A mixed day here in Asia with stocks exchanging wins for losses across the region in the wake of Trump’s dumping of the Iranian nuclear deal. Oil prices are starting to spike going into the European open alongside a rally in the USD and Treasuries.
The Shanghai Composite had a scratch session today, closing a few points lower to 3159 points, but its still ready to tackle the next resistance level at 3200 points. The Hang Seng Index did a little better, up 0.3% to finish at 30484 points. There is some support here but the bearish triangle on the daily chart is still pricing in a breakdown to at least 28900:
S&P futures are ticking up again with the four hourly chart suggesting another attack at last week’s high at 2680 or so:
Japanese stocks could not translate a selloff in Yen with the Nikkei 225 dropping some 0.4% to finish at 22408 points. The USDJPY pair moved swiftly higher, taking out the four hourly ATR resistance level as momentum builds to try to take out last week’s high at the 110 handle:
The ASX200 was one of the better performers in the region, lifting 0.25% to close above the 6100 point level, almost taking out the previous series of highs. The Aussie dollar has slumped again, falling straight down to the 74 handle, still on track getting to 70 or so:
The economic calendar has one major release to keep a close eye on, namely the DOE oil inventory report, important given the fallout from Trump’s Iran fumble.