Market Wrap: Stocks, Bonds, Commodities
US stock futures were flat on Wednesday night after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years.
The Dow Jones Industrial Average rose 56.74 points to 34,152.60, the S&P 500 gain 0.28% to 4,378.38 and the Nasdaq Composite add 121.08 points to 13,639.86.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.42% to 605.68 levels. The Australian index was higher by 0.26% to 6,995.40. Japanese Nikkei Index drop 0.26% today.
European stocks were negative on Wednesday, with the Stoxx Europe 50 Index fell 0.47% to 4,133.75, Germany’s DAX drop 0.40% to 15,091.95, and France’s CAC decline 0.28% to 6,966.42 and U.K.’s FTSE 100 subtract 0.01% to 7,408.93.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields positive 0.52% to 4.5950.
Oil prices hit fresh 2½-month lows on Wednesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts.
Spot Brent crude oil ascend 0.21% to $81.79 per barrel. US West Texas Intermediate crude is up 0.04% to $77.40 a barrel.
The yellow metal gold is decline 0.06% to 1,972.35 dollars per ounce.
Market Wrap: Forex
The U.S. dollar gained on Tuesday as a sharp selloff last week was seen as overdone in the short term, while the euro was dented by weak German data and the Australian dollar slid after the country’s central bank raised interest rates but hinted the hike was the last of the current tightening cycle.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.27% to 105.660.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.30% today. This left the pair trading around $1.06930.
The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is surged 0.25% to the 150.710 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.12% to 0.64250, and NZD/USD slipped 0.18% to 0.59230 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.06840
Preferable Price Action: Take sell positions below pivot level with targets at 1.06530 & 1.06350 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.07120 & 1.07320.
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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.22820
Preferable Price Action: Sell positions below pivot with targets at 1.22260 & 1.21930 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.23300 & 1.23660.
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 upside
Our pivot point is at 150.640
Preferable Price Action: Buy position above pivot with the target at 151.040 and 151.290 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 150.270 and 150.040.
Comment: MACD is above 50 level 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: Resistance level at 0.64390
Our pivot point is at 0.64390
Preferable Price Action: Sell positions below pivot with targets at 0.64040 & 0.63850 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.64710 & 0.64960 as targets.
Comment: RSI is below 50 levels and Pairs below 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
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 77.67
Preferable Price Action: Below pivot sell oil with 76.27 & 75.41 as targets.
Alternative Price Action: Buy crude above pivot with targets at 78.78 and 79.58 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 downside
Our pivot point is 1970.00
Preferable Price Action: Further downside to 1961.60 and 1956.40.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1977.10 and 1982.80.
Comment: MACD is below 50 level.
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 34,115.00
Preferable Price Action: Take buy positions above the pivot with targets at 34,272.00 & 34,368.00.
Alternative Price Action: Below 34,115.00 looks for further downside to 33,999.00 & 33,908.00.
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