See the latest Australian dollar analysis here:
Earnings season is about to ramp up on Wall Street tonight, with Asian stocks in a holding pattern but still looking firm after a much better start to the trading week. The USD is equally sanguine with no big swings against the majors while in Bitcoin world, the crypto currency has fallen back below the $33K level after stalling yesterday. Gold is holding on above the $1800USD per ounce after dipping yesterday as the $1810 rounding top pattern on the four hourly chart is slowly morphing back into a sideways contiuation here with trailing ATR level at $1785 holding:
The Shanghai Composite is up 0.4% going into the close to 3561 points while the Hang Seng Index is jumping out of the blocks, currently up 1.6% to 27979 points. Japanese stocks are putting in firm gains after a big surge at the start of the week with the Nikkei 225 closing 0.5% higher to 28710 points as the USDJPY pair maintains its Friday night high above the 110 handle with a small creeping advance that has yet translated into a new trend:
Australian stocks are the least interesting with a flat session, the ASX200 closing 1 point down but still remaining well above the 7300 point level to 7332 points. Meanwhile the Australian dollar is similarly moving nowhere after its Friday night surge, still below the 75 handle despite four hourly momentum moving back into the positive zone with overhead ATR resistance still quite firm:
Eurostoxx and S&P futures are looking stretched here again, but this could still translate into more gains on the open tonight with the four hourly chart of the S&P500 still wanting to point north here with last week’s mid session high at the 4350 point level proving solid short term support:
The economic calendar is getting more interesting with the start of the US earnings season, but first its the all important German inflation report for June, then the US inflation print, then a slew of Treasury auctions.