Date:Sun May 5 2024Tokyo:19:16Sydney:20:16New York:6:16London:11:16CET:12:16
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Daily Market Outlook, 25 April, 2024
sevenstarfx
Posts: 34 ✭
Posts: 34 ✭
in General
Market Wrap: Stocks, Bonds, Commodities
The benchmark S&P 500 closed higher in a choppy trade on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.
The Dow Jones Industrial Average fell 42.77 points to 38,460.92, the S&P 500 gain 0.02% to 5,071.36 and the Nasdaq Composite ascend 16.11 points to 15,712.75.
MSCI’s index of Asia-Pacific stocks outside Japan is decrease 0.69% to 649.45 levels. The Australian index was lower by 0.01% to 7,683.00. Japanese Nikkei Index surged 0.04% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index decrease 0.28% to 4,976.15, Germany’s DAX drop 0.30% to 18,018.95, and France’s CAC lower 0.28% to 8,068.91 and U.K.’s FTSE 100 gain 0.67% to 8,094.50.
Benchmark 10-year U.S. Treasury rose as demand for safe assets surged again, today 10-year bond yields negative 0.13% to 4.649.
Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world’s largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses.
Spot Brent crude oil ascend 0.44% to $88.41 per barrel. US West Texas Intermediate crude is up 0.45% to $83.18 a barrel.
The yellow metal gold is decrease 0.03% to 2,337.85 dollars per ounce.
Market Wrap: Forex
The yen was pinned on the weaker side of 155 per dollar on Thursday as the Bank of Japan (BOJ) kicks off its two-day rate-setting meeting, leaving traders nervous as to whether Tokyo will intervene while policy deliberations are still underway.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which drop 0.22% to 105.470.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.25% today. This left the pair trading around $1.0724.
The Japanese yen was negative against the U.S. dollar on Thursday. Today USD/JPY is surged 0.21% to the 155.66 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.42% to 0.6524, and NZD/USD surged 0.42% to 0.5960 level.
EUR/USD Intraday: Major trend on the upside
Our pivot point is at 1.07220
Preferable Price Action: Take buy positions above pivot level with targets at 1.07390 & 1.07520 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.07040 & 1.06890.
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: Major trend on the upside
Our pivot point is at 1.24830
Preferable Price Action: Buy positions above pivot with targets at 1.25160 & 1.25410 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.24484 & 1.24230.
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: Major trend on the upside
Our pivot point is at 155.570
Preferable Price Action: Buy position above pivot with the target at 155.790 and 155.960 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 155.370 and 155.200.
Comment: MACD is above 50 levels and Paris 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
AUD/USD Intraday: Major trend on the upside
Our pivot point is at 0.65170
Preferable Price Action: Buy positions above pivot with targets at 0.65360 & 0.65500 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.64970 & 0.64810 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 82.72
Our pivot point is at 82.72
Preferable Price Action: Above pivot buy oil with 83.31 & 83.71 as targets.
Alternative Price Action: Sell crude below pivot with targets at 82.11 and 81.71 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 at the upside
Our pivot point is 2318.40
Preferable Price Action: Further upside to 2336.10 and 2349.70.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 2302.70 and 2290.80.
Comment: MACD is above 50 levels 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
Dow Jones Intraday: Trend on the downside
Our pivot point is 38,459.40
Preferable Price Action: Take sell positions below the pivot with targets at 38,314.60 & 38,194.20.
Alternative Price Action: Above 38,459.40 looks for further upside to 38,596.00 & 38,696.80.
Comment: RSI is below 50 levels and Pairs below 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
The benchmark S&P 500 closed higher in a choppy trade on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.
The Dow Jones Industrial Average fell 42.77 points to 38,460.92, the S&P 500 gain 0.02% to 5,071.36 and the Nasdaq Composite ascend 16.11 points to 15,712.75.
MSCI’s index of Asia-Pacific stocks outside Japan is decrease 0.69% to 649.45 levels. The Australian index was lower by 0.01% to 7,683.00. Japanese Nikkei Index surged 0.04% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index decrease 0.28% to 4,976.15, Germany’s DAX drop 0.30% to 18,018.95, and France’s CAC lower 0.28% to 8,068.91 and U.K.’s FTSE 100 gain 0.67% to 8,094.50.
Benchmark 10-year U.S. Treasury rose as demand for safe assets surged again, today 10-year bond yields negative 0.13% to 4.649.
Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world’s largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses.
Spot Brent crude oil ascend 0.44% to $88.41 per barrel. US West Texas Intermediate crude is up 0.45% to $83.18 a barrel.
The yellow metal gold is decrease 0.03% to 2,337.85 dollars per ounce.
Market Wrap: Forex
The yen was pinned on the weaker side of 155 per dollar on Thursday as the Bank of Japan (BOJ) kicks off its two-day rate-setting meeting, leaving traders nervous as to whether Tokyo will intervene while policy deliberations are still underway.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which drop 0.22% to 105.470.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.25% today. This left the pair trading around $1.0724.
The Japanese yen was negative against the U.S. dollar on Thursday. Today USD/JPY is surged 0.21% to the 155.66 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.42% to 0.6524, and NZD/USD surged 0.42% to 0.5960 level.
EUR/USD Intraday: Major trend on the upside
Our pivot point is at 1.07220
Preferable Price Action: Take buy positions above pivot level with targets at 1.07390 & 1.07520 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.07040 & 1.06890.
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: Major trend on the upside
Our pivot point is at 1.24830
Preferable Price Action: Buy positions above pivot with targets at 1.25160 & 1.25410 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.24484 & 1.24230.
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: Major trend on the upside
Our pivot point is at 155.570
Preferable Price Action: Buy position above pivot with the target at 155.790 and 155.960 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 155.370 and 155.200.
Comment: MACD is above 50 levels and Paris 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
AUD/USD Intraday: Major trend on the upside
Our pivot point is at 0.65170
Preferable Price Action: Buy positions above pivot with targets at 0.65360 & 0.65500 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.64970 & 0.64810 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 82.72
Our pivot point is at 82.72
Preferable Price Action: Above pivot buy oil with 83.31 & 83.71 as targets.
Alternative Price Action: Sell crude below pivot with targets at 82.11 and 81.71 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 at the upside
Our pivot point is 2318.40
Preferable Price Action: Further upside to 2336.10 and 2349.70.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 2302.70 and 2290.80.
Comment: MACD is above 50 levels 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
Dow Jones Intraday: Trend on the downside
Our pivot point is 38,459.40
Preferable Price Action: Take sell positions below the pivot with targets at 38,314.60 & 38,194.20.
Alternative Price Action: Above 38,459.40 looks for further upside to 38,596.00 & 38,696.80.
Comment: RSI is below 50 levels and Pairs below 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
