Back in November 2019, when Westpac Banking Corporation (WBC) was trading at $24.77, I flagged $15 as a worst case scenario level for the bank stock. Price action has now tested this key level and is currently consolidating above this support zone. There are no guarantees which way price action will head from here but […]
Last week: There were seemingly paradoxical moves last week with US stock indices displaying a risk-on shift whilst the US posted the worst unemployment data since the 1930s Great Depression and with the BoE forecasting potential of the worst recession for the UK in over 300 years. There are multiple reasons offered for this latest […]
It has been a week of mixed results for the DXY. The index closed with a bullish weekly candle but failed in its effort to reclaim the key psychological 100 level. NFP was not as bad as expected and this further supported the risk-on shift that was evident on Thursday. This US$ weakness could help […]
There was a risk-on shift last session as some positive US labour/wages data and US earnings results overshadowed the dismal weekly Unemployment report. Flows were into stocks and out of the US$ with the NASDAQ now in positive territory for the year and one has to wonder whether all the negative Covid-19 news is already […]
The US$ has gained with flight to safety activity following gloomy US jobs and Covid data. The S&P500 remains below the all-important 2,900 – 3,000 range keeping this as the zone to watch for the week especially with this week’s NFP.