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Nasdaq snaps winning streak. Risk remains firm into the last week of 2019

jeffriess
December 30, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

Nasdaq snaps winning streak - Gold and risk currencies have started the last week of 2019 on a strong note. - New Years Bank holiday start tonight tomorrow night and run through Wednesday. Japan has started a 4-day bank holiday today.

Friday saw some solid gains from risk currencies to the USD and JPY.

The EUR stole the show on Friday out of the risk currencies adding 0.73 to the USD and 0.68% to the JPY. Buying has continued to start the new week with further gains being seen. The GBP and AUD have also continued on from solid Friday’s, the AUDUSD hitting new 5-month highs. The .7023 US cent level proposes the next level of possible resistance. Looking at the monthly chart we can see clearly how strong this month has been for the AUDUSD.

U.S. stocks started Friday higher but ended the session off highs, the Nasdaq closed lower breaking a 6-day winning streak.

Oil bounced back late in the NY session after inventory numbers came in at -5.5M, after a solid decline started the NY session buyers cut the decline. Price has started this weeks trade with a flat open and resistance remains from $61.75.

Gold has got off to good start in Monday trade adding 0.21% after Friday’s flat finish. Price is currently testing a resistance area from 1514.10 – 1517.

Local and Asian indices so far, ASX200 -0.56%, Nikkei -0.59% and Chinese indices are mainly in the red.

This week sees another short trading week with many markets observing bank holiday’s on New Year’s Day. Some Asian markets will remain open, but Japanese markets have started the first of a 4-day bank holiday today.

Tonight, we have the Chicago PMI coming out at 1:45 am and tomorrow at 12:00 pm Chinese manufacturing data will be released. The market is looking for the index to come in at 50.1, has the previous trade dispute had an effect?

 

Good trading from Eightcap.
All times are AEDT.