Macro Afternoon

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Asian stock markets continue to sell off with only local shares escaping the risk off mood as European and Wall Street futures look dim going into the end of the trading week. Commodity currencies continue to crater although gold is holding on here but cannot manage to break through resistance at the $1800USD per ounce level:

The selling continues with Chinese stocks as the Shanghai Composite slumps 1.2% lower for the day to be at 3424 points while the Hang Seng Index is having yet another selloff, down 1.6% to close at 24899 points. Japanese stocks are still falling with no help from the USDJPY pair, with the Nikkei 225 finishing 1% lower at 27002 points, breaking through weekly support:

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Australian stocks were able to finish relatively unscathed with the ASX200 only losing a handful of points, but still finishing at a new weekly low at 7460 points as the Australian dollar is moving swiftly down to 71 handle, making yet another weekly and monthly low:

Eurostoxx and S&P futures are looking to start slightly lower going into the London open, as risk markets take a deep breath as this dip continues to widen into a proper correction. The four hourly chart of the S&P500 shows price poised here right on support around the 4400 level as momentum remains in negative mode as we await if the BTFD crowd will step in or not:

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The economic calendar finishes the week with UK and Canadian retail sales prints, then a couple Fed speeches to keep an eye out on.

Have a good weekend, stay safe and keep sane during your lockdowns. I might go kayaking again here in sunny QLD.

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