European Indices Start Lower, Gold Retreats Below 1,500

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).

European equities

European Indices Start Lower, Gold Retreats Below 1,500

September 10, 2019

Asian indices finished mixed today as traders expect stimulus from central banks. Traders will closely watch the release of the ECB decision this Thursday. The Hang Seng trading 0.01 per cent higher at 26,681, the Nikkei225 in Japan ended 0.30% higher at 21,383. The Shanghai Composite trading 0.39 per cent lower to 3,013, while in Singapore the FTSE Straits Times index finished 0,32 per cent higher at 3,156. The ASX 200 in Australia finished 0.50% lower at 6,614.

European indices started lower today, DAX30 is 0.31 per cent lower to 12,185, CAC40 is 0.53 per cent lower at 5,559 while the FTSE MIB in Milan is 0.43 per cent lower at 21,896. In London FTSE 100 is trading 0.25% lower at 7,216. UK is scheduled to leave the EU on October 31.

european indices
XAUUSD Daily Chart

In commodities markets, crude oil trades 0.45 percent higher at $58.11 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.35% higher at $62,81 per barrel as major oil producers have agreed to cut output. Gold trades lower at 1,489 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) trading flat at 10,278, hitting the daily low at 10,229 and the daily high at 10,380. Bitcoin short term momentum is neutral now as it trades above the 100-day moving average and below the 50-day moving average. Immediate support for BTC stands now at $9,258 recent 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) trades higher at 181,15 with capitalization now to 19.6 billion, on the upside, the immediate resistance stands at 317 high while the support stands at 136 the low from May 6th, Litecoin (LTCUSD) trades higher at 71.40. The crypto market cap now stands above $265.2 billion.

On the Lookout: The central bank of China set the Yuan rate (USDCNY) at 7.0846 versus yesterday fix at 7.0851.

China Consumer Price Index (month over month) came in at 2.8% above expectations of 0.5% in August, China Consumer Price Index (year over year) came in at 2.8% topping expectations of 2.6% in August. 

Australia National Australia Bank’s Business Confidence came in at 1 in August from previous 4. Japan Money Supply M2+CD (year over year) came in at 2.4% in August. Japan Machine Tool Orders (YoY) down to -37.1% in August from previous -33%.

New Zealand Electronic Card Retail Sales (month over month) came in at 1.1% for August versus previous reading of -0.1%. The New Zealand Electronic Card Retail Sales (year over year) jumped, from previous 1.6% to 2.8% in August.

Trading Perspective: In forex markets, USD index trades 0.13 per cent higher at 98.43, the Aussie dollar trades 0.08 per cent lower at 0.6856, while Kiwi trades 0.01% lower at 0.6421.

GBPUSD trades 0.19% lower at 1.2321. Major support now stands at 1.2078 recent low which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2530 the 100-day moving average while more offers will emerge at 1.2744 the 200-day moving average.

In Sterling futures markets the open interest decreased by 4,700 futures contracts while volume went up by 92.800 contracts.

EURUSD trades 0.03% lower at 1.1043, after positive signals from the US-China trade war developments. Immediate resistance for the pair stands at 1.1142 the 50-day moving average and then at 1.1263 the 200-day moving average. On the downside, immediate support stands at 1.1036 today’s low and then at 1.0925 YTD low.

In Euro futures markets the open interest increased by 9.100 futures contracts while volume went down by 466 contracts.

USDJPY is trading 0.02% higher at 107.26 having hit the daily low at 107.17 and the daily high at 107.49. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 108.21 the 100-day moving average and then at 109.52 the 200-day moving average. 

In Yen futures markets the open interest decreased by 3,200 contracts while volume went down by 27.100 contracts.

european indices
USDJPY Daily Chart

USDCAD is trading 0.15 higher at 1.3187 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 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.  

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