Nasdaq 100 Document Excessive Faces Resistance, AUD/USD Turns to RBA Subsequent

Nasdaq 100 Document Excessive Faces Resistance, AUD/USD Turns to RBA Subsequent

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Nasdaq 100, Australian Greenback, New Zealand Greenback, US Greenback, RBA – Asia Pacific Market Open

  • Nasdaq 100 hits file excessive however futures present resistance has held
  • Australian Greenback broken by rising coronavirus, eyeing the RBA
  • US case development slows, markets optimistic regardless of stimulus deadlock

World market sentiment improved over the previous 24 hours, with the tech-heavy Nasdaq 100 setting a file excessive on Wall Road rising 1.47%. The S&P 500 and Dow Jones weren’t too far behind at +0.72% and +0.89% respectively. Regardless of the broadly ‘risk-on’ tone, the growth-oriented Australian Greenback and New Zealand Greenback cautiously fell. The haven-oriented US Greenback ended the day marginally larger.

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Good points in data expertise shares might have been an extension from final week the place many of the FAANG group smashed earnings expectations. Buyers might have continued to guess on these corporations outperforming in a working-from-home atmosphere. Merchants appeared to additionally brush apart the continued deadlock in Congress to acquire the following fiscal stimulus package deal. The additional $600 per week employment profit expired Friday.

Through the North American buying and selling session, US President Donald Trump hinted at utilizing government orders to increase sure unemployment advantages. It’s unclear presently how this would possibly happen, however it may embrace pausing evictions. As for the coronavirus outbreak, circumstances within the US solely grew 0.9% over the previous 24 hours, beneath earlier week’s 1.4% common.

The Australian and New Zealand {Dollars} spent many of the Wall Road session recovering earlier losses. AUD/USD initially sank after Australia’s Victoria State declared a state of emergency in response to a surge in coronavirus infections. The Canadian Greenback outperformed a few of its main counterparts. As for commodities, each gold and crude oil costs ended Monday little modified.

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Tuesday’s Asia Pacific Buying and selling Session

With that in thoughts, we may even see Asia Pacific equities comply with the broadly optimistic tone from Wall Road. This might supply a possibility for AUD/USD and NZD/USD to realize. The previous does have the Reserve Financial institution of Australia (RBA) to take care of at 4:30 GMT. The RBA is anticipated to go away charges and the 3-year yield goal unchanged. Their outlook on the economic system will thus be of extra significance amid rising native Covid-19 circumstances.

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Aug 04

( 03:08 GMT )

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Nasdaq 100 Technical Evaluation

A better take a look at Nasdaq 100 futures reveals that whereas a brand new file excessive was set, the index stays inside a slim vary of resistance between 10964 and 11058. These had been highs set final month. Detrimental RSI divergence does present fading upside momentum which might at instances precede a flip decrease. In any other case, the 23.6% Fibonacci extension sits above at 11346.

Nasdaq Futures – Each day Chart

Nasdaq 100 Record High Faces Resistance, AUD/USD Turns to RBA Next

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— Written by Daniel Dubrovsky, Foreign money Analyst for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter





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