Bitcoin trades lower at $97,400 (-3.76%) as more signs emerge that investors have called time on its one-month post-US election rally.
As noted yesterday, the modest gains that followed Trump's appointments of the pro-crypto Paul Atkins as SEC head and David Sacks as his "AI and Crypto Czar" were warning signs the rally was faltering.
As was the volatility...
The AUDUSD finished higher o/n at .6440 (+0.80%) boosted by reports that China will increase support for its economy.
We suspect yesterdays China headlines help the AUD/USD remain above critical multi month support at .6370/50 for now, despite the likelihood of a dovish pivot this afternoon from the RBA as outlined in the article ⬇️
The AUD/USD would need to...
Bitcoin trades at $95,654 (-1.68%), continuing to work off overbought readings and consolidating the gains that followed its post-election rally to the $99,800 high.
Once the current period of consolidation is complete, which may include another leg lower towards $90,000 (Wave c of iv as viewed on the chart below), we expect the uptrend to resume, leading to a...
USDJPY finished lower overnight at 149.56 (-0.11%) its lowest daily close in over six weeks. The rebound in the JPY is being supported by increased expectations of a 25bp rate hike at the BoJ’s Dec meeting following a strong rise last week in the Tokyo core rate of inflation (2.2% in November, up from 1.8% in October) and after BoJ Governor Ueda said over the...
The ASX200 finished 23 points (0.28%) higher yesterday at 8417 giving back a good chunk of gains as the 3pm seller that we saw last Tuesday returned.
Nonetheless, yesterdays close above multi-week trend channel resistance, currently at 8400ish was a positive development. Provided the ASX200 can sustain the move above 8400 over the next 48 hours, it will be...
Bitcoin is trading at $94,060 (-3.92%), with the retreat from the $99,800 high viewed as a much needed pullback to work off overbought readings, rather than the start of a reversal lower or anything sinister. It also provides a reminder that markets, even crypto markets don’t move in straight lines indefinitely.
Looking ahead, the upside acceleration in Bitcoin...
WTI Crude Oil closed higher overnight at $69.17 (3.21%) on news that production at Norway’s Johan Sverdrup oilfield had been halted due to a power outage.
An escalation in European Geopolitical tensions also supported the rally after the Biden administration agreed to allow Ukraine to use US long-range missiles to strike targets within Russia.
A bullish...
In the lead-up to its earnings report on Thursday morning AEDT, Nvidia's stock pulled back 1.29% to $140.15 overnight. Expectations are high, and the market will go into the announcement positioned long, looking for a fifth consecutive quarterly earnings beat.
If Nvidia's results beat expectations, its shares could climb above $150 in the sessions ahead....
25 minutes until AU jobs data drops:
The market is looking for +25k jobs and for the U/R to remain at 4.1%.
#AUDUSD is trading at .6492/94, trying to claw its way higher after closing at an almost seven-month low. The risks there appear to be a test of multi-week support in the .6360/50 area.
The AU rates market is pricing in just a 10% chance of a rate cut...
USDJPY closed higher o/n at 155.47 (0.55%), marking its highest daily close in 19 weeks as the rally in US yields extended overnight following the confirmation of a Republican Sweep.
After its effortless glide above 155.00 overnight, there will be some concerns expressions on the faces of Japan’s top currency officials as they enter the office this morning, with...
Gold finished lower overnight at $2619 (-2.42%) undercut by higher #yields and a stronger #USD.
If gold were to now see a break below interim support at $2600, we would expect to see further unwind of long gold positioning taking it back towards $2550.
Bitcoin trades higher at $86,976 (+7.88%) after hitting another fresh record high of $88,480 earlier this morning.
Looking at what comes next - after BTC struck a high just below $74,000 in mid-March, it then spent the next seven months winding up as tight as a spring.
The election of the “pro crypto” Donald Trump last week was the trigger for the spring to...
Gold is trading lower at $2660 (-3.04%) as the Republican election victory bolstered the USD and US yields and sparked a sharp sell-off in metals.
The sell-off accelerated after gold broke below trend line support at $2690ish, leaving the yellow metal vulnerable to a deeper decline towards $2600 in the sessions ahead.
Bitcoin trades higher at $75,976 (+9.47%), surging after the election of the pro crypto Donald Trump. As a reminder, Trump has promised to launch a national crypto stockpile, fire SEC Chair Gary Gensler and look to ensure all future Bitcoin is mined in the US.
Bitcoins ability to hold above key support $67/65k ahead of the US Election and its break and likely...
NASDAQ100 - cracks have appeared. Will they widen after the US Election.
After failing to break above its mid-July 20,690 record high early last week, the first cracks for the Nasdaq 100 appeared on Thursday after it closed below horizontal and uptrend support at 20,000.
Should the Nasdaq 100 see a break of critical support at 19,600/500, it would indicate that...
Bitcoin trades lower this morning at $67,807 (-1.60%). In the early part of this week, the focus has been on the final set of US election polls, revealing that pro-crypto presidential candidate Trump's election lead has evaporated.
BTC appears to have picked up on that shift in sentiment in the middle of last week, as it heads for a sixth consecutive session of...
Bitcoin trades at $72,362 (-0.50%), on track for a stunning 14.3 % gain in October, its largest monthly gain since March 2024.
Bitcoin's rally this month has been driven by a supportive risk backdrop, geopolitical uncertainties, and the market's continued pricing in a Donald Trump election victory next week.
Bitcoin needs to see a sustained break above...
The ASX200 snapped a three-day winning streak yesterday after the mixed Q3 2024 inflation data against the backdrop of a still firm labour market dashed hopes of an #RBA rate cut before year-end.
Ahead of its final trading session in October, the ASX200 is down 1.08% for the month and continues to spin its wheels below multi-month trend channel resistance, which...
