While US stocks tumbled overnight, Asian markets are just mixed. Gold and oil are stuck in range too, while the bigger move is found in bitcoin. The forex markets are also generally staying in tight range. Yen is currently the strongest one for the week, followed by New Zealand Dollar and Euro. But Australian Dollar is the worst, followed by Dollar and Sterling. Technically, our focus will remain on when Dollar would breakout to the downside, and whether that could be accompanied by stronger rebound in Yen. Levels to watch include 1.2079 temporary top in EUR/USD and 0.9127 temporary low in USD/CHF. At the same time, 129.56 minor support in EUR/JPY will be watched to gauge Yen strength. More importantly, we'll see if USD/JPY could rebound from 107.75 fibonacci support. In Asia, at the time of writing, Nikkei is currently down -0.65%. Hong Kong HSI is up 0.90%. China Shanghai SSE is up 0.05%. Singapore Straight Times is down -0.27%. Japan 10-year JGB yield is up 0.0012 at 0.070. Overnight, DOW dropped -0.94%. S&P 500 dropped -0.92%. NASDSAQ dropped -0.94%. 10-year yield dropped -0.010 to 1.554. |
