The Australian Dollar pushed above 0.7680 supported by strong business confidence, commodities prices and renewed risk appetite. The market pricing for RBA’s May cut has decreased from 40% on Monday to 27% since business condition survey recorded highest level in 8 years. Australia’s largest exports iron ore is up 9% over 2 days (36% for the year) as China’s intention to reduce excess capacity in steel production comes into doubt. Speculation that China’s March trade balance will be better than expected is growing; January and February were very poor and March is first after the Chinese New Year break. Renewed risk appetite pushes carry trade demand as AUDJPY rallied 1.7% and global equity market soared higher.
The oil price continues its upward trajectory after news of Saudi and Russia’s consensus on oil output freeze makes headlines. American Petroleum Institute (API)’s latest survey recorded a crude stockpile build that was well above expectation causing a pullback in Oil prices. With official US Energy Information Administration (EIA)’s to be released tomorrow and anticipation of production freeze agreement for 17 April Doha meeting, Oil will be closely watched amongst traders.
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Trade AUD/USD Intraday: further advance.
Pivot: 0.7615
Our preference: long positions above 0.7615 with targets @ 0.7700 & 0.7725 in extension.
Alternative scenario: below 0.7615 look for further downside with 0.7580 & 0.7520 as targets.
Comment: the RSI is bullish and calls for further advance.
Supports and resistances:
0.7755
0.7725
0.7700
0.7681 Last
0.7615
0.7580
0.7520
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Trade AUD/JPY Intraday: the upside prevails.
Pivot: 82.39
Our preference: long positions above 82.39 with targets @ 83.88 & 84.60 in extension.
Alternative scenario: below 82.39 look for further downside with 81.85 & 81.11 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
85.24
84.60
83.88
83.32 Last
82.39
81.85
81.11
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Trade Crude Oil (WTI) Intraday: further advance.
Pivot: 39.20
Our preference: long positions above 39.20 with targets @ 42.50 & 43.20 in extension.
Alternative scenario: below 39.20 look for further downside with 38.25 & 37.44 as targets.
Comment: the RSI is well directed.
Supports and resistances:
44.20
43.20
42.50
42.14 Last
39.20
38.25
37.44
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Trade SPI 200 (ASX) (M6) Intraday: continuation of the rebound.
Pivot: 4935
Our preference: long positions above 4935 with targets @ 5005 & 5030 in extension.
Alternative scenario: below 4935 look for further downside with 4890 & 4874 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
5065
5030
5005
4986 Last
4935
4890
4874
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ISIN : |
Ticker : AP |
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