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The Nikkei came back slightly in the cash session and then rallied hard in futures overnight as Yen firmed against the USD general selloff. This may change today if the BOJ does nothing. Although the February low at 14400 points remains my target here, the bounce off the rising weekly trendline (lower black line) is one to watch up to 16300 points in the short term:

The ASX200 is in near freefall, down 1% after a drubbing previously and on target to get to 5000 points shortly, with SPI futures points to a breach of the 5100 point level this morning. This remains another market dependent on central bank easing, so all eyes on todays unemployment print:

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On to Europe, where short sellers finally took a breather – possibly on margin squeezes as I noted above. The German DAX lifted 1% in the cash session, although futures saw this bounce evaporate. I’m watching yesterdays intraday low as tentative support to break in the session ahead:

US stocks followed the positive European lead and were doing well until a selloff late in the session after the Fed held its trigger, with the S&P500 down 0.2% at the final bell. ATR support remains intact but only just with a breakdown imminent, possibly down to 2030 points or so:

On to currencies, where its all about the Fed and its reluctance to raise rates going into the northern hemisphere summer. Euro bounced as a result of the hold, up to 1.1260 but not above ATR rolling resistance overhead. We’re still in a decline from the 1.14 highs but this bounce could continue going into tonights session:

Yen basically just wobbled on the Fed result, holding strong against USD as the safe haven trade de jour, with USDJPY remaining just below the 106 handle. The four hourly chart is still showing bullish falling wedge pattern with a base at just above 105.50 area. Todays BOJ meeting will be critical, with the long/short entry points fairly clear using this pattern:

The Aussie dollar finally lifted above 74 cents against the USD with the previous oversold status showing the potential for this bounce, although it has not cleared ATR resistance at 74.5 cents but getting closer. Support looks firm at 73.30 or so, so todays numberwang gives traders some good entry points either side of the result (as dodgy as it gets though!)

Oil was sold off on unexpected bounce in the DOE inventory report with both markers down 2%, with WTI now almost below its daily uptrend line. Ive been saying all week that the trendline needs to hold or we’ll get a significant correction, particularly going into the highly volatile Brexit referendum next wee:

Gold is doing a great job as a safe haven here following the FOMC meeting, rocketing back up to its previous high now at $1291USD per ounce as USD itself weakens . As Ive said previously, this is not yet overbought according to daily momentum but is sure to see a reversion soon on any signs of USD strength:

The data calendar is full today, with NZ Q1 GDP first up, then Australian unemployment print before lunch, before the BOJ meeting later in the session. In Europe tonight its the BOE having its monthly meeting, then US CPI print.

Macro Morning