Asian Equities Higher Post Fed Rate Hike, Gold Consolidates Above $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).

Gold Jumps Higher

Asian Equities Higher, Gold Consolidates Above $1,500 

November 4, 2019

Asian equity indices ended higher today, mirroring Wall Street Friday’s gains as investors digest the 25 basis point to 1.50%-1.75% from the Fed. The U.S non-farm payrolls rose by better than expected 128,000 for October compared to expectations for an increase of 89,000. GDP for Q3 expanded at a 1.9%, slowing from 2% in the Q2 but came in above market forecasts for growth of 1.6%. 

The Hang Seng index is 1.31% higher at 27,457. The Shanghai Composite is 0.58% higher at 2,975. The ASX 200 in Australia is 0.49% higher at 6,701. Nikkei 225 was closed for a holiday today.

European indices started the day higher, DAX trading 0.82% higher at 13,065, CAC40 is 0.65 per cent higher at 5,799 while the FTSE MIB in Milan is 1.10 per cent higher at 23,185. In London, FTSE 100 is trading 0.41% higher at 7,332. 

gold consolidates
XAUUSD Daily Chart

In commodities markets, WTI crude oil trades 0.55 per cent lower at $55.89 as global growth worries weigh on crude. Brent oil is trading 0.58% lower at $61.33 per barrel as oil world supply will be affected by the global slowdown. Gold consolidates above $1500 and trades higher at 1,511, as the short term momentum turns bullish after the price trades above the 50-day moving average. On the upside, strong resistance stands at 1,555.13 yearly high while support is at 1,458 the recent low.       

In cryptocurrencies, Bitcoin (BTCUSD) momentum is neutral, the cryptocurrency consolidates today at 9,157, hitting the daily low at 9,086 and the daily high at 9,234. Bitcoin short term momentum is neutral now as the cryptocurrency trades above the 200-day moving average and below the 50-day moving average. First support for BTC stands now at $7,364 recent low, while the next support stands at 7,300 round figure.

On the upside, resistance now stands at 9,925 recent high and then at 10,000 round figure. Ethereum (ETHUSD) trades lower at 180,75 with capitalisation now to 19.75 billion, on the upside, the immediate resistance stands at 200 recent high while the support stands at 136 the low from May 6th, LTCUSD trades slightly lower at 57.82. The crypto market cap capitalization now stands at $246.55 billion.

On the Lookout: ANZ Australian Job Ads fell 1.0% m/m in October following a gain of 0.3% m/m in September. Job Ads are now 11.4% lower than a year ago. Australia Retail Sales s.a. (MoM) in line with expectations (0.2%) in September. Australia TD Securities Inflation (MoM) remains unchanged at 0.1% in October

The central bank of China set the Yuan rate (USDCNH) at 7.0382 versus yesterday’s settlement at 7.0437.  

Trading Perspective: In fx markets, USD index trades 0.09 per cent higher at 97.20, the AUDUSD trades 0.14 per cent higher at 0.6922, while NZDUSD trades 0.52% higher at 0.6459.

GBPUSD trades 0.01% higher at 1.2933 as we are getting closer to the Brexit deadline in January 31st. Major support now stands at 1.2578 recent low which if broken, might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.3010 recent high while more offers will emerge at 1.3050 round figure.

In Sterling futures, markets open interest decreased by 684 contracts, volume decreased by around 28.800 contracts.

EURUSD trades 0.04% higher at 1.1168 as the pair’s momentum is bullish. Immediate resistance for the common currency stands at 1.1172 recent high. On the downside, the first support stands at 1.1073 last week’s low and then at 1.1003.

In euro futures markets open interest decreased by 1.200 contracts, the volume decreased by around 28.000 futures contracts.

USDJPY is trading 0.10% higher at 108.26 having hit the daily low at 108.18 and the daily high at 108.27. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the pair now stands at 109.06 recent high.

In Yen futures markets open interest decreased for one more session, volume decreased by around 37,300 futures contracts.

gold consolidates
USDJPY Daily Chart

USDCAD is trading 0.01% lower at 1.3136 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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