Global Equities and Asian Indices Higher Ahead of Jackson Hole meeting

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).

Global Equities Higher Ahead of Jackson Hole meeting

August 23, 2019

Asian indices finished higher today as investors turn cautious ahead of the Jackson Hole meeting later this week. The Hang Seng trading 0.54 percent higher at 26,190, Nikkei225 in Japan is 0.34% higher at 20,697. The Shanghai Composite trading 0.55 percent higher to 2,899, while in Singapore, the FTSE Straits Times index finished 0,53 percent lower to 3,111. Australian equities trading higher, the ASX 200 is 0.34% higher to 6,523.

European equities finished lower yesterday, DAX30 ended 0.47 percent lower to 11,747, CAC40 finished 0.87 percent lower at 5,388 while the FTSE MIB in Milan was 0.14 percent lower at 20,813. The London Stock Exchange finished 1.05% percent lower to 7,128.

In commodities markets, crude oil trades 0.04 percent higher at $55.33 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.10% lower at $59,86 per barrel despite major oil producers have agreed to cut output. Gold trades lower at 1,495 mark keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,534.94 recent high.

In cryptocurrencies, Bitcoin (BTCUSD) trades higher at 10,133, hitting the daily low at 10,011 and the daily high at 10,241. Bitcoin regains the bullish momentum as it breached above the 50-day moving average. Immediate support for BTC stands now at $9,439 the low from July 30, 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) trades higher at 189, with capitalization now to 20.4 billion, and on the upside, the immediate resistance stands at 317 high while the support stands at 172 recent low. Litecoin (LTCUSD) also trades flat at 72.90. The crypto market cap now stands above $265.1 billion.

On the Lookout: Singapore Consumer Price Index (YoY) came in at 0.4, below forecasts of0.55 in July. Japan National Consumer Price Index (YoY) came in at 0.5% in line with expectations in July. New Zealand Retail Sales (QoQ) declined to 0.2% in 2Q from previous 0.7%.

ahead
AUDUSD Daily Chart

Trading Perspective: In forex markets, USD index trades 0.24 percent higher at 98.44, the Aussie dollar trades 0.03 percent lower at 0.6753, while Kiwi trades lower to 0.6375.

GBPUSD trades 0.32% lower at 1.2212. Major support now stands at 1.2017, the daily, which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2389, the 50-day moving average, while more offers will emerge at 1.2626, the 100-day moving average.

In Pound futures markets open interest increased by 2,500 futures contracts, while volume increased by 76.800 contracts.

EURUSD trades 0.23% lower at 1.1055, as investors turn cautious ahead of Jerome Powell speech. Immediate resistance for the pair stands at 1.1083, the 50-hour moving average, and then at 1.1086 the 100-hour moving average. On the downside, immediate support stands at 1.1052 today’s low and then at 1.1026 the YTD low. 

In Euro futures markets open interest decreased by 15,800 futures contracts, volume increased by 98.000 contracts.

Ahead
EURUSD Hourly (H1) Chart

USDJPY is trading 0,18% higher at 106.61 having hit the daily low at 106.37 and the daily high at 106.66. USDJPY pair will find support at 106.20 the low from yesterday. On the upside, immediate resistance for the pair now stands at 107.48 the 50-day moving average and then at 108.91 the 100-day moving average. 

USDCAD is trading 0.13 higher at 1.3320; 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 1.3330 the daily high before an attempt to 1.3450 high from 31st May.  

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