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The Nasdaq 100 dropped for the first time in three sessions, weighed…

The Nasdaq 100 dropped for the first time in three sessions, weighed down by declines in tech heavyweights including Tesla Inc. and Alphabet Inc.

20210428
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Market Focus

U.S. technology stocks fell as investors turned their attention to a batch of earnings from industry heavyweights that have helped drive the market to all-time highs.

The Nasdaq 100 dropped for the first time in three sessions, weighed down by declines in tech heavyweights including Tesla Inc. and Alphabet Inc. The S&P 500 closed little changed after swinging between gains and losses throughout the day. United Parcel Service Inc. soared to a record after beating Wall Street’s profit estimates.

Tesla ended a two-day streak of gains after its results failed to impress investors. 3M Co. was the biggest drag on the Dow Jones Industrial Average after it warned that higher costs for raw materials and transportation are a worsening threat. Google parent Alphabet climbed more than 4% post-market, erasing its cash-session decline after profit and revenue exceeded Wall Street’s expectations. Microsoft Corp. reversed again and dropped 3.5% after reporting revenue that missed the highest analysts’ estimates.

While the earnings season has been generally strong so far, investors may be waiting for more robust beats to fan the next move higher. Four out of five S&P 500 companies that have released results have either met or beaten expectations. On average, shares have gained less than 0.1% after the reports, according to data compiled by Bloomberg.

Meanwhile, U.S. data this week are expected to show growth accelerated to an annualized 6.8% in the first quarter. A Conference Board measure Tuesday showed consumer confidence reached the highest since February 2020 as Americans grew more upbeat about the economy and job market.

Main Pairs Movement

The dollar advanced while U.S. 10-year yields touched the highest level in a week as Federal Reserve policymakers began a two-day meeting with a decision Wednesday that may provide insight into their views on tapering asset purchases. The Canadian dollar slipped from the highest level in five weeks as traders await comments Tuesday from the central bank governor.

Among Group-of-10 peers, the Norwegian krone and pound led gains; the Australian and New Zealand dollars were among the laggards. The U.S. 10-year Treasury yield climbed as much as 5.9bps to 1.63%.

The divergence in sentiment for the euro as shown by its volatility skew has reached levels seen only a handful of times in data going back to 2006. The spread between one-year and nine-month risk reversals is trading around 40 basis points in favor of the longer-term puts.

Technical Analysis

EURUSD (4 hour Chart)

EURUSD consecutive two days slightly move in the day market which girds in a tiny horizontal channel, trading at 1.2088 as of writing. Eurodollar bounced back but under 1.21 from an intraday low of 1.2060 while investors awaiting the ECB chairman speaking, the FOMC statement, and the Fed interest rate decision. For the RSI side, an indicator shows 58 which suggests an upward momentum ahead of. On average price aspect, 15 and 60-long SMAs are retaining an ascending trend.

In the light of the aforementioned suggestion, we still expect the market to maintain bull movement at the current stage. It is one thing worth noting that there has a solid threshold at 1.21. In addition, the market could face tumultuous as the central bank governor speaking and any decision.

Resistance: 1.2106

Support: 1.2071, 1.199, 1.192

USDJPY (4 Hour Chart)

Japan yen hovered to close the day in the positive territory, trading at 108.756 level as of writing, whilst the greenback clings in tiny daily gains. In the morning session, the BoJ governor said that the central bank can achieve a 2% inflation target by continuing powerful money easing as at its post-monetary policy meeting that drives devaluation expectation rising. For the RSI side, the indicator is locating at 66 figures, suggesting a bull move in the short run. On the other hand, the yen jumped significantly which drove the 15-long SMA indicator to turn upward way and 60-long remaining a slight move.

At the current stage, yen stands above the month-long neckline at 108.37 level as recovery from days ago low. Therefore, we believe the market has potential upward indication. However, we see the market momentum was pick up too rapidly in the short term that probably will induce some take-profit trade from a long position.

Resistance: 108.93, 109.22

Support: 108.37, 107.936

USDCAD (4 Hour Chart)

Loonie fails to continue its downward momentum as it struggles nearby critical support and the pan-commodities market was lacks any direction, modest recovery above the 1.24 mark. For RSI side, indicator record 34 figure which suggests a downward sentiment in the short term. On the moving average side, both SMA indicators are retaining downside movement.

Integrity all spots, we consist our yesterday view that loonie could cling at the current stage, at 1.238 level, to waiting for another strong bearish signal like greenback devaluation or loose statement from the central bank. Moreover, pan-commodities price rising will appreciate for loonie as well.

