Automotive Stocks Cheer South Korea’s Kospi Opening
Kospi index movement Wednesday morning (4/3) in South Korea stock market trading opened higher earlier traded to continue strengthening reinforced by the automotive sector. Strengthening the beginning of trading was resumed by buying the shares of automotive.
Shares of the automotive sector which is still the amplifier is Hyundai Motor rose significantly by 1.2 percent and Kia Motors shares rose significantly by percent.
Spot Kospi index opened higher at 0:38 points, or a 0.01% Yag be 2001.76 points from its previous close at 2001.38 position to reach the highest point earlier in 2003.05 points and the previous low at 1995.93 points, but inversely proportional to the movement of the index Kospi futures opened lower this morning at 0:50 or 0:20 points% to 254.10 points from the previous closing position at 254.60 points to achieve the ultimate in advance at 254.60 points and 254.00 points earlier lows.
Based on the close of trading on the stock exchange before, then Analyst Vibiz Research Center estimates that today’s Kospi index movement will move in positive territory by trying to penetrate the immediate resistance at 254.90 points with over 10 MA5 bolinger time daily, if the movement of the index broke through resistance at 254.90 points it is estimated that the movement of the index will try to penetrate the next resistance at 255.60 points.
If the movement is not able to penetrate the Kospi index at 254.90 points reistance then estimated that the movement of the index akakn try to penetrate support at 254.30 points closest to the middle of the 10 MA5 time bolinger H4, if the movement broke through support at 247.30 points, the expected movement of the index will try to penetrate the next support at 253.70 points.
Technically, the index on the trading session today, Wednesday (04/03) is likely to strengthen, test positive trend. At the M15 chart bullish hammer formation provides opportunities for the index to move upside. However, the volume of which is likely to increase, as well as an early indication of bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first resistance level of 255.00 and 255.80. If it fails at 254.10, then the next index is expected to tend to retest the support level of 253.80 and continued until the possibilities are in the 253.00 area.
Charmingly Failed Economic Data Lift Euro Performance
The euro moved horizontally and in a narrow range against the dollar to trade the European session on Tuesday despite economic data from the euro zone released better than expected. Market participants await more details of the quantitative easing program of the European Central Bank is likely to be announced by the end of Thursday’s policy meeting.
Data released Tuesday showed German retail sales rose grew 2.9% in January from the previous month, much higher than economists’ expectations of 0.4%. Of annual base retail sales recorded an increase of 5.3%, being the highest since June 2010.
While the number of unemployed in Spain is surprisingly decreased by 13,500 in February from the previous month rose 78,000 people, at the same time break the expectations of an increase of 10,500 people.
EURUSD traded in the range of 1.1166 at 20:45 pm, with daily highs and lows 1.1211 1.1153
Technically, the trading session today, Wednesday (04/03), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.1225 and 1.1300 maximum. Meanwhile, if the Euro is able to break and hold above 1.1177, then the other alternative scenario that Euro chance to test resistance in 1.1125 and 1.1080 area.
Market Still Expect Referrals, Gold Price Closed Weakens
The price of gold at the end of trading on Wednesday morning undergo further weakened closure (4/3). Gold prices sluggish despite the dollar moved lower against rivals limit the decline in commodity prices. Gold prices had hit below the level of 1200 dollars per troy ounce.
Expectations on interest rates in the United States would seem to limit the rise in gold prices in the short term and will keep commodity prices are below a 2-week high in 1223.20 dollars.
The dollar declined after reaching its highest level in 11 years against rivals. Market players are still waiting for the release of the Non Farm Payrolls data is the United States which will be announced Friday night.
Spot gold prices at the end of trading early this morning closed at 1203.40 dollars per troy ounce. Spot gold prices declined by 3.15 dollars, equivalent to 0.29 per cent. Spot gold prices had weakened to daily lows 1195.20 dollars which is the lowest position since the 24th of February.
Comex gold futures prices at the close of trading early this morning also appear to have decreased. Gold futures for April contract expires at the position of 1204.40 dollars per troy ounce, the dollar weakened by 3.8 or 3 percent.
Analyst estimates that LLG spot gold price movements will tend to rise limited to trading in Asia today. Investors are trying to find the direction of trade and today will look forward to Janet Yellen’s speech will be done this morning Asian time.
In this day trading price of gold could potentially test the resistance level at position 1223 dollars per troy ounce. If successfully penetrated the price will continue to rise again to the position in 1230 dollars. Whereas in case of retreat down the price will test the support level at position 1200 dollars. If successfully penetrated the price will continue to rise to the position in 1190 dollars.
Technically, gold trading session today, Wednesday (04/03) potential reversal, tested positive trend, but prone to taking profit. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands that began to shrink, thus giving impetus to the gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1210.10 and re-test the maximum level of 1215.87. However, if the price of gold was unable to break and stays below 1206.90 then estimated the price of gold could potentially test the 1203.78 and 1200.40 Support.
