BTC at Monthly Lows, Asian Indices Edged Higher on US-China Trade Talks

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).

trade war

BTC at Monthly Lows, Stocks Edged Higher

September 25, 2019

Asian indices edged higher today as the US and China are planning to restart negotiations in early October. The oil price stabilizes after the drone attack in Saudi Arabia oil facilities which is expected to cut 5% of the world oil supply. The Hang Seng is trading 0.22 per cent higher at 26,281, the Shanghai Composite is trading 0.28 per cent higher to 2,985, while in Singapore, the FTSE Straits Times index finished 0.39 per cent higher at 3,156. The ASX 200 in Australia finished 0.01% lower at 6,748.

European indices started higher in the day, DAX30 is 0.02 per cent higher to 12,343, CAC40 is 0.20 per cent higher at 5,641 while the FTSE MIB in Milan is 0.36 per cent higher at 21,977. In London FTSE 100 is trading 0.16% higher at 7,338. UK is scheduled to leave the EU on October 31.

In commodities markets, crude oil trades 0.84 per cent lower at $58.15 after the drone strikes in Saudi Arabia oil facilities. Brent oil is trading 0.99% lower at $63,10 per barrel as oil world supply will be affected by the drone attacks. Gold trades higher at 1,523, keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,555.13 recent high while support is at 1,479, the 50-day moving average.      

In cryptocurrencies, Bitcoin (BTCUSD) trading lower today at 9,681, close to monthly lows, hitting the daily low at 9,555 and the daily high at 9,813. Bitcoin short term momentum is bearish now as it breached the 100 moving average. Immediate support for BTC stands now at $9,258 the low from August 29, while next support stands at 9,000. On the upside, strong resistance now stands at 12,315 the high from August 6th, and then at 13,500 round figure. Ethereum (ETHUSD) trades lower at 194,53 with capitalization now to 21.3 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) trades lower at 65.78. The crypto market cap capitalization now stands above $255.51 billion.

On the Lookout: Japan Leading Economic Index came in at 93.7, topping forecasts of 93.6 in July, the Japan Coincident Index came in at 99.7 below forecasts of 99.8 in July, while Japan Jibun Bank Manufacturing PMI dipped from previous 49.3 to 48.9 in September, the lowest since June 2016. 

The central bank of China set the Yuan rate (USDCNY) at 7.0729 versus yesterday fix at 7.0730.

Trading Perspective: In forex markets, USD index trades 0.05 per cent higher at 98.66, the Aussie dollar trades 0.09 per cent higher at 0.6779, while Kiwi trades 0.01% lower at 0.6291.

GBPUSD trades 0.05% lower at 1.2422 as we are getting closer to the Brexit deadline. Major support now stands at 1.2078 recent low which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2480, the 100-day moving average while more offers will emerge at 1.2733, the 200-day moving average.

In Pound futures markets open interest increased by 853 contracts, volume decreased by around 92.600 futures contracts.

EURUSD trades 0.01% lower at 1.0993, after worse than expected German Ifo data. Immediate resistance for the pair stands at 1.1099 the 50-day moving average and then at 1.1172 the 100-day moving average. On the downside, immediate support stands at 1.0983 today’s low and then at 1.0925 YTD low.

indices edged
USDJPY Daily Chart

USDJPY is trading 0.09% higher at 107.63 having hit the daily low at 107.44 and the daily high at 107.68. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 107.90 the 100-day moving average and then at 109.29 the 200-day moving average. 

In Yen futures markets open interest decreased by 934 contracts, volume decreased by around 12,000 futures contracts.

USDCAD is trading 0.09 lower at 1.3251 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 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.  

indices edged
USDCAD Daily Chart

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