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Closing changes on the day:
European stock markets finished at the best levels of the day as strong bids have lifted equities globally.
This article was written by Adam Button at investinglive.com.
Closing changes on the day:
European stock markets finished at the best levels of the day as strong bids have lifted equities globally.
This article was written by Adam Button at investinglive.com.
The major US stock indices are trading to new highs for the day and in the process extending above the all-time high close levels for the broader indices. The S&P index traded as high as 67 51.09. It’s record high close level comes in at 6740.28. The price is currently up 0.54% at 6750.90.
For the NASDAQ index, it’s record high close is at 22941.67. The price is currently trading at 22966.32 up 177 points or 0.70%.
The Dow industrial average is also higher by 140 points or 0.30%, but short of its record high close at 46758. The current price is trading at 46741.
The Russell 2000 is also higher today by 18.63 points or 0.76% at 2477.16. Its all-time high close level comes in at 2486.25.
This article was written by Greg Michalowski at investinglive.com.
The AUDUSD moved lower in tandem with the NZDUSD after the RBNZ delivered a larger-than-expected 50 basis point rate cut in the Asian Pacific session. The selling pressure took the pair down toward the 50% retracement of the move up from the August 21 low at 0.6560, which aligned with the low of a swing area at 0.6559. The low price reached 0.6556.
With momentum fading and the price waffling up and down between 0.6556 and 0.6569, the sellers gave up, and the buyers started to take back control.
Over the past five hours of trading, the tide has seen buying momentum push the pair higher as sellers gave up on pressing lower. That rebound has now carried AUDUSD to a test of 0.6588, just shy of the key technical barrier set by the 200-hour moving average at 0.6592 and the 100-hour moving average at 0.65948.
These two moving averages now represent the critical barometer for buyers and sellers.
For sellers, the level provides a well-defined ceiling to lean against in order to keep the bias in their favor.
For buyers, a break above both would be a strong technical signal that control is shifting, opening the door to further upside momentum. Until that happens, sellers maintain the edge, but the risk is clear: a decisive move above the 100- and 200-hour moving averages would tip the balance back toward the bulls.
This article was written by Greg Michalowski at investinglive.com.
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