AUD/USD, NZD/USD Surge as Traders Bet Big on Supersized China Stimulus

Forex Analysis by David Scutt covering: Australian Dollar US Dollar, New Zealand Dollar US Dollar, US Dollar Index Futures, Nasdaq 100 Futures. Read David Scutt's latest article on Investing.com

Rumours of ¥12 trillion package fuel risk-on sentimentSpeculation over a supersized China stimulus package, combined with lower US bond yields and continued gains in risk assets, poweredhigher on Thursday. The latter saw its largest one-day increase this year. With price and momentum signals giving the green light for bulls, the stars seem to be aligning for further upside.

For the pure technicians, this points to upside risks. But this is only one filter for assessing setups. Fundamentals, as mentioned earlier, provide a more cautious view. Given the number of false technical signals lately, waiting to see the actual stimulus announcement may be a better strategy today.Above .6692, the 50-day moving average and October 21 peak are only pips apart, making it a zone of interest. If that’s broken, only minor resistance at .

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