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Follow this list to discover and track stocks that have been overbought as indicated by the RSI momentum indicator within the last week. A stock is overbought when the RSI is above 70. This list is generated daily, ranked based on market cap and limited to the top 30 stocks that meet the criteria.
The Australian Dollar may have closed higher, but it posted its high for the session nearly five hours before the U.S. Non-Farm Payrolls report.
The Australian dollar went parabolic during the week, crashing into resistance at the 0.70 level. This is a market that at the very least needs to digest gains.
After a shock jobs number out of the United States, it looks like perhaps the demise of the United States was prematurely.
If the RBNZ does adopt negative rates, New Zealand would join Japan, Sweden, Denmark and other European countries that have done the same.
(Bloomberg) -- Australia’s dollar broke through the key 70 U.S. cents mark on expectations that markets have witnessed the worst of the coronavirus’ carnage on the global economy.The Aussie jumped as much 0.9% on Friday to 70.04 U.S. cents, the highest level since early January when the virus outbreak had yet to explode into a pandemic. It has risen 27% after sliding to a near 18-year low in March, and is seen as a favored asset to buy among investors cheering the re-opening of economies from Singapore to Germany.“The Aussie is on a tear, and with markets undergoing a massive reappraisal of risk, it’s hard to rule out the currency rallying even more,” said Janu Chan, senior economist at St. George Bank Ltd. in Sydney. “The currency is one of the easiest ways for investors to express their risk sentiment, and Australia’s containment of the virus, the RBA’s refraining from going down the path of negative interest rates are certainly helping.”The Aussie could rise to 75 U.S. cents next year as it benefits from a cocktail of supportive monetary and fiscal policies, improving risk sentiment and the nation’s record trade surplus, Thomas Nash, a strategist at HSBC Bank Australia, wrote in a note. “Buying AUD in the depths of recession has been profitable in the past -- this time should be no different.”It was trading back below the key level at 69.92 cents at 5:05 p.m. Sydney time.The rebound in risk sentiment comes as a set of daily gauges from Bloomberg Economics showed almost all of the economies it monitored witnessed a pick-up in activity in the past two months. The Aussie has been particularly sensitive to these changes given the country’s position as a major commodities exporter and the developed economy with the most direct exposure to China.The currency also received an inadvertent boost from Reserve Bank of Australia Governor Philip Lowe, who refrained from talking down the currency’s strength at a recent policy meeting.Risks AboundTo be sure, there are risks to the Aussie’s gains.Rising U.S.-China trade tensions could spur fresh selloffs. Data Wednesday also showed that the Australian economy contracted in the first three months of the year, virtually guaranteeing an end to its nearly 29-year recession-free run.Economists expect the current quarter to be the most damaging for Australia.“The recent price action is an exaggerated rendition of the global economy’s normalization in the wake of the Covid-19 shock,” said Valentin Marinov, head of G-10 currency research at Credit Agricole in London. “The rally in risk-correlated and commodity currencies may start losing momentum going forward.”(Adds quotes from St. George Bank and Credit Agricole)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It’s all about the U.S labor statistics later today. How’s Trump going to spin this one? Perhaps more attacks on China…
Don’t count Peter Tchir, head of market strategy at Academy Securities, in the markets-are-irrational camp. In an absolute stunner, the Labor Department reported 2.5 million jobs were added in May, and a decline in the unemployment rate of 1.4 percentage points to 13.3%.
Posted by OFX AUD - Australian Dollar The Australian dollar made fresh multi-month highs on Thursday, extending gains despite a shift in equity markets. While global equity markets faltered Thursday as investors paused to take stock of recent gains, currencies enjoyed increasing demand for risk, driving commodity and growth sensitive units higher. … Continue reading "Australian dollar makes fresh multi-month highs as risk-on narrative continues"The post Australian dollar makes fresh multi-month highs as risk-on narrative continues appeared first on .
AUD/USD Current Price: 0.6937 * Australian data keeps beating the market's expectations and backing the Aussie. * The poor performance of global indexes put a cap to the AUD/USD pair's advance. * AUD/USD with a limited bearish scope despite some signs of bullish exhaustion.The AUD/USD pair has surpassed its previous monthly high for a couple of pips closing in the green yet spending most of this Thursday within familiar levels. The intraday peak at 0.6987 was achieved within the ECB monetary policy announcement, which exacerbated the dollar's sell-off. The pair eased from the mentioned high amid the poor performance of equities on the back of dismal US data. At the beginning of the day, Australia released the April Trade Balance, which posted a surplus of 8800 million, better than anticipated. Retail Sales fell in the same month by 17.7%, also above forecast. This Friday, the country will release the AIG Performance of Services Index for May, previously at 27.1, and April HIA New Home Sales, previously at -21.1%.AUD/USD short-term technical outlook The AUD/USD pair may continue advancing during the upcoming Asian session, as technical readings suggest so. In the 4-hour a sharply bullish 20 SMA limits intraday declines, currently at around 0.6880, where the pair bottomed daily basis. The Momentum indicator diverges from price, heading south within positive levels, while the RSI consolidates around 68. The pair could enter in a corrective decline once below 0.6880, but buyers are expected to resurge around the next support level at 0.6840.Support levels: 0.6880 0.6840 0.6800Resistance levels: 0.6990 0.7025 0.7060View Live Chart for the AUD/USDSee more from Benzinga * EUR/USD Forecast: Bullish Despite Overbought, Profit-Taking Possible Ahead Of The Weekend * AUD/USD Forecast: Could Correct Lower, But Buyers Ready To Add At Lower Levels * EUR/USD Forecast: Bullish Potential Intact, But The Risk Of A Bearish Corrective Movement Increased(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Australian dollar has been all over the place on Thursday, but quite frankly it is overextended so at the very least the market needs to go sideways.
