Kospi Performance Continues Positive
The Kospi index in South Korea stock market trading Thursday morning (4/9), was observed to still be able to continue the positive performance in the previous two sessions, but are limited due to the negative pressure is still shadowing the movement of the index this morning.
South Korean stocks this morning successfully amplified by Samsung Electronics shares of 1.05%, SK Innovation 00:45%, 1.78% Lotte Shopping shares, shares of LG Chemp 0:25%, but imposed by S-Oil sebesat -1.05%, shares of Korea Petroleum Industrial – 0:45%, LG Electronics -1%, Kia Motors -0.90%, and -1.65% Hyundai Motor shares.
This morning’s Kospi index successfully strengthened by 5.80 points or 0:30%, by becoming 1921.19 points from the closing position at the end of the previous trading at 1915.53 points position and managed to show a positive performance earlier traded at 1931.18 points and the lowest position before the position 1911.17 points.
Similar to the movement of futures index Kospi in this morning, which regained the rate of positive by 0.71 points or 0:30%, to be 231.11 points from the closing position at the end of the previous trading at position 230.40 points and succeeded in obtaining the biggest gain was traded earlier at position 231.77 points and the previous lows on the position of 229.60 points.
Based on the results of the closure at the end of the previous trading, the Analyst Vibiz Research Center estimates that the movement’s Kospi index today will tend to reverse direction weakened by penetrating the first support at position 228.60 points with MA5 under BB10 H4jika movement of the index broke through the first support it is expected to try to penetrate the support second position with 227.15 points MA5 under BB10 H4.
If the movement of the index managed to turn around the direction of strengthening traded today, it is expected to try to penetrate the first resistance at position 230.70 points with MA5 middle BB10 H4jika movement of the index broke through the first support it is expected to try to penetrate the second support in position 232.75 points with MA5 middle BB10 H4.
Technically, the index on the trading session today, Friday (04/09) 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 increase, an early indication of bullish index. In addition, RSI, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first support level 229.00 and 228.25. If it fails at 229.80, then the next index is expected to tend to retest the 230.10 resistance level and continued up to the possibility of being in the 230.60 area.
Observed Stronger Yen
Japanese yen in early Asian trade on Friday (4/9) monitored rose this morning, before the release of data Average Cash Earnings few hours.
USDJPY fell 0:08% to 120.17. In Japan, wage data is projected to rise in the level of 2.1% from the previous -2.5%. Investors who see the jobs report for tonight’s highly anticipated further, because in order to see the indications on the strength of the economy and signs of a potential increase in interest rates by the Federal Reserve this month.
Last night, the dollar also reported strengthened against other currencies, after the release of US economic reports were mostly optimistic and as investors turn their attention to the nonfarm payrolls data.
Technically, the trading session today, Friday (04/09), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 119.25 and 118.50 maximum. Meanwhile, if the Yen is able to break and hold above 119.94, then another alternative scenario the Yen chance to test the resistance at 120.25 and 120.75 area
Gold Trades Near Lowest Level 1 Week
Gold fell near its lowest level in a week on Thursday due to the strengthening of the dollar and the fall of the projected inflation in the euro zone. The dollar extended gains against most major currencies ahead of the data release of non-farm payrolls on Friday. Gold is traditionally regarded as a hedge against inflation gets the value of the negative sentiment from the projected decline in inflation in the euro zone.
European Central Bank (ECB) in monetary meeting on Thursday to keep interest rates but lowered its economic growth and inflation as a result of slowing global economic growth and low oil prices. ECB gives 2016 inflation projection of 1.1%, down from last June projection of 1.5%. As for this year, inflation is estimated at 0.1%, and there is the possibility of dropping below 0%.
Data on non-farm payrolls is expected to show an increase of 217,000. Data released on Wednesday by ADP indicated the US labor market is still strong enough to be considered the Federal Reserve to raise interest rates this year. Chance of a rate hike in September, according to market participants are now 32%, down from 38% on Monday.
Technically, gold on the trading session today, Friday (04/09) potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Band begins to shrink, thereby giving impetus for gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1131.25 and re-test the maximum level of 1136.10. But if the gold price could not break and stays below 1126.10 then predicted gold prices could potentially test the Support 1123.25 and 1118.10.
