Market Wrap: Stocks, Bonds, Commodities
The dollar dropped on Friday 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 65.11 points to 38,647.10, the S&P 500 gain 0.23% to 5,433.74 and the Nasdaq Composite ascend 57.47 points to 17,665.90.
MSCI’s index of Asia-Pacific stocks outside Japan is above 0.12% to 694.91 levels. The Australian index was lower by 0.33% to 7,724.30. Japanese Nikkei Index increase 0.36% today.
European stocks were negative on Friday, with the Stoxx Europe 50 Index decrease 0.86% to 4,893.15, Germany’s DAX descend 0.58% to 18,157.25, and France’s CAC lower 1.40% to 7,600.48 and U.K.’s FTSE 100 loss 0.21% to 8,146.12.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields decrease 0.31% to 4.2220.
Oil prices fell in Asian trade on Friday as traders locked-in some profits at the end of a positive week, with crude prices set for their first weekly gain in four on hopes of tighter supplies.
Spot Brent crude oil down 0.63% to $82.23 per barrel. US West Texas Intermediate crude is down 0.80% to $77.99 a barrel.
The yellow metal gold is increase 0.69% to 2,344.00 dollars per ounce.
Market Wrap: Forex
The U.S. dollar slipped marginally Friday, while the euro also fell, heading for a sharp weekly loss amid political turmoil in the region.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which descend 0.65% to 105.130.
The Euro US Dollar (EUR/USD) is a widely traded pair that is decrease 0.28% today. This left the pair trading around $1.07050.
The Japanese yen was positive against the U.S. dollar on Friday. Today USD/JPY is trades pair that increases 0.38% to the 157.620 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD slipped 0.27% to 0.66170 , and NZD/USD descend 0.45% to 0.61390 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.07390
Preferable Price Action: Take sell positions below pivot level with targets at 1.06930 & 1.06620 in extension.
Alternative Price Action: Buy pivot looks for a further upside to 1.07840 & 1.08190.
Comment: RSI is below 50 levels and pairs are 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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.27460
Preferable Price Action: Sell positions below pivot with targets at 1.27090 & 1.26770 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.27830 & 1.28160.
Comment: RSI is below 50 levels and pairs are 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
USD/JPY Intraday: Major trend on the upside
Our pivot point is at 157.760
Preferable Price Action: Buy position above pivot with the target at 158.500 and 159.150 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 156.980 and 156.360.
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 0.66280
Preferable Price Action: Sell positions below pivot with targets at 0.65970 & 0.65710 in extension.
Alternative Price Action: Above pivot a further upside with 0.66590 & 0.66840 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 77.58
Preferable Price Action: Above pivot buy oil with 78.73 & 79.70 as targets.
Alternative Price Action: Sell crude below pivot with targets at 76.40 and 75.35 in extension.
Comment: RSI is above 50 levels and Pairs above its 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 2308.30
Preferable Price Action: Further upside to 2325.90 and 2341.80.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2290.40 and 2276.10.
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
Dow Jones Intraday: Trend on the downside
Our pivot point is 38,625.50
Preferable Price Action: Take sell positions below the pivot with targets at 38,464.50 & 38,321.30.
Alternative Price Action: Above 38,625.50 looks for further upside to 38,795.50 & 38,939.90.
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