Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A very mixed day here in Asia with Japanese markets closed and not much else happening due to the US holiday overnight, although oil prices have already retraced and Chinese shares are off due to domestic concerns via the PBOC of a slowing global economy.

The Shanghai Composite is down over 2% to 2579 points going into the close, unable to finish the week as expected above key support at 2600 and setting up for a rout going into next week’s trading.  The Hang Seng Index is off only 0.6% or so to 25865 points, sliding below the previous support level at 26000 points in a disappointing move as the the daily chart was starting to stabilize:

US and Eurostoxx futures are up only slightly with a lack of trading volume or positive sentiment not helping after the US Thanksgiving holiday. The four hourly S&P 500 futures chart still shows a depressed market and ready to revert back down to the recent lows above 2620 points. But be thankful for President Trump, as he says “he’s most thankful for himself” this Thanksgiving:

Japanese stocks had the day off with a national holiday.  The USDJPY pair is slowly reverting here with a small move lower to remain below both trailing ATR resistance and the 113 handle going into tonights session:

The ASX200 has done the best again, this time lifting over 0.4% to 5716 points, finally getting back above the 5700 point support area. The Aussie dollar has deflated ever so slightly however to the bottom of the tight moving average band at the mid 72s and is likely to stay there given the lack of volume due to USD trading :

The economic calendar ends the week with some preilimary EZ wide and US service PMI numbers but not much else, with Canadian CPI also in the mix.

Have a good weekend and good luck trading!

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  1. The Traveling Wilbur

    I really hope all the Instos buying up financials, especially banks, today while America’s market was in the midst of a 36-hour Turkey coma get burned next week. Horribly.

    *waves at all the semi-drunk-non-member traders who are reading this blog while on the turps with their colleagues, who are so dull this is their only way to make the evening bearable, but don’t post here as they don’t want their boss to find out and fire them*

    All of them.

    • TailorTrashMEMBER

      Now this gets interesting…..if one belt one road is not secure ….what does that mean ?……………Imran Khan must be deep in thought at the moment ……

    • Must be uighur related right.

      After a little googling, the things you discover:

      The overland ‘Belt’ involves the creation of an economic and trade corridor extending from China’s west through Central Asia, and finally to Europe. The first step is to further link Central Asian states to the Chinese economy, while the longer-distance initiatives include railway connections between China and Europe. The ‘Belt’ initiative calls for the integration of the Eurasian land mass into a cohesive economic area.

      For the maritime ‘Road’, China’s development of ports and hubs across the Indo-Pacific is a key aspect of the initiative. Purchase and construction of port facilities and associated economic zones in Australia, Malaysia, Indonesia, Bangladesh, Sri Lanka, Myanmar, Pakistan, Kenya, Tanzania, Oman and Djibouti are intended to provide China with maritime access and economic benefit across the Indian Ocean. These will connect to Piraeus, Greece’s major port, which has been bought by Chinese shipping group COSCO and which will allow direct access to the markets of Europe.

      Can’ t help but notice there are a lot of ROP enthusiasts in that list.

      It now makes me wonder if China is going to have a “Russia in Afghanistan” moment across 1/3 of the world.

    • BOOM…holy sh!t Dingwall thanks for posting that, I’ve been waiting for this, let’s see how the magical peaceful do nothing wrong Chinese deal with this LOL

    • What a bunch of weak f#ck-knuckles.

      “The chairman of the Australian Securities and Investment Commission, James Shipton, revealed to the royal commission on Friday morning that he has told his squad of crime fighters that they need a good reason not to launch legal action when a financial institution reports a breach.“

      I presume “I want a job with that bank one day” is accepted without question as a “good reason”.

      • The problem is not enough choice: there are only 4 pillars (and a fifth column in the guise of MQG) and a pillock like Shít-ton can’t be going around upsetting all his future employers… now, can he? I mean, what are we thinking, that the man’s Bruce Wayne during the day and Batman at night?

      • Andrew what if this tribe has no sense of the term property in the libertarian meaning, meanwhile Australia does not belong to the tribe of TailorTrash.

        But then again the Anglophone tribe has a long history of invading and taking others property by force, so I find it hard to reconcile the double standard. I even remember memes about dragging such primitive people into modernity so they could enjoy the benefits of uplift or as Larry Summers put it do their share of toxic burden.