Market Wrap: Stocks, Bonds, Commodities
US stock indices gained ground on Wednesday with Nasdaq leading the advance as investors were relieved that Federal Reserve Chair Jerome Powell’s testimony to Congress did not include any major surprises.
The S&P 500 collect (0.92%) to end at 4,713.07 points, while the Nasdaq Composite gain 210.60 points (1.41%) to 15,153.40. The Dow Jones Industrial rose (0.51%) to 36,252.02.
MSCI’s index of Asia-Pacific stocks outside Japan rose 1.63%, to 806.98 levels. Australian index up 0.66% to 7,438.90. Japanese Nikkei Index pluse 1.92% to 28,765.66.
European stocks were positive on Wednesday, with the Stoxx Europe 50 Index gained 0.29% to 4,293.086 Germany’s DAX stair up 0.18% to 15,970.13, and France’s CAC advance 0.04% to 7,186.55, and U.K.’s FTSE 100 pull up 0.50% to 7,528.71.
Benchmark 10-year U.S. Treasury descend as demand for safe assets loose again, today 10-year bond yields down at 0.08% to 1.745.
Oil prices climbed on Wednesday, extending big gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should support oil demand in the near term.
Spot Brent crude oil collected 0.41% to $84.06 per barrel. US West Texas Intermediate crude up to $81.69 a barrel.
The yellow metal gold is fell 0.12% to 1,816.30 dollars per ounce.
Market Wrap: Forex
The dollar slid to its weakest since November against major peers on Wednesday, after Federal Reserve Chair Jerome Powell said it may take several months to make a decision on running down the central bank’s $9 trillion balance sheet.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which is dropped 0.05% to 95.670.
The Euro US Dollar (EUR/USD) is a widely traded pair that is flat today. This left the pair trading around $1.13650.
The Japanese yen rise against the U.S. dollar on Wednesday as the stock pushes the upper. Today US/JPY is rose at 115.390 level.
Another commodity-related currency fell against the U.S dollar, AUD/USD collected 0.12% to 0.72000, and NZD/USD lost 0.16% to 0.67750 level.
EUR/USD Intraday: Trend on The Upside
Our pivot point is at 1.13430
Preferable Price Action: Take Long positions above pivot level with targets at 1.13940 & 1.14230 in extension.
Alternative Price Action: Below pivot looks for a further Downside to 1.12990 & 1.12690.
Comment: Pair Above its 55MA 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: Support at 1.36080
Our pivot point is at 1.36080
Preferable Price Action: Buy positions Above pivot with targets at 1.36690 & 1.37120 in extension.
Alternative Price Action: The price Below pivot would call for further Downside to 1.35530 & 1.35110.
Comment: Pair Above its 55MA 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
USD/JPY Intraday: Trend on the Downside
Our pivot point is at 115.560
Preferable Price Action: Sell position Below pivot with the target at 115.180 and 114.890 in extension.
Alternative Price Action: The Upside breakout of the pivot would call for 115.890 and 116.160.
Comment: Pair Above 55MA & 20MA 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
AUD/USD Intraday: Major Support at 0.71970
Our pivot point is at 0.71970
Preferable Price Action: Buy Positions Above pivot with targets at 0.72330 & 0.72590 in extension.
Alternative Price Action: Below pivot looks for a further Downside with 0.71640 & 0.71410 as targets.
Comment: Pair above its 55MA and RSI at 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: Support at 80.40
Our pivot point is at 80.40
Preferable Price Action: Above pivots Buy Oil with 81.95 & 83.10 as targets.
Alternative Price Action: Sell crude Below pivot with targets at 78.90 and 77.80 in extension.
Comment: Price Above 55MA and MACD is in the 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 major upside
Our pivot point is 1813.30
Preferable Price Action: Further Upside to 1825.70 and 1834.70.
Alternative Price Action: If the price gives a Downside breakout of a pivot, then the price extends to 1801.50 and 1793.50.
Comment: MACD is in negative territory and the price is above its 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
Dow Jones Intraday: Major Support at 36,167.00
Our pivot point is 36,167.00
Preferable Price Action: Take Long positions Above pivot with targets at 36,514.00 & 36,721.00.
Alternative Price Action: Above 36,167.00 looks for further Upside to 35,880.00 & 35,652.00.
Comment: RSI Above 50 levels And price is Above 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