Asian share markets continue to fall despite the solid run on Wall Street on Friday night as the US unemployment print signalled good times ahead for the US economy. The USD continues to firm against everything, although Bitcoin gapped above the $50K level this morning and is having a stab at breaking through its previous weekly false high with four hourly ATR resistance at the $52K level yet to be broken:
The Shanghai Composite is falling down fast, now off by 1.7% going into the close, currently at 3439 points while the Hang Seng Index is down 1.5% to 28839 points. Japanese markets are falling too with the Nikkei 225 closing 0.4% lower to break through its three month long uptrend while the usually supportive USDJPY pair is hovering at just above the 108.40 level:
The ASX200 is the odd one out, actually finishing 0.4% higher at 6739 points while the Australian dollar gapped above the 77 handle following Friday night’s all-important NFP print, but is making no headway at all going into the European session:
Eurostoxx and S&P futures are down around 0.3% with NASDAQ futures off by more than 1%, as Friday night’s action looks to be a one off fill by the BTFD crowd. The four hourly chart of the S&P500 shows that bounce after briefly breaking the downtrend channel but not yet getting out of trouble as it remains unable the upper downtrend line from the early February lows :
The economic calendar starts the week in a nominally quiet mode, although tonight’s Treasury auctions may be more closely watched than previously.