Daily Market Outlook, February 6, 2023

“Asian equities are trading lower this morning as financial markets continued to digest Friday’s blow out jobs data, the stand out performer is the Nikkei as chatter regarding the next BoJ Chief hit the wires overnight, the widely viewed dovish Amamiya has reportedly been tapped for the top job, however, Japanese government officials were quick to refute the reports. Concerns of a resurgence in US-China tensions have done little to help the risk off tone following the ‘weather balloon’ incident across the US. US Secretary of State Blinken cancelled his trip to China in an overt response to the incident, though there are reports that the White House is still considering sending Secretary Blinken to China in a stamp of authority, demonstrating the United States political strength”

Overnight News of Note

  • Asia Shares Slip Monday, Dollar Up As U.S. Rate Outlook Shifts

  • Dollar On The Front Foot After Robust U.S. Jobs Data, Yen Falters

  • China Traders Sell Most HK Stocks In 17 Months Amid Pullback

  • Bitcoin Not Ready To Soar As Investors Await Fed Chair Speech, More Earnings

  • Japan Sounds Out BoJ Deputy Amamiya For Central Bank Gov

  • Amamiya Would Weigh On Yen, Be A Boost For Bonds, Analysts Say

  • Kuroda Defends BoJ's Stimulus As Best Way To Hit Inflation Target

  • Australia, China Trade Ministers Hold First Meeting Since 2019

  • Australian Inflation Gauge Rises To New Record To 6.4% In January

  • ECB's Visco Says Caution Warranted On Mon Policy Tightening

  • UK Mortgages Set For Slowest Year Since 2011 As House Prices Dip

  • Dollar On The Front Foot After Robust U.S. Jobs Data, Yen Falters

  • JGB Yields Rise Despite Report Dovish Amamiya To Become BoJ Gov

  • Oil Steadies After Slump As IEA Points to Rising China Demand

  • IEA: There Are Signs a Stronger China Rebound Will Boost Oil

  • Oil Market Faces Production Issue In 2024, Goldman’s Currie Says

  • Newmont In $17 Billion Takeover Bid For Gold Miner Newcrest

  • Adani Stock Rout Enters Third Week As Flagship Shelves Bond Sale

(Sourced from Bloomberg, Reuters and other reliable financial news outlets)

Technical & Trade Views

SP500 Bias: Intraday Bullish Above Bearish Below 4095

  • Primary support is 3990

  • Primary objective is 4384

  • Below 3980 opens 3910/00

  • 20 Day VWAP bullish, 5 Day VWAP bullish

EURUSD Bias: Intraday Bullish Above Bearish below 1.0750

  • Primary support  is 1.0750

  • Primary objective is 1.11

  • Below 1.0730 opens 1.0610

  • 20 Day VWAP bullish, 5 Day VWAP bearish

GBPUSD Bias: Intraday Bullish Above Bearish below 1.21

  • Primary support  is 1.21

  • Primary objective 1.19

  • Above 1.2265 opens 1.2390

  • 20 Day VWAP bearish, 5 Day VWAP bearish

USDJPY Bias: Intraday Bullish above Bearish Below 131.50

  • Primary resistance is 132.30

  • Primary objective is 125.00

  • Above 133.00 opens 135.00

  • 20 Day VWAP bearish, 5 Day VWAP bearish

AUDUSD Bias: Intraday Bullish Above Bearish below .7050

  • Primary resistance is .7050

  • Primary objective is .6750

  • Above .7150 opens .7250

  • 20 Day VWAP bearish, 5 Day bearish VWAP

BTCUSD Intraday Bias: Bullish Above Bearish below 23200

  • Primary support 22200

  • Primary objective is 25000

  • Below 21000 opens 20300

  • 20 Day VWAP bullish, 5 Day VWAP bullish