Asian markets ended mixed after the two day’s correction amid the crude oil price turbulence. Hopes for a coronavirus treatment and a gradual reopening of businesses in Europe and the U.S. boost sentiment. A positive earnings report from Netflix also helps sentiment.
The Nikkei 225 finished 0.74% lower at 19,137; The Shanghai Composite closed up 0.60% at 2843, while the Singapore Straits Times ended 0.07% lower at 2,550. The Hang Seng was 0.42% higher at 23,893. Australian equities ended flat at 5,221.
European markets rise in early trading; the German DAX is 0.79% higher at 10,333. CAC 40 index is 0.46% higher at 4,378, while the FTSE MIB in Milan is 1.21% higher at 16,652. In London, the FTSE 100 is 1.49% higher at 5,725.
In commodities markets, the Brent crude oil price is 1.10% higher at $19.83 per barrel after the turbulence in WTI crude oil prices. The gold price rallied today after the recent and is 0.93% higher at 1683. The gold first resistance stands at $1,741 the recent high, while the initial support stands at $1,700. Silver (XAGUSD) is 0.40% higher at $14.89.
Cryptocurrencies turn higher in European opening, Bitcoin’s (BTCUSD) price is 1.46% higher at $6,956, hitting the daily low at $6,812 and the daily high at $6,979. Bitcoin’s (BTCUSD) technical outlook is bearish, as the price hovers below the major daily moving averages. Only a break above the 7,500 might cancel the recent bearish momentum. First support for BTCUSD stands now at $6,484 the low from April 16.
On the other side, initial resistance stands at $7,328 the high from April 18. ETHUSD is 2.31% higher, at $175.03. 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 is 1.06% higher at 0.1856. Litecoin is 0.81% higher at 41.02.
In the Lookout: Australia Retail Trade came in better than expected at 8.8% for March.
The People’s Bank of China has set the Yuan reference exchange rate at 7.0903 versus yesterday’s fix at 7.0752.
Trading Perspective: In the forex markets, GBPUSD is 0.60% higher at 1.2365. The EURUSD is 0.16% higher at 1.0873; the AUDUSD is 0.96% higher at 0.6341 on strong retail sales. The Yen is stronger against the USD; the USDJPY is 0.12% higher at 107.61. NZDUSD trades 0.65% higher at 0.5999.
AUDUSD Higher on Strong Retail Sales, Asian Markets Mixed
AUDUSD trades sharply higher after better than expected retail sales data. The retail sales increased by 8.2% in March as consumers stockpile groceries amid the coronavirus outbreak. March retail sales for food, toilet and tissue paper, almost doubled, while electronics and office supplies also came stronger than expected. Yesterday reported that the number of jobs in Australia dropped by 6% in March. The Reserve Bank of Australia projects a GDP contraction by almost 10% in the first half, and the unemployment rate to rise to 10%.
On the technical side, initial resistance for the pair stands at 0.6351 the daily high. The next offer zone will be met at 0.6396 the high from April 20. The next hurdle stands at 0.6443 the high from April 15.
On the contrary, immediate support will be met at 0.6274 the daily low. The next critical support stands at 0.6263 the low from yesterday’s trading session. The low from April 9 at 0.6194 will provide the next support zone.