Google trading at an all-time high

Four key markets in focus today.

Google (GOOG)

The tech giant has rallied strongly in after-hours trade, putting on over 5%. Q3 earnings easily beat expectations of $10.36, with adjusted EPS of $10.74. Q3 paid clicks grew 26%, against an anticipated 21%. The stock is trading at all-time highs, easily taking out the July high of $928. Technically the stock is overbought, with the price now five standard deviations from its 50-day moving average. However, in a market looking for quality earnings, this name sticks out as a strong contender.


It’s a big day for the AUD, with RBA member Lucie Ellis (11:10 AEST) and Glenn Stevens (12:00 AEST) due to speak, while we get Chinese Q3 GDP (expected to print 7.8%), industrial production, fixed asset investment and retail sales. Resistance in the pair kicks in at 0.9666 (June 14 high) and 0.9715 (the 50% retracement of the year’s high to low).

China A50 cash

Given the raft of Chinese data out today (see AUD/USD preview), traders should keep a close on the equity market. The AUD has a strong correlation with the Chinese market, so good numbers in China today should boost the Chinese stock market, thus in turn giving a boost to the AUD. The analyst range for today’s Chinese GDP (due to be released at 13:00 AEST) is from 8.2% to 7.4%, so opinion is varied.


The trend break in cable I mentioned yesterday failed to really materialise into a downside move. The pair spent seven sessions below the August 2 former uptrend; however it has convincingly re-taken this trend at 1.6079. My stop at 1.6070 was taken out and clearly I was too early to get back into long USD positions. The pair, if anything looks like it wants to push back to the recent high of 1.6260, despite the daily stochastics moving up to overbought levels. Given the recent positive price action I have changed my bias and favour a stronger move from here.

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