Daily Market Outlook, 13 June, 2024

Market Wrap: Stocks, Bonds, Commodities

The dollar dropped on Thursday after data showed that consumer prices in May rose less than economists expected, but pared losses after updated interest rate projections by Federal Reserve officials showed an expectation for only one rate cut this year.

The Dow Jones Industrial Average fell 35.21 points to 38,712.21, the S&P 500 gain 0.85% to 5,421.03 and the Nasdaq Composite ascend 267.25 points to 17,610.79.

MSCI’s index of Asia-Pacific stocks outside Japan is below 0.86% to 693.60 levels. The Australian index was higher by 0.44% to 7,749.70. Japanese Nikkei Index decrease 0.47% today.

European stocks were negative on Thursday, with the Stoxx Europe 50 Index decrease 0.64% to 5,002.05, Germany’s DAX  descend 0.86% to 18,483.25, and France’s CAC lower 0.77% to 7,804.34 and  U.K.’s FTSE 100 loss 0.40% to 8,182.82.

Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields increase 0.45% to 4.3120.

Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut possibly to December, while ample U.S. crude and fuel stocks also weighed on the market.

Spot Brent crude oil down 0.36% to $82.30 per barrel. US West Texas Intermediate crude is down 0.43% to $78.16 a barrel.

The yellow metal gold is decrease 1.02% to 2,330.70 dollars per ounce.

Market Wrap: Forex

The U.S. dollar fell Thursday, as traders weighed up the competing factors of benign U.S. inflation yet a more hawkish Federal Reserve. 

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which descend 0.23% to 104.370.

The Euro US Dollar (EUR/USD) is a widely traded pair that is increase 0.23% today. This left the pair trading around $1.08060.

The Japanese yen was positive against the U.S. dollar on Thursday. Today USD/JPY is trades pair that increases 0.34% to the 157.250 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.22% to 0.66490 , and NZD/USD descend 0.15% to 0.61760 level.


EUR/USD Intraday: Trend on the upside

Our pivot point is at 1.07990

Preferable Price Action: Take buy positions above pivot level with targets at 1.08620 & 1.09110 in extension.

Alternative Price Action: Sell pivot looks for a further downside to 1.07360 & 1.06850.

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: Trend on the downside

Our pivot point is at 1.28000

Preferable Price Action: Sell positions below pivot with targets at 1.27700 & 1.27440 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.28280 & 1.28530.

Comment: RSI is below 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


USD/JPY Intraday: Trend on the upside

Our pivot point is at 156.930

Preferable Price Action:  Buy position above pivot with the target at 157.730 and 158.380 in extension.

Alternative Price Action: The downside breakout of the pivot would call for 156.150 and 155.460.

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 downside

Our pivot point is at 0.66570

Preferable Price Action: Sell positions below pivot with targets at 0.66290 & 0.66020 in extension.

Alternative Price Action: Above pivot a further upside with 0.66840 & 0.67100 as targets.

Comment: RSI is below 50 levels and pairs below its 55MA & 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


CRUDEOIL Intraday:  Trend on the upside

Our pivot point is at 77.74

Preferable Price Action: Above pivot buy oil with 78.95 & 79.93 as targets.

Alternative Price Action: Sell crude below pivot with targets at 76.67 and 75.69 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 2328.10

Preferable Price Action: Further downside to 2291.00 and 2261.60.

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2366.50 and 2397.50.

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: Major trend on the downside

Our pivot point is 38,675.80

Preferable Price Action: Take sell positions below the pivot with targets at 38,536.20 & 38,411.00.

Alternative Price Action: Above 38,675.80 looks for further upside to 38,825.10 & 38,943.00.

Comment: RSI is below 50 levels and pairs below 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