Asian Markets Mixed as COVID-19 Cases Increase, Crude Oil Higher

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).

Asian Markets Mixed, Crude Oil Higher

April 9, 2020

Asian markets finished mixed as the numbers of new cases and deaths in the US reached record highs. Optimism the previous days from slowing cases in Europe boosted investors’ sentiment and sent global indices higher.

Wall Street finished with lower after a strong opening and dismal JOLTS data. The Nikkei 225 finished 2.13% higher at 19353; The Shanghai Composite closed down 0.19% at 2815, while the Singapore Straits Times ended 1.26% lower at 2539. The Hang Seng was 1.17% lower at 23970. Australian equities finished 0.86% at 5206. 

European markets started the session lower after Eurogroup failed to reach an agreement on coronavirus bonds. The German DAX is 1.08% lower at 10,244. CAC 40 index is 1.69% lower at 4,363, while the FTSE MIB in Milan is 0.71% lower at 17,286. In London, the FTSE 100 is 1.55% lower at 5,616.  

In commodities markets, the crude oil price trades higher on hopes of a deal between Russia and Saudi Arabia with WTI crude oil adding 3.05% at $24.34 while the Brent oil is 1.10% higher at $32.01 per barrel. 

The gold price is 0.26% higher at 1650. The gold first resistance stands at $1,703 the March 9 top, while the initial support stands at $1,596, the 50-day moving average. Silver (XAGUSD) is 0.69% higher at $15.05.    

Cryptocurrencies managed to recover yesterday’s losses. Bitcoin’s (BTCUSD) price is 1.59% higher at $7,323, hitting the daily low at $7,121 and the daily high at $7,421. Bitcoin’s (BTCUSD) technical outlook has improved in the short term, and now the next target is a break above the 50-day moving average. The first support for BTCUSD stands now at $5,714, the low from March 30. On the other side, initial resistance stands at $7,456, the high from yesterday’s trading session.

ETHUSD is 2.94% higher, at $169.38, with capitalization at 18.72 billion. The initial resistance for Ethereum stands at 176.55 the high from yesterday, while the first support stands at $142.55, the low from April 6th trading session. Ripple – XRPUSD is 3.45% higher at 0.1994. Litecoin (LTCUSD) is 3.19% higher at 46.23. The crypto market capitalization stands now at $208.27 billion.

In the Lookout: Japan Machinery Orders (MoM) came in at 2.3% above the forecasts of -2.7% in February. 

Bank of France, in its quarterly forecasts for the economy, expects that the Q1 GDP will contract by 6% in the first quarter. 

The Japan Eco Watchers Survey, Current came in at 14.2 below the forecasts of 27.6 in March, while the Outlook came in at 18.8, also below the forecasts of 38.1.  

mixed
AUDUSD Daily Chart

Trading Perspective: In the foreign exchange markets, EURUSD is 0.17% lower at 1.0872, the Australian dollar is 0.19% higher at 0.6177 against the U.S. greenback. The Yen is weaker against the USD; the USDJPY is 0.18% higher at 108.91. NZDUSD trades 0.07% higher at 0.5978.

USDCAD Pares Gains as Crude Oil Turns Higher

USDCAD pare early gains and return to an unchanged level as the crude oil price gains momentum. The crude oil price is 3.72% higher at $24.50 per barrel. Yesterday, the Canada Ivey, Purchasing Managers Index, dipped from the previous 53.2 to 28.2 in March, while the Canada Ivey Purchasing Managers Index s.a came in 26 below the expectations of 41. 

On the technical side, the first resistance for the pair stands at 1.4080, the daily high. More selling pressure might emerge at 1.4142, the high from yesterday’s trading session. 

On the flip side, immediate support stands at 1.3984, the daily low. In case of a break lower, the next support will be met at 1.3920. Further down, the next level to watch is at 1.3724, the low from March 16.  

USDCAD Daily Chart
USDCAD Daily Chart

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