Asian Indices Edged Higher and Risky Assets on Demand Ahead of NFP

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).

Iran-US tensions

Risky Assets on Demand, Ahead of NFP

January 11, 2020

Asian indices edged higher as markets remain calm after President Trump’s comments that the U.S. will not take any military action against Iran. The Nikkei 225 ended 0.47% higher at 23,850, the Hang Seng index is 0.27% higher at 28,638. The Singapore FTSE Straits Times is 0.26% higher at 3,255 while the Shanghai Composite finished 0.08% lower at 3,092.  

European stocks started higher. The DAX index is adding 0.22% at 13,522. CAC40 gives up 0.02 at 6,041 while the FTSE MIB in Milan is 0.27 per cent higher at 24,081. In London, the FTSE 100 is 0.02% higher at 7,599. 

In commodities markets, the crude oil price is 0.29% lower at $59.39 as traders digest the recent escalation in the Gulf region. Brent oil is 0.21% lower at $65.23 per barrel. Gold price gives up 0.23% at 1,548 as investors continue to sell safe-haven assets. The gold outlook is bullish despite the two days correction. The immediate resistance stands at 1,611 the recent high, while the support is at 1,447 the recent low.       

In cryptocurrencies markets, Bitcoin correction is intact for the second day in a row as BTCUSD is 0.39% higher at $7,837 hitting the daily low at $7,653 and the daily high at $7,854. Bitcoin has cancelled the recent bullish momentum as the crypto pair breached below the 100-day moving. Support for BTCUSD stands now at $7,000, while the next support level holds at 6,628 recent low.

On the other hand, resistance stands at 9,925 high and then at 10,000 round figure. Ethereum ETHUSD trades 0.33% higher at 138.38 with capitalization now at 15.09 billion, on the upside resistance for Ethereum stands at 200 recent high while the support stands at 117.09 the previous week low, Litecoin (LTCUSD) is trading 0.17% lower at 45.26. The crypto market capitalization is $207.92 billion.

In the Lookout: Australia Retail Sales s.a. (MoM) came in at 0.9% beating expectations of 0.4% in November. 

The Japan Leading Economic Index registered at 90.9, above expectations of 90.6 in November. 

The People’s Bank of China (PBOC) has set the Yuan reference rate at 6.9351 versus yesterday’s fix at 6.9497.

edged higher
NZDUSD Daily Chart

Trading Perspective: In forex, the US dollar index trades 0.09 per cent higher at 97.51, the AUDUSD is 0.30% higher at 0.6878 against the US dollar. NZDUSD trades 0.04% higher at 0.6617. USDCHF is 0.21% higher at 0.9750.

GBPUSD trades 0.11% higher at 1.3080 as we are getting closer to the Brexit deadline on January 31st, 2020. Immediate support for the pound against the US dollar now stands at 1.2578 low which if broken, might push the pair further down towards 1.20. On the upside, the first resistance will be met at 1.3511 recent high.

EURUSD trades 0.10% lower at 1.1095 as the pair’s short term momentum is neutral now. First resistance for the EURUSD stands at 1.1224 recent high. On the other hand, support is at 1.1084 today’s low and then at 1.10.

edged higher
EURUSD Daily Chart

USDJPY is trading 0.10% higher at 109.62, having hit the daily low at 109.44 and the daily high at 109.64. USDJPY will meet support at 105.43 the low from August 22nd. On the upside, initial resistance for the USDJPY now stands at 109.69 recent high.

USDCAD trades 0.10% higher at 1.3069, as the Canadian dollar pressured by weaker crude oil. The pair will meet first support at 1.2950 the recent low while the next support level stands at 1.29 round figure. On the flip side, resistance will be met at the 1.3066 the high from December 31st

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