Market Wrap: Stocks, Bonds, Commodities
American major stock indices close higher on Friday as investors weighed the prospects of more fiscal stimulus from the government against fears of further business disruptions due to a record surge in COVID-19 cases.
The Dow Jones Industrial Average down 0.24% to end at 26,672.40 points, while the S&P 500 higher 0.30% to 3,224.80. The Nasdaq Composite rose 0.27% to 10,503.20.
Asian major index gained on Monday as traders optimize about more fiscal stimulus in the European zone and the United States to help economies damage against the effects of a record jump in COVID-19 cases globally.
MSCI’s index of Asia-Pacific stocks outside Japan rose 0.36% to 68.20 levels. Australian index lower 0.53% to 6,001.60. Japan’s Nikkei rose 0.10% to 22,717.50.
European stocks were mixed on Friday, with the Stoxx Europe 50 Index flat to 3,365.60, Germany’s DAX gained 0.35% to 12,919.60 and France’s CAC lost 0.31% to 5,069.42 and U.K.’s FTSE 100 climbed 0.63% to 6,290.30.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield fell 0.20% to 0.627.
Crude Oil prices fell on Thursday after OPEC and its alliance agreed to ease production curbs and as new infections of the novel coronavirus continue to surge in the world major countries.
Spot Brent crude oil fell 0.72% to $42.81 per barrel. US West Texas Intermediate crude futures were down 0.74% to $40.45 a barrel.
The yellow metal gained on Monday, traded 0.10% higher to $1810.50 per ounce.
Market Wrap: Forex
The dollar was up on Monday, with traders awaiting the results of a U.S. Congress debate over fresh COVID-19 stimulus measures later in this week.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.10% to 96.000.
The euro surged near four-month highs against the dollar on Monday, with traders hold hope that European leaders will agree on economic rescue package in their summit talks.
The Japanese yen down against the U.S. dollar on Tuesday as stock pushes higher. Today US/JPY rose 0.25% to 107.250 level.
Other commodity related currency broadly mixed against U.S dollar, AUD/USD down 0.10% to 0.69900 and NZD/USD advancing 0.10% to 0.65570.
EUR/USD Intraday: Break Resistance level
Our pivot point is at 1.14350
Preferable Price Action: Take Long positions above level with targets at 1.14751 & 1.15001 in extension.
Alternative Price Action: Below pivot level looks for further downside at 1.13971 & 1.13716.
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 1.25200
Our pivot point is at 1.25200
Preferable Price Action: Long positions above pivot with targets at 1.25793 & 1.26050 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.24631 & 1.24361.
Comment: Price 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
USD/JPY Intraday: Support at 107.080
Our pivot point is at 107.080
Preferable Price Action: Long position above pivot with the target at 107.455 and 107.654 in extension.
Alternative Price Action: The downside breakout of pivot would call for 106.705 and 106.496.
Comment: Pair above 55MA & 20MA 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: Support at 0.69700
Our pivot point is at 0.69700
Preferable Price Action: Long positions above pivot with targets at 0.70073 & 0.70322 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.69330 & 0.69071 as targets.
Comment: Pair above 20MA and MACD in a 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
CRUDEOIL Intraday: Trend downside
Our pivot point is at 40.70
Preferable Price Action: Sell crude below pivot level with targets at 39.90 and 39.50 in extension.
Alternative Price Action: Above pivots buy Oil with 41.50 & 41.91 as targets.
Comment: Crude below Its 20MA & 55MA and RSI below 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 1805.80
Our pivot point is at 1805.80
Preferable Price Action: Further upside to 1813.08 & 1816.92 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1798.65 and 1794.82.
Comment: MACD in positive zone and price 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
Dow Jones Intraday: Break Support area
Our pivot point is at 26628.00
Preferable Price Action: Take sell positions below pivot with targets at 26267.29 & 26066.26 in extension.
Alternative Price Action: Above 26628.00 looks for further upside to 26992.74 & 27194.12.
Comment: Price below 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 produced7