Market Wrap: Stocks, Bonds, Commodities
American major stock indices gained on Tuesday, as investors bought energy and materials stocks and looked beyond a recent rose in coronavirus cases across US states.
The Dow Jones Industrial Average climbed 2.14% to end at 26,642.60 points, while the S&P 500 rose 1.33% to 3,197.70. The Nasdaq Composite higher 0.95% to 10,489.
Risk appetite was rose by Moderna Inc’s vaccine trial for COVID-19 which results in it was safe and gained immune responses in all 45 healthy volunteers in an ongoing early-stage study.
Asian major index surged on Wednesday as positive news about a coronavirus vaccine while Chinese stock slipped as President trump pass bill against china over Hong Kong issue.
MSCI’s index of Asia-Pacific stocks outside Japan rose 0.65% to 697.10 levels. Australian index higher 1.88% to 6,052.90. Japan’s Nikkei gain 1.59% to 22,945.94.
European stocks were lower on Tuesday, with the Stoxx Europe 50 Index slipped 0.85% to 3,321.39, Germany’s DAX fell 0.80% to 12,697.36 and France’s CAC lost 0.97% to 5,007.46 and U.K.’s FTSE 100 up 0.10% to 6,179.75.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 1.80% to 0.625.
Crude Oil rate higher on Wednesday after a sharp drop in U.S. crude stock built, with the market waiting for more direction from an OPEC and its allies meeting later in the day on the future level of supply and cut in production.
Spot Brent crude oil rose 0.44% to $43.10 per barrel. US West Texas Intermediate crude futures were gained 0.47% to $40.47 a barrel.
The yellow slipped on Wednesday, traded 0.20% lower to $1810.35 per ounce.
Market Wrap: Forex
The dollar was gain on Wednesday, with investors continuing the previous session’s retreat from the safe-haven asset as data released on Tuesday indicated increased U.S. inflation.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.13% to 96.082.
The Euro US Dollar (EUR/USD) widely traded pair rose 0.11% today. This left the pairing trading around $1.14080.
The Japanese yen down against the U.S. dollar on Tuesday as stock pushes higher. Today US/JPY flat to 107.210 level.
Other commodity related currency broadly higher against U.S dollar, AUD/USD gain 0.45% to 0.70060 and NZD/USD higher 0.31% to 0.65600.
EUR/USD Intraday: Trend upside
Our pivot point is at 1.13900
Preferable Price Action: Take Long positions above level with targets at 1.14305 & 1.14502 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.3500 & 1.13273.
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 1.25630
Preferable Price Action: Long positions above pivot with targets at 1.26205 & 1.26425 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.25052 & 1.24833.
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 107.050
Our pivot point is at 107.050
Preferable Price Action: Long position above pivot with the target at 107.357 and 107.503 in extension.
Alternative Price Action: The downside breakout of pivot would call for 106.741 and 106.585.
Comment: Pair below 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 0.69840
Preferable Price Action: Long positions above pivot with targets at 0.70231 & 0.70429 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.69438 & 0.69227 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 40.30
Preferable Price Action: Buy crude above pivot with targets at 41.15 and 41.60 in extension.
Alternative Price Action: Below pivots sell Oil with 39.42 & 38.94 as targets.
Comment: Crude 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
XAU/USD Intraday: Support at 1802.90
Our pivot point is at 1802.90
Preferable Price Action: Further upside to 1810.64 & 1814.36 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1795.28 and 1791.75.
Comment: MACD in positive zone and price 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: Break resistance zone
Our pivot point is at 26650.00
Preferable Price Action: Take buy positions above pivot with targets at 27055.59 & 27257.28 in extension.
Alternative Price Action: Below 26650.00 looks for further downside to 26245.93 & 26041.32.
Comment: Price above 20MA & 55MA and RSI at overbought 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