Asia Closing: USD weakness seen.

USD/JPY H1

/mserve/USDJPY_051012.PNG

USD/JPY finally showing first sign of weakness this week as price broke below the rising trendline. Bears tested yesterday’s during early Asian Session but currently price is nicely supported by today’s L3.

AUD/USD H1

/mserve/AUDUSD_051012.PNG

Aussie rally stalled around small consolidation area found on 2nd Oct. Price tried to push up against Yesterday’s High of 1.027 but failed to sustain it. Currently trading below H3 seeking L3 which is also around consolidation zone found on 3rd and 4th Oct.

NZD/USD H1

/mserve/NZDUSD_051012.PNG

The most bullish amongst Asian Currencies? One uptrend does not a small rally make; this new development does not change the overall bearish outlook, at least not yet. Nonetheless it is heartening for bulls to maintain above Yesterday’s High and today’s H3.

Hang Seng Index Futures M15

/mserve/HSI_051012.PNG

Still going strong, with an early test below yesterday’s high and upward trendline (drawn previously) failing during early Asian Session. Since then, bulls didn’t look back and we end up closing the week just a few points shy of the weekly high. Incidentally, both Futures and actual underlying index crossed and closed above the 21,000 mark.

Nikkei 225 Futures H1

/mserve/N225_051012.PNG

Certainly not sharing the bullishness of its Hong Kong counterpart. Prices appear to be locked in a new trading range between 8,650 and 8,935. A break below L3 could bring price back to the consolidation area we are so familiar with early this week.

Bottomline:

Another mixed day for Asian equities/currencies. Some USD weakness is seen early session (see OANDA USD Basket) but the decrease in USD strength does not seem to stem from an increase in risk appetite (USD being a safe haven currency).

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.