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It’s a busier day on the economic data front, which will influence. Updates on COVID-19, however, will remain the key driver.
Riskier assets find support early in the week, but downside risks remain as the spread of the coronavirus continues and central banks signal more easing.
The Australian dollar has pulled back a bit during the trading session on Wednesday, only to turn around and rally towards the 0.62 level again. If we can break above this area rather handily, that should send the Aussie much higher. The 61.8% Fibonacci retracement level will be needed to be dealt with though.
The AUD/USD is currently sitting inside a triangle formed by a pair of Gann angles and a retracement zone. This indicates investor indecision and impending volatility. This is a breakout formation so start preparing for an acceleration.
The Australian dollar pulled back slightly during the trading session on Tuesday but found enough buyers to slam into the 0.62 level at the beginning of the US session. This is an area that should offer a significant amount of resistance, so paying attention to this level is worthwhile.
Today’s negative reports had little influence on the Australian and New Zealand Dollars since they were already priced in. Generally speaking, the macro data dating back to February and March is of little relevance at this time.
It’s another positive start to the day for the bulls, with the latest COVID-19 numbers providing further evidence of containment…
At 3:10 AM ET (0710 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 100.235, down 0.5%, with the loonie, Aussie and kiwi all rising over 1%. GBP/USD gained 0.7% to 1.2316 even as Prime Minister Boris Johnson was moved into intensive care overnight due to his worsening COVID-19 symptoms. In New York, the epicenter of the outbreak in the U.S., Governor Andrew Cuomo said Monday that the state’s death rate has been ‘effectively flat for the last two days.’
Based on the early price action and the current price at .6050, the direction of the AUD/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at .5990. This angle provided support earlier in the session.
Given the massive fiscal and policy moves by their respective governments and central banks , there is likely to be enough stimulus in the system when the coronavirus pandemic ends, but no officials are able to tell businesses when that will be.
The rout in the financial markets and near-certain global recession caused by the coronavirus pandemic, fueled a run on demand for the highly liquid U.S. Dollar.
While it is a shortened week, with economic data on the lighter side, there is still plenty for the markets to focus on and OPEC and COVID-19 in particular.
The Australian dollar has initially tried to rally during the week but then broke down again as the 0.60 level looks very likely to act as a bit of a magnet for price.
The Australian dollar initially tried to rally during the trading session on Friday, but then broke towards the crucial 0.60 level. At this point in time, I believe that the market is going to continue to see the Australian dollar asked questions of the global economy.
Based on the early price action and the current price at .6072, the direction of the AUD/USD the rest of the session on Friday is likely to be determined by trader reaction to the resistance cluster at .6093 to .6098.
Nonfarm payrolls and service sector PMIs are in focus today. With the West in shutdown mode, both labor market numbers and PMIs are expected to be dire…
The Australian dollar initially tried to rally during the trading session on Thursday but gave back the gains to show signs of extreme negativity. At this point, the 0.60 level is trying to offer support, but given enough time it looks as if we will probably break through there.
Based on the early price action and the current price at .6108, the direction of the AUD/USD the rest of the session on Thursday is likely to be determined by trader reaction to the main 50% level at .6098.