AUD and NZD Heading South, Equities 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).

Heading South

AUD and NZD Heading South, Equities Higher

August 30, 2019

Asian indices finished mixed today as trade tensions between the China and USA ease. The Hang Seng trading 0.08 percent higher at 25,724, Nikkei225 in Japan ended 1.19% higher at 20,704. The Shanghai Composite trading 0.16 percent lower to 2,886, while in Singapore, the FTSE Straits Times index finished 0,64 percent higher at 3,102. The ASX 200 in Australia finished 1.49% higher to 6,604.

European equities started higher today, DAX30 is 0.82 percent higher to 11,935, CAC40 is 0.72 percent higher at 5,489 while the FTSE MIB in Milan is 0.62 percent higher at 21,531. In London FTSE 100 is trading 0.39% higher at 7,212.  

In commodities markets, crude oil trades 0.62 percent lower at $56.35 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.30% lower at $60,31 per barrel despite major oil producers have agreed to cut output. Gold trades lower at 1,527 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,555.13 recent high.      

In cryptocurrencies, Bitcoin (BTCUSD) stabilizes at 9,511, hitting the daily low at 9,331 and the daily high at 9,555. Bitcoin short term momentum is bearish now as it trades below the 50-day moving average. Immediate support for BTC stands now at $9,258 yesterday’s low, 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) makes fresh 4-month lows at 166,65 with capitalization now to 18.01 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th. Litecoin (LTCUSD) also trades lower at 62.75. The crypto market cap now stands above $247.1 billion.

Heading South
AUDUSD Weekly Chart

On the Lookout: The Bank of Korea left its benchmark interest rate, unchanged at 1.50%. Japan Construction Orders (YoY) climbed from previous -4.2% to 26.9% in July, the Japan Housing Starts (YoY) came in at -4.1%, above forecasts of -5.4% for July. Australia Building Permits (month over month) came in at -9.7%, below forecasts of 0% in July while the yearly reading was down to -28.5% in July from previous -25.6%.

The central bank of China set the Yuan rate (USDCNY) at 7.0879 at the lowest level in 11 years, versus yesterday fix at 7.0858.

Trading Perspective: In forex markets, USD index trades 0.11 percent higher at 98.55, the Aussie dollar trades 0.12% lower, heading south at 0.6719, while Kiwi trades 0.13% lower to 0.6301.

Heading South
NZDUSD Daily Chart

GBPUSD trades 0.06% lower at 1.2171. Major support now stands at 1.2155 the low from August 28th which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2348 the 50-day moving average while more offers will emerge at 1.2593 the 100-day moving average.

In Sterling futures contracts the open interest, decreased by 3.800 contracts, the volume, advanced by around 49.000 futures contracts.

EURUSD trades 0.14% lower at 1.1039, after mixed signals from the US-China trade war developments. Immediate resistance for the pair stands at 1.1189, the 50-day moving average and then at 1.1277 the 200-day moving average. On the downside, immediate support stands at 1.1033 today’s low and then at 1.1026 the YTD low.

In euro futures traders added 3,700 contracts to their open interest positions, volume rose by 55,200 contracts.

USDJPY is trading 0.11% lower at 106.39 having hit the daily low at 106.28 and the daily high at 106.53. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 107.28 the 50-day moving average and then at 108.58, the 100-day moving average. 

In Yen futures contracts open interest decreased by 3.100 contracts, the volume, advanced by around 5.400 futures contracts.

USDCAD is trading 0.18 lower at 1.3281, 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 1.3318 the daily high before an attempt to 1.3450 high from 31st May.  

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