Market Wrap: Stocks, Bonds, Commodities
Major averages hovered near unchanged on Wednesday, with the S&P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank’s position to remain patient before raising rates.
The Dow Jones Industrial Average rose 16.02 points (0.05%) to 33,446.26, the S&P 500 gained 6.01 points (0.15%) to 4,079.95 and the Nasdaq Composite dropped 9.54 points (0.07%) to 13,688.84.
Asian equities are poised to track Wall Street’s cautious gains on Thursday after minutes from the Federal Reserve’s latest meeting reiterated its commitment to keep interest rates low until the U.S. economy makes a more secure recovery.
MSCI’s index of Asia-Pacific stocks outside Japan rose 0.36% to 881.23 levels. Australian index advances 1.02% to 6,998.00. Japanese Nikkei traded 0.10% lower to 29,708.98.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.33% to 3,970.10, Germany’s DAX rose 0.13% to 15,196.55, and France’s CAC higher 0.50% to 6,161.30 and U.K.’s FTSE 100 advance 0.20% to 6,898.20.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield flat to 1.655.
Oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world’s biggest consumer of the resource at a time when supplies around the world are rising.
Spot Brent crude oil lost 0.30% to $63.03 per barrel. US West Texas Intermediate crude slipped 0.49% to $59.48 a barrel.
The yellow metal traded up 0.13% to 1743.30 dollars per ounce.
Market Wrap: Forex
The U.S. dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower. After minutes of the Federal Reserve’s March policy meeting, no new catalysts were offered to dictate market direction.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.15% to 92.358.
The Euro US Dollar (EUR/USD) widely traded pair gained 0.07% today. This left the pairing trading around $1.18770.
The Japanese yen fell against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY fell 0.34% to 109.460 level.
Other commodity-related currency higher against the U.S dollar, AUD/USD up 0.22% to 0.76290 and NZD/USD higher 0.24% to 0.70250.
EUR/USD Intraday: Support at 1.18650
Our pivot point is at 1.18650
Preferable Price Action: Take long positions above pivot level with targets at 1.19070 & 1.19270 in extension.
Alternative Price Action: Below pivot looks for further downside to 1.18250 & 1.18050.
Comment: Pair above its 20MA & 55MA an 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: Bias on the upside
Our pivot point is at 1.37510
Preferable Price Action: Buy positions above pivot with targets at 1.37940 & 1.38240 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.37080 & 1.36780.
Comment: Price above at 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
USD/JPY Intraday: Trend on the downside
Our pivot point is at 109.770
Preferable Price Action: Sell position below with the target at 109.420 and 109.220 in extension.
Alternative Price Action: The upside breakout of pivot would call for 110.120 and 110.320.
Comment: price below 20MA & 50MA 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: In a consolidation zone
Our pivot point is at 0.76300
Preferable Price Action: Buy Positions above pivot with targets at 0.76550 & 0.76700 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.76060 & 0.75910 as targets.
Comment: Pair 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
CRUDEOIL Intraday: In the consolidation zone
Our pivot point is at 59.00
Preferable Price Action: Above pivots buy Oil with 59.90 & 60.40 as targets.
Alternative Price Action: Sell crude below pivot with targets at 58.10 and 57.60 in extension.
Comment: Crude above its 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
XAU/USD Intraday: Break resistance level
Our pivot point is at 1739.60
Preferable Price Action: Further upside to 1750.00 & 1754.50.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1729.60 and 1724.60.
Comment: MACD in positive territory and price above 55MA & 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
Dow Jones Intraday: Support at 33,440.00
Our pivot point is 33,440.00
Preferable Price Action: Take buy positions above pivot with targets at 33,530.00 & 33,600.00.
Alternative Price Action: Below 33,440.00 looks for further downside to 33,350.00 & 33,280.00.
Comment: Price above its 55MA and RSI at 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