Hang Seng Index Alert
Hang Seng Index is still stuck in the negative area on Wednesday (11/03) ahead of a barrage of Chinese economic data released at 12:30 GMT later. Financial markets predict China’s central bank will resume monetary easing at this year amid signs of deflation, the world’s second largest economy. This afternoon, the Chinese National Bureau of Statistics will release the data in February include: annual industrial production, fixed asset investment, annual, and annual retail sales. All three of these data are projected lower than previous reports.
The energy sector gain the most severe pressure on trading Wednesday as lower oil prices are now back below $ 50 / barrel. Shares of oil company CNOOC (China National Offshore Oil Corporation) led attenuation, traded down 2.08%, followed by a decline of 0.6% PetroChina and China Petroleum & Chemical were down 0.49%.
The Hang Seng Index is now trading down about 0.23% in the range of 23841.21 and the Hang Seng Index Futures 0.35% lower in the range of 23 787.
Technically, the index on the trading session today, Wednesday (11/03) 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 23 890 and 23 812 23970. If you fail, then the next index is expected to tend to retest the support level that is 23 750 and continued until the possibility of being in the 23670 area.
Euro Thin Rebound Not Stable
Euro Exchange Rate this morning (02:22:12 GMT, Wednesday, 11 March 2015) to strengthen against other major currencies, the US dollar. Opened at 1.0686 in early trade (0000 GMT), the currency has gained about 11 pips or about 0:10% and the value of rolling seem to be in the range of 1.0698.
Statistics office Eurostat is scheduled to announce the latest data on the performance of industrial production in the Euro area. Some economists expect an exciting development for the data to be released in this sector.
Indicators of economic fundamentals Industrial Production m / m is expected to show a slightly improved performance and is expected to rise to 0.3% figure from previous period of 0.0% euro moved higher observed early respond to these developments, although still thin and not stable.
Analysts suggested daily forex fundamental analysis that the Euro exchange rate normal range on the Euro currency is estimated to have the support level at 1.0619 and resistance level at 1.0800.
Technically, the trading session today, Wednesday (11/03), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0625 and 1.0575 maximum. Meanwhile, if the Euro is able to break and hold above 1.0679, then the other alternative scenario that Euro chance to test resistance in 1.0700 and 1.0750 area.
Gold Prices Trying Recovered From The Weakening Sharp
The movement of the metal commodity futures exchange on Wednesday (11/3), the price of gold and silver was observed to be traded higher after touching a low level in 4 months when the dollar rallied to its highest level in 12 years in the previous session, while the market’s attention today amid fixed the Chinese industry reports this afternoon.
Ongoing trade in the Asian session, gold futures for April delivery was trading higher 0:34% at $ 1.164.00 per troy ounce on the Comex division of the New York Mercantile Exchange. Today’s gold price movements seen moving hit a daily low of 1.160.50 for the session and the session at $ 1.164.20 for daily highs.
While on May delivery silver futures have traded higher level of 0,42% at $ 15,698 per troy ounce by the move hit a session low $ 15,602 to $ 15,710 level daily and daily highs for the session.
In the previous session, rally experienced by the US dollar has been pressed metal prices, especially for gold due to the impact of forecasts that the rise in interest rates in the US will take place in June.
Estimated rate hike is certainly more solid, sustained results of US labor market data that was naturally strong recovery as what is reported on Friday. Based on the official report released by the Bureau of Labor Statistics has stated that US nonfarm payrolls rose, to a seasonally adjusted 295,000 in February, which immediately results have been pressing the gold price to the lowest level since December 2013.
While the switch to the attention of the Asian markets today, the middle market participants focus their eyes on the report of the industry in the territory of China at 12:30 Jakarta time. Survey of economists had forecast that China’s industrial output on an annual basis will be increased by 7.7% in the period from January to February, although these estimates appear slightly slowed from the previous period with an increase of 7.9%.
A separate report is also present on the afternoon of the Chinese territory of which are retail sales data on Janurai-February period and fixed asset investment in January. Along with the release of the data, if the Chinese economy experienced reinforcement, then usually it will push the price of gold to rise naturally, considering China is one of the largest countries that perform the physical demands of the yellow metal.
But on the contrary, if the Chinese economy experienced weakening the chances decline experienced by the price of gold may occur.
Technically, gold in today’s trading session on Wednesday (11/03) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1160.10 and re-test the maximum level of 1155.50. However, if the price of gold is able to break and hold above 1163.30, the estimated price of gold could potentially test the 1165.40 and 1168.72 resistance.
