Quick Market Quips – Thursday Sept. 17th, 2020

Short term views include;

AUD/USD needs to hold 0.7240, otherwise it moves lower to 0.7140 or test 0.7067. (see chart below)

Coinciding, AUD/JPY needs to hold 76.05, this FX cross seems to leading risk-off sentiment in equities markets;

My ASX 200 target is 5,803;
S&P 500 direction not conclusive, thus…
Bias is to accumulate on weakness, although developing downtrends need to be monitored.

Gold short term downtrend, albeit not a strong trend,
needs to hold $1,902 support, other $1,825 region is next stop
(see chart below);

thus caution on Aussie gold stocks may increase;

Note, Brent rallied 6% in 2 days, as it held $39.30 (which remains important support);

Hope to summarise my Long Platinum view in coming days;

And I’m holding a 3% portfolio short index weight for global portfolios in U.S. listed SMH

September 17, 2020
by Rob Zdravevski
rob@karriasset.com.au