A case of pre-positioning before the first Jerome Powell led FOMC Meeting later tonight with most currencies mean reverting, Japanese stocks closed for a holiday not giving the usual risk lead here in Asia to go on.
The Shanghai Composite was having a good session, peeking a little bit above key 3300 point level before selling off in the afternoon to finish only a few points higher at 3293. The Hang Seng Index put in another scratch session, gaining a handful of points to close at 31593 points, with the daily price still gravitating around the high moving average band, but it had a small go at rolling ATR resistance above at the 32000 point level without closing above:
S&P futures are steady after last night’s weak scratch session, with support at 2700 points still playing support here, but some bearish patterns are forming on the longer timeframe charts:
Japanese stocks were closed today for a holiday while the USDJPY pair rallied before stalling later in the afternoon to finish around the 106.40 level. This is looking exhausted on the price action on the four hourly chart with momentum rolling over:
The ASX200 had a solid session, gaining around 0.2% or 14 points higher to 5950 points, still well shy of 6000 but still bouncing along above psychological support at the 200 day moving average. The Aussie dollar is bouncing off terminal support to just breach the 77 handle against the USD, getting back to a mid point of control before the FOMC meeting tonight:
The economic calendar continues with the FOMC meeting tonight with the possibility of a rate rise on the cards.