China Stocks are About to Jump
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
Stock Market Recovers, Fed Meeting Is Eyed
Information is not investment advice
Latest news
- A selloff in stocks stopped. S&P 500 has reversed up from the 100-day moving average.
- The day has started with the detailed record of the Reserve Bank of Australia’s last meeting. The bank warned about the slow rebound from lockdowns and claimed it wasn’t going to increase the cash rate before 2024. This is actually negative news for the Australian dollar. However, AUD/USD has surged at the start of the day driven by the overall risk-on sentiment.
- All eyes are on Wednesday’s Federal Reserve meeting. The US central bank is expected to start laying the groundwork for scaling back stimulus. If it hints at tapering, it will push the USD up.
- China’s assets are touching the dips driven by worries over Evergrande, the Chinese second-largest property developer by sales. The company’s stock dropped at the weekly opening by over 10%, as the company faces financial problems: its liabilities reached $305 billion.
- Gold has started recovering, ending yesterday with gains in the 1760 level. Crude oil prices are edging higher as well.
Technical outlook
EUR/USD has failed to cross the support level of 1.1710, which it struggled to break on March 30 and August 10. Watch the breakout of 1.1750. If it happens, EUR/USD is likely to surge to the 50-day moving average of 1.1800.
Gold has reversed up from the 100-week moving average of $1755. If it manages to break above the 23.6% Fibonacci retracement level of $1770, it will rocket to the psychological mark of $1800. On the flip side, if it reverses down from the resistance level of $1770, it will fall to the low of March 28 at $1730.
USD/JPY is moving inside the ascending channel. It is likely to bounce off the lower line at 109.30 and jump to the recent high of 110.00. Support levels are 109.30 and 109.00.
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China Stocks are About to Jump
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
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The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.
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This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile.
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