Asian Indices Mixed

Gold at Seven-Week Highs, Asian Indices Mixed in Quiet Session

Asian indices ended mixed in a quiet session after the Wall Street indices posted fresh all-time highs after President Trump said that phase one of the trade deal would be signed shortly. The Nikkei 225 index ended 0.04% higher at 23,830.

The Hang Seng index is 0.15% lower at 27,864. The Singapore FTSE Straits Times is 0.24% higher at 3,221 while the Shanghai Composite is 0.44% higher at 2,975. The ASX 200 finished 0.13% higher at 6,794.  

European indices trade mixed in thin liquidity, the CAC40 is 0.04 per cent higher at 6,031, while the FTSE MIB in Milan is 0.44 per cent lower at 23,898. In London, the FTSE 100 is 0.05% higher at 7,601. DAX is closed today for the Christmas holiday. 

quiet session
XAUUSD Daily Chart

In commodities, the crude oil trades 0.12 per cent higher at $60.59 consolidating close to two-month highs after OPEC+ agreed to reduce oil output by 500,000 barrels per day until June. Brent oil is trading 0.23% higher at $65.57 per barrel on improved global growth prospects.

Gold prices trade 0.35% higher at 1,491. The short term momentum is bullish as the gold prices trading above the 50 and 20-day moving averages but below the 100-day Moving Average. The first resistance stands at 1,555.13 YTD high, while support is at 1,448 the recent low.       

In crypto markets, bitcoin trades 0.16% higher at $7,327 hitting the daily low at $7,222 and the daily high at $7,328. BTCUSD momentum is neutral now as the crypto pair trades above the critical $7,000 mark but below the 50-day moving average. First support for bitcoin stands now at $6,400 recent low, while the next support level holds at 6,000 round figure.

On the other hand, resistance stands at 9,925 high and then at 10,000 round figure. Ethereum trades lower today at 126.83 with capitalization now at 14.15 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 lower at 40.37. The crypto market capitalization is $195.71 billion.

In the Lookout: the United States New Home Sales Change (MoM) came in at 1.3% beating expectations of -0.3% in November, the United States New Home Sales (MoM) came in at 0.719M below forecasts of 0.734M. The US Durable Goods Orders dropped 2% in November. 

Canada Gross Domestic Product (MoM) came in at -0.1%, below forecasts of 0% in October. 

The central bank of China (PBOC) set the Yuan reference exchange rate (USDCNH) at 7.0119 versus yesterday’s settlement at 7.0117.

Trading Perspective: In forex markets, the US dollar index trades 0.01 per cent higher at 97.68, the AUDUSD trades 0.03 per cent lower at 0.6919. NZDUSD trades 0.12% lower at 0.6627. USDCHF is 0.08% higher at 0.9822.

quiet session
AUDUSD Daily Chart

GBPUSD trades 0.07% higher at 1.2944  as we are getting closer to the Brexit deadline on January 31st, 2020. The 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, the first resistance will be met at 1.3511 recent high.

EURUSD trades 0.01% higher at 1.1089 as the pair’s momentum is positive now for the short term. The first resistance for the eurodollar stands at 1.1199 recent high. On the other hand, the first support is at 1.1084 today’s low and then at 1.10.

USDJPY is trading 0.01% higher at 109.40, having hit the daily low at 109.34 and the daily high at 109.43. USDJPY pair will meet support at 105.43 the low from August 22nd. On the upside, resistance for the USDJPY now stands at 109.69 recent high.

USDCAD trades 0.07% higher at 1.3155, the pair will meet first support at 1.3017 the YTD 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.