Market Wrap: Stocks, Bonds, Commodities
US stocks rose on July 10 as a positive analysis on Gilead Sciences Inc’s antiviral drug to treat COVID-19 helped soothe investor worries over a record rise in coronavirus cases in the United States and as financial shares surged.
The Dow Jones Industrial Average rose 369.21 points (1.44%) to 26,075.3, the S&P 500 gained 32.99 points (1.05%) to 3,185.04 and the Nasdaq Composite added 69.69 points (0.66%) to 10,617.44.
Asian shares got off to a firm start on July 13 as investors wagered US earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.
MSCI’s index of Asia-Pacific stocks outside Japan rose 1.10% to 705.10 levels. Australian index higher 0.98% to 5,977.50. Japan’s Nikkei gain 2.22% to 22,784.74.
European stocks were higher on Friday, with the Stoxx Europe 50 Index gain 1.07% to 3,296.22, Germany’s DAX rose 1.15% to 12,633.71 and France’s CAC advance 1.01% to 4,970.48 and U.K.’s FTSE 100 up 0.76% to 6,095.41.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 0.5% to 0.637.
Oil slipped in early Asian trade on July 13 as traders would closely watch an OPEC technical meeting this week, which is expected to recommend an easing in supply cuts that have been propping up crude prices.
Spot Brent crude Oil fell 0.84% to $42.87 per barrel. US West Texas Intermediate crude futures were down 0.83% to $40.20 a barrel.
The yellow metal advance on Monday, traded 0.50% higher to $1807 per ounce.
Market Wrap: Forex
The U.S. dollar edged down on Monday as investors looked to looming economic data from around the world and U.S. corporate earnings to gauge whether the markets’ guarded optimism on the economic outlook is justified.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.25% to 96.373.
The Euro US Dollar (EUR/USD) widely traded pair rose 0.31% today. This left the pairing trading around $1.13330.
The Japanese yen gain against the U.S. dollar on Friday as stock pushes lower. Today US/JPY rose 0.10% to 106.930 level.
Other commodity related currency broadly higher against U.S dollar, AUD/USD gain 0.45% to 0.69790 and NZD/USD down 0.10% to 0.65720.
EUR/USD Intraday: Trend upside
Our pivot point is at 1.13150
Preferable Price Action: Take Long positions above level with targets at 1.13523 & 1.13724 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.12779 & 1.12573.
Comment: Pair above 20MA & 55MA and RSI above 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: Bias on the upside
Our pivot point is at 1.26400
Preferable Price Action: Long positions above pivot with targets at 1.26824 & 1.27036 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.25994 & 1.25767.
Comment: Price above 20MA & 55MA 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
USD/JPY Intraday: Support at 106.740
Our pivot point is at 106.740
Preferable Price Action: Long position above pivot with the target at 107.139 and 107.367in extension.
Alternative Price Action: The downside breakout of pivot would call for 106.350 and 106.118.
Comment: Pair above 20MA & 55MA and MACD in the positive zone.
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: Break resistance area
Our pivot point is at 0.69600
Preferable Price Action: Long positions above pivot with targets at 0.70005 & 0.70242 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.69187 & 0.68938 as targets.
Comment: Pair above 55MA & 20MA and RSI above 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: Price show Strength
Our pivot point is at 40.00
Preferable Price Action: Buy crude above pivot with targets at 40.80 and 41.20 in extension.
Alternative Price Action: Below pivots sell Oil with 39.22 & 38.80 as targets.
Comment: Crude above Its 20MA & 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
XAU/USD Intraday: Resistance at 1811.00
Our pivot point is at 1811.00
Preferable Price Action: Further downside to 1801.55 & 1796.39 level.
Alternative Price Action: If price gives upside breakout of a pivot, then price extends to 1820.24 and 1825.07.
Comment: RSI above 50 level mark and price above its 20MA & 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: Break resistance zone
Our pivot point is at 26100.00
Preferable Price Action: Take buy positions above pivot with targets at 26469.68 & 26664.50 in extension.
Alternative Price Action: Below 26100.00 looks for further downside to 25722.42 & 25524.01.
Comment: Price above 20MA and RSI at oversold 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 produced7