By Chris Becker
The trading week finished on an upbeat note with sentiment still in the clouds about a pending US-China trade deal as the USD broke to a new record high against the major currencies, alongside US stocks. Gold fell to a new monthly low while oil prices pared back recent gains as Bitcoin also slipped from its recent false breakout.
Looking at the action on Asian markets Friday, where the the Shanghai Composite gapped higher on the open but struggled to hold on to those gains in the post lunch session, sharply falling to close 0.5% lower at 2964 points and unable to close the week out above the key 3000 point resistance level once more. Meanwhile the Hang Seng Index also fell after getting ahead of itself, closing off by 0.7% to 27651 points as the daily chart clearly shows an overextended rally after recently clearing the 27000 point level. While the trend is very strong here, it may not be sustainable as momentum builds to even more overbought levels:
