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AUDUSD drops back below 20-DMA on RBA dayAlthough the Reserve Bank of Australia (RBA) matched wide forecasts of inaction on early Tuesday, the Aussie central bank’s concerns over economic growth, due to the pandemic-led local lockdowns, weigh on the AUD/USD prices. Also challenging the quote buyers are the headlines from China and concerning the US stimulus, as well as debt ceiling extension. That said, the pullback from 20-DMA offers a selling opportunity with the 0.7220 acting as an immediate target ahead of six-week-old horizontal support near 0.7165-55. However, any further downside will be challenged by RSI conditions, which if ignored could refresh the yearly bottom that currency stands near the 0.7100 mark. Meanwhile, an upside clearance of 20-DMA level of 0.7281 isn’t a green pass for the bull’s entry as a horizontal line from late July adds to the upside filters around 0.7320. It should be noted, however, that a clear run-up beyond 0.7320 enables the buyers to aim for a 61.8% Fibonacci retracement level near 0.7410 before highlighting the September month’s peak around 0.7480. Overall, AUD/USD remains in the bearish trajectory unless crossing the 0.7480 hurdle.
Short
by MTradingGlobal
NIFTY respects global cues, ends below 17400NIFTY 50 EOD ANALYSIS -20-09-21 IN SUMMARY O / H / L / C 17443.85 / 17622.75 / 17361.85 / 17396.9 H-L = 261 points VIX 17.49 / +14.84% FII DII: -1534 Crores SGX NIFTY at 1940h - 17427 +54 points Likely open: Flat to mild positive. A lot depends on how the US markets end. CHART BASED CONCLUSIONS - 15 Minutes Chart A gap-down straight to the FIB support level and then the index rallied to cross 17600, however, that was short-lived as just before noon, the sell-off commenced and it never looked back. The relief rally may have been caused by short-covering from last week’s charts and mainly driven by the index heavyweights. NIFTY by EOD was down almost 400 points from the ATH level and it now seems to be a thing of the past. The day low was 17361 so the bounce was more of a technical in nature to end just below 17400. Wait and watch for now. NIFTY WEIGHT LIFTERS & DRAGGERS The Weight Lifters HUL 12 BAJAJ FINSERV 05 ITC 05 NESTLE 02 HCL TECH 02 TOTAL 26 The Draggers HDFC 28 JSW STEEL 22 TATA STEEL 19 HDFC BANK 19 ICICI BANK 12 TOTAL 100 Lifter - Draggers = -74 POSITIVES FMCG saved the day and RELIANCE also stood firm although it came down from the day high level but closed above 2380 which is where it is finding huge volatility. There is hardly any other positive seen today as NIFTY was plagued by the very weak global cues. NEGATIVES In a matter of just over 1 session, BANK NIFTY has fallen more than 1000 points from its ATH high of 38112. This impacted NIFTY in a huge manner and logically, it may have alone contributed 275-300 points fall in NIFTY. There is no dearth of negatives today so not writing anything here as the list may become far too long. TRADING RANGE FOR 21-09-21 17300-17350 was the support line and frankly, I did not expect it to be visited so soon. I am not sure what the level on the upside would be as NIFTY may keep taking resistances where the earlier supports were seen and at all-around numbers. On the downside, 17200-250 may be the last line before the situation becomes ugly. BANK NIFTY supports now stand at 36600-800-37000 and resistances at earlier supports. INSIGHTS / OBSERVATIONS VIS shot up to 17.49 which is way above the recent levels and the selling pressure is causing this spike in VIX. Despite severe selling pressure, KOTAK BANK held on to 2000 levels for the day. How it plays out tomorrow would decide what is the extent of strength in it. Whenever there is a huge down move, it takes time for NSE to update FII / DII numbers. I am not sure why does it happen only in respect of down moves? Buy & Sell are just numbers so are they double-checking what is getting reported in a down move? What do you feel about this? Thank you, and Happy Money Making! Umesh 19-09-21 NOTE -- This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right. ---
NSE:NIFTY
by AVENUESOFINVESTMENT
China tensions weigh on Aussie, NFP loomsThe Australian dollar is slightly higher in Thursday trade. In the North American session, AUD/USD is trading at 0.7756, up 0.12% on the day. On the fundamental front, the RBA releases its quarterly policy statement on Friday (1:00 GMT). Relations between China and Australia continue to spiral downwards. China has engaged in a trade war against Australia, which included tariffs on Australian wine exports in November. Last month, the Australian government made the unusual move of cancelling an infrastructure agreement between China and the State of Victoria, which was connected to China's Belt and Road initiative. Predictably, the move was harshly criticised by the Chinese government. The latest salvo was fired earlier on Thursday, as China said it was indefinitely suspending the China-Australia Strategic Economic Dialogue. The dialogue has been frozen since 2017, so the move appears to be largely symbolic. The huge trading relationship between the countries will likely not be affected, such as Australian exports of iron ore to China. Still, the announcement of the suspension of the dialogue was enough to send the Australian dollar briefly lower. If there are further negative political developments between the two countries, the Aussie could face a bumpy road. All eyes will be on US nonfarm payrolls for April, which will be released on Friday (12:30 GMT). The ADP Employment Report is not considered a reliable gauge for the official NFP, but investors couldn't help notice that the ADP reading jumped to 742 thousand, up from 514 thousand. Nonfarm payrolls climbed to 916 thousand in March and with a forecast of 990 thousand, a reading above the symbolic one-million mark is certainly within reach. If nonfarm payrolls outperforms, risk sentiment would improve, which would be bearish for risk commodities like the Australian dollar.
by OANDA
SSE- A range bound marketSSE SHANGHAI Support good enough to hang out at 2054-2001. RSI almost near the oversold zone. Demand zone can be seen between 50%-61.8%. Candle has been long legged doji. A swing bottom now with higher low and higher high can resume a rise. In that case expect rise towards 2174-2200 which will be the supply zone. Range bound swing and volatility between 2200 and 2000 is likely to continue. A new trend could be begining if swing bottom gets confirmed now from the current demand zone.
SSE:000062
by hitendravasudeo
UCORE and it's Subsiduary IMC with RapidSX tech.I have been searching for rare earth elements. I've been waiting for these stocks to take a dive. Probably been waiting around 6 months. Today I enter my first Rare Earth Element (REE) stock. I believe this is as low as i'll get it, I could be wrong but at 0.09$ CAD, I'll take that risk of being wrong. Look at the support it has formed since 2012, not it's 2020, it's been enough time. I think once the company that is trying to commercialize RapidSX proves the technology and licences it out to other US allies, the stock price will go up, similar to XRP gains, probably 3-4x mid range.
TSXV:UCULong
by JacobTrader100