Nikkei Rebounds, Bitcoin Trades around 10,347

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).

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Nikkei Rebounds, Bitcoin Trades Above 10,000

August 19, 2019

Asian stocks are trading higher today mirroring the Wall Street rebound on Friday. The Hang Seng is trading 1.93 percent higher at 26,236, Nikkei225 in Japan is 0.64% higher at 20,547. The Shanghai Composite is trading 1.47 percent higher to 2,865, while in Singapore, the FTSE Straits Times index finished 0.52 percent lower to 3,132. Australian equities are trading higher; the ASX 200 is 0.83% lower to 6,458.

European equities started higher this week. DAX30 is 1.12 percent higher to 11,693, CAC40 is 0.77 percent higher at 5,337 while the FTSE MIB in Milan is trading 0.91 percent higher at 20,507. The London Stock Exchange is 0.87% percent higher to 7,179.

In commodities markets, crude oil trades 0.97 percent higher at $55.34 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 1.11% higher at $59.29 per barrel despite major oil producers agreeing to cut output. Gold started the week lower at 1.520, 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 recent high.   

BTCUSD Daily Chart

In cryptocurrencies, Bitcoin (BTCUSD) is trading higher at 10,347, hitting the daily low at 10,247 and the daily high at 10,432. Bitcoin is trading below the 50-day moving average, and bulls need a break above to add to long positions. 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, the recent high and then at 13,500 round figure. Ethereum (ETHUSD) trades higher at 193, with capitalization now to 20.9 billion. On the upside, the immediate resistance stands at 317, Friday’s high while the support stands at 172 recent low, Litecoin (LTCUSD) also trades higher at 76.11. The crypto market cap now stands above $271.4 billion.

On the Lookout: The central bank of China has set the Yuan (USDCNH) reference rate at 7.0312, versus Thursday’s fix of 7.0268.

The New Zealand Business NZ PMI came in at 48.2 below forecasts of 51.8 in July. 

Japan Foreign Investment in Japan Stocks increased to ¥-187B on August 9 from previous ¥-339.9B. 

Trading Perspective: In forex markets, USD trades 0.05 percent higher at 98.20, the Aussie dollar trades 0.11 percent higher at 0.6784, while Kiwi traded lower to 0.6435.

AUDUSD Daily Chart

GBPUSD trades 0.22% higher at 1.2122. 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 1.2438, the 50-day moving average, while more offers will emerge at 1.2672, the 100-day moving average.

In Pound futures markets, open interest increased by 5.100 futures contracts, while volume increased by 28.900 contracts.

EURUSD started the week 0.02% higher at 1.1092, after Oli Rehn’s dovish comments. Immediate resistance for the pair stands at 1.1105, the 50-hour moving average and then at 1.1138 the 100-hour moving average. On the downside, immediate support stands at 1.1069, the low from August 2. 

In Euro futures markets, open interest increased by 2,200 futures contracts, volume decreased by 0.000 contracts.

USDJPY is trading 0,05% higher at 106.38 having hit the daily low at 106.22 and the daily high at 106.46. USDJPY pair will find support at 105. On the upside, immediate resistance for the pair now stands at 107.67, the 50-day moving average, and then at 109.11, the 100-day moving average. 

USDCAD is trading 0.05 higher at 1.3270; 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 1.3324, the daily high before an attempt to 1.3450 high from 31st May. 

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