By Chris Becker
The oil crisis in Saudi Arabia dominated the headlines overnight, pushing stock markets down and sending WTI and Brent crude prices nearly 14% higher. Other safe havens like Yen and gold continued to lift from their Asian sessions, while Treasury yields fell back amidst an absence of economic events. Commodity currencies remain under pressure while the USD flexed its muscles again.
Looking at the action on Asian markets yesterday, where the Shanghai Composite reopened after a long weekend and was relatively stable, down just a handful of points to remain just above the 3000 point barrier while the Hang Seng Index was not so lucky, closing nearly 1% lower at 27124 points, holding just above former overhead resistance at 27000 points. Price had tentatively broken through trailing ATR resistance at the 27000 point level last week but momentum is now flatlining given the risk off mood, so I’m watching the high moving average to come under pressure here on the daily chart:
