By Chris Becker
The USD and stocks lifted overnight on the back of Fed Chair Powell’s comments over the strong US economy, which helped to overshadow the ongoing trade tensions. Tech stocks were also helped by continued expectations of good earnings, with Microsoft about to report while the big banks continue to print higher.
Recapping Asia’s session yesterday where the Shanghai Compositehas fell back below the previous level of support at 2800, down 0.7% to 2793 points as it flounders about. There is still a potential bottom forming here, but only if price can get back above the daily high moving average band:
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