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EUR/AUD, GBP/AUD, AUD JPY: Softer US dollar has the Aussie looking constructive against the crosses
While AUD/USD has yet to break the downtrend running from early 2022, the reprieve against the dollar has it looking more constructive against the crosses, especially the euro and Japanese yen having broken key levels on the weekly charts.
AUD/USD, USD/CNH: PMIs suggest China’s economy is nearing stall speed
Chinese economic activity is nearing stall speed with the government’s purchasing managers indexes (PMIs) falling further in November, surprising markets to the downside for a second consecutive month.
Gold needs plenty to go right to maintain its bullish momentum
Gold is knocking on the door of record highs heading into what has recently been an extremely strong period for bullion prices. But having rallied so hard since early October, it comes across as being priced for perfection near-term.
AUD/USD threatening key level on slow progress in taming underlying inflation pressures
Headline Australian CPI undershot market expectations in October, although progress on taming underlying price pressures was disappointing, helping to boost AUD/USD.
EUR/AUD looking heavy as support gives way
EUR/AUD has broken horizontal and uptrend support on the four hourly chart, generating a short setup with decent risk-reward.
Nasdaq 100 overcooked, USD/JPY underdone given the shift in US yields
After a near 15% rally in under a month, the high-flying Nasdaq 100 looks tired on the charts, struggling to add to gains despite a continued pullback in US bond yields. In contrast, USD/JPY gives the impression it’s only starting the process of adjusting to the more placid US yield environment.
Hang Seng, USD/CNH provide conflicting signals towards China’s economic outlook
Hong Kong’s Hang Seng and the USD/CNH are providing conflicting signals on the outlook for Chinese markets, providing a reminder for traders not to become too attached to a particular position, be it bearish or bullish.
Gold, AUD/USD: Softer US dollar and bond yields provide window for upside
A softer US dollar has helped AUD/USD and gold push towards key technical levels, suggesting the near-term price performance may determine their longer-term trajectory as we head towards 2024.
NZD/USD: Retail spending volumes stabilise ahead of RBNZ interest rate decision
Retail spending in New Zealand was unchanged in the September quarter after accounting for price movements, an improvement on the 1% drop reported in the prior three-month period than was a tenth larger than originally reported.
ASX 200: Downside risks build on hawkish RBA, unconvincing price action
The prospect of another rate hike from the Reserve Bank of Australia (RBA), a crackdown of speculative forces in iron ore futures markets and failure to clear a stubborn resistance level has Australia’s ASX 200 facing the prospect of renewed downside.
Gold struggling despite softer US dollar ahead of key long-bond auction
Gold faces an interesting start to the week with the US dollar falling to fresh two-month lows ahead of a key US Treasury auction, the latter providing an obvious catalyst that could dictate whether we see a retest of resistance above $2000.