Resistance: 1.246, 1.2491, 1.2587

Support: 1.238

20210428
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Data on Thursday may show U.S. gross domestic product increased at a…

Data on Thursday may show U.S. gross domestic product increased at a 6.9% annualized pace from January through March

20210427
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Market Focus

U.S. equities climbed to a record high amid solid corporate earnings and confidence that the Federal Reserve will remain accommodative even as robust growth takes the world’s largest economy back to pre-pandemic levels.

The S&P 500 rose after notching its first weekly decline since mid-March. Most of the main 11 industry groups gained, with energy and consumer-discretionary shares jumping the most. Small-cap stocks in the Russell 2000 outperformed the broader market. The U.S. 10-year Treasury yield hovered around its 50-day moving average. Copper, seen as a barometer of growth, surged to the highest in a decade.

Investors this week will focus on corporate earnings and U.S. economic data even as the Fed primes them to expect no change to policy at their two-day meeting ending Wednesday. While emerging economies from India to Brazil are grappling with a Covid-19 surge or renewed curbs, the developed world is on a firmer recovery path with a faster pace of vaccination.

Data on Thursday may show U.S. gross domestic product increased at a 6.9% annualized pace from January through March after a more moderate 4.3% rate in the previous quarter. Other reports this week may show a pickup in consumer confidence and robust personal spending. Recent indicators cemented economic optimism, with durable goods orders rebounding in March and output at manufacturers and service providers reaching a record high in April.

European stocks advanced Monday, as gains for banks and travel companies offset losses for food companies and utilities. The dollar was little changed after initially falling to a two-month low. It was still on course for the biggest monthly drop this year.

Main Pairs Movement

The Canadian dollar touched a five-week high, while the Australian dollar topped all Group-of-10 peers Monday, as a key index of commodities climbed to the highest since June 2018. A gauge of the dollar hit the lowest in two months as the Federal Reserve is set to begin a two-day meeting that ends Wednesday with a decision that could provide clues on its tapering stance.

Among G-10 peers, the Australian, Canadian, and New Zealand dollars outperformed amid a surge in copper and iron ore prices; the yen and euro led losses.

EUR/USD -0.1%; earlier climbed to 1.2117, the highest since Feb. 26. Short-dated risk reversals ease with gamma around EUR2.6 billion of 1.20 strikes and EUR2 billion of 1.19 strikes rolling off Wednesday.

AUD/USD advanced 0.8% to 0.7803; NZD/USD rose 0.5% to 0.7238. Pair likely capped by ~AUD1.1 billion of 0.7830 options expiring Tuesday, according to DTCC data. GBP/USD +0.2%; rose as much as 0.4% to 1.3929; a move through 1.40 is likely.

Technical Analysis

EURUSD (4 hour Chart)

EURUSD slightly move in the day market which girds in a tiny horizontal channel, trading at 1.2086 as of writing. As the latest CFTC report, the EUR net speculator’s positioning increasing sharply. For RSI side, indicator show 59 figure at the moment, suggest a bullish momentum in the short run. Furthermore, 15 and 60-long SMAs indicators are remaining ascending trend. Therefore, we still optimistic for the next bullish momentum base on the current thread. However, there has a pursuant resistance at 1.2106 on the north side. If the euro penetrate the resistance, we believe the euro would hold the bull movement ahead.

Resistance: 1.2106

Support: 1.2071, 1.199, 1.192

AUDUSD (4 Hour Chart)

The Aussie dollar has remained on an upward track to post strong daily gains around 0.78 level which amid weakness greenback and benefit by booming commodities price as it commodities-linked characteristic. In the absence of worth nothing news, the pickup witnessed in copper prices provided a boost to the Aussie. For the technical side, the RSI indicator has risen to 68 figures which suggests a bullish guideline. On average price view, 15 and 60-long SMAs indicators are both sprawling upward trend.

Overall, we expect the market still has room for the upper side if the greenback remaining weakness and the rising price of the commodities marketplace. Elsewhere, we see there has strong resistance in a short distance on 0.783 around. Moreover, unstoppable bullish sentiment will drive RSI too quick to over-bought thresholds that might spur some sell-off orders to the market.

Resistance: 0.783

Support: 0.775, 0.7695, 0.7656

USDCAD (Daily Chart)

Just like other commodities-linked currencies, the loonie is also driven by weak greenback and inflation expectation of the commodities market. As of writing, the loonie tumbled during the North American session, reaching the lowest level since March 18th and also the multi-year low. Pair broke 1.246 then close around 1.2394 level. From the RSI perspective, the indicator has dropped to 30 figures which pretty close to the over sought barrier. Moreover, 15 and 60-long SMAs indicators have a death cross in recent days.

