Market Wrap: Stocks, Bonds, Commodities
Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.
The Dow Jones Industrial Average rose 237.52 points (0.76%) to 31,385.76, the S&P 500 gained 28.76 points (0.74%) to 3,915.59 and the Nasdaq Composite added 131.35 points (0.95%) to 13,987.64.
Global stocks were poised to rise again on Tuesday in Asian trading after another record-setting day on Wall Street.
MSCI’s index of Asia-Pacific stocks outside Japan fell 0.67% to 915.10 levels. Australian index down 0.87% to 6,765.50. Japanese Nikkei traded 1.06% lower to 28,341.95.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.37% to 3,622.87, Germany’s DAX rose 0.52% to 14,005.90 and France’s CAC higher 0.45% to 5,588.12, and U.K.’s FTSE 100 advance 0.10% to 6,512.74.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield gained 0.42% to 1.136.
Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets.
Spot Brent crude Oil up 0.83% to $58.87 per barrel. US West Texas Intermediate crude advance 0.26% to $56.14 a barrel.
The yellow metal traded 1.26% higher to 1811.50 dollars per ounce.
Market Wrap: Forex
The dollar languished near its lowest in a week on Tuesday as investors began entertaining doubts about the scale of a recent rally driven by expectations of a faster pandemic recovery in the United States than elsewhere.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, gained 0.37% to 91.430.
The Euro US Dollar (EUR/USD) widely traded pair slipped 0.34% today. This left the pairing trading around $1.19930.
The Japanese yen fell against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY rose 0.26% to 105.280 level.
Other commodity-related currency lower against the U.S dollar, AUD/USD gained 0.07% to 0.76220 and NZD/USD fell 0.26% to 0.71880.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.20700
Preferable Price Action: Take Long positions above pivot level with targets at 1.21200 & 1.21450 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.20190 & 1.19930.
Comment: Pair above its 55MA & 20MA 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: Break resistance level at 1.37530
Our pivot point is at 1.37530
Preferable Price Action: Buy positions above pivot with targets at 1.38100 & 1.38400 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.36960 & 1.36630.
Comment: Price above its 55MA &20MA 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 downside
Our pivot point is at 104.950
Preferable Price Action: Sell position below with the target at 104.530 and 104.260 in extension.
Alternative Price Action: The Upside breakout of pivot would call for 105.380 and 105.650.
Comment: price below 20MA & 55MA 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: Support at 0.77040
Our pivot point is at 0.77040
Preferable Price Action: Buy Positions above pivot with targets at 0.77500 & 0.77750 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.76580 & 0.76330 as targets.
Comment: Pair above its 55MA & 20MA and RSI near 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: Trend Upside
Our pivot point is at 58.35
Preferable Price Action: Below pivots sell Oil with 57.60 & 57.10 as targets.
Alternative Price Action: Buy crude above pivot with targets at 59.10 and 59.60 in extension.
Comment: Crude above 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 upside
Our pivot point is at 1836.50
Preferable Price Action: Further upside to 1854.00 & 1864.10.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1818.40 and 1807.00.
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 31,240.00
Our pivot point is 31,240.00
Preferable Price Action: Take buy positions above pivot with targets at 31,420.00 & 31,530.00 extension.
Alternative Price Action: Below 31,240.00 looks for further downside to 31,060.00 & 30,940.00.
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