Nikkei Highest Level Touch 15 Years
Japanese stock market, the Nikkei, rebounded in today’s trading and touched a 15-year high ahead of monetary policy decisions of the Bank of Japan. Meanwhile data released by the Ministry of Finance showed a current account surplus amounted to ¥ 1.44 trillion larger than ¥ 1.15 trillion forecast by economists surveyed by Reuters.
Ending the BOJ’s monetary policy meeting on this day, the analysts expect the central bank will not provide further stimulus despite economic data from Japan previously under eskpektasi. Tankan survey of the Bank of Japan last week showed large Japanese manufacturing companies still showed pessimism about government efforts to spur the economy. Tankan survey is in line with several previous indicators that show low levels of consumption and the weakening of inflationary pressures.
The headline Nikkei index rose 0.54% to 19746.47. While the Nikkei futures traded in the range of 19720 at 8:07 pm, with daily highs and lows 19 790 19 710
Technically, the index on the trading session today, Wednesday (08/04) likely to weaken, test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume tends to rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first support level that is 19 690 and 19 750 19625. If you fail, then the next index is expected to tend to retest the resistance level that is 19 780 and continued until the possibilities are in the area of 19 830.
Euro Decline
The Euro fell back after the release of data services England, Tuesday.
EURUSD fell -0.62% to as low as 1.0854, although Spanish services PMI data for March were observed improved to a level of 57.3 from 56.2. Then italian services PMI also improved to a level of 51.6 from 50.0.
Of English newly released data services PMI improved to the level observed 58.9 of February or earlier at 56.7. While the market is still seeing growth in the future as a result of the Greek debt crisis. While from Australia who confirmed the prediction that the RBA will cut interest rates again eventually arrested at a record low 2.25%. Australia’s trade balance closed with a deficit of over eleven months.
Technically, today’s trading session on Wednesday (08/04), the pair Euro-dollar likely to move in a positive trend.
The strengthening of the Euro mainly expected soon reexamine the minimum resistance at 1.0890 and 1.0970 maximum. Meanwhile, if the Euro was unable to break and stays below 1.0833 then another alternative scenario that Euro chance to test support in 1.0780 and 1.0725 area.
Gold Prices Continue Decline
Metal commodity futures price movements on Wednesday (8/4), the price of gold and silver trading lower monitored by continuing a decline from the previous session when the rally experienced by the US dollar occurred.
Ongoing trade in the Asian session, gold futures for June delivery was trading lower 0:09% at $ 1.209.50 per troy ounce on the Comex division of the New York Mercantile Exchange. Gold price movements this morning has seen moves by touching a $ 1.208.30 to a session low of $ 1.209.90 level daily and daily highs for the session.
Meanwhile, silver futures for May delivery was also trading lower with decreased of 0.02% at the level of $ 16,837 per troy ounce, which has been observed to move silver prices hit a session low $ 16,807 to $ 16,848 level daily and daily highs for the session.
While in the previous session gold futures for June delivery closed down $ 8.00 has been, or 0.7%, at $ 1.210.60 per troy ounce and silver for May delivery closed down 27 cents, or 1.6% to $ 16,840 per troy ounce.
The decrease in the current metal prices have been affected by the US dollar’s rally experienced in the previous session, when the analyst middle mengkhawtirkan Greek conditions are preparing payments on loans made to the International Monetary Fund on Thursday this besok.Saat Greece is also being seen to make efforts to flex their financial condition in resolving the euro zone’s bailout creditors.
Such concerns have managed to push the US dollar against the euro experienced a strong rally in the previous session, so that it becomes a threat to the metal prices for natural attenuation given the gold price movements tend to be opposite to the movement of the dollar.
Technically, gold in today’s trading session on Wednesday (08/04) 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 1205.10 and re-test the maximum level of 1200.25. However, if the price of gold is able to break and hold above 1210.60, the estimated price of gold could potentially test the 1212.80 and 1217.72 resistance.
