Macro Afternoon

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Risk markets are wavering yet again in response to the concerns on the widening delta variant of COVID-19, although local stocks are still being fairly robust despite the complacent, incompetent and ridiculous Federal government response. Gold is selling off yet again, now down to $1750USD per ounce while Bitcoin has been unable to shrug off the continued sovereign crackdowns with price cracking back below the $35K level:

The Shanghai Composite is rebounding a little after the previous sharp move lower with a 0.4% bounce going into the close, while the Hang Seng Index is still selling off, down by nearly 0.5% to 28850 points. Japanese stocks are wavering however with the Nikkei 225 putting in a scratch session to close at 28791 points as the USDJPY pair is still in decline after its previous midweek trend reversal, about to test support above four hourly ATR support here:

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Australian stocks remain unsettled due to COVID but the ASX200 put in some mild gains to finish 0.1% higher at 7313 points while the Australian dollar remained under pressure, trying to find some support just above the 75 handle against USD and unchanged:

Eurostoxx and S&P futures are both flat going into the London session with the four hourly chart of the S&P500 showing price wanting to keep climbing and head onwards to 4300 points but momentum is waning:

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The economic calendar includes the continuing OPEC+ meeting, German unemployment and the latest UK GDP estimates.