Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Equities ended higher across the board
Information is not investment advice
Ichimoku Kinko Hyo
AUD/JPY: The AUD/JPY pair is now trading within the Kumo. Any decisive movement to the south will push prices to exit the cloud with further bearish sentiment. Alternatively, a higher thrust of the market would lead the currency pair to surpass the upper level of the cloud. The next resistance is seen at the previous top.
Market View
Equities ended higher across the board, led by the US, taking S&P 500 7% higher for the week. The pick-up in risk appetite was not due to an improvement in the situation in Ukraine, but simply easing uncertainty. VIX is down roughly 10 points for the week to just north of 20. Consumer discretionary and tech were among the best sectors, while defensives (utilities, real estate, staples) underperformed along with energy.
Dow Jones rose 0.8%, S&P500 1.2% and NASDAQ 2.1%. Asian markets and U.S. futures are in the red territory this morning.
In the FX space, EURUSD, focus this week turns to rising oil prices, PMIs and Fed speeches.
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