Daily Market Comment – Euro rebound falters as EU rejects Eurobonds; stocks go nowhere

Posted on April 8, 2020 at 8:50 am GMT

Euro surrenders some gains as EU fails to agree coordinated fiscal plan Besides euro, US stock futures also retreat on Eurobond disappointment Has the bear market rally gone too far?   Oil crumbles as doubts about production cuts set in – even if they cut, it won’t be enough Eurobonds get a cold reception, euro struggles The Eurozone’s institutional deficiencies came back on the market’s radar today, after a lengthy meeting of the bloc’s finance ministers ended without an agreement [..]


Technical Analysis – AUDUSD finds wall above 0.6200; negative in long term

Posted on April 8, 2020 at 7:40 am GMT

AUDUSD rebounded on the 17½-year low of 0.5506 on March 19 and sent the price slightly above the 0.6200 psychological mark, surpassing the 20-day simple moving average (SMA). The MACD oscillator is moving higher in the negative territory, holding well above the trigger line, however, the RSI indicator paused its positive momentum near its 50 level. If the price successfully climbs above the 0.6213 barrier, it may find at the 50.0% Fibonacci retracement level of the downward wave from 0.7030 to 0.5506 [..]


Technical Analysis – AUDUSD remains under pressure below 0.6100

Posted on April 6, 2020 at 9:21 am GMT

AUDUSD has been in a slightly declining wave after the touch on the 0.6215 resistance, entering the Ichimoku cloud and being capped by the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. According to the momentum indicators, the RSI is pointing up near the neutral threshold of 50, gaining some ground, while the MACD is heading sideways, marginally below the zero level. In contrast, in the previous sessions, the moving averages posted a bearish cross suggesting more losses. In case of [..]


Daily Market Comment – Signs of virus slowdown breathe life into markets

Posted on April 6, 2020 at 8:53 am GMT

Stocks roar higher, yen stumbles as new infections plateau in Europe   Is this recovery sustainable though, or just another bear market rebound? Oil remains in focus as OPEC+ postpones meeting – will they cut enough? Risk appetite returns on hopes ‘peak virus’ is behind us Global markets woke up in a better mood on Monday, with stocks in Tokyo gaining roughly 4% and futures pointing to a similar open in New York, as a slowdown in new infections in [..]


After foray into QE, RBA to stand pat at April meeting – Forex News Preview

Posted on April 3, 2020 at 12:54 pm GMT

The Reserve Bank of Australia was one of the few central banks among advanced economies that was not dragged into the world of quantitative easing (QE) during the 2008 financial crisis. But having already been bruised by the US-China trade dispute, it was clear the Australian economy would not be as fortunate in the current crisis from the virus pandemic. As had been widely anticipated, the RBA joined the QE club after holding an emergency meeting on March 18. With [..]


Week Ahead – Another dose of the virus blues?

Posted on April 3, 2020 at 12:49 pm GMT

The pandemonium in financial markets has calmed down somewhat, but that serenity seems fragile and investors will keep a close eye on how fast the virus is spreading in America, which is now entering the most painful phase. On the bright side, Europe looks close to a ‘peak’ in new cases. That said, markets will probably remain nervous until the US shows signs of stabilization too, and since that point might be weeks away, risk aversion could linger. As for [..]


Daily Market Comment – Oil seesaws on doubts about Saudi-Russia cuts; dollar firms ahead of NFP

Posted on April 3, 2020 at 8:27 am GMT

Oil surges then dips as markets question Trump’s claim of a Russia-Saudi Arabia deal Stocks turn lower as oil boost fades, services PMIs spread gloom Dollar set for weekly gains; unlikely to be held back by poor NFP Oil spikes as Trump ups pressure on Russia and Saudi Arabia Oil prices saw their biggest daily jump on record on Thursday after President Trump tweeted that Russia and Saudi Arabia – the world’s biggest oil producers after the United States – [..]


Daily Market Comment – Stock sell off eases, dollar pulls back as markets calm slightly

Posted on April 2, 2020 at 8:20 am GMT

Virus panic subsides slightly, lifting stocks, but markets remain jittery Dollar retreats from highs but braces for another jump in US jobless claims Oil soars on hopes of Saudi-Russia truce, China stockpiling Tepid recovery in stock markets After a sharp two-day sell-off on Wall Street, it was a relatively calmer start to the day on Thursday with Asian shares looking mixed and US and European stock futures turning green. Last week’s bear market rally came to an abrupt end as [..]


Daily Market Comment – Dollar firms, stocks dive again as US virus cases soar

Posted on April 1, 2020 at 8:41 am GMT

Risk sentiment sours again on mounting virus fallout, pulling stocks lower Manufacturing PMIs heighten recession fears; US ISM PMI next in focus Fed tries to ease dollar funding pressure but unable to keep currency down for long Stocks head south as virus panic returns It was a poor start to the second quarter for stock markets around the world as the growing coronavirus pandemic shows no sign of slowing, with the number of cases globally shooting past 800,000 yesterday. Stocks [..]


Technical Analysis – AUDUSD rebound loses steam after hitting wall at 0.62

Posted on April 1, 2020 at 5:59 am GMT

AUDUSD has recovered by more than 11% after plunging to a 17-year low of 0.5506 on March 19 but the rally is at risk of faltering after prices failed to get past the 0.62 level. The momentum indicators are sending mixed signals as the rising MACD above its red signal line reinforces the improving near-term sentiment for AUDUSD, but the stochastic oscillator suggests a possible downside correction. The %K line has crossed below the %D line in overbought territory, so [..]

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