Asian Indices Mixed on US-China Trade Tensions, EURUSD Breaks Below 1.11 

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).

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Asian Indices Mixed on US-China Trade Tensions, EURUSD Breaks Below 1.11 

August 16, 2019

Asian stocks finished mixed today as US-China trade tensions show no sign of relief. The Hang Seng ended 0.73 percent higher at 25,681, Nikkei225 in Japan finished 0.07% lower at 20,389. The Shanghai Composite ended 0.67 percent higher to 2,834, while in Singapore the FTSE Straits Times index finished 0.70 percent lower to 3,105. Australian equities finished lower; the ASX 200 ended 0.14% lower to 6,399.

European equities started higher the day, DAX30 is 0.67 percent higher to 11,485, CAC40 is 0.52 percent higher at 5,265 while the FTSE MIB in Milan is trading 0.62 percent higher at 20,150. The London Stock Exchange is 0,01% percent higher to 7,067.

In commodities markets, crude oil trades 1.60 percent higher at $55.34 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 1.39% higher at $59,04 per barrel despite major oil producers have agreed to cut output. Gold trades higher at 1,520, keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,524.11 recent high.      

In cryptocurrencies, Bitcoin (BTCUSD) turned at 9,894, hitting the daily low at 9,867 and the daily high at 10,437. Bitcoin breached the 50-day moving average and canceled the recent positive momentum. Immediate support for BTC stands now at $9,439 the low from July 30, while next support stands at 9,000. On the upside, strong resistance now stands at 13,138 recent high and then at 13,500 round figure. Ethereum (ETHUSD) trades lower at 181, with capitalization now to 19.7 billion, and on the upside, the immediate resistance stands at 317 Friday’s high while the support stands at 172 yesterday’s low, Litecoin (LTCUSD) also trades lower at 73.11. The crypto market cap now stands above $261.4 billion.

On the Lookout: The central bank of China has set the Yuan (USDCNH) reference rate at 7.0312, versus Thursday’s fix of 7.0268.

The New Zealand Business NZ PMI came in at 48.2 below forecasts of 51.8 in July. 

Japan Foreign Investment in Japan Stocks increased to ¥-187B on August 9 from previous ¥-339.9B. 

Trading Perspective: In forex markets, USD trades 0.05 percent higher at 98.20, the Aussie dollar trades 0.11 percent higher at 0.6784, while Kiwi trades lower to 0.6435.

GBPUSD trades 0.22% higher at 1.2122. Major support now stands at 1.2014 the low from yesterday which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2438, the 50-day moving average, while more offers will emerge at 1.2672 the 100-day moving average.

In Pound futures markets open interest increased by 5.100 futures contracts, while volume increased by 28.900 contracts.

Trade Tensions
EURUSD Daily Chart

EURUSD trading 0.10% lower today at 1.1094, after Oli Rehn’s dovish comments. Immediate resistance for the pair stands at 1.1134, the 50-hour moving average and then at 1.1164, the 100-hour moving average. On the downside, immediate support stands at 1.1069 the low from August 2. 

In Euro futures markets open interest decreased by 849 futures contracts, volume increased by 26.000 contracts.

USDJPY is trading 0,11% higher at 106.16 having hit the daily low at 106.02 and the daily high at 106.26. USDJPY pair will find support at 105. On the upside, immediate resistance for the pair now stands at 107.67 the 50-day moving average and then at 109.11 the 100-day moving average. 

Trade Tensions
USDJPY Daily Chart

USDCAD is trading higher at 1.3303 consolidating around the recent highs; 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 1.3324 the daily high before an attempt to 1.3450 high from 31st May.

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