Hang Seng Lower, Gold at Fresh 6 Year Highs 

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).

Asian Stocks

Hang Seng Lower, Gold at Fresh 6 Year Highs 

August 13, 2019

Asian stocks finished lower today as protests in Hong Kong shut down the airport, and the recent escalation in US-China trade tensions shows no sign of relief. The Hang Seng trading 1.69 percent lower at 25,381, Nikkei225 in Japan is 1.22% lower at 20,436. The Shanghai Composite ended 0.79 percent lower to 2,792, while in Singapore, the FTSE Straits Times index finished 0,72 percent lower to 3,146. Australian equities trading lower, the ASX 200 is 0.20% lower to 6,577.

European equities started lower the day, DAX30 is 0.29 percent lower to 11,644, CAC40 is 0.28 percent lower at 5,296 while the FTSE MIB in Milan is trading 0.58 percent lower at 20,144. The London Stock Exchange is 0,15% percent lower to 7,297.

In commodities markets, crude oil trades 0.22 percent lower at $54.81 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.24% lower at $58,43 per barrel despite major oil producers have agreed to cut output. Gold trades higher at 1,518 keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,524.11 high.      

hang seng
XAUUSD Hourly (H1) Chart

In cryptocurrencies, Bitcoin (BTCUSD) consolidates at 11,327, hitting the daily low at 11,255 and the daily high at 11,434. Bitcoin trades above, the 50-day moving average, and holds the positive momentum for the short term. 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 lower at 208, with capitalization now to 22.4 billion, and on the upside, the immediate resistance stands at 317 Friday’s high while the support stands at 200 round figure, Litecoin (LTCUSD) also trades lower at 85.52. The crypto market cap now stands above $294.4 billion.

On the Lookout: Australia National Australia Bank’s Business Confidence came in at 4 above expectations of 3 in July. The Australia National Australia Bank’s Business Conditions came in at 2 topping forecasts of 1 in July. 

Singapore Gross Domestic Product (year over year) came in at 0.1% missing forecasts of 0.2% in 2Q. 

In the American calendar, we have the US CPI report for July due at 12:30GMT and the July NFIB small business optimism reading

Matteo Salvini’s is looking for fresh elections but his coalition partner and opposition parties may team up to prevent an early vote.

Trading Perspective: In forex markets, USD trades 0.21 percent higher at 97.59, the Aussie dollar trades 0.09 percent higher at 0.6755, while Kiwi traded lower to 0.6442.

GBPUSD trades 0.14% lower at 1.2055. Major support now stands at 1.2014 the low from yesterday which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2521 the 50-day moving average while more offers will emerge at 1.2756 the 100-day moving average.

In Pound futures markets open interest decreased by 6.000 futures contracts, volume decreased by 13.800 contracts.

EURUSD trading lower today at 1.1188, capped by the strong resistance at 1.1249 recent high, which if the pair manages to close above will open the way to 1.1297 the 200-day moving average. On the downside, immediate support stands at 1.1177 the previous week low. 

In Euro futures markets open interest decreased by 169 futures contracts, volume increased by 5.600 contracts.

USDJPY is trading 0,03% lower at 105.27 having hit the daily low at 105.14 and the daily high at 105.57. USDJPY pair will find support at 105. On the upside, immediate resistance for the pair now stands at 107.78 the 50-day moving average and then at 109.23 the 100-day moving average. 

hang seng
USDJPY Daily Chart

USDCAD is trading 0.15 higher at 1.3257 consolidating around the recent highs; 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 1.3314 zone before an attempt to 1.3450 high from 31st May.  

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