While NASDAQ surged to new record high overnight, overall closes were mixed with DOW slightly down. Asia markets also lack a clear direction. Investors appear to remain cautious ahead of US non-farm payroll report tomorrow. So far, New Zealand and Australian Dollars are the strongest ones for the week. Canadian Dollar is lagging far behind with WTI oil price struggling around 68 handle. Swiss Franc and Yen are the worst performing ones. But both are just range bound against the greenback, which is clearly weak against other Europeans and commodity currencies. Technically, NZD/JPY's breach of 77.91 resistance suggests that correction from 80.17 has completed at 74.54 already. It's also the first sign that Yen crosses are staging bullish reversals. But, to play safe, we'd like to firstly see sustained trading above this 77.91 resistance in NSD/JPY. Additionally, AUD/JPY and EUR/JPY should take out corresponding resistance levels at 81.56 and 130.54 respectively, to add to the case of Yen crosses bullish reversal. In Asia, at the time of writing, Nikkei is up 0.26%. Hong Kong HSI is up 0.08%. China Shanghai SSE is up 0.55%. Singapore Strait Times is down -0.30%. Japan 10-year JGB yield is up 0.0041 at 0.035. Overnight, DOW dropped -0.14%. S&P 500 rose 0.03%. NASDAQ rose 0.33% to new record at 15309.38. 10-year yield dropped -0.02 to 1.302. |
