Asian share markets are gaining in confidence despite the lack of a lead from a closed Wall Street overnight with the USD slipping against all the majors, as the PBOC let the Yuan weaken again today. With Wall Street and The City reopening tonight there should be extra volatility and opportunity available!
The Shanghai Composite has pushed above 2900 points, currently up 0.7% to 2913, while the Hang Seng Index is looking to close at a similar advance as well, up 0.6% to 27463 points, finally not making another new daily low. The daily chart has been showing a deceleration pattern with a bottom potentially forming here at the 27000 point level:
S&P and Eurostoxx futures are both up slightly with the four hourly chart of the S&P500 chart showing a potential follow through above the Friday closing session at the 2830 point level. Notably, there’s significant resistance overhead at 2840 and the 2850 or so points to punch through first:
Japanese share markets are up slightly again with the Nikkei 225 closing 0.4% higher to 21271 points but still looking in a weak position after correcting for most of May. The USDJPY pair tried to push higher but remains stuck at the mid 109’s and still in trouble as it lurches sideways:
Australian stocks put on some solid gains with the ASX200 lifting 0.4% to 6480 points ,trying to get back above previous support, now resistance at 6500. The Australian dollar is trying again to breakfree alongside other undollars as it slowly climbs above the 69 handle but it will come up against Monday’s session high at the 69.40 level going into the European session:
The economic calendar continues tonight with some German import and business confidence numbers followed by US house price figures for March.