See the latest Australian dollar analysis here:
Asian stock markets are putting in fairly solid returns for the last session of the week in the wake of solid moves overnight on Wall Street. The USD remains strong against all the majors as the Australian dollar is still in a depressed mood, unable to get back above the 71 cent level. Bitcoin is equally depressed, still hovering just below the $57K level as it fails to make any new session highs while gold is trying to pick itself off the floor, remaining below short term support at the $1780USD per ounce level but at least not making any sessions lows:
Mainland Chinese shares are doing well with the Shanghai Composite up nearly 1% at 3602 points while the Hang Seng Index has flubbed its rebound with a 0.2% pullback to 23745 points. Japanese markets however have finally found some stability with the Nikkei 225 closing 1% higher at 28029 points with the USDJPY pair not retracing at least and firming ever so slightly here above the 113 level:
Australian stocks had another mild lifting session to finish the week out with the ASX200 closing 0.2% higher at 7241 points as the Australian dollar failed to get back above the 71 handle as the nascent short term bottom pattern on the four hourly chart evaporates with a new weekly low now on the cards:
Eurostoxx futures and S&P futures are lifting slightly going into the London open, with the S&P500 four hourly chart showing price wanting to breakout above the week long downtrend line as support has built sufficiently above the key 4500 point level to enable such a move:
The economic calendar concludes the week with the most closely watched event on the calendar – US unemployment or monthly non-farm payrolls.
Have a good weekend, see you on Monday where I’m on deck full time for a bit to help Leith and David through Christmas.