See the latest Australian dollar analysis here:
Risk is wavering throughout Asian stock markets with only Japanese stocks advancing as the USD firms against most of the major currencies in the lead up to tonight’s Federal Reserve meeting. While half of Reddit is watching GME, the other half are still watching Bitcoin which still can’t get out of its Friday night breakdown phase, deflating to the $31K level and still below trailing ATR resistance at the $34K level which could prove too high:
The Shanghai Composite is trying to get back above the 3600 point level, currently up a handful of points at 3575 going into the close, while in Hong Kong the Hang Seng Index has lifted only 0.2% as it tries to get above the 30000 point level, currently at 29445 points. Japanese markets are slowly climbing higher, with the Nikkei 225 finishing 0.2% higher to 28603 points while the USDJPY pair has firmed slightly in the afternoon session as the USD, heading back to the 103.70 level:
The ASX200 returned from the Australia Day holiday/introspection/woke-wankfest with a sharp decline, finishing 0.6% to finish at 6780 points while the Australian dollar had a small sniff at a new intraweek high before the latest inflation print saw it fall back towards the 77 handle and looking set to rollover again:
Eurostoxx and S&P futures are dwindling fast going into the European open, with the four hourly chart of the S&P500 still showing a desire to get back to last week’s intraweek high at the 3850 point level, but can it get back on track:
The economic calendar continues with German consumer confidence, US durable orders and then the eagerly awaited FOMC meeting at the Federal Reserve, with a private crude oil inventory stock print.