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  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDJ2wm https://t.co/b9m5ADIqqb
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/14UKjR4w6M
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next

USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next

Daniel Dubrovsky, Strategist

Asia Pacific Market Open – FOMC Minutes, USD, S&P 500, AUD/USD

  • S&P 500 halts near-term uptrend as resistance held ahead of the G20 Leaders’ Summit
  • FOMC minutes fail to offer meaningful weakness to USD after yesterday’s Powell talk
  • AUD/USD struggling to push above trend line, may reverse near-term uptrend ahead

Just getting started trading? See our beginners’ guide for FX traders to learn how you can apply this in your strategy!

The S&P 500 halted a 3-day winning streak on Thursday as it was tamed by a falling resistance line from October. Towards the end of the US trading session, equities gave up some of their gains which stemmed from hopes of a US China trade deal at this weekend’s G20 Leaders’ Summit in Argentina. Earlier in the day, President Donald Trump said that he is close to doing something with China.

The last minute selloff might have reflected doubts about a resolution between the world’s largest economies given conflicting signals out of the White House in recent weeks. On the sidelines, within an hour of Trump advocating for a meeting between him and Russia’s President Vladimir Putin at the summit, he cancelled plans for one altogether.

This is a step back against prospects of Russia’s President discussing oil prices with his US counterpart after Mr. Putin showed restraint towards OPEC production cuts. Crude oil finished the day about two percent higher. Meanwhile the US Dollar failed to find significant follow through after comments from Fed Chair Jerome Powell sunk it yesterday.

The US Dollar did see a little bit of weakness on the FOMC minutes, but price action was relatively restrained within intraday performance. The document showed that all Fed officials saw gradual hikes as consistent with their goal. They also outlined the case for a rate hike in December which seems almost certainly in the cards. Going forward, many officials said that they need a more data-dependent focus.

With that in mind, Asia Pacific benchmark indexes may trade little changed as traders may be hesitant to take on bets before the G20 meetup. We do have Chinese Manufacturing PMI data that will cross the wires. Should this key Asian economy show further signs of economic weakness, it may spell pessimism in regional bourses and perhaps send a couple of ASEAN currencies lower.

Australian Dollar Technical Analysis

The Australian Dollar could be looking at a turn lower next now that the descending resistance line from July kept prices from rising further. Resistance has formed around 0.7338 coupled with negative RSI divergence which signals fading upside momentum. Should AUD/USD turn lower, it may eye support at 0.7203.

AUD/USD Daily Chart

USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next

Chart created in TradingView

US Trading Session

USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next

Asia Pacific Trading Session

USD Prices Mostly Resilient on FOMC Minutes, AUD/USD May Fall Next

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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