Daily Market Outlook, 11 June, 2024

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 and Nasdaq eked out record closing highs on Monday, although investors were cautious ahead of this week’s consumer prices report and a Federal Reserve policy announcement.

The Dow Jones Industrial Average rose 69.05 points to 38,868.04, the S&P 500 gain 0.26% to 5,360.79 and the Nasdaq Composite ascend 59.53 points to 17,192.66.

MSCI’s index of Asia-Pacific stocks outside Japan is below 0.40% to 686.32 levels. The Australian index was lower by 1.33% to 7,755.40. Japanese Nikkei Index increase 0.19% today.

European stocks were positive on Tuesday, with the Stoxx Europe 50 Index increase 0.23% to 5,029.05, Germany’s DAX  ascend 0.22% to 18,530.25 , and France’s CAC higher 0.34% to 7,919.65 and  U.K.’s FTSE 100 gain 0.20% to 8,245.12.

Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields decrease 0.56% to 4.4460.

Saudi Arabia set its flagship Arab Light crude oil official selling price (OSP) to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed on Tuesday.

Spot Brent crude oil drop 0.11% to $79.74 per barrel. US West Texas Intermediate crude is down 0.15% to $77.64 a barrel.

The yellow metal gold is decrease 0.27% to 2,320.70 dollars per ounce.

Market Wrap: Forex

The dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on Tuesday as traders braced for crucial U.S. inflation data and fresh Federal Reserve interest rate forecasts the following day.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which descend 0.33% to 104.765.

The Euro US Dollar (EUR/USD) is a widely traded pair that is increase 0.05% today. This left the pair trading around $1.07680.

The Japanese yen was positive against the U.S. dollar on Tuesday. Today USD/JPY is trades pair that increases 0.19% to the 157.320 level.

Another commodity-related currency mixed against the U.S dollar, AUD/USD slipped 0.07% to 0.66030 , and NZD/USD ascend 0.02% to 0.61250 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.07610

Preferable Price Action: Take buy positions above pivot level with targets at 1.08160 & 1.08630 in extension.

Alternative Price Action: Sell pivot looks for a further downside to 1.07080 & 1.06650.

Comment: RSI is above 50 levels and pairs are above its 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: Resistance level at 1.27340

Our pivot point is at 1.27340

Preferable Price Action: Sell positions below pivot with targets at 1.27040 & 1.27640 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.27040 & 1.26800.

Comment: RSI is below 50 levels and pairs are below its 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


USD/JPY Intraday: Trend on the upside

Our pivot point is at 157.070

Preferable Price Action:  Buy position above pivot with the target at 157.680 and 158.160 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 156.480 and 155.980.

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: Trend on the upside

Our pivot point is at 0.66010

Preferable Price Action: Buy positions above pivot with targets at 0.66310 & 0.66540 in extension.

Alternative Price Action: Below pivot a further downside with 0.65720 & 0.65500 as targets.

Comment: RSI 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


CRUDEOIL Intraday:  Trend on the upside

Our pivot point is at 77.09

Preferable Price Action: Above pivot buy oil with 78.62 & 79.82 as targets.

Alternative Price Action: Sell crude below pivot with targets at 75.61 and 74.33 in extension.

Comment: RSI is above 50 levels and Pairs above its 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: In a consolidation zone

Our pivot point is 2315.80

Preferable Price Action: Further downside to 2280.00 and 2251.30.

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2350.50 and 2381.10.

Comment: MACD is at 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


Dow Jones Intraday: Support level at 38,809.80

Our pivot point is 38,809.80

Preferable Price Action: Take buy positions above the pivot with targets at 38,964.30 & 39,084.10.

Alternative Price Action: Below 38,809.80 looks for further downside to 38,661.20 & 38,543.30.

Comment: RSI 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