Market Wrap: Stocks, Bonds, Commodities
US major stocks indices plunged on Wednesday, with the Dow jones confirmed a bear market for the first time since the financial crisis 2008 after the World Health Organization (WHO) said the coronavirus outbreak a world pandemic.
The Dow Jones 30 declined 1,465 points (5.85%) to 23,554, the S&P 500 dropped 141 points (4.89%) to 2,741 and the Nasdaq Composite fell 392 points (4.70%) to 7,952.
Asian stock indices edged lower in morning trade on Thursday after the Dow Jones Industrial Average slumped into a bear market and Trump Announces Europe Travel Ban for next 30 days.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 3.75% to 622.50 level. Australian shares plunged 7.45%, while Japan’s Nikkei stock index slid 4.55%.
European stocks were down on Thursday, with the Stoxx Europe 50 Index declined 3.91% to 3,232, Germany’s DAX dropped 3.37% to 11,540 and France’s CAC fell 4.14% to 5,139 and U.K.’s FTSE 100 down 3.62% to 6,462.55.
Benchmark 10-year U.S. Treasury yields down as demand for a safe asset grows on Thursday, today down 9.09% to 0.747.
The Yellow metal marked the second day of losses and come despite a slump in equities markets in the U.S. overnight. gold was down 0.36% at $1,636.50 per ounce.
Oil prices plunged more than 5% on Thursday in the early morning after the World Health Organization (WHO) said coronavirus is a pandemic.
Brent crude down 3.80% at $35.14 per barrel, while US West Texas Intermediate (WTI) crude fell 4.05% to $35.15 per barrel.
Market Wrap: Forex
The dollar slid more than 1% after President Donald Trump disappointed markets with a coronavirus plan light on details.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.10% to 96.400.
The Euro US Dollar (EUR/USD) exchange rate gain by 0.20% today. This left the pairing trading around $1.112930.
The Japanese yen advanced against the U.S. dollar on Thursday as the new coronavirus cases continued to spread in European countries. Today USD/JPY down 0.80% to 103.700 level.
EUR/USD Intraday: Intraday resistance at 1.13404
Our pivot point is at 1.13404
Preferable Price Action: Take short positions below pivot level with targets at 1.12604 & 1.12168 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.14292 & 1.14292.
Comment: Price below 20MA and RSI at 50 level.
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: Bias remains Bearish
Our pivot point is at 1.28722
Preferable Price Action: Short positions below pivot with targets at 1.27787 & 1.27106 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.29888 and 1.30789.
Comment: The RSI indicator below 50 level mark and pair below its 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
JPY/USD Intraday: Support at 103.131
Our pivot point is at 103.131
Preferable Price Action: Long position above pivot with the target at 105.047 and 106.040 in extension.
Alternative Price Action: The downside breakout of pivot would call for 101.484 and 100.541.
Comment: Pair bounce back from the previous support level. 
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: Bias upside
Our pivot point is at 0.64368
Preferable Price Action: Long positions above pivot with targets at 0.65348 & 0.65982 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.63374 & 0.62872 as targets.
Comment: Pair below 20MA and 55MA.
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: Downtrend Continues
Our pivot point is at 33.90
Preferable Price Action: Sell below pivot with targets at 31.20 and 29.45 in extension.
Alternative Price Action: Above pivots buy Oil with 36.23 & 37.96 as targets.
Comment: MACD in the negative zone and RSI below 50 mark.
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: Bias bullish
Our pivot point is at 1631.93
Preferable Price Action: Further upside to 1661.67 & 1675.22 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1610.07 and 1596.29.
Comment: RSI above 50 level and price above 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: Future down nearly 5%
Our pivot point is at 23,623
Preferable Price Action: Take short positions below pivot with targets at 22,338 & 21,673 in extension.
Alternative Price Action: above 23,623 looks for further upside to 25,028 & 25,601.
Comment: Pair is trading below its 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