Current Extremes I See In Markets

Overbought:

Gold ($2,042)
Silver ($27.10)
Natural Gas ($2.22)
Coffee ($1.2155)
Lumber ($622)
Cocoa ($24.81)
the EUR versus the USD (1.1973)
the GBP vs. USD (1.3129)
the Swedish & Danish Krona vs. USD (8.6567 & 6.2743)
* expect higher prices at Ikea and expensive Lurpak butter
Chinese RMB versus the USD (6.94)
* Chinese imports become more expensive
crypto currencies, Ripple (XRP, 0.29880)

Oversold:

the Turkish Lira versus USD (0.1415)
Italian 10 year bonds (0.97%)

Nearly oversold and a Buy is Corn.
Currently at 311. Buy range is 301-307.

In trending news, Soybeans ($8.74) & Lean Hogs ($49.30) look like heading lower.

And Copper ($2.91) is at an early stage of a lower leg.

Incidentally, the AUD was overbought last week

The Nasdaq and S&P 500 are NOT at overbought extremes. There is still upward life in them.

6 August 2020
by Rob Zdravevski
rob@karriasset.com.au