Market Wrap: Stocks, Bonds, Commodities
Wall Street rallied on Friday, led higher by Apple and Microsoft as investors finished a turbulent week of trading and some states prepared to relax coronavirus-related lockdowns. Apple and Microsoft each climbed more than 1%, lifting the S&P 500 more than any other companies. The two tech titans are on tap to report their March-quarter results next week, giving investors a glimpse at how the pandemic has affected their global businesses.
The Dow Jones Industrial Average advanced 1.09% to 23,776.30 points, while the S&P 500 higher 1.40% to 2,837.20. The Nasdaq Composite rose 1.63% to 8,635.38.
Asian major indices edged upside on Monday ahead of a busy week for earnings and central bank meetings, with much chatter the Bank of Japan will announce more stimulus steps.
MSCI’s index of Asia-Pacific stocks outside Japan dropped 1.77% to 594 levels. Australian index rose 1.4% to 5,318.30. Japan Nikkei jumped 2.86% to 19,815.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index down 1.52% to 2,809.07, Germany’s DAX slipped 1.69% to 10,336.10 and France’s CAC fell 1.30% to 4,393.32 and U.K.’s FTSE 100 lower 1.28% to 5,752.23.
Benchmark 10-year U.S. Treasury advanced as demand for safe asset grows again, today 10-year bond yield higher 5.00% to 0.626.
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic.
Brent crude Oil down 3.70% to $23.800 per barrel. while US West Texas Intermediate (WTI) crude up 11.40% to $16.63 per barrel.
Today, Yellow metal higher 0.35% to $1720.90 per ounce.
Market Wrap: Forex
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.50% to 99.960.
The Euro US Dollar (EUR/USD) widely traded pair higher by 0.24% today. This left the pairing trading around $1.08460.
The Japanese yen down against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY lower 0.22% to 107.250 level.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD advanced 1.20% to 0.64610 and NZD/USD rose 0.85% to 0.60680.
EUR/USD Intraday: Trend Upside
Our pivot point is at 1.08200
Preferable Price Action: Take long positions above pivot level with targets at 1.08710 & 1.09053 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.07739 & 1.07407.
Comment: pair above 20MA 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
GBP/USD Intraday: Break resistance level
Our pivot point is at 1.24100
Preferable Price Action: Long positions above pivot with targets at 1.24717 & 1.25067 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.23501 & 1.23159.
Comment: The RSI indicator above 50 levels and pair above 50MA & 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
JPY/USD Intraday: Break Support level
Our pivot point is at 107.300
Preferable Price Action: Short position below pivot with the target at 106.817 and 106.465 in extension.
Alternative Price Action: The upside breakout of pivot would call for 107.795 and 108.118.
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: Bias on the upside
Our pivot point is at 0.64350
Preferable Price Action: Long positions above pivot with targets at 0.64953 & 0.65300 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.63746 & 0.63387 as targets.
Comment: MACD in the positive zone 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: Downside trend continues
Our pivot point is at 16.90
Preferable Price Action: Sell crude below pivot with targets at 15.00 and 13.57 in extension.
Alternative Price Action: Above pivots buy Oil with 18.79 & 20.22 as targets.
Comment: MACD in the negative zone and RSI below 50 level 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
XAU/USD Intraday: Support at $1710
Our pivot point is at 1710.00
Preferable Price Action: Further upside to 1729.09 & 1740.50 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1692.20 and 1681.39.
Comment: RSI above 50 level mark and price below 20&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: Support at 23,850
Our pivot point is at 23850.00
Preferable Price Action: Take buy positions above pivot with targets at 24,315.70 & 24,663.39 in extension.
Alternative Price Action: Below 23,850.00 looks for further downside to 23,373.34 & 23,012.73.
Comment: Index above 20MA & 55MA and also MACD in positive side.
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