Another mixed day here in Asia with most stock markets finishing in the red, failing to make good on the positive Wall Street lead overnight. A late safe haven run to Yen has seen the USDJPY pair bring down advancing Japanese markets, while the Aussie dollar remains above 74 cents.
Yesterday’s reversal on the Shanghai Composite was shortlived with a selloff this afternoon, down over 1% lower to 2744 points. The Hang Seng Index is going the other way though, up 0.4% to 28349 points, again climbing back above previous terminal support at 28000 points. Last week’s ominous breakdown on the daily chart still remains in play:
S&P futures are off slightly alongside Eurostoxx as confidence wanes slightly given the poor showing this afternoon. There’s still daylight above to the 2880 level here:
Japanese stocks were doing well mid session before a bid in Yen sent them to scratch finishes, with the Nikkei 225 closing 0.1% lower at 22644 points, still vainly trying to get out of its sideways move on the daily chart. The USDJPY pair has now broken down below trailing ATR support after a false break overnight, hovering just below the 111 handle going into the London open:
The ASX200 advanced, lifting 0.2% to close at 6268 points, still unable to breach overhead resistance at 6300 but displaying a lot of buying support below. The Aussie dollar remains elevated after the post-RBA reaction, but has not made a new four hourly high since, so I’m watching the 74 handle for signs of a reversion:
The economic calendar is again relatively quiet with DOE oil inventory data the only release of note.