sevenstarfx
Freshie
- Messages
- 9
- Joined
- Aug 31, 2023
- Messages
- 9
- Reaction score
- 1
- Points
- 8
Market Wrap: Stocks, Bonds, Commodities
Stocks climbed on fresh US economic data, with investors awaiting key inflation figures. Nasdaq hit a new high, while Dow Jones and S&P 500 also rose. The producer price index for April surpassed expectations, tempering rate-cut speculations.
The Dow Jones Industrial Average rose 126.60 points to 39,558.11, the S&P 500 gain 0.48% to 5,246.68 and the Nasdaq Composite surged 122.94 points to 16,511.18.
MSCI’s index of Asia-Pacific stocks outside Japan is surged 0.56% to 691.65 levels. The Australian index was high by 0.35% to 7,753.70. Japanese Nikkei Index increase 0.17% today.
European stocks were mixed on Wednesday, with the Stoxx Europe 50 Index increase 0.06% to 5,083.55, Germany’s DAX surged 0.44% to 18,805.35, and France’s CAC lower 0.17% to 8,211.76 and U.K.’s FTSE 100 gain 0.22% to 8,446.74.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields decline 0.45% to 4.4260.
Oil prices climbed as US stockpiles shrank, with focus shifting to an upcoming International Energy Agency report on market balances.
Spot Brent crude oil surged 0.23% to $82.57 per barrel. US West Texas Intermediate crude is up 0.27% to $78.23 a barrel.
The yellow metal gold is increase 0.65% to 2,375.20 dollars per ounce.
Market Wrap: Forex
The dollar dipped to a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which drop 0.15% to 104.730.
The Euro US Dollar (EUR/USD) is a widely traded pair that is increase 0.07% today. This left the pair trading around $1.08260.
The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is lower 0.41% to the 155.78 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.28% to 0.66420, and NZD/USD ascend 0.41% to 0.60610 level.
EUR/USD Intraday: Major trend on the upside
Our pivot point is at 1.08280
Preferable Price Action: Take buy positions above pivot level with targets at 1.08460 & 1.08600 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.08090 & 1.07940.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.25950
Preferable Price Action: Buy positions above pivot with targets at 1.26190 & 1.26380 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.25700 & 1.25500.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate 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 156.340
Preferable Price Action: Sell position below pivot with the target at 156.120 and 155.960 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 156.560 and 156.710.
Comment: MACD is below 50 levels and pairs below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.66410
Preferable Price Action: Buy positions above pivot with targets at 0.66520 & 0.66620 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.66290 & 0.66190 as targets.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Support level at 78.11
Our pivot point is at 78.11
Preferable Price Action: Above pivot buy oil with 78.43 & 78.74 as targets.
Alternative Price Action: Sell crude below pivot with targets at 77.78 and 77.48 in extension.
Comment: MACD is positive territory and pairs above its 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend on the upside
Our pivot point is 2360.60
Preferable Price Action: Further upside to 2370.80 and 2379.00.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2350.40 and 2342.20.
Comment: MACD is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: In consolidation state at 39,546.60
Our pivot point is 39,546.60
Preferable Price Action: Take buy positions above the pivot with targets at 39,634.90 & 39,700.20.
Alternative Price Action: Below 39,546.60 looks for further downside to 39,457.20 & 39,390.70.
Comment: RSI is at 50 levels and pairs above its 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Stocks climbed on fresh US economic data, with investors awaiting key inflation figures. Nasdaq hit a new high, while Dow Jones and S&P 500 also rose. The producer price index for April surpassed expectations, tempering rate-cut speculations.
The Dow Jones Industrial Average rose 126.60 points to 39,558.11, the S&P 500 gain 0.48% to 5,246.68 and the Nasdaq Composite surged 122.94 points to 16,511.18.
MSCI’s index of Asia-Pacific stocks outside Japan is surged 0.56% to 691.65 levels. The Australian index was high by 0.35% to 7,753.70. Japanese Nikkei Index increase 0.17% today.
European stocks were mixed on Wednesday, with the Stoxx Europe 50 Index increase 0.06% to 5,083.55, Germany’s DAX surged 0.44% to 18,805.35, and France’s CAC lower 0.17% to 8,211.76 and U.K.’s FTSE 100 gain 0.22% to 8,446.74.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields decline 0.45% to 4.4260.
Oil prices climbed as US stockpiles shrank, with focus shifting to an upcoming International Energy Agency report on market balances.
Spot Brent crude oil surged 0.23% to $82.57 per barrel. US West Texas Intermediate crude is up 0.27% to $78.23 a barrel.
The yellow metal gold is increase 0.65% to 2,375.20 dollars per ounce.
Market Wrap: Forex
The dollar dipped to a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which drop 0.15% to 104.730.
The Euro US Dollar (EUR/USD) is a widely traded pair that is increase 0.07% today. This left the pair trading around $1.08260.
The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is lower 0.41% to the 155.78 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.28% to 0.66420, and NZD/USD ascend 0.41% to 0.60610 level.
EUR/USD Intraday: Major trend on the upside
Our pivot point is at 1.08280
Preferable Price Action: Take buy positions above pivot level with targets at 1.08460 & 1.08600 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.08090 & 1.07940.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.25950
Preferable Price Action: Buy positions above pivot with targets at 1.26190 & 1.26380 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.25700 & 1.25500.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate 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 156.340
Preferable Price Action: Sell position below pivot with the target at 156.120 and 155.960 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 156.560 and 156.710.
Comment: MACD is below 50 levels and pairs below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.66410
Preferable Price Action: Buy positions above pivot with targets at 0.66520 & 0.66620 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.66290 & 0.66190 as targets.
Comment: RSI is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Support level at 78.11
Our pivot point is at 78.11
Preferable Price Action: Above pivot buy oil with 78.43 & 78.74 as targets.
Alternative Price Action: Sell crude below pivot with targets at 77.78 and 77.48 in extension.
Comment: MACD is positive territory and pairs above its 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend on the upside
Our pivot point is 2360.60
Preferable Price Action: Further upside to 2370.80 and 2379.00.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2350.40 and 2342.20.
Comment: MACD is above 50 levels and pairs above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: In consolidation state at 39,546.60
Our pivot point is 39,546.60
Preferable Price Action: Take buy positions above the pivot with targets at 39,634.90 & 39,700.20.
Alternative Price Action: Below 39,546.60 looks for further downside to 39,457.20 & 39,390.70.
Comment: RSI is at 50 levels and pairs above its 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
