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 rose to trade near $60 a barrel — but was headed for a weekly drop — as Saudi Arabia defended the OPEC+ plan to increase output and said the alliance was nimble enough to change course if necessary.
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 dollar was headed for its worst week of the year on Friday as unexpectedly strong economic data in Europe, downbeat U.S. jobs figures, and a determinedly accommodative Federal Reserve have prompted investors to unwind some bets on the greenback.
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: Bias on the downside
Our pivot point is at 1.19100
Preferable Price Action: Take short positions below pivot level with targets at 1.18800 & 1.18600 in extension.
Alternative Price Action: Above pivot looks for further upside to 1.19400 & 1.19600.
Comment: Pair below its 20MA & 55MA and RSI below 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: Trend on the downside
Our pivot point is at 1.37230
Preferable Price Action: Sell positions below pivot with targets at 1.36660 & 1.36360 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.37800 & 1.38100.
Comment: Price below its 20MA & 55MA and RSI below 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: Support at 109.240
Our pivot point is at 109.240
Preferable Price Action: Buy position above with the target at 109.700 and 109.900 in extension.
Alternative Price Action: The downside breakout of pivot would call for 108.820 and 108.620.
Comment: price above 20MA & 50MA 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
AUD/USD Intraday: In a consolidation zone
Our pivot point is at 0.76270
Preferable Price Action: Sell Positions below pivot with targets at 0.75930 & 0.75750 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.76600 & 0.76780 as targets.
Comment: Pair below its 20MA & 55MA and RSI below 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: Resistance at 60.00
Our pivot point is at 60.00
Preferable Price Action: Below pivots sell Oil with 59.00 & 58.55 as targets.
Alternative Price Action: Buy crude above pivot with targets at 61.00 and 61.47 in extension.
Comment: Crude below its 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
XAU/USD Intraday: Trend on the downside
Our pivot point is at 1752.50
Preferable Price Action: Further downside to 1740.00 & 1735.00.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1765.00 and 1770.00.
Comment: MACD in negative territory and price below 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: Break resistance level
Our pivot point is 33,500.00
Preferable Price Action: Take buy positions above pivot with targets at 33,600.00 & 33,650.00.
Alternative Price Action: Below 33,500.00 looks for further downside to 33,400.00 & 33,350.00.
Comment: Price 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 produced7