Asian Equities Higher, Gold Retreats, while Bitcoin declines

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).

BTC

Asian Equities Higher, Gold Retreats 

July 12, 2019

Asian indices finished higher today as US stocks hit record highs overnight. The Nikkei225 finished 0.20 percent higher at 21,685 the Hang Seng finished 0.25 percent higher at 28,504. The Shanghai Composite finished 0.51 percent higher to 2,937, while in Singapore, the FTSE Straits Times index finished 0.15 percent higher to 3,355. Australian equities ended 0.3 percent lower at 6,695 as tourist arrivals rose by 6.3% in May, the biggest monthly lift in international visitors since April 2017. The annual number of permanent and long-term overseas arrivals rose to a fresh record-high of 848,570 people, up by 5.7% over the year to May.

higher
XAUUSD Daily Chart

European equities started the day weaker after Germany Wholesale Price Index came in at 0.3% below expectations of 1.3% for June. DAX30 is giving up 0.33 percent to 12,332 CAC40 is 0.28 percent higher at 5,551 while the FTSE MIB in Milan is trading 0.56 percent higher at 22,169. The London Stock Exchange is 0,28 percent lower to 7,509 amid non-deal Brexit worries.

In commodities markets, crude oil trades 0.30 percent higher at $60.61 as traders turn cautious on geopolitical tensions and await the Baker Hughes US Oil Rig Count later today. Brent oil trades 0.73% at $66,61 per barrel despite major oil producers have agreed to cut output. Gold lost the two-day positive momentum and trades at 1,408 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,427, the daily high, and then at 1,437 recent high.      

In cryptocurrencies market, after comments from President Trump that he doesn’t like Bitcoin and other cryptocurrencies, Bitcoin (BTCUSD) consolidates at 11,550, hitting the daily low at 11,048 and the daily high at 11,733. Immediate support for BTC stands now at $11,048 today’s low while next support stands at 11,000. On the upside, strong resistance now stands at 13,138, the high from yesterday, and then at the 13,500 round figure. Ethereum (ETHUSD) trades higher at 274 with capitalization now to 29.5 billion. On the upside, the immediate resistance stands at 317 yesterday high while the support stands at 243 the 50-day moving average, Litecoin (LTCUSD) also trades higher at 105. The crypto market cap now stands above $319.0 billion.

On the Lookout: Earlier today the Singapore Gross Domestic Product (quarter over quarter) came in at -3.4%, missing forecasts of 0.1%, the Gross Domestic Product (year on year) came in at 0.1%, below market consensus of 1.1% for the 1Q. The Singapore Retail Sales (year on year) registered at -2.1%, below market consensus of 0.2% in May.

In the US trading session, we have the IEA Monthly Oil Market Report at 8:00GMT while later on the day the Baker Hughes US Oil Rig Count is due at 17:00GMT.

Trading Perspective: In forex markets, USD trades flat at 97.02. The Aussie dollar trades higher at 0.7002, while Kiwi also trades higher at 0.6670.

GBPUSD trades lower at 1.2525 after yesterday the pair rejected at 1.2580 area Major support now stands at 1.24 which if broken might accelerate the slide further towards 1.23 round figure. On the upside immediate resistance now stands at 1.2696 the 50-day moving average while more offers will emerge at 1.2894 the 200-day moving average.  

Sterling futures markets open interest decreased by 2.700 contracts while volume also decreased by 6,800 contracts.

EURUSD holds yesterday gains at 1.1260 and eyes the 1.13 mark which if the pair manages to close above will open the way to 1.1325 the 200-day moving average.  On the downside, immediate support for the pair stands at 1.1256 the 100-day moving average while extra support will be met at 1.12 round figure. 

Euro futures markets open interest increased by 3,500 contracts while volume decreased by 21,300 contracts.

USDJPY is trading 0.14 percent higher at 108.44 having hit the daily low at 108.24 and the daily high at 108.60. USDJPY pair will find support around 108 round figure and then at 107.50. On the upside, immediate resistance for the pair now stands at 108.98 the daily high and then at 109.07 the 50-day moving average. 

USDCAD retreats down to yearly low at 1.3030 amid broadly USD weakness, and the rally in crude oil prices, Canada’s main export item seems to have added further strength in the Canadian Dollar (CAD). The pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. 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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USDCAD Daily Chart

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