 Asian markets are very mixed today, with Nikkei trading lower, following US stocks overnight. But strong rebound is seen in Hong Kong and China. As a result, Dollar is paring some of the post-FOMC gains while commodity currencies recover. It's also possible that traders are lighting up their positions ahead of non-farm payroll data form the US. In any case, much volatility is anticipated before the week comes to a close. Technically, Gold recovered notably after dipping to 1616.51, ahead of 1614.60 low. On the downside, firm break of 1614.60 will confirm larger down trend resumption. On the upside, break of 1674.72 resistance will delay the bearish case, and extend the consolidation pattern from 1614.60 with another rising leg. Upside should be capped below 1729.28 resistance. Today's move could be used to confirm the near term direction in Dollar. In Asia, at the time of writing, Nikkei is down -1.78%. Hong Kong HSI is up 6.78%. China Shanghai SSE is up 2.47%. Singapore Strait Times is up 0.83%. Japan 10-year JGB yield is up 0.0070 at 0.254. Overnight, DOW dropped -0.46%. S&P 500 dropped -1.06%. NASDAQ dropped -1.73%. 10-year yield rose 0.065 to 4.124. |
