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 priced in? Today’s monthly NFP report may help to answer this question. It does seem like parallel universe stuff though with the BoE warning the UK to prepare for the worst recession in 300 years!
Data: Watch today with the AUD RBA Monetary Policy Statement, an ECB Lagarde speech and NFP data.
Earnings:
DXY 4hr: the index is back below 100 so watch to see where the weekly candle closes:
Trend line breakouts:
Gold 4hr: a new TL b/o here with some supporting momentum:
S&P500 4hr: this Bull Flag looks to be playing out! Watch for any push to the key 2,900 – 3,000 level:
EUR/USD 4hr: there has been a bounce off support and the look of a new wedge b/o:
AUD/USD 4hr: this Bull Flag seems to be playing out too! Watch for any push past the key 65 level:
AUD/JPY 4hr: this Bull Flag playing out as well! Watch for any push to the key 70 level:
