Asia Closing: Bulls extend reign for one more day



After a strong showing of bulls yesterday, Asian bears pushed price back to Yesterday’s Low which acted as support. Bulls seen during early Europe session once again, pushing price above L3 which could act as a soft support intraday once more.



Strong bullishness from AUD/USD early Asian session, with bullishness from Europe threatening to push price beyond H5 of 1.032. The last time we were trading around 1.032 was on 2nd October which saw price consolidating between 1.032 and 1.03 which eventually brought down lower to 1.02 in quick succession.



Despite the strong rally during yesterday’s US hours and early Asian session, price is sill below Yesterday’s High and below today’s H4, keeping the Downward Channel (drawn from 5th Oct high) relevant. A break below H3 will bring L3 into focus.

Hang Seng Index Futures M15


The largest bullish gap we’ve seen post QE3. Despite that, prices were unable to push beyond H5. Price is poised to create a home run – Higher High, High Lower, Higher Open and Higher Close for the again based on current pace.

Nikkei 225 Futures H1


Price bounced up from the bottom of a tight upward channel and hit Channel Top within the same hour. Currently trading below H3, but price could see some support from Yesterday’s High during Europe opening hours which is the confluence with Channel bottom. A break from H3 will open up H4/Channel Top for resistance while a break below Yesterday’s High may bring price back to L3.


Other than USD/JPY, Asian Traders pushed prices higher during the turn of play. With Europe (which has been bullish for the past 2 days) coming in, the likelihood of an extension of strong risk appetite today is higher ceteris paribus. However NZD/USD continues to look heavy despite all the bullishness around, and could potentially drop heavily should momentum swing to the bears favor.


This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.