SPX & AUD/USD Correlation
⭐️Key Takeaways⭐️
✔️ The S&P500 and AUD/USD continue to share the risk-on correlating relationship
✔️ Fed Chairman Jerome Powell speaks at 9:10 am EST
⭐️Market Sentiment⭐️
U.S. equities are expected to open lower today after record levels the previous session, ahead of a key speech from Fed Chairman Jerome Powell at 9:10 am EST. Gold futures retraced 0.3% to $1,946.90/oz, while EUR/USD traded 0.2% lower at 1.1802.
⭐️Technical Analysis⭐️
It appears AUD/USD wants to continuing climbing higher. However the bullish momentum is gradual and not so ambitious. The correlation between the equity market such as the SPX with AUD/USD suggests Aussie is building up strength on the back of the risk-on sentiment. Should we start to see signs of weakness with the SPX, we should also consider that might carry over into adding additional weakness to the Aussie along with other commodity trading currencies such as the CAD and Kiwi.
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
✔️ The S&P500 and AUD/USD continue to share the risk-on correlating relationship
✔️ Fed Chairman Jerome Powell speaks at 9:10 am EST
⭐️Market Sentiment⭐️
U.S. equities are expected to open lower today after record levels the previous session, ahead of a key speech from Fed Chairman Jerome Powell at 9:10 am EST. Gold futures retraced 0.3% to $1,946.90/oz, while EUR/USD traded 0.2% lower at 1.1802.
⭐️Technical Analysis⭐️
It appears AUD/USD wants to continuing climbing higher. However the bullish momentum is gradual and not so ambitious. The correlation between the equity market such as the SPX with AUD/USD suggests Aussie is building up strength on the back of the risk-on sentiment. Should we start to see signs of weakness with the SPX, we should also consider that might carry over into adding additional weakness to the Aussie along with other commodity trading currencies such as the CAD and Kiwi.
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.