Market Wrap: Stocks, Bonds, Commodities
World stock markets sputtered on Thursday and the dollar eased as some investors accepted the notion that interest rates will stay higher for longer even though the Federal Reserve may have halted hiking them.
The Dow Jones Industrial Average fell 56.74 points to 34,112.27, the S&P 500 gain 0.10% to 4,382.78 and the Nasdaq Composite add 10.56 points to 13,650.41.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.07% to 605.68 levels. The Australian index was higher by 0.28% to 7,014.90. Japanese Nikkei Index ascend 1.59% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index rose 0.25% to 4,188.05, Germany’s DAX drop 0.05% to 15,220.65, and France’s CAC advance 0.28% to 7,053.66 and U.K.’s FTSE 100 subtract 0.15% to 7,391.66.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields positive 0.62% to 4.5550.
Oil prices remained under pressure on Thursday after sliding to their lowest in more than three months in the previous session, slipping further on concern over waning demand in the United States and China.
Spot Brent crude oil ascend 1.07% to $80.38 per barrel. US West Texas Intermediate crude is up 1.01% to $76.09 a barrel.
The yellow metal gold is decline 0.17% to 1,954.45 dollars per ounce.
Market Wrap: Forex
The U.S. dollar edged lower in early European trade Thursday, handing back some of the previous session’s gains, but activity is limited as traders look for more monetary policy cues from speeches by a series of central bankers, including Fed Chair Jerome Powell.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.01% to 105.460.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.10% today. This left the pair trading around $1.06970.
The Japanese yen was negative against the U.S. dollar on Thursday. Today USD/JPY is surged 0.04% to the 151.040 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.05% to 0.64040, and NZD/USD surged 0.32% to 0.59290 level.
EUR/USD Intraday: In a consolidation zone
Our pivot point is at 1.07030
Preferable Price Action: Take buy positions above pivot level with targets at 1.07250 & 1.07410 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.06830 & 1.06690.
Comment: RSI is at 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 1.22930
Preferable Price Action: Sell positions below pivot with targets at 1.22420 & 1.22130 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.23300 & 1.23590.
Comment: RSI is below 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: Resistance level at 151.060
Our pivot point is at 151.060
Preferable Price Action: Sell position below pivot with the target at 150.710 and 150.500 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 151.390 and 151.590.
Comment: MACD is below 50 level 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
AUD/USD Intraday: Support level at 0.64100
Our pivot point is at 0.64100
Preferable Price Action: Buy positions above pivot with targets at 0.64350 & 0.64530 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.63880 & 0.63720 as targets.
Comment: RSI is above 50 levels and Pairs above 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 75.50
Preferable Price Action: Above pivot buy oil with 77.27 & 78.44 as targets.
Alternative Price Action: Sell crude below pivot with targets at 74.03 and 72.87 in extension.
Comment: MACD is flat territory and Pairs above 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
XAU/USD Intraday: Trend on the downside
Our pivot point is 1954.50
Preferable Price Action: Further downside to 1944.10 and 1937.60.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1963.10 and 1969.90.
Comment: MACD is below 50 level 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
Dow Jones Intraday: Support level at 34,084.00
Our pivot point is 34,084.00
Preferable Price Action: Take buy positions above the pivot with targets at 34,221.00 & 34,335.00.
Alternative Price Action: Below 34,084.00 looks for further downside to 33,965.00 & 33,878.00.
Comment: RSI is flat 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