The Australian Dollar Receives a Boost

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The Australian Dollar Receives a Boost

Post  harpal1980 on Tue Oct 06, 2009 3:27 am

After Friday’s mixed session, the major stock indices bounced back during yesterday’s session, led higher by financials. The move higher came after economic data showed encouraging results, hinting that global economies are slowly coming out of their dire straits. The ISM non- manufacturing report was the major mover of the day, as it crossed the 50 mark. The result showed that the amount of non-manufacturing activity had jumped in the previous month from 48.4 to 50.9 points.

The major indices climbed higher throughout the whole of the session and closed with an average gain of approximately 1.2%. From a technical point of view the S&P500 bounced off its 50 day moving average, but hit resistance of 1040 points. Even though the index headed higher, it closed below previous trend line support. Will this line turn now into resistance?

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