Market Wrap: Stocks, Bonds, Commodities
US stocks were essentially unchanged at the close of a choppy session on Monday, with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.
The Dow Jones Industrial Average fell 11.24 points to 38,892.80, the S&P 500 loss 0.04% to 5,202.39 and the Nasdaq Composite surged 5.43 points to 16,253.96.
MSCI’s index of Asia-Pacific stocks outside Japan is advance 0.58% to 660.31 levels. The Australian index was higher by 0.45% to 7,824.20. Japanese Nikkei Index ascend 1.13% today.
European stocks were mixed on Tuesday, with the Stoxx Europe 50 Index fell 0.17% to 5,018.65, Germany’s DAX drop 0.54% to 18,213.45, and France’s CAC decline 0.56% to 8,073.71 and U.K.’s FTSE 100 gain 0.13% to 7,953.74.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields negative 0.70% to 4.3940.
Global oil benchmark Brent steadied above $91 a barrel on Monday, reducing early losses prompted by Israel withdrawing more soldiers from Gaza and committing to fresh talks on a potential ceasefire in the Middle East conflict.
Spot Brent crude oil ascend 0.29% to $90.64 per barrel. US West Texas Intermediate crude is up 0.24% to $86.64 a barrel.
The yellow metal gold is advance 1.34% to 2,382.65 dollars per ounce.
Market Wrap: Forex
The dollar slid on Monday as investors focused on U.S. inflation data due later this week, while the yen dipped to near 34-year lows, with traders remaining alert for any potential action from Japanese authorities to support the weakening currency.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.07% to 103.820.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.06% today. This left the pair trading around $1.08650.
The Japanese yen was positive against the U.S. dollar on Tuesday. Today USD/JPY is surged 0.04% to the 151.850 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.27% to 0.66210, and NZD/USD surged 0.36% to 0.60520 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.08590
Preferable Price Action: Take sell positions below pivot level with targets at 1.08440 & 1.08320 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.08720 & 1.088310.
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
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.26500
Preferable Price Action: Buy positions above pivot with targets at 1.26640 & 1.26760 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.26350 & 1.26230.
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
USD/JPY Intraday: Support level at 151.870
Our pivot point is at 151.870
Preferable Price Action: Buy position above pivot with the target at 152.060 and 152.200 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 151.670 and 151.510.
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: Resistance level at 0.66070
Our pivot point is at 0.66070
Preferable Price Action: Sell positions below pivot with targets at 0.65930 & 0.65810 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.66190 & 0.66290 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: In a consolidation zone
Our pivot point is at 85.81
Preferable Price Action: Above pivot buy oil with 86.21 & 86.55 as targets.
Alternative Price Action: Sell crude below pivot with targets at 85.40 and 85.08 in extension.
Comment: MACD is positive territory 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
XAU/USD Intraday: Major trend on the upside
Our pivot point is 2348.50
Preferable Price Action: Further upside to 2361.90 and 2371.60.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 2333.90 and 2322.70.
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: Resistance level at 38,934.80
Our pivot point is 38,934.80
Preferable Price Action: Take sell positions below the pivot with targets at 38,824.30 & 38,733.90.
Alternative Price Action: Above 38,934.80 looks for further upside to 39,045.40 & 39,144.10.
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