 Yen, Dollar, and Swiss Franc are set to close as the strongest ones for the week. Global stock market crash continues with US stocks suffering the worst decline since Black Monday overnight. Asian markets gap lower and are staying in deep red. For now, Australian Dollar is the worst performer of the week. Sterling follows as second weakest, partly due to the selloff against Euro. The markets will likely calm down a bit, with some profit taking trades, before the weekend. Technically, EUR/USD breached 1.1095 minor support as retreat from 1.1496 extends, but quickly recovered. As long as 1.1095 holds, rise from 1.0777 is still in favor to resume through 1.1496 at a later stage. However, firm break of 1.1095 will suggest rejection by 1.1496 long term fibonacci level and bring retest of 1.0777 low instead. Gold is another one that's worth watching as it's now pressing 1.557.04 resistance turned support level. Firm break there will confirm medium term topping at 1703.28 and bring deeper correction to 1495.81 fibonacci level at least. In Asia, currently, Nikkei is down -8.27%. Hong Kong HSI is down -5.74%. China Shanghai SSE is down -3.32%. Singapore Strait Times is down -4.93%. Japan 10-year JGB yield is up 0.058 at -0.011. Overnight, DOW closed down -2352.60 pts, or -9.99%. S&P 500 dropped -9.51% while NASDAQ dropped -9.43%. 10-year yield, however, rose 0.0239 to 0.849, extending the recovery from 0.398 made earlier this week. |
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