Asia Markets Mixed Ahead of NFP, GBPUSD Lower - The Industry Spread

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

BTCUSD

Asia Markets Mixed Ahead of NFP, GBPUSD Lower

July 6, 2019

Asian indices finished mixed today as investors turn cautious ahead of the important AFP data from the USA. The Nikkei225 finished 0.20 percent higher at 21,746 the Hang Seng slipped 0.07 percent at 28,774. The Shanghai Composite finished 0.19 percent lower to 3,015, while in Singapore the FTSE Straits Times index finished 0.12 percent higher to 3,011. Australian equities finished with a gain of 0.5%, ending higher for a fifth straight session.

European equities trading lower today. DAX30 is giving up 0.49 percent to 12,568 CAC40 is 0.48 percent lower at 5,593 while the FTSE MIB in Milan is trading 0.61 percent lower at 21,985. The London Stock Exchange is 0,66 percent lower to 7,553 amid non deal Brexit worries.

In commodities markets, crude oil consolidates at $57.30 as traders turn cautious on trade war headlines. Brent oil trades higher at $64,24 per barrel despite major oil producers have agree to cut output. Gold today retreats from yesterday rally and trades at 1,405 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside strong resistance will be met at 1,437 the daily high.

In cryptocurrencies market, bitcoin (BTCUSD) regains the 11,000 mark hitting the daily low at 10,726 and the daily high at 11,729. Immediate support for BTC stands now at $9,600 the low from July 2nd while next support stands at 9,000. On the upside strong resistance now stands at 11,729 the daily high and then at 12,000 round figure. Ethereum (ETHUSD) trades lower at 288 with capitalization now to 30.90 billion, on the upside the immediate resistance stands at 300 round figure while the support stands at 235 the 50 day moving average, Litecoin (LTCUSD) also trades lower at 117. The crypto market cap now stands above $320.0 billion.

BTCUSD
BTCUSD

On the Lookout: In Japan earlier today the Foreign Reserves rose from previous $1308B to $1322.3B in June. The Overall Household Spending, year over year, came in at 4% beating forecasts of 1.6% in May. The Japan Leading Economic Index came in at 95.2 below expectations of 95.7 for May.

In the American economic calendar we await the US NFP Employment report.

Trading Perspective: In forex markets, USD trades higher at 97 after the positive outcome from G20 summit that calm the markets, the Aussie dollar brakes higher above 0.7010 despite RBA cut interest rates earlier, while Kiwi trades lower at 0.6655.

GBPUSD is trading lower at 1.25208 as traders are still cautious around the Brexit developments. Major support now stands at 1.25 which if broken might accelerate the slide further towards 1.2460 round figure. On the upside immediate resistance now stands at 1.2684 the 50 hour moving average while more offers will emerge at 1.27 round figure.

EURUSD trades flat around 1.1280 after the German factory orders shrunk to 2.2 percent m/m for May, much worse than analysts’ expectations of -0.1 percent In euro futures markets, the open interest shrunk by 1,900 contracts, while volume also shrunk by 74.000 contracts.

USDJPY is trading 0.21 percent higher at 108.05 having hit the daily low at 107.77 and the daily high at 108.14. USDJPY pair will find support around 107.50 round figure and then at 107.00. On the upside immediate resistance for the pair now stands at 108.52 the high from yesterday’s session.

USDCAD eurusd gbpusd

USDCAD consolidates below the 1.31 level at 1.3090 while the daily high was at 1.3131, as the crude oil prices retreat, Canada’s main export item seems to have added further weakness in the Canadian Dollar (CAD). The pair will find immediate support at 1.3060 the low from February 1st while extra support stands at 1.30 round figure. The pair has reached oversold levels so a rebound can’t be ruled out. On the upside immediate resistance now stands at the 1.32 zone before an attempt to 1.3450 recent high from 31st May.

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