By Chris Becker
Friday night saw the big event on the calendar – the latest US unemployment figures via the non-farm payrolls (NFP) – which set the tone for the rest of the month and indeed year for risk taking. The release easily beat expectations, driving the unemployment rate down and sending risk markets higher across the board with the USD pushing all undollar assets down in sync. This means a green screen for most traders here in Asia so expect a good start to the week as we get into the Christmas spirit!
Looking at the action on Asian markets on Friday in anticipation of the release where the Shanghai Composite lifted 0.4% and finally closed out the week clear of the 2900 point resistance level as it builds up momentum. The Hang Seng Index did even better, closing 1% higher to 26498 points as this bounceback gains some legs. However, even a cursory look at the daily chart shows a swing longshot only for now, because price is still looking bearish as it has several resistance levels to beat before getting back to a positive frame:
