AUDUSD

Technical Analysis – AUDUSD set to bring uptrend back to life; overbought signals strengthen

Posted on April 27, 2020 at 10:15 am GMT

AUDUSD is set to put its positive structure from the 0.5500 bottom back into play on the four-hour chart after ticking above its previous high of 0.6443 on Monday. Yet, with the RSI and the Stochastics losing steam in the overbought area, downside corrections cannot be ruled out. In this case, the red Tenkan-sen line at 0.6400 could add some support as it did recently. Should sellers persist, the price could next retest the 50-period simple moving average (SMA), currently flat at [..]

Daily Market Comment – Dollar slips as lockdown easing spurs risk-on; BoJ ramps up stimulus

Posted on April 27, 2020 at 8:43 am GMT

Dollar pressured as euro, pound and aussie charge higher on possible relaxation of lockdowns Stocks edge higher too but oil plunges again Bank of Japan pledges unlimited QE; focus moves to Fed and ECB Light at the end of the lockdown tunnel? It was a buoyant start to the week as signs that the draconian lockdowns that have paralysed major economies around the world are about to be loosened lifted risk appetite. The US dollar, which has been the safe [..]

Week Ahead – Fed, ECB and BoJ meet ahead of GDP data; can central banks do any more?

Posted on April 24, 2020 at 12:31 pm GMT

It’s been a hectic couple of months for central banks around the world as most have held at least one unscheduled meeting as the virus crisis unfolded. Hence, next week’s regular gatherings by the Federal Reserve, European Central Bank and the Bank of Japan may not bring anything new, as aside from the interim meetings, policymakers have been keeping the communications channels wide open and so the possibility of major surprises appears slim. Nevertheless, markets may need the soothing words [..]

Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

Technical Analysis – AUDUSD cautiously positive as it nears restrictive trend line

Posted on April 23, 2020 at 7:10 am GMT

AUDUSD appears to have stalled between the 0.6449 level – that being the 61.8% Fibonacci retracement of the down leg from 0.7031 to 0.5506 – and the 50.0% Fibo of 0.6268, after the latest shove up reversed ahead of the falling trend line, drawn from December 31. The price is gaining above the 50-day simple moving average (SMA), mirroring a pickup in positive momentum within the short-term oscillators. The MACD, in the positive region, looks to increase further above its [..]

Daily Market Comment – Oil carnage spreads to stocks

Posted on April 22, 2020 at 9:22 am GMT

Oil price collapse continues, sending shivers through stock markets Trump signals bailouts for US producers, but paradoxically, that could worsen oil’s plunge Dollar pares gains after Trump’s bailout talk, pound softens on Brexit comments Euro in focus as investors flee Italian bonds before tomorrow’s EU summit Trump hints at bailouts as oil crumbles Energy markets can’t catch a break, with Brent following WTI lower this time to touch a low last seen during the Gulf war, as the devastation in [..]

Daily Market Comment – Oil trades negative as storage space runs out

Posted on April 21, 2020 at 9:18 am GMT

WTI oil price goes negative as physical storage space runs out Loonie and other oil-sensitive currencies retreat But little impact in other assets – mild risk aversion only Yen and dollar gain on defensive flows, stocks turn red, kiwi drops Oil price turns negative as energy market craters For the first time ever, the price on a barrel of WTI crude oil fell to zero yesterday and then traded negative, falling as low as -$40.32/barrel in a move so unprecedented [..]

Technical Analysis – AUDUSD may be poised for more recovery above 0.6385

Posted on April 20, 2020 at 12:00 pm GMT

AUDUSD has been nicely developing along the rising 50-period simple moving average (SMA) on the four-hour chart after hitting a floor around the 50% Fibonacci of the downleg from 0.7031 to 0.5506. Expectations are for the pair to trade neutral-to-positive as the RSI is moving sideways above its 50 neutral mark and the MACD is softly rising above its red signal line. A positive bias would be confirmed above 0.6385, with the 61.8% Fibonacci of 0.6448 likely coming next under [..]

Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 9:24 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

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