Major US indices gave back all of last week’s gains on Friday, while the Straits Times Index steadied. Volatility was triggered by the triple witching day with the VIX rising 7.6%.
-0.58%, NZX -0.53% and KOSPI -0.47% at the time of writing. Japan markets are closed for Respect for the Aged Day. Sentiments seem to be treading on some ‘calm before the storm’ in the lead-up to a series of key central bank ‘live’ decisions this week. Chinese economic data has surprised to the upside last week, but that did not trigger much broad-based gains in Chinese equities with investors still finding for more follow-through in its recovery.
Despite an attempt to bounce off its year-to-date low at the 0.636 level lately, sellers continue to exert some dominance for the, with the formation of a bearish pin bar on the daily chart last Friday rejecting the 0.649 level for now. Its daily RSI is also facing a key test, as it is back to retest its key 50 level, which it has failed to cross above since July this year.
Greater conviction for buyers may have to come from a move above the 0.649 level, which will mark a potential break above its current consolidation pattern. The RBA minutes release will be in focus tomorrow, which will be scrutinised for clues on whether the central bank will extend its rate pause for the fourth straight month ahead. Overcoming the 0.649 level for the
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