European Indices on Positive Foot, BTC Under Heavy Selling Pressure

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).

Sino-US trade talks

European Indices on Positive Foot, BTC Under Heavy Selling Pressure

August 29, 2019

Asian indices finished mixed today as trade tensions between the China and USA ease. The Hang Seng trading 0.34 percent higher at 25,703, Nikkei225 in Japan ended 0.09% lower at 20,460. The Shanghai Composite trading 0.10 percent lower to 2,890, while in Singapore the FTSE Straits Times index finished 0,81 percent higher at 3,081. Australian equities ended higher, the ASX 200 finished 0.10% higher to 6,507.

European equities rebound sharply today, DAX30 is 0.98 percent higher to 11,670, CAC40 is 1.24 percent higher at 5,435 while the FTSE MIB in Milan is 1.76 percent higher at 21,360. In London, FTSE 100 is trading 1.00% higher at 7,185.  

In commodities markets, crude oil trades 0.02 percent higher at $55.79 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.32% lower at $59,61 per barrel despite major oil producers have agreed to cut output. Gold trades lower at 1,537 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.   

BTCUSD Daily Chart

In cryptocurrencies, Bitcoin (BTCUSD) turned sharply lower at 9,442 under selling pressure, hitting the daily low at 9,258 and the daily high at 9,738. 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 today’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 168, with capitalization now to 18.02 billion, 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 flat at 64.87. The crypto market cap now stands above $246.9 billion.

On the Lookout: The New Zealand ANZ Business Confidence came in  -52.3 in August vs previous -44.3 reading, the ANZ Activity Outlook declined to -0.5% in August from previous 5%. Australia Private Capital Expenditure came in at -0.5%, below forecasts of 0.5% in 2Q. Japan Consumer Confidence Index came in at 37.1 for August versus previous 37.8 reading.

Trading Perspective: In forex markets, USD index trades 0.08 percent higher at 98.27, the Aussie dollar trades 0.20 percent higher at 0.6746, while Kiwi trades 0.14% higher to 0.6343.

GBPUSD trades 0.12% lower at 1.2191. Major support now stands at 1.2155 yesterday’s low which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2370, the 50-day moving average, while more offers will emerge at 1.2602, the 100-day moving average.

In Pound futures contracts decreased by 2.500 contracts, the volume, advanced by around 33.200 futures contracts

EURUSD trades 0.01% lower at 1.1076, after mixed signals from the US-China trade war developments. Immediate resistance for the pair stands at 1.1203 the 50-day moving average and then at 1.1278 the 200-day moving average. On the downside, immediate support stands at 1.1069 today’s low and then at 1.1026 the YTD low.

In euro futures traders added 5,000 contracts to their open interest positions, volume rose by 14,000 contracts.

EURUSD Daily Chart

USDJPY is trading 0.12% higher at 106.23 having hit the daily low at 105.82 and the daily high at 106.35. USDJPY pair will find support at 105.64 yesterday’s low. On the upside, immediate resistance for the pair now stands at 107.29, the 50-day moving average, and then at 108.64 the 100-day moving average. 

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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