30.05.22 Macro Morning
Chris Becker | May 30, 2022 08:36
It’s breakouts everywhere on stock markets and most of their risk proxies with Wall Street continuing its bounce led by tech stocks while European shares also lifted as risk sentiment firms despite the usual Sell in May shenanigans. The USD continues to fall back against the majors, particularly Euro while the Australian dollar has broken out above the 71 cent level alongside stocks. Commodity prices were somewhat bullish although oil prices failed to follow through on their recent breakout with Brent consolidating at the $115USD per barrel level while gold did the same, hovering just above the $1850SD per ounce level.
Looking at share markets in Asia from Friday’s session, where mainland Chinese share markets continued their rebound although the Shanghai Composite did have a wobble at the end of the session, finishing up just 0.2% higher to 3130 points while the Hang Seng Index zoomed much higher, up nearly 3% to close at 20697 points. The daily chart is showing price action getting more steam under it again but it remains contained below trailing daily ATR resistance at the 21000 point level that has firmed as strong resistance:
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