Macro Morning

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By Chris Becker 

Friday night saw another new record high for US markets, all based on the expectation that the US/China trade talks will still present a positive outcome for both. USD fell against most of the majors while the risk proxy USDJPY pair jumped, so combined this should result in a very good start to the week here for risk assets in Asia.

Looking at the action on Asian markets on Friday where Chinese stocks remained under pressure as the Shanghai Composite played catchup to fall over 0.6% to close the week out below 2900 points. Meanwhile 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 26326 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 if a new session low is made today:

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