Market Wrap: Stocks, Bonds, Commodities
Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the US economy resurfaced and the number of coronavirus cases in the country climbed.
The Dow Jones Industrial Average plunged 4.07% to end at 21,637.02 points, while the S&P 500 slipped 3.40% to 2,541.39. The Nasdaq Composite slumped 3.80% to 7,503.
Asian stock markets, which usually move in directions opposite to gold, also fell today. The COVID-19 pandemic continues to show no signs of abating as the World Health Organization said that there are now 638,146 global COVID-19 cases as of March 29.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.10% to 551 levels. Australian index was soared 7.00%, while Japan’s Nikkei stock index declined 2.00%
European stocks were slipped on Friday, with the Stoxx Europe 50 Index slipped 4.80% to 2728.65, Germany’s DAX down 3.68% to 9,632.52 and France’s CAC plunged 4.23% to 4,351.49 and U.K.’s FTSE 100 declined 5.24% to 5,511.25.
Benchmark 10-year U.S. Treasury advanced as demand for safe asset grow again, today 10-year bond yield down 8.92% to 0.678.
Oil prices were again underwater as Saudi Arabia and Russia showed no signs of backing down in their price war even as global transport restrictions hamper demand.
Brent crude oil plunged 4.10% at $27.100 per barrel. while US West Texas Intermediate (WTI) crude slipped 3.81% to $22.300 per barrel.
The yellow metal prices slipped on Monday in Asia after recording their biggest weekly gains since 2008. Today Gold down 0.60% to $1617.20 per ounce.
Market Wrap: Forex
The U.S dollar was up on Monday as the COVID-19 pandemic continues to decrease investors’ appetite for risk.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose 0.27% to 98.780.
The Euro US Dollar (EUR/USD) widely traded pair down by 0.44% today. This left the pairing trading around $1.10880.
The Japanese yen advanced against the U.S. dollar on Monday as demand for safe heaven rose. Today US/JPY down 0.54% to 108.950 level.
Other commodity-related currency broadly higher against U.S dollar, AUD/USD down 0.32 to 0.61450 and NZD/USD fell 0.20% to 0.60250.
EUR/USD Intraday: Upside Trend Continues
Our pivot point is at 1.10520
Preferable Price Action: Take Long positions above pivot level with targets at 1.11276 & 1.11840 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.09946 & 1.09522.
Comment: pair below 20MA and above 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
GBP/USD Intraday: Bias remains bullish
Our pivot point is at 1.23000
Preferable Price Action: long positions above pivot with targets at 1.24739 & 1.25412 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.2158 and 1.21518.
Comment: The RSI indicator at 50 level mark and pair above its 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: Downside move continues
Our pivot point is at 108.200
Preferable Price Action: Short position below pivot with the target at 107.203 and 106.694 in extension.
Alternative Price Action: The upside breakout of pivot would call for 108.963 and 109.497.
Comment: Pair below 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 0.61850
Our pivot point is at 0.61850
Preferable Price Action: Short positions below pivot with targets at 0.60701 & 0.60180 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.62389 & 0.62900 as targets.
Comment: Pair below its 20MA and RSI below 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: Bias remains bearish
Our pivot point is at 20.90
Preferable Price Action: Sell below pivot with targets at 19.06 and 18.08 in extension.
Alternative Price Action: Above pivots buy Oil with 22.25 & 23.24 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: Gold in consolidation zone
Our pivot point is at 1610.00
Preferable Price Action: Further upside to 1650.98 & 1680.07 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1572.36 and 1545.51.
Comment: Trading in a narrow range from the last six 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 22000.00
Preferable Price Action: Take Short positions below pivot with targets at 21043.16 & 20585.58 in extension.
Alternative Price Action: Above 22650.00 looks for further upside to 22570.20 & 23033.10.
Comment: Index below 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