stocks mixed

Asian Stocks Higher on Improved Sentiment

Asian Stocks Higher on Positive Data from China

Asian markets finished higher after positive economic data from China. China’s exports drop 6.6% in March below the expectations of 14%. Chinese Imports fell 0.9% below the expectations for a 9.5% drop. The death rate continues to drop in Spain, Italy, and the U.K., boosting investors’ sentiment. 

The Nikkei 225 finished 3.13% higher at 19638; The Shanghai Composite closed up 1.59% at 2827, while the Singapore Straits Times ended 2.35% higher at 2627. The Hang Seng was 0.56% higher at 24435. Australian equities finished 1.90% higher at 5488, making fresh monthly highs. 

European markets started the session mostly higher; the German DAX is 1.05% higher at 10,675. CAC 40 index is 0.33% higher at 4,521, while the FTSE MIB in Milan is 0.70% higher at 17,748. In London, the FTSE 100 is 0.43% lower at 5,817.  

In commodities markets, the crude oil price trades lower despite the news that major oil-producing countries agreed to cut the crude oil production by 10 million barrels per day. WTI crude oil is 2.10% lower at $21.96, while the Brent oil is 1.99% lower at $31.19 per barrel. 

The gold price is 0.49% higher at 1721. The gold first resistance stands at $1,7293 the daily high, while the initial support stands at $1,608 the 50-day moving average. Silver (XAGUSD) is 1.19% higher at $15.51.   

XAUUSD Daily Chart
XAUUSD Daily Chart

Cryptocurrencies trading mixed today, Bitcoin’s (BTCUSD) price is 0.86% lower at $6,805, hitting the daily low at $6,759 and the daily high at $6,925. Bitcoin’s (BTCUSD) technical outlook is bearish, as the price hovers below the major daily moving averages. The first support for BTCUSD stands now at $6,135, the low from April 1. On the other side, initial resistance stands at $7,456, the high from the previous week.

ETHUSD is 0.25% higher, at $157.42, with capitalization at 17.34 billion. The initial resistance for Ethereum stands at 176.55 the high from last week, while the first support stands at $142.55, the low from April 6th trading session. Ripple – XRPUSD is 1.49% lower at 0.1853. Litecoin (LTCUSD) is 1.38% lower at 40.80. The crypto market capitalization stands now at $194.60 billion.

In the Lookout: The China Exports came in at -6.6%, above the expectations of -15% in March. The Imports came in at -0.9% also above forecasts of -8%. The March Trade Balance in U.S. Dollar came in at $19.9B, topping the forecasts of $18B. 

Australia’s Business Confidence came in at -66, well below the expectations of -2 in March while the Business Conditions came in at -21, also below the expectations of 1. 

Trading Perspective: In the fx markets, EURUSD is 0.40% higher at 1.0950, the Australian dollar is 0.03% higher at 0.6383 against the U.S. greenback. The Yen is stronger against the USD; the USDJPY is 0.30% lower at 107.43. NZDUSD trades 0.01% lower at 0.6086.

AUDUSD Pares Early Gains On Weak Business Confidence

AUDUSD Daily Chart
AUDUSD Daily Chart

AUDUSD turns negative after a strong opening during the Asian session. Economic data from Australia disappointed investors. Australia’s Business Confidence came in at -66, well below the forecasts of -2 in March while the Business Conditions came in at -21, also below the expectations of 1. 

On the technical side, the first resistance stands at 0.6432, the daily high. The next offer zone will be met at 0.6495 the high from March 12. While the next critical level to watch is the 100-day moving average at 0.6613. 

On the contrary, initial support will be met at 0.6375, the daily low. The next support area stands at 0.6194, the low from April 9th trading session. 

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