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David Llewellyn-Smith | Apr 27, 2023 09:33
DXY has a very bearish chart but not yet broken. EUR is the mirror image:
AUD is right at terminal support preventing a free fall to the October lows:
Gold was OK, oil smashed:
Other commods hung on:
Miners (NYSE:RIO) dead cat bounced:
EM stocks (NYSE:EEM) also look very bearish:
Junk (NYSE:HYG) hung on:
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As yields popped a little:
Stocks want to go down suddenly:
We appear poised for a serious risk-off event:
DXY has a very bearish chart but it does not align with my macro views that the debt-ceiling debacle is bullish and Europe is the next growth shoe to drop with a hugely overbought EUR stock bid to go with it.
So, I am not confident about the major crosses but AUD appears poised for lower as the North Atlantic recession crowds in.
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