Taking out yesterday’s low at .6856 will indicate the presence of sellers. This will make .6983 a new minor top.
Posted by OFX AUD - Australian Dollar The Australian dollar upturn continued through trade on Wednesday despite Q1 GDP data indicating the Australian economy had tipped into a technical recession. Equities and growth sensitive currencies rallied for an 8th consecutive day amid sustained appetite for risk and an upswing in Chinese macroeconomic … Continue reading "Risk on narrative continues to drive AUD upturn"The post Risk on narrative continues to drive AUD upturn appeared first on .
AUD/USD Current Price: 0.6930 * Australian data in-line with the market's forecast pushed the Aussie higher. * The markets remained in risk-on mood, with upbeat US data boosting equities. * AUD/USD could correct lower, but buyers ready to add at lower levels.The AUD/USD pair has continued to rally, reaching 0.6982 although ending the day roughly 50 pips below this last. Australian data released at the beginning of the day met the market's expectations, with Q1 GDP printing at -0.3% QoQ as expected. The Commonwealth Bank Services PMI for May hit 26.9, beating the market's expectations, while Building Permits decreased by 1.8% in April, better than the 15% slump expected. Also, China released the Caixin Services PMI for the same month, which jumped to 55 from 44.4.The pair fell intraday to 0.6856, as better than anticipated US data pushed investors to take some profits out of the table, although the following bounce indicates that buyers are willing to add at lower levels. Australia will release April Retail Sales this Thursday, seen at -17.9%, and the Trade Balance for the same month, with the trade surplus forecasted at 7500M.AUD/USD Short-Term Technical Outlook The AUD/USD pair may correct further lower, but as said, bulls retain control and would probably continue to add on slides. In the 4-hour chart, technical indicators have stabilized after correcting extreme overbought readings, well above their midlines. Meanwhile, the 20 SMA maintains its sharp bullish slope below the current level yet above the larger ones, which also gain upward traction. Large stops are likely accumulated above the 0.7000 level, and if those are triggered, the pair could quickly extend its advance up to 0.7050.Support levels: 0.6900 0.6865 0.6830 Resistance levels: 0.6980 0.7010 0.7050See more from Benzinga * EUR/USD Forecast: Bullish Potential Intact, But The Risk Of A Bearish Corrective Movement Increased * AUD/USD Forecast: Trades At Multi-Month Highs With No Signs Of Upward Exhaustion * EUR/USD Forecast: Could Run To 1.1240 On A Break Above 1.1150 Price Zone(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Australian dollar has been going straight up in the air for quite some time, and as a result it is likely that we need to see a little bit of a pullback.
There’s been plenty of optimism this week on an economic rebound. Service sector PMIs and employment figures will provide further guidance.
Investors are showing little reaction to the Australian GDP report because it is stale news.
The euro topped $1.12 for the first time in 11 weeks, extending the shift in the currency market amid optimism over economic reopenings across the globe. The euro traded at $1.1226 vs. $1.1168 on Monday. The New Zealand dollar and Australian dollar also rose against the greenback, as did the British pound which flirted with the $1.26 level.
It’s a busy day ahead. Service sector PMIs put the EUR and Greenback in focus, with the BoC and Brexit putting the GBP and Loonie in the spotlight.
The dollar has sold off in early European trade Wednesday, with riskier assets in demand as investors look for more fiscal stimulus amid signs of a global economic recovery. At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 97.362, down 0.3%, falling to levels last seen in the middle of March. EUR/USD traded 0.5% higher at 1.1220, trading above 1.12 for the first time since mid March, on hopes policymakers will continue to support the euro zone, despite the German government's failure to agree on a second big stimulus package Tuesday.
Posted by OFX AUD - Australian Dollar The Australian Dollar continued its upward march through trade on Tuesday, extending Monday’s move and pushing toward 0.69 US cents. Investors continue to ignore the immediate slew of negative headlines and dire macroeconomic indicators, instead backing a swift rebound across the global economy through H2. … Continue reading "Australian dollar hones in on 0.70 US cents as risk on narrative continues"The post Australian dollar hones in on 0.70 US cents as risk on narrative continues appeared first on .
The Australian dollar has ignored gravity for some time, and it is likely to see some type of exhaustion. 0.70 is where the longer-term multi-year trend changes.
The pound on Tuesday moved past the $1.25 level for the first time in more than a month, getting a bid as traders price in a more optimistic global environment.
The direction of the AUD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to yesterday’s close at .6797.
With the RBA holdings policy unchanged, the focus returns to the key risk drivers. Continued unrest in the U.S and tensions between the U.S and China are in focus.