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Asia Closing: Early market buoyant after Chinese Data.

USD/JPY H1

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Asian session started with a bang with price rallied above yesterday’s High and headed straight for H4 before pulling back. Towards closing session price attempted to break below but was held by H3/Yesterday’s high as support. With EU Summit coming up, we could see risk sensitive USD/JPY to stay sideways until something significant has been announced.

AUD/USD H1

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Aussie traded flat through Asian session with price ending the session close to Yesterday’s close. Price is trading right in the center of H3/L3. However, the intersection of 2 upward trendline together with Yesterday’s High could add pressure within the next few hours (possibly US session) that may push price to break either way.

NZD/USD H1

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Kiwi broke away from the Descending Channel and traded flat after the breakout. Similar to AUD/USD, Kiwi is sitting in the middle of nowhere between L3/H3. Unlike Aussie, Kiwi may not be rushed higher/lower as current price appears to be sitting stable above 15th Oct swing high and Yesterday’s high.

Hang Seng Index Futures M15

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Hang Seng gapped away on open, breaking away entirely from yesterday’s range. Price continue to look bullish with a close above H4. However, a break below 21,450 may open up previous trading range of Thursday as potential support. Rising trendline can provide some reference should price trade sideways tomorrow.

Nikkei 225 Futures H1

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Today’s price action continues to respect the Channel as price bounced of Channel Bottom to reach Channel Top within a few hours of early trade. Channel Bottom remains a support while resistance could be found at H5.

Bottomline:

Asian Market started strongly on the back of stronger Chinese Data but appears to be sputtering after hitting resistance across different assets. Despite the bullish breakout that was against the run of play, Kiwi became mute and traded flat, with no strong indication of buillish continuation or bearish reversal. Similar to European currencies/equities, we could be seeing some profit taking measures from the Bulls as we enter into 1st day of EU Economic Summit.

 

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