See the latest Australian dollar analysis here:
Asian stocks are swimming in a sea of red today due to the growing lack of confidence on Wall Street overnight, as risk sentiment reverses yet again as bond markets continue their own selloff. Bitcoin found a lot of sellers this afternoon after building up and beyond the $50K level with last week’s intrasession resistance at $51K to high a target it seems as it loses over $2K:
The Shanghai Composite is taking back its previous gains, currently down over 1.6% going into the close at 3516 points while the Hang Seng Index is doing even worse, down more than 2% at 29215 points. Japanese markets are showing the way with the Nikkei 225 closing 2% lower at 28292 points to break daily ATR support while the USDJPY pair resumes its climb above the 107 handle:
The ASX200 was the relative winner, only losing 0.8% to slip back below the 6800 points level, closing at 6760 points, while the Australian dollar was resilient against a record trade surplus print but is still stalling at the 78 handle, with medium term momentum remains against it:
Eurostoxx and S&P futures are dropping fast going into the European opening session, with the four hourly chart of the S&P500 showing a widening trend channel that is on a downward track. The continued inability to breach the upper downtrend line from the early February lows is weighing, with the 3900 point barrier proving powerful resistance:
The economic calendar includes US initial jobless claims as a prelude to the non-farm payrolls print due on Friday night.