Macro Morning

See the latest Australian dollar analysis here:

Macro Morning

Expectations of a more accomodative Federal Reserve later in the trading week kept Wall Street up at first overnight before late selling saw a mixed result. The latest durable goods orders disappointed to the downside, adding to the slight aversion to risk taking with the German IFO survey equally dampening spirits with a less than stellar result.  In currency world, USD was largely unchanged overall but remains weak against Euro and Yen with bond markets also range trading without much effect. Commodity markets had more spunk, particularly iron ore and agricultural goods, with copper hitting a ten year high and gold lifting slightly.

Bitcoin is being Bitcoin with a big gapdown event to start the week that then turned into a 11% plus rally within 12 hours before “stabilising” at the $53K level this morning. It’s still under a lot of stress here with four hourly ATR resistance at closer to the $55K level not yet cleared so we could see another selloff today:

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