Kospi Opened Positive
At the opening of the South Korean stock market trading Tuesday morning (3/11), the Kospi index rose 0.6%, supported by the positive performance of the shares of the automaker. When it was observed the Nikkei index rose 0.67% at 2048.86.
The increase in the Kospi supported gains Hyundai Motor and Kia Motors were up more than 3%, as well as shares of Ssangyong Motor jumped 2.4%.
Strengthening stocks automaker responds to industry data released on Monday that showed car sales in October in South Korea rose 8.7% from the year ago period.
From within the country, inflation in the country’s economy is the fourth largest in Asia unexpectedly rose at the fastest pace in almost a year, according to official data released before the market opened this Tuesday morning. The consumer price index (CPI) rose 0.9 percent in October from a year earlier, beating expectations for an increase of 0.8 percent and compared with 0.6 percent in September.
Likewise, the movement of Kospi index futures this morning, which was also successfully opened positive. Observed is currently up 2.9 points or 1.16% at 253.55 from the closing position at the end of the previous stock exchange trading on the position of 250.65.
Analyst estimates that today’s Kospi index movement will potentially continue strengthening with trying to break the first resistance at 254.80 points position, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 256 points position.
If the movement of the index managed to turn around the direction of weakening, it is expected to try to penetrate the first support at 252.30 points position, if the movement of the index broke through the first support is expected to try to penetrate the second support in position 251.00 points.
Technically, the index on the trading session today, Tuesday (03/11) 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 252.00 and 251.25. If it fails at 252.80, then the next index is expected to tend to retest the 253.30 resistance level and continued up to the possibility of being in the 253.90 area.
EUR / USD: Euro Dollar Flat Inclined Down
In trading on Monday, open price EUR / USD at 1.1020. The movement of this currency pair rose narrow range, started weakening to a low level at 1.0998 and then rebounded to 1.1051 high level. Close price at 1.1013, marked by the doji candle.
According to analysts from Dow Jones Futures Asta, in the Asian session this morning movement of the EUR / USD may fall to a range of 1.0962 – 1.0934. If there is a corrective rise to the level of 1.1094 – 1.1127. 1.1212,1.1234,1.1277,1.1304 resistance to the expansion and extension of support to 1.0862,1.0840,1.0807,1.0756.
Furthermore, today’s market focused on European economic calendar (a combined 18 countries in the euro currency) and the US will be released today.
Technically, the trading session today, Tuesday (03/11), the pair Euro-dollar likely to move in a negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0950 and maximum 1.0900. Meanwhile, if the Euro is able to break and hold above 1.1012, then another alternative scenario the Euro a chance to test the resistance at 1.1040 and 1.1090 area.
Interest Rate Worrying Gold Market
The weakening of gold continues as still strong uncertainty over the Federal Reserve’s plan to raise interest rates in December. Contradictory economic indicators also complicate assessment before crucial data the US labor market, the Non Farm Payrolls (NFP), which will be released on Friday.
Gold started the Asian session with the fall even though the dollar index weakened after China reported a survey of the manufacturing sector are likely to disappoint. The signal is still slowing Chinese economy brings investors anxiously into save-haven assets like the Japanese yen.
US economic indicators on Monday gave contradictory economic picture. Version ISM Manufacturing PMI data showed a slightly better than expected for October but fell slightly compared to the previous publication. US Dollar investors, in contrast to the gold market, generally welcomed the positive US data.
Deposits of gold in the SPDR Gold Trust, Exchange-Traded Fund (ETF) based on the world’s largest gold, fell 0.3% to 692.26 tonnes on Friday. Gold trading ended at the level of $ 1133.77 per troy ounce, down 0.68% or less.
Technically, gold on the trading session today, Tuesday (03/11) the 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 1140.10 and re-test the maximum level of 1145.87. But if the gold price could not break and stays below 1135.50 then predicted gold prices could potentially test the Support 1131.78 and 1126.40.
