Market Wrap: Stocks, Bonds, Commodities
US stocks finished higher on Friday after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates.
The Dow Jones Industrial Average rose 307.06 points to 38,904.04, the S&P 500 gain 1.11% to 5,204.34 and the Nasdaq Composite surged 199.44 points to 16,248.52.
MSCI’s index of Asia-Pacific stocks outside Japan is advance 0.16% to 656.42 levels. The Australian index was higher by 0.20% to 7,789.10. Japanese Nikkei Index ascend 0.78% today.
European stocks were positive on Monday, with the Stoxx Europe 50 Index rose 0.21% to 5,037.15, Germany’s DAX ascend 0.62% to 18,274.07, and France’s CAC advance 0.51% to 8,103.89 and U.K.’s FTSE 100 gain 0.09% to 7,918.36.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields positive 1.56% to 4.4460.
The Brent and US West Texas Intermediate crude oil benchmarks rose more than $1 a barrel during trade on Friday as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies.
Spot Brent crude oil drop 0.98% to $90.29 per barrel. US West Texas Intermediate crude is down 0.94% to $86.08 a barrel.
The yellow metal gold is advance 0.44% to 2,355.60 dollars per ounce.
Market Wrap: Forex
The dollar was firm but sluggish in Asian trading on Monday as investors looked ahead to U.S. inflation data after the big payrolls number last week, and as Treasury yields reached for December highs.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.08% to 104.150.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.06% today. This left the pair trading around $1.08280.
The Japanese yen was positive against the U.S. dollar on Monday. Today USD/JPY is surged 0.19% to the 151.880 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.09% to 0.65830, and NZD/USD surged 0.12% to 0.60180 level.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.08320
Preferable Price Action: Take buy positions above pivot level with targets at 1.08510 & 1.08670 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.08130 & 1.07960.
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: Trend on the downside
Our pivot point is at 1.26330
Preferable Price Action: Sell positions below pivot with targets at 1.26140 & 1.25970 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.26520 & 1.26670.
Comment: RSI is at 50 levels.
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 151.780
Preferable Price Action: Buy position above pivot with the target at 151.960 and 152.070 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 151.600 and 151.460.
Comment: MACD 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.65760
Preferable Price Action: Buy positions above pivot with targets at 0.65930 & 0.66060 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.66590 & 0.65450 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 85.38
Preferable Price Action: Below pivot sell oil with 84.90 & 84.49 as targets.
Alternative Price Action: Buy crude above pivot with targets at 85.84 and 86.21 in extension.
Comment: MACD is negative territory 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 2334.20
Preferable Price Action: Further upside to 2347.60 and 2358.70.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2320.70 and 2309.50.
Comment: MACD 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
Dow Jones Intraday: Support level at 38,872.80
Our pivot point is 38,872.80
Preferable Price Action: Take buy positions above the pivot with targets at 39,005.40 & 39,105.10.
Alternative Price Action: Below 38,872.80 looks for further downside to 38,747.00 & 38,644.40.
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