Newcastle, Saturday 15 February
Government bonds
Little change in prices so won’t dwell on it.
Fiat currencies
The USD Index rose further this week.
The AUD has not yet broken support at around 66.6ยข support, but one would assume it will do so eventually.
Hard currencies
The uptrend in gold continues. In USD terms it is currently consolidating in a little triangular pattern before the next upleg starts. Here are weekly charts of gold denominated in USD and AUD.
The uptrend in bitcoin continued unabated this week. Here’s the daily chart. At $10,300 it has matched the secondary high reached in October last year. This level of resistance could see a pullback occur in the short term but the longer term picture is favourable.
Commodities
Crude oil rallied slightly during the week but remains hard to pick.
The iron ore fines price has bounced from the red line of support that I highlighted last week. So the greater bull market is still alive, just.
My theory that copper could bounce from here is still holding up, albeit the bounce has not yet occurred.
Stock markets
Further records have broken in all the main US indices, and a rally almost to the recent high took place in the All Ords. The renewed bull market is clearly intact. Here are the weekly and daily charts of the S&P 500 and the weekly and daily charts of the All Ords.
ASX leaders
The mainstream banks have bounced led by CBA, and the latter looks as if it will go on the test the record high reached in 2015.
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