Macro Afternoon

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by Chris Becker

Outside the local bourse, Asian markets are not finishing the week in a positive mood with mild falls across stocks as geopolitics, central bank machinations and possibly weaker GDP print in the US overnight weigh on confidence.

In China, the Shanghai Composite is again only just positive at the close, up only 0.1% to 3155 points, holding above the level of crucial support at 3100. The Hong Kong based Hang Seng however has slid back 0.3% to take aback yesterdays gains to be back around 24500 points, but still looking positive here:

The Nikkei slid down 0.3% to finish at 19196 points holding above its recent gains on the daily chart. The USDJPY pair is trying to build here above the 111 handle with price building above the low moving average and above the triangle on the four hourly chart here:

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S&P futures are very flat with all eyes on corporate earnings and the GDP print tonight for some positive sentiment:

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The ASX200 finished with a scratch session at 5924 points, still trying to hold above its bullish trendline on the daily chart. The iron ore and financial majors both traded gains and falls in a very mixed session.

The Aussie dollar has barely moved during the Asian session, remaining below the 75 handle against the USD. This is poised to breakout either way soon, and I’m watching the low moving average to come under pressure first:

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The data calendar will focus squarely on the US Q1 GDP print tonight.