Asian share markets are following the overnight lead with some mild falls and scratch results across the region. The USD rallied against Yuan and Yen, whereas the oversold Aussie has had a little bounce back following the Chinese coal debacle.
The Shanghai Composite is steady going into the close, basically up only a handful of points to be at 2752 points as its bear market rally pauses. The Hong Kong Hang Seng Index has faltered however, falling nearly 0.3% to be at 28545 points. The current rally remains intact however, with no new close below the high moving average or the trendline on the daily chart:
US and Eurostoxx futures are falling slightly in line with other risk assets with the S&P 500 looking to restart its lost mojo from overnight and try to once again get back up to the 2800 point level the target to finish the week on a good note:
Japanese stock markets retreated despite a weaker Yen, with the Nikkei 225 down 0.3% to 21405 points, but still remaining above key resistance that had been broken briefly last week. The USDJPY pair has comeback slightly after being pushed down into the mid 110’s overnight, currently at 110.80 or so, but unable to make any new session highs on the four hourly chart where trailing ATR resistance at the 111 handle is providing too hard to beat:
The ASX200 was the best in the region, again, rising nearly 0.5% and currently at 6169 points, maintaining itself well above the key 6100 point resistance level and setting up for further gains. The Australian dollar may be partly to blame for this comeback rally even though yesterday’s selloff has been slightly filled this morning, its still below the 71 handle going into the City open:
The economic calendar finishes the week with the latest German IFO business survey, with a speech by Super Mario following, then a private oil rig count in the US. Have a good weekend!