Integrity all spots, we foresee the market will reverse currently a movement in short term as trigger the critical support level. On the slip side, if the market successive tamp down over nadir level, there will extend the plummet momentum and sentiment because there lacks a price cluster support.

Resistance: 1.246, 1.2491, 1.2587

Support: 1.238

20210427
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The equities market whipsawed this week as Joe Biden plans to propose…

The equities market whipsawed this week as Joe Biden plans to propose almost doubling the capital gain tax rate for the wealthy

20210426
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Market Focus

US stocks market edged higher after strong economic data added to evidence that the recovery is gaining momentum, with a batch of earnings sessions are coming up. The Dow Jones Industrial Average climbed 227.59 points, led by the financial sector. The S&P 500 edged 1.1% while the Nasdaq climbed 1.4%.

Economic data on US new home sales rebounded sharply in March to the highest since 2006; by this, it suggested that the housing market is back on track. At the same time, output at American manufacturers and service providers reached a record high in April. As a result, both economic data appear to show that the economy is gradually back on track in the US.

President Joe Biden wanted to end the preferential US tax treatment of investment income. With that, the White House planned to propose almost doubling the capital gains tax rate for those earning more than 1 million to 39.6%. This proposal will send the top federal rate on the appreciation in assets sold as high as 43.4%, almost doubling.

The equities market whipsawed this week as Joe Biden plans to propose almost doubling the capital gain tax rate for the wealthy. As stocks traded near all-time highs, investors reacted to get a sense of the pace of rebound inactivity.

Main Pairs Movement

The precious metal, gold slid as the US bond yields rose today. The yield on benchmark 10- year Treasuries is heading for its first positive move in four days, making gold less attractive. Moreover, gold’s bullion shrugged off news that Joe Biden will propose the new tax rates on capital gains for wealthy individuals, which hammered both stocks and gold.

The Canadian dollar climbed against the US dollar for a third straight weekly gain amid the US dollar losses and as a key gauge of commodities touched the highest since 2018.

Aussie gains after Westpac’s influential economist Bill Evans forecast an improving employment profile for the nation and higher bond yields. The Australian unemployment rate is forecasted to get better, cutting to 5% from the original 5.7%, while also raising three-year bond forecasts.

The eurodollar edged higher amid positioning ahead of next week’s Fed meeting and expectations that the common currency will receive ongoing support from reserve asset diversification.

Technical Analysis

EURUSD (4 Hour Chart)

EURUSD has shown a strong rebound since the beginning of April. The pair’s bulls are in charge, currently trading at 1.2070. With its current bullish momentum, the pair is hovering around the immediate resistance at 1.2070. If the pair can successfully breach the resistance, it will accelerate toward the next level at 1.2175 as the upward momentum will lead the pair to trade above both 20 SMA and 50 SMA. Moreover, the technical indicator, the MACD continues to lend support to the bulls while the RSI has not yet reached the overbought condition. That being said, EURUSD still sustains its upward traction.

Resistance: 1.2071, 1.2106

Support: 1.199, 1.192, 1.1877

GPBUSD (4 Hour Chart)

GBPUSD extends decline towards the 1.3800 regions despite a pullback later in the day. The pair are fighting to hold onto the 50 SMA on the four-hour chart. Momentum has turned to the downside after the pair fails to challenge the resistance level at 1.3879, signaling that bears are gaining ground. At the moment, the MACD is in the stage of lending supports to bears whilst the RSI is neither overbought nor oversold. That being said, the near-term outlook is mixed, but the downside looks more appealing.

Resistance: 1.3879, 1.3929, 1.4009

Support: 1.3839, 1.3799, 1.3749

XAUUSD (Daily Chart)

Gold loses its traction after contesting psychological resistance in 1800. It seems like the bullish trend from the previous double bottom has been diminished, and needs a temporary adjustment. However, in a bigger picture, the bullish momentum from gold can still be seen, moving further north toward 1800 again, as the technical indicator, RSI, is still outside of the overbought territory on the daily chart, giving the pair rooms to extend further north; at the same time, the MACD continues to lend support to bulls as the MACD line is still well above the signal line. The temporary adjustment is expected to see in the price range between 1800 and 1749; afterward, the bullish trend should not be a surprise to see.

Resistance: 1800, 1861, 1953.46

Support: 1749.27, 1684.94

20210426
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