Asian indices ended mixed today as traders in Nikkei returned from holiday and ahead of the earnings season. Traders’ focus is on the signing of the phase one trade deal in Washington on January 15th and the details that might provide fresh clues about the details of the second phase of the negotiations. Positive data from China improved the sentiment. Chinese imports rebounded in December, rising 16.3% above expectations. The Exports rose 7.6% after a 1.3% decline in November.
The Nikkei 225 closed up 0.73% higher at 24,025 as traders returned from the holiday. The Hang Seng finished 0.24% lower at 28,885. The Singapore FTSE Straits Times is 0.42% higher at 3,264, while the Shanghai Composite finished 0.28% lower at 3,106.
European equities started mixed the trading session. The DAX index is 0.14% higher at 13,470. CAC40 is 0.01 lower at 6,036, while the FTSE MIB in Milan is 0.06 per cent lower at 23,882. In London, the FTSE 100 is 0.38% higher at 7,646.
In commodities markets, the crude oil price is 0.362% higher at $58.29 as traders digest the geopolitical risks in the Middle East. Brent oil is 0.50% higher at $64.52 per barrel. Gold price gives up 0.20% at 1,544 as investors run away from safe-haven assets. The gold outlook remains bullish despite the recent correction. The immediate resistance stands at 1,611 the recent high, while the support stands at 1,447 the recent low.
In cryptocurrencies markets, Bitcoin rallies 4.54% higher at $8,464, hitting the daily low at $8,086 and the daily high at $8,563. Bitcoin momentum is bullish now as the crypto pair breached above 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 4.22% higher at 143.15 with capitalization now at 15.72 billion, and 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 7.93% higher at 53.51. The crypto market capitalization is $227.11 billion.
In the Lookout: China Exports (YoY) came in at 7.6% above expectations of 3.2% in December, the Imports (YoY) came in at 16.3% topping expectations of 9.6%.
The People’s Bank of China (PBOC) has set the Yuan reference rate at 6.8954 versus yesterday’s fix at 6.9263.
Trading Perspective: In forex, the US dollar index trades 0.04 per cent higher at 97.43, the Aussie dollar is 0.10% lower at 0.6896 against the US dollar. NZDUSD trades 0.21% lower at 0.6616. USDCHF is 0.18% lower at 0.9689.
GBPUSD trades 0.08% lower at 1.2978 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 0.01% lower at 1.1133 as the pair’s short term momentum is neutral now. The first resistance for the EURUSD stands at 1.1224 recent high. On the other hand, support is at 1.1128 today’s low and then at 1.10.
USDJPY is trading 0.08% higher at 110.03, having hit the daily low at 109.88 and the daily high at 110.20. USDJPY will meet support at 105.43 the low from August 22nd. On the upside, initial resistance for the USDJPY now stands at 110.20 recent high.
USDCAD trades 0.11% higher at 1.3071, 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.