Market Wrap: Stocks, Bonds, Commodities
American major stock indices were lower on Wednesday, as losses in the Utilities, Financials and Industrials sectors led shares lower.
S&P 500 futures indices pointed to modest gains at early morning on Thursday, one day after markets pushed the second quarter in the red.
The Dow Jones Industrial Average declined 4.44% to 20,943.51, the S&P 500 fell 4.39% to 2,470.50 and the Nasdaq Composite down 4.40% to 7,360.58.
The World Health Organization (WHO) reported 2,15,000 cases in the United States and over 9,25,000 cases globally as of April 1
Asian major markets were slipped on Thursday as the COVID-19 pandemic continues to spread worldwide and bring economies and governments to their knees.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.54% to 553.20 levels. Australian index was down 1.98%, while Japan’s Nikkei stock index slipped 1.48%
European stocks were slipped on Friday, with the Stoxx Europe 50 Index slipped 3.83% to 2680.30, Germany’s DAX down 3.94% to 9,544.75 and France’s CAC plunged 4.30% to 4,207.24 and U.K.’s FTSE 100 declined 3.83% to 5,454.57.
Benchmark 10-year U.S. Treasury advanced as demand for safe asset grow again, today 10-year bond yield down 8.00% to 0.585.
Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets.
Brent crude oil plunged 8.20% at $27.400 per barrel. while US West Texas Intermediate (WTI) crude slipped 7.00% to $23.10 per barrel.
Gold prices drifted on Wednesday, seeking a steady perch for its next trajectory, as President Donald Trump’s warning of a “very painful” time for the United States from the coronavirus and a fresh selloff on Wall Street sent mixed signals to investors. Today Gold advanced 0.48% to $1585 per ounce.
Market Wrap: Forex
The U.S dollar index pushed up in Asia on Thursday as traders continue to look for safe haven’s asset.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, down 0.11 to 99.640.
The Euro US Dollar (EUR/USD) widely traded pair down by 0.17% today. This left the pairing trading around $1.09435.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD up 0.30% to 0.60860 and NZD/USD rose 0.58% to 0.59390.
The Japanese yen down against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY up 0.20% to 107.335 level.
EUR/USD Intraday: Support at 1.09180
Our pivot point is at 1.09180
Preferable Price Action: Take Long positions above pivot level with targets at 1.09994 & 1.10437 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.08703 & 1.08288.
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: Support at 1.23750
Our pivot point is at 1.23750
Preferable Price Action: Long positions above pivot with targets at 1.24655 & 1.25113 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.23208 & 1.22779.
Comment: The RSI indicator above 50 levels and pair above 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
JPY/USD Intraday: Yen strength continues
Our pivot point is at 107.600
Preferable Price Action: Short position below pivot with the target at 106.797 and 106.366 in extension.
Alternative Price Action: The upside breakout of pivot would call for 108.091 and 108.541.
Comment: Pair below 20MA & 55MA and MACD in negative 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: In consolidation zone
Our pivot point is at 0.60660
Preferable Price Action: Long positions above pivot with targets at 0.61512 & 0.62001 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.60152 & 0.59736 as targets.
Comment: Pair above its 20MA & 55MA and RSI above 50 levels mark.
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: May deal complete between Russia-UAE
Our pivot point is at 21.27
Preferable Price Action: Buy above pivot with targets at 23.13 and 24.01 in extension.
Alternative Price Action: Below pivots sell Oil with 20.19 & 19.36 as targets.
Comment: MACD in the positive zone and pair above its 55MA & 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
XAU/USD Intraday: Take downside breakout
Our pivot point is at 1602.00
Preferable Price Action: Further downside to 1576.02 & 1558.01 level.
Alternative Price Action: If price gives upside breakout of a pivot, then price extends to 1621.32 and 1638.34.
Comment: price consolidates in narrow range
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 remains a downside
Our pivot point is at 21400.00
Preferable Price Action: Take Short positions below pivot with targets at 20795.34 & 20321.96 in extension.
Alternative Price Action: Above 21550.00 looks for further upside to 21907.79 & 22336.28.
Comment: Long and short term trend in downside
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