is at 0.69560
Preferable Price Action: Long positions above pivot with targets at 0.70030 & 0.70282 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.69094 & 0.68842 as targets.
Comment: Pair above 55MA & 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
CRUDEOIL Intraday: Break resistance level
Our pivot point is at 40.30
Preferable Price Action: Buy crude above pivot with targets at 41.22 and 41.61 in extension.
Alternative Price Action: Below pivots sell Oil with 39.34 & 38.94 as targets.
Comment: Crude above Its 20MA & 55MA 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
XAU/USD Intraday: Strong Trend upside
Our pivot point is at 1770.60
Preferable Price Action: Further upside to 1781.27 & 1786.14 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1760.27 and 1755.28.
Comment: RSI above 50 level mark and price above its 20MA & 55MA.
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 upside
Our pivot point is at 26120.00
Preferable Price Action: Take buy positions above pivot with targets at 26426.76 & 26627.28 in extension.
Alternative Price Action: Below 26120.00 looks for further downside to 25804.31 & 25591.26.
Comment: Price above 55MA & 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 produced7