A staid finish to the week here in Asia with most stock markets putting in losses following an equally poor showing on Wall Street overnight. The USD has weakened against most of the undollars, particularly the Australian dollar which has bounced off the 70 cent level and gold is finding some support after a very poor weak.
The Shanghai Composite has closed the week out below the 3100 point level after looking so promising, falling over 1% to 3086 points. In Hong Kong the Hang Seng Index has put in a scratch session in follow up to its breakdown on Thursday, falling a handful of points to 2954, still well below its own 30,000 barrier and looking weak . The next level to watch is daily ATR support at the 29000 point level proper:
US and Eurostoxx futures are down slightly, with the four hourly chart of the S&P 500 showing an inability to crest the September 2018 high as its lining up to become the staunch resistance to beat going into next week:
Japanese stock markets have fallen back again as Yen has been unable to weaken any further during the session with the Nikkei 225 losing another 0.2% to finish at 22258 points . The USDJPY pair is trying to get back on track after a violent 24 hours but has been unable to make any headway here, remaining at a weekly low:
Australian stocks are the best performers again but only by the skin of a custard with a small rise on the ASX200 to finish the week at 6385 points. The Australian dollar is trying to comeback here after falling sharply post the CPI print, rebounding off the 70 handle to be at 70.30 going into the European open, but I don’t give this much upside potential:
The economic calendar finishes the week with a big one – first quarter GDP for the US. Have a good weekend and good luck trading!