Asia Closing: Bears not able to sustain early pressure.

USD/JPY H1

Early Asian Session saw price trading within range of Last Friday. Closer to Europe Open session, influx of bullishness from Europe weakened Yen and pushed USD/JPY above Last Friday’s high, which may act as intraday support. Drop below current levels may open up last Friday’s trading range.

AUD/USD H1

An Eve-Adam double top was confirmed with prices unable to push above 1.026 on closing Last Friday. Selling commenced immediately on open but price was also unable to break below Friday’s low and 10th Oct’s low convincely. L3 and H3 may act as strong support/resistance intraday.

NZD/USD H1

Support seen between L3 and L4 as price broke below previous support of 0.815. Break below current L4 brings focus back to consolidation range of 0.808 – 0.812 found on 7 Sep – 10th Sep.

Hang Seng Index Futures M15

A relatively muted day for HSI as price was kept within Last Friday’s trading range. Watch out for overnight price actions in Europe and US equities which may tilt HSI to gap away from current trading range.

Nikkei 225 Futures H1

Appears to be more bullish than HSI as price has now traded above Friday’s High after a strong recovery from early session selling. Nonetheless, price is still stuck within trading band of 8,550 to 8,670. H5 may act as significant resistance while L3/L4 will provide some support.

Bottomline:

Early session bears were unable to sustain selling pressures, with prices recovering during Late Asian/ Early Europe session.  It will be interesting to see where US session may lead us as we set the tone on Monday for the rest of the week.

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