Market Wrap: Stocks, Bonds, Commodities
The Dow Jones Industrial Average. DJI wrapped up its strongest three days in nine decades on Thursday as record weekly U.S. jobless claims came in below investors’ worst fears and the focus stayed on an unprecedented $2 trillion stimulus awaiting approval by the U.S. House of Representatives.
The Dow Jones Industrial Average soared 6.41% to end at 22,553 while the S&P 500 jumped 6.30% to 2,629.80. The Nasdaq Composite advanced 5.59% to 7,797.49.
Asian stocks rose on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.78% to 560 levels. Australian index was down 5.30%, while Japan’s Nikkei stock index rose 3.65%
European stocks were advanced on Tuesday, with the Stoxx Europe 50 Index slipped 2.50% to 2775, Germany’s DAX down 1.96% to 9,804.25 and France’s CAC plunged 3.00% to 4,414 and U.K.’s FTSE 100 slipped 3.92% to 5,589.20.
Benchmark 10-year U.S. Treasury down as fear rose about the crash in a corporate bond market, today down 3.80% to 0.777.
Oil prices dropped more than $1 a barrel on Thursday as a growing number of virus-related restrictions on travel slashed global fuel demand, overshadowing expectations that a $2 trillion US stimulus package will bolster economic activity.
Brent crude oil down 1.05% at $28.700 per barrel. while US West Texas Intermediate (WTI) crude rose 0.80% to $24.02 per barrel.
Yellow metal trade in a narrow range from the last 3 day. Today Gold down 1.85% to $1620 per ounce.
Market Wrap: Forex
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.24% to 99.700.
The Euro US Dollar (EUR/USD) widely traded pair down by 0.20% today. This left the pairing trading around $1.10050.
The Japanese yen advanced against the U.S. dollar on Friday as demand for safe heaven rose. Today USD/JPY down 0.54% to 108.950 level.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD down 0.10% to 0.60650 and NZD/USD fell 0.35% to 0.59340.
EUR/USD Intraday: Trend may change
Our pivot point is at 1.10900
Preferable Price Action: Take Short positions below pivot level with targets at 1.09723 & 1.09201 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.11440 & 1.11885.
Comment: pair below 20MA 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
GBP/USD Intraday: Bias remains bullish
Our pivot point is at 1.21150
Preferable Price Action: long positions above pivot with targets at 1.23025 & 1.23723 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.19828 and 1.19059.
Comment: The RSI indicator at 50 level mark and pair below 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
JPY/USD Intraday: Downside move continues
Our pivot point is at 109.300
Preferable Price Action: Long position above pivot with the target at 109.958 and 110.427 in extension.
Alternative Price Action: The downside breakout of pivot would call for 108.550 and 108.141.
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: Resistance at 0.61270
Our pivot point is at 0.61270
Preferable Price Action: Short positions below pivot with targets at 0.60300 & 0.59804 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.61798 & 0.62143 as targets.
Comment: Pair below its 20MA and RSI at 50 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 produced
CRUDEOIL Intraday: Bias remains bearish
Our pivot point is at 23.00
Preferable Price Action: Sell below pivot with targets at 21.50 and 20.81 in extension.
Alternative Price Action: Above pivots buy Oil with 24.00 & 24.72 as targets.
Comment: MACD in the negative zone and pair below 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: Trend change to the upside
Our pivot point is at 1600.00
Preferable Price Action: Further upside to 1648.41 & 1678.48 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1551.51 and 1520.61.
Comment: Trading in a narrow range from the last three day
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: Technical Bounce back may end
Our pivot point is at 22650.00
Preferable Price Action: Take Short positions below pivot with targets at 21610.56 & 20881.70 in extension.
Alternative Price Action: Above 22650.00 looks for further upside to 23358.79 & 23885.45.
Comment: Rose 17% in just last 3 day.
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