Macro Morning

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By Chris Becker 

Swings and roundabouts as the risk meter returns to the positive polarity overnight, with European and US stocks lifting in response to a delay in proposed US tariffs on European autos. The USD is mixed against the majors, with Pound Sterling lifting alongside the Swiss Franc while Euro is falling as the tariff news is weighed. Gold remains under enormous pressure, so no surprise there.

Looking at the action on Asian markets yesterday where Chinese stocks tried to rally after the previous wipeout with the Shanghai Composite closing only 0.2% higher to just above 2900 points while the Hang Seng Index is bouncing back after a poor session, up 0.5% to 27045 points and staving off a new daily low. Note how price is just bouncing off of trailing ATR support which equates to the previous support/resistance zone that was cleared before this blowoff rally started:

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