Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and the Dow eased on June 14, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve’s meeting this week on the central bank’s outlook on inflation and the future of bond purchases.
Asian shares had a mixed day on Tuesday and the dollar sat near multi-week highs ahead of a much-anticipated Federal Reserve policy meeting, which investors are watching for hints of any change to the U.S. monetary policy outlook.
MSCI’s index of Asia-Pacific stocks outside Japan lost 0.05% to 890.97 levels. Australian index rose 0.92% to 7,379.50. Japanese Nikkei traded advance 0.96% to 29,441.30.
European stocks were higher on Tuesday, with the Stoxx Europe 50 Index gained 0.57% to 4,155.95, Germany’s DAX up 0.64% to 15,776.60, and France’s CAC gained 0.44% 6,645.86, and U.K.’s FTSE 100 advance 0.48% to 7,181.65.
Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields down 1.37% to 1.480.
Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.
Spot Brent crude oil gained 0.32% to $73.09 per barrel. US West Texas Intermediate crude higher 0.28% to $71.08 a barrel.
The yellow metal traded 0.15% higher to 1860.60 dollars per ounce.
Market Wrap: Forex
The dollar slipped marginally lower in early European trade Tuesday, but just off multi-week highs ahead of the latest two-day meeting of the Federal Reserve.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, down 0.17% to 90.338.
The Euro US Dollar (EUR/USD) is a widely traded pair that higher 0.22% today. This left the pairing trading around $1.21430.
The Japanese yen lost against the U.S. dollar on Monday as the stock pushes higher. Today US/JPY flat to 110.040 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD down 0.10% to 0.77020, and NZD/USD gained 0.12% to 0.71460.
EUR/USD Intraday: Support at 1.21300
Our pivot point is at 1.21300
Preferable Price Action: Take long positions above pivot level with targets at 1.21699 & 1.21914 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.21710 & 1.22040.
Comment: Pair above its 55MA & 20MA and RSI at oversold 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 1.41037
Our pivot point is at 1.41037
Preferable Price Action: Buy positions above pivot with targets at 1.41486 & 1.41730 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.40621 & 1.40398.
Comment: Price above its 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
USD/JPY Intraday: Trend on the upside
Our pivot point is at 109.901
Preferable Price Action: Buy position above pivot with the target at 110.203 and 110.356 in extension.
Alternative Price Action: The downside breakout of pivot would call for 109.625 and 109.463.
Comment: price above its 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: Resistance at 0.77191
Our pivot point is at 0.77191
Preferable Price Action: Sell Positions below pivot with targets at 0.76887 & 0.76712 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.77524 & 0.77714 as targets.
Comment: Pair below its 55MA & 20MA and RSI at oversold 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: Major support at 70.47
Our pivot point is at 70.47
Preferable Price Action: Above pivots buy Oil with 71.41 & 72.06 as targets.
Alternative Price Action: Sell crude below pivot with targets at 69.57 and 69.01 in extension.
Comment: Crude is below its 55MA & 20MA and MACD 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: Resistance at 1871.14
Our pivot point is 1871.14
Preferable Price Action: Further downside to 1855.81 & 1847.26
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1855.81 and 1947.26.
Comment: MACD in positive territory and price below its 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: Trend may change to the upside
Our pivot point is 34,382.00
Preferable Price Action: Take Buy positions above pivot with targets at 34,515.00 & 34,603.00.
Alternative Price Action: Above 34,382.00 looks for further downside to 34,246.00 & 34,167.00.
Comment: Price above its 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