See the latest Australian dollar analysis here:
Asian stocks are pushing higher today despite the stumble on Wall Street overnight, as risk sentiment reverses yet again despite a temporary reprieve on bond markets and a slightly weaker USD. Bitcoin is building up again after its previous weak start to the trading week, again pushing back toward the $50K level with last week’s intrasession resistance at $51K the area to watch ahead as the downtrend comes under threat:
The Shanghai Composite is taking back its previous losses, currently up over 1.6% going into the close at 3566 points while the Hang Seng Index is doing even better, up more than 2% at 29733 points. Japanese markets are putting in more modest sessions, with the Nikkei 225 closing 0.5% higher at 29559 points while the USDJPY pair has climbed back from its overnight mild dip, still on its way up towards the 107 handle:
The ASX200 was able to get back above the 6800 points level, rising over 0.8% to 6818 points, while the Australian dollar is stalling again as it blips slightly above the 78 handle, with medium term momentum remains against it:
Eurostoxx and S&P futures are lifting going into the European opening session, the latter up 0.4% so far but the four hourly chart of the S&P500 still shows an inabilty to breach the downtrend line from the early February lows with last week’s intrasession high above 3900 points proving powerful resistance:
The economic calendar is relatively quiet tonight with some final PMI numbers and central bank speeches.