Market Wrap: Stocks, Bonds, Commodities
Australia stocks were lower after the close on Thursday, as losses in the A-REITs, Consumer Discretionary and Healthcare sectors led shares lower.
The Dow Jones Industrial Average fell 422.16 points to 38,461.51, the S&P 500 lose 0.95% to 5,160.64 and the Nasdaq Composite descend 136.28 points to 16,170.36.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.42% to 661.77 levels. The Australian index was lower by 0.44% to 7,813.60. Japanese Nikkei Index drop 0.30% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index fell 0.26% to 4,987.85, Germany’s DAX drop 0.33% to 18,036.45, and France’s CAC increase 0.12% to 8,054.10 and U.K.’s FTSE 100 loss 0.14% to 7,949.00.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields positive 0.13% to 4.5670.
Oil prices ticked up during trade on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC.
Spot Brent crude oil ascend 0.38% to $90.81 per barrel. US West Texas Intermediate crude is up 0.31% to $86.45 a barrel.
The yellow metal gold is advance 0.05% to 2,346.65 dollars per ounce.
Market Wrap: Forex
The dollar was firm on Thursday after hotter-than-expected U.S. inflation data squashed lingering expectations of the Fed starting its rate-cutting cycle in June, while the yen languished at the levels last seen in the middle of 1990.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.02% to 105.035.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.05% today. This left the pair trading around $1.07370.
The Japanese yen was positive against the U.S. dollar on Thursday. Today USD/JPY is surged 0.05% to the 153.240 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.16% to 0.65210, and NZD/USD surged 0.03% to 0.59870 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.07520
Preferable Price Action: Take sell positions below pivot level with targets at 1.07080 & 1.06810 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.07970 & 1.08240.
Comment: RSI is below 50 levels and pairs below its 20MA and 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 1.25610
Preferable Price Action: Sell positions below pivot with targets at 1.25230 & 1.24920 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.26040 & 1.26310.
Comment: RSI is below 50 levels 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
USD/JPY Intraday: Major trend on the upside
Our pivot point is at 153.040
Preferable Price Action: Buy position above pivot with the target at 153.500 and 153.860 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 152.580 and 152.190.
Comment: MACD is above 50 levels and Pairs above its 20MA and 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: Trend on the downside
Our pivot point is at 0.65360
Preferable Price Action: Sell positions below pivot with targets at 0.65030 & 0.64770 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.65680 & 0.65960 as targets.
Comment: RSI is below 50 levels 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
CRUDEOIL Intraday: In a consolidation zone
Our pivot point is at 85.71
Preferable Price Action: Below pivot sell oil with 85.25 & 84.86 as targets.
Alternative Price Action: Buy crude above pivot with targets at 86.18 and 86.58 in extension.
Comment: MACD is flat territory 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
XAU/USD Intraday: Trend on the downside
Our pivot point is 2342.50
Preferable Price Action: Further downside to 2325.20 and 2310.80.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2359.10 and 2373.80.
Comment: MACD is below 50 levels 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: Trend on the downside
Our pivot point is 38,548.60
Preferable Price Action: Take sell positions below the pivot with targets at 38,390.10 & 38,260.10.
Alternative Price Action: Above 38,548.60 looks for further upside to 38,707.10 & 38,837.10.
Comment: RSI is below 50 levels 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