Macro Afternoon

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Its another sea of red across Asia as traders nervously await the NFP print later tonight, with the USD rebounding against some currencies in anticipation as the Aussie dollar spiked on Futureboom “forecasts” from the RBA. In the midst tonight will be more earnings releases and some oil rig counts.

The Shanghai Composite had a slack session today, not able to turn yesterday’s gains into anything meaningful, closing down 0.3% lower to 3091 points. The Hang Seng Index fell an even 1% to just under 30000 points with the bearish triangle on the daily chart now confirming a full breakdown here as the Yuan crunch accelerates:

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S&P futures are down with confidence definitely lacking in the premier index as the four hourly and daily charts start to turn bearish here too:

Japanese stocks are still on holidays while trading in Yen was muted on volume and action as the USDJPY pair retraces to the 109 handle after its breakdown last night. I’m still watching ATR support here on the four hourly chart for a potential reversal below the 109 level proper:

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The ASX200 finally broke its unsustainable run, losing nearly 0.6% to close at the 6062 point level as the Vampire Squid announces record profits – again. The Aussie dollar continued its own rebound but couldn’t make this stick in the afternoon following the RBA dart-throwing contest so I’m expecting a rollover later tonight:

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The economic calendar concludes the week with a big ‘un – Non Farm Payrolls or NFP – the April US unemployment report that the Federal Reserve hinges its interest rate policy on.