See the latest Australian dollar analysis here:
Stocks are falling going into the close here in Asia as the trading week ends and markets gear up for earnings season on Wall Street next week. Gold is just hanging on to the $1800USD per ounce level as other undollars feel the rebound of the stronger USD on the risk aversion trade. S&P futures are just clinging on to support as it looks like a full risk-off mood might be brewing.
In mainland China, the Shanghai Composite finally puts in a negative session, currently down 1.4% to 3405 points while in occupied Hong Kong the Hang Seng Index is down just over 1% to 25902 points. The daily chart shows price has almost retraced the big start of week breakout with a solid inversion:
Japanese stocks are off about half as much with the Nikkei 225 losing 0.5% to be at 22405 points. The USDJPY pair is getting sold off sharply here, completely unable to get back above former trailing ATR support and breaking below the 107 handle going into the City open:
The ASX200 is off about 0.5% as well as concern over the Victorian lockdown mounts, currently at 5924 points to likely finish the week well under that elusive 6000 point barrier. The Australian dollar continues to fall back down to ATR support just above the 69 handle, almost completing the bearish double top pattern:
Eurostoxx and S&P futures are in the red with the latter looking to finally flop here as momentum turns negative and price hovers delicately on key support at the 3100 point level:
That’s it for another week folks, thanks for putting up with me while David was away. I’m back to trading grind next week, just as things get fun!
Stay safe and have a good weekend…