By Chris Becker
With Wall Street taking the night off its been a directionless affair in Europe and elsewhere, but the trade war geopolitical tensions remain elevated enough to keep traders on their feet. The USD is losing some ground against the majors going into tomorrow nights NFP print, as gold comes back and oil prices remain sky high as Trump tries to Tweet-pressure the Saudis into lowering prices.
Recapping Asia’s session yesterday the Shanghai Composite pushed aside the previous meek rise to fall another 0.75% to 2765 points, remaining well below the previous level of support at 2800 and sealing the deal for continued downward pressure. Key long term support at 3000 points remains very strong resistance, with momentum no longer oversold but exhibiting the normal downtrend trajectory:
