Oil Pressure Disappointing Hang Seng
Hong Kong shares trade on Tuesday morning (28/7) back disappointing with the Hang Seng Index opened lower than the previous closing. Pressure crude oil prices are increasingly falling into trading sentiment this morning.
Ballast shares this morning are China Overseas Land & Investment amounted to -1.98%, shares of China Resources Power Holdings -1.45%, China Mengniu Dairy shares -1.39%, China Resources Land shares -1.14%, -0.92% Lenovo Group shares, stock Hang Ban Seng -1.17%, China Life Insurance shares -0.86%, and Cheung Kong Property Holdings shares -0.87%.
But unlike the movements of the Hang Seng index futures in trading this morning, which successfully opened sped by 165 points or 1:15%, to be 24 312 points from the previous closing position at the end of trading on 24 147 points and reached the highest position previously traded at 24 917 points and the lowest 24 146 points.
Tracing the movement of the Hang Seng Index this morning, which re-opened in the strong pressure of -82.06 points or 0:33%, to 24269.90 points into the closing position at the end of the previous trading at 24351.96 points and reached the highest position before traded at 24 908, 58 points and the previous low at 24282.21 points.
Based on the closing traded previously, the analyst estimated that the movement of the Hang Seng Index today will tend to continue weakness by trying to penetrate the first support at 24 230 points with MA5 under BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the second support at 24,000 points by MA5 under BB10 daily.
If the movement of the index managed to turn around the direction of rebound, it is estimated that the movement of the index will try to penetrate the first resistance at 24 560 points by the middle MA5 BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 24 830 points by the middle MA5 daily BB10 ,
Technically, the index on the trading session today, Tuesday (28/7) is likely to strengthen, test positive trend. At the M15 chart bullish hammer formation to provide opportunities for the index to move upside. However, the volume tends to increase, as well as an early indication of bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first resistance level of 24610 and 24670. If it fails at 24560, then the next index is expected to tend to retest the support level of 24530 and continued until the possibilities are in the area of 24 470.
Sterling Gains Ahead of UK GDP Data
The pound sterling had gained in early trading last week, ahead of the data dirlisnya gross domestic product (GDP) of the UK today. Sterling benefited from the weakening dollar due to profit taking ahead of the monetary policy meeting of the US Federal Reserve this week.
Office for National Statistics will report second-quarter UK GDP forecast of 0.7%, higher than the first quarter growth of 0.3%. The increasing rate of economic growth wills also increase expectations from the Bank of England to raise interest rates early next year.
On the other hand, ahead of the Fed meeting, rumors circulated that the US central bank will likely postpone the rate hike due to the turmoil in the Chinese market. China shares back suffered a brutal sell off on Monday, tumbled more than 8% and posted the biggest daily decline in eight years.
GBPUSD trading on Monday closed at 1.5558, with daily lows 1.5490, and highs 1.5595
Technically, today’s trading session on Tuesday (07/28), pound sterling-dollar pair has an opportunity to move in a positive trend.
The strengthening of the pound sterling mainly expected soon reexamine the minimal resistance at 1.5625 and maximum 1.5700. Meanwhile, if the Pound was unable to break below 1.5567 and then survive another alternative scenario that is Pound chance to test support in 1.5525 area and 1.5475.
Observed Gold Prices Down
Trading commodity futures exchange on Tuesday (28/7), the price of gold and silver has traded lower after successfully closed higher as the greenback sentiment decreased when the market focused on the outcome of the Federal Reserve’s monetary policy this week.
Ongoing trade in the Asian session, gold futures for December delivery was trading lower 0:33% at $ 1.09330 per troy ounce on the Comex division of the New York Mercantile Exchange. Since this morning, the price of gold has moved to hit a session low $ 1.092.00 to $ 1.095.00 level daily and daily highs for the session.
Meanwhile, silver futures for September delivery was trading lower 12:55% to $ 14,525 per troy ounce. Silver price movement this morning has moved touched a session low $ 14,500 to $ 14,535 daily and the level of daily highs for the session.
The price of gold looks natural support for strengthening in the previous session, when the demand for the US dollar continues to be overshadowed when the pressure of the middle market sentiment based on the results of the Fed’s policy meeting on Thursday early morning. A rate hike by the Fed is still haunting the market participants in entering the third quarter of 2015.
The maturity of the interest rate hikes conducted by the Fed is certain to be this year, or later – later than in December. However, as what has been stated by Fed Governor Janet Yellen said that the central bank is now on track to raise interest rates, but they rise they are heavily dependent on US economic growth.
Meanwhile, the increases in US durable goods orders have not been able to erase the natural advantage in the gold price. Based on a report released by the Census Bureau says that US durable goods orders increased by 3.4% in June and for the core durable goods orders had risen by 0.8% in June.
Technically, gold in today’s trading session Tuesday (28/07) 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 Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1089.25 and re-test the maximum level of 1084.10. However, if the price of gold is able to break and hold above 1094.10, the estimated price of gold could potentially test the Resistance 1097.50 and 1102.25.
