Market Wrap: Stocks, Bonds, Commodities
American stock market was closed on Thursday amid of Thanksgiving Day.
Asian shares fell slightly on Friday, pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic.
MSCI’s index of Asia-Pacific stocks outside Japan advance 0.28% to 809.10 levels. Australian index advances 0.59% to 6,683.30. Japanese Nikkei climbed 0.50% to 26,296.86.
European stocks were lower on Thursday, with the Stoxx Europe 50 Index fell 0.03% to 3,510.94, Germany’s DAX down 0.02% to 13,286.57 and France’s CAC lose 0.08% to 5,566.79 and U.K.’s FTSE 100 slipped 0.44% to 6,362.93.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 2.40% to 0.857.
Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that vaccines will revive fuel demand.
Spot Brent crude Oil lose 0.10% to $47.78 per barrel. US West Texas Intermediate crude fell 1.64% to $44.96 a barrel.
The yellow metal traded flat to 1808.80 dollar per ounce.
Market Wrap: Forex
The dollar held steady in thin trade on Friday but was on track for weekly losses against a basket of major currencies as it remained under pressure on improving risk appetite.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell 0.06% to 91.912.
The Euro US Dollar (EUR/USD) widely traded pair rose 0.10% today. This left the pairing trading around $1.19240.
The Japanese yen rose against the U.S. dollar on Thursday as stock pushes lower. Today US/JPY down 0.22% to 104.030 level.
Other commodity related currency advance against U.S dollar, AUD/USD gained 0.22% to 0.73780 and NZD/USD rose 0.25% to 0.70230.
EUR/USD Intraday: Support at 1.19164
Our pivot point is at 1.19164
Preferable Price Action: Take Long positions above pivot level with targets at 1.19434 & 1.19648 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.18837 & 1.18576.
Comment: Pair above its 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
GBP/USD Intraday: Resistance at 1.33860
Our pivot point is at 1.33860
Preferable Price Action: Short positions below pivot with targets at 1.34430 & 1.34130 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.34220 & 1.34500.
Comment: Price below 55MA & 20MA 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
USD/JPY Intraday: Trend on the downside
Our pivot point is at 104.121
Preferable Price Action: Short position below pivot with the target at 103.860 and 103.723 in extension.
Alternative Price Action: The upside breakout of pivot would call for 104.355 and 104.504.
Comment: price below its 55MA & 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
AUD/USD Intraday: Support at 0.73668
Our pivot point is at 0.73668
Preferable Price Action: Long positions above pivot with targets at 0.73925 & 0.74066 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.73433 & 0.73283 as targets.
Comment: Pair above its 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: Bias on the downside
Our pivot point is at 45.32
Preferable Price Action: Below pivots sell Oil with 44.30 & 43.71 as targets.
Alternative Price Action: Buy crude above pivot with targets at 46.29 and 46.87 in extension.
Comment: Crude below 55MA & 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
XAU/USD Intraday: Support at 1804.00
Our pivot point is at 1804.00
Preferable Price Action: Further upside to 1823.00 & 1835.00 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1788.00 and 1775.50.
Comment: MACD in positive territory and price below its 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
Dow Jones Intraday: Support at 29,836.00
Our pivot point is at 29,836.00
Preferable Price Action: Take sell positions below pivot with targets at 29,644.10 & 29,545.00 in extension.
Alternative Price Action: Above 29,836.00 looks for further upside to 30,042.00 & 30,141.00.
Comment: Price above its 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 produced7