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Market review 28 August 2020

28 August 2020

Microsoft Rallies To New High Ahead Of TikTok News

Wall Street And Technical Outlook

Wall Street has been wildly bullish on the tech giant for many years, with good reason, while current consensus translates into a ‘Strong Buy’ rating, based upon 26 ‘Buy and just 3 ‘Hold’ recommendations. No analysts are recommending that shareholders sell positions at this time. Price targets currently range from a low of $195 to a street-high $260 while the stock is now trading right on top of the median $228 target.

Microsoft broke out above February 2020 resistance in June and added about 30 points into the July peak near 216. It then eased onto a narrow consolidation above the 200 level, finally lifting to an all-time high earlier this week. A rising highs trendline going back to April suggests initial upside into the 240s where the blue chip could enter another trading range. The stock pays a modest 0.92% forward dividend that might add a few bucks to potential upside.

Gold Futures: Further weakness on the cards

Investors increased their open interest positions in Gold futures markets by around 1.9K contracts on Thursday, reversing at the same time two daily pullbacks in a row, all according to preliminary readings from CME Group. In the same line, volume rose sharply by around 125.5K contracts.

Gold could re-test the $1,860 region

The ounce troy of the yellow metal closed in the negative territory on Thursday amidst rising open interest and volume. Against this, a potential deeper pullback is likely in the very near-term, with the initial target at the monthly lows in the vicinity of $1,860 per ounce (August 12).

NZD/USD: Rising odds for a move to 0.6690 – UOB

24-hour view: “Yesterday, we highlighted that ‘momentum remains strong and NZD could advance further towards 0.6665’. We added, ‘the rapid rise is already overbought and the next resistance at 0.6690 could be just out of reach for now’. Our view was not wrong as NZD popped briefly to a high of 0.6675. Momentum has eased and the current movement is viewed as part of a consolidation phase. In other words, NZD is expected to trade sideways, likely not straying much out of yesterday’s 0.6600/0.6675 range.”

Next 1-3 weeks: “After trading in a relatively quiet manner for several days, NZD popped to a high of 0.6625 before extending its gains this morning. The sudden surge in momentum could lead to further NZD strength towards 0.6690. For now, the probability for a sustained advance above this level is not high. Note that last month’s top near 0.6715 is another solid resistance. Overall, NZD is expected to trade on a firm note as long as it does not move below the ‘strong support’ level at 0.6545 within these few days.”

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