See the latest Australian dollar analysis here:
Stock markets are performing while again in Asia with Chinese bourses again pulling back while traders and bots in general look to moderate before going into tomorrow night’s US jobs report, the most important event on the economic calendar. Currency markets are seeing a rebound in USD strength, pulling the Aussie down while gold prices slip back below the $1900USD per ounce barrier. Bitcoin is finally finding some life here as volatility spikes again after price hovered just below the $37K level all week with a late breakout to sees it threatening overhead ATR resistance at the $40K level:
The Shanghai Composite was looking to put on gains this afternoon but is pulling back going into the close to remain unchanged at 3589 points while the Hang Seng Index is pulling back proper, down another 0.8% at 29074 points. Japanese stocks are moving forward with the Nikkei 225 lifting another 0.4% to close at 29058 points as the USDJPY finds some life this afternoon, lifting up towards the 110 handle after failing the same time and space yesterday – can it make it stick this time:
The ASX200 continues to outperform with the latest trade and retail figures, lifting nearly 0.6% to close at 7260 points. Meanwhile the Australian dollar has rejected heavy resistance overhead, with a drop back to the 77 handle as the four hourly chart broadcasts more downside as part of its overall medium term downtrend:
Eurostoxx and S&P futures are flat lining yet again going in the London open as traders continue to weigh up the risk of the forthcoming US jobs report. The four hourly chart of the S&P500 remains uneasy with price wanting to extend up above the 4200 point level but that megaphone pattern is now morphing into a continuation with heavy resistance building as momentum continues to taper:
The economic calendar includes US initial jobless claims and the private ADP employment figures as a precursor to tomorrow night’s NFP print.