Lawrence Villamar

U.S. stocks closed lower Friday for just the second time in two weeks as a disappointing monthly employment report prompted investors to dial back their recent optimism about the economic recovery.

The Australian sharemarket is gaining for the third straight day with the All Ordinaries index up 0.9 pct or 44 pts to 4710.1. All sectors are trading higher with the energy and mining sectors the best performers.

The Aussie saw a very strong session overnight and this means the market will maintain its bullish tone. All eyes are on a break above 1.0780/800 as this sets up a potential medium-term move to 1.1000.

The Aussie has held up remarkably well after Tuesday’s decision to hold rates steady and this must be seen as a bullish sign. Major support is still seen at 1.0600 with minor support at 1.0660. This morning’s strong jobs numbers are likely to add to the bullish momentum.

The Australian sharemarket is a little lower at lunch, with the All Ordinaries index (XAO) down 0.2 pct or 9.7 pts to 4647.2. Almost all sectors are trading in the red with some modest gains from the miners helping to minimise losses.

The Australian Dollar has held it’s ground despite a softening in risk sentiment overnight in Europe after Moody’s downgraded Portugal’s credit rating.

US factory orders rose by 0.8pct in May, just short of forecasts centred on a gain of 1.0pct. Orders for durable goods rose by 2.1pct.

The Australian Dollar was sold heavily throughout the domestic session yesterday as the Reserve Bank of Australia kept the official cash rate unchanged at a rate of 4.75 percent.

U.S. stocks closed mixed Tuesday, with the Dow Jones Industrial Average falling slightly following the largest weekly gain in two years as investors hesitated to make big bets ahead of key employment data expected later this week.

The Aussie eased back yesterday after a disappointing result from retail sales. Today, all eyes are on the RBA decision at 2.30pm. The market expects no change, but the statement will be closely watched for any indication that the RBA has become less concerned about inflation.

The Australian sharemarket has kicked off the week in promising fashion, with the All Ordinaries index (XAO) up 0.6 pct pr 30.1 pts to 4678. All sectors are currently trading in positive territory.

The AUD/USD bounced strongly from the lows on Friday after the US’s ISM manufacturing index came in well above expectations. In the short term, with the US closed for Independence Day tonight, ANZ jobs and retail sales will set the tone for the Aussie. Any pullback toward 1.0650 is likely to be seen by the market as a buying opportunity.

The Australian Dollar as benefitted from Greece’s rescue package and strong US manufacturing data for June to start the week firmly after touching a high of 1.0788 on Friday night.

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The Aussie’s monster move higher has been capped just below resistance at 1.0760/80 and from here there is the expectation in the market that we will see a pullback to support before the next step higher. Support currently seen at 1.0600/50.

After a slow start to the month, the Australian sharemarket is gaining for the third straight day with the All Ordinaries index (XAO) up 1.4 pct or 63.6 pts to 4643.4.

The Aussie surged overnight on the optimism generated by the passages of the Greek vote. The Aussie broke above the upper side of the descending triangle and this now changes the market view to bullish.

The Aussie produced a solid bounce over the last 24 hours and, seen in the light of the false break below 1.0460 on Monday night, this produces a slightly more bullish picture.

At lunch the Australian sharemarket is having a much better day, with the All Ordinaries index (XAO) around 0.4 pct or 19.7 pts higher to 4533.5. Close to all sectors are higher, with gains from the banks and miners helping to keep the market in positive territory.

The Aussie gave traders several opportunities to short up at resistance at 1.0460 over the last 24 hours, but the late rally has turned the picture slightly more bullish. That said, the Aussie remains in a clear downtrend, and therefore traders will be looking to stay focused on the short side. Resistance now moves higher to the weekly highs at 1.0490.

U.S. stocks closed sharply higher Monday, snapping a three day losing streak, as the technology sector surged and financial stocks jumped on banking capital requirements that were less onerous than expected.

The Aussie got up to resistance at 1.0600 on Friday before reversing sharply lower. We’ve opened Monday morning on a downbeat note and the AUD/USD has just broken below key support at 1.0460. This sets up the pair for further downside, with traders looking for new shorts on any move back to 1.0460.

U.S. stocks dropped Friday, finishing the week slightly lower, as worries about Italian banks, Greece's austerity measures and disappointing technology earnings overshadowed a bigger-than-expected rebound in durable goods data.

The Australian sharemarket gained for the third time in 5 sessions, with the ASX 200 index (XJO) up 0.2 pct or 7.6 pts to 4508.1 while the broader All Ordinaries index (XAO) rose 0.1 pct or 3.6 pts to 4565.

Like many other instruments, the Aussie is at a crossroads this morning, with the bearish picture clouded by last night’s sharp reversal. The rejection of lows below 1.0480 could be seen as bullish, but the overall trend remains lower, and traders will be looking to take new shorts up around 1.0600.

The Australian dollar has opened lower this morning as traders moved away from high risk assets such as the AUD overnight.

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U.S. stocks were mostly lower Thursday in volatile trading, as a toxic mix of weak economic data and a surprise oil-market intervention competed for investors' attention with reports of a new Greek austerity plan.

The annualised growth rate of the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, was 2.7% in April 2011 below its long term trend of 3.1%. The annualised growth rate of the Coincident Index was 0.3%, well below its long term trend of 2.9%. The growth rates in both Indexes have seen significant downward revisions due to the incorporation of March quarter data.