See the latest Australian dollar analysis here:
Outside China, stocks are quite boisterous here in Asia leading to good buy signals for the northern hemisphere as we close the trading week out. The USD is coming back against Yen, while risk proxies Kiwi and Aussie bounced a little higher today but are lacking any signs of real momentum.
Chinese stocks are still under pressure with the Shanghai Composite playing catchup to fall over 0.6% to close the week out below 2900 points while the Hang Seng Index finally stopped falling, gapping higher at the open but holding on with a minor 0.1% gain into the close to 26366 points. Price remains well below previous trailing ATR support and the previous resistance zone so a continued retracement down to 25000 points is still on the cards here:
Japanese share markets flipped from selloff mode to all hands on the buy button with the Nikkei 225 closing 0.7% higher to 23303 points. Yen buying abated somewhat with a sizable bouncbeack in the USDJPY pair after being considerably oversold overnight. This is not yet over however and definitely not a buy signal due to the lack of a crossover in negative momentum:
The ASX200 rebounded again, closing only a few points shy of the 6800 level, up nearly 0.9% despite a slightly higher Aussie dollar. The Pacific Peso rebounded late last night but has failed to hold at or above the 68 handle here going into the City open, as this swing looks almost out of puff before it starts:
Both S&P and Eurostoxx futures are up 0.6% or so with the S&P500 four hourly chart showing price breaking out above overhead resistance at the 3100 points level, suggesting a good finish to the week here:
The economic calendar finishes the week with US retail sales figures for October. Have a safe weekend and good trading!