Asian Indices Mixed

Asian Indices Mixed, USD Weak Across the Board

Asian indices ended mixed in thin trading as the positive momentum persists after the positive developments in trade talks between China and USA and the accommodative monetary policies from central banks around the globe. 

The Nikkei 225 index finished 0.76% lower at 23,656. The Hang Seng index is 0.43 higher at 28,344. The Singapore FTSE Straits Times is 0.20% lower at 3,219 while the Shanghai Composite is 1.00% higher at 3,034.  

European stocks started in the red the trading session, the CAC40 is 0.16 per cent lower at 6,027 while the FTSE MIB in Milan is 0.28 per cent lower at 23,710. In London, the FTSE 100 is 0.16% higher at 7,632. DAX also started 0.26% lower at 13,302. 

In commodities, the crude oil trades 0.08% higher at $61.77 at to two-month highs after OPEC+ agreed to reduce oil output by 500,000 barrels per day until June. Brent oil is trading 0.21% higher at $67.01 per barrel on improved global growth prospects. Gold prices trade 0.18% higher at 1,513. The momentum is bullish now as the gold prices trading above the 50 and 100-day moving averages. The immediate resistance stands at 1,555.13 YTD high, while the support is at 1,447 the recent low.       

In crypto markets, bitcoin trades 0.26% lower at $7,366 hitting the daily low at $7,288 and the daily high at $7,416. BTCUSD momentum is negative as the crypto pair trades below the 50-day moving average. Initial support for bitcoin stands now at $6,400 recent low, while the next support level holds at 6,000 round figure.

On the upside, resistance stands at 9,925 high and then at 10,000 round figure. Ethereum trades 0.28% higher at 134.62 with capitalization now at 14.84 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 1.18%  higher at 43.63. The crypto market capitalization is $197.88 billion.

In the Lookout: The central bank of China (PBOC) set the Yuan reference exchange rate (USDCNH) at 6.9805 versus yesterday settlement at 6.9879.

ended mixed
AUDUSD Daily Chart

Trading Perspective: In fx markets, the US dollar index trades 0.20 per cent lower at 96.82, the AUDUSD trades 0.13 per cent higher at 0.6989. NZDUSD trades 0.21% higher at 0.6712. USDCHF is 0.10% lower at 0.9732.

GBPUSD trades 0.23% higher at 1.3110 as we are getting closer to Brexit deadline in January 31st 2020. First support for the sterling against the dollar now stands at 1.2578 low which if broken, might push the pair further down towards 1.20. On the upside, first resistance will be met at 1.3511 recent high.

EURUSD trades 0.20% higher at 1.1197 as the pair’s momentum is positive now for the short term. First resistance for the EURUSD stands at 1.1210 recent high. On the other hand, support is at 1.1170 today’s low and then at 1.10.

ended mixed
EURUSD Daily Chart

USDJPY is trading 0.21% lower at 109.17, having hit the daily low at 109.06 and the daily high at 109.48. 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 0.04% lower at 1.3073, the pair will meet first support at 1.3017 the yearly low while the next support level stands at 1.30 round figure. On the upside, resistance will be met at the 1.3355 the top from September 3rd before a move up to 1.3450 high from 31st May.