Wall Street Motivated Kospi Reinforcement
South Korean stock market, Kospi, rose in early trading this week following gains on Wall Street at the end of last week. Strengthening of blue-chip stocks also helped market performance.
Wall Street at the end of last week managed to stop the decline in the four-day losing streak after chairwomen of the US Federal Reserve Janet Yellen, said it would be careful to raise interest rates, although ensuring the increase will occur in this year. Yellen said that the rate of increase in the interest rate will depend the data, if the economic data released failed to meet the expectations of the Fed, the policy will be re-adjusted.
Blue-chip stocks such as KB Financial Group rose 1.6% and Hyundai Motor rose 0.3%. The KOSPI (KS11) is currently up 0.35% to 2027.18, the Kospi (KS200) rose 0.2% to 256.04. While the range of 257.60 Kospi Futures traded at 8:48 pm, with daily lows and highs 256.35 257.70
Technically, the index on the trading session today, Monday (30/3) 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 259.50 and 261.60. If it fails at 257.70, then the next index is expected to tend to retest the support level of 256.40 and continued until the possibilities are in the 255.10 area.
Euro Tracked Down
Euro today (02:14:56 GMT, Monday, March 30, 2015) tracked down against the US Dollar. Opened in the range of 1.08879 in early trading (0000 GMT), the currency is weakening around -8 pips or about -0.07% and the value of rolling was observed in the range of 1.0880.
Ahead of a report from the statistical office euros, Eurostat is scheduled to release the latest data on the performance of the services sector, the Euro exchange rate appeared to start moving down. Some economists suspect that the report will be published to show progress are not encouraging.
Some economists estimate that the indicator CPI Flash Estimate y / y can indicate a negative signal in numbers – 0.3%, the same as the value of the previous period is -0.3%. The euro was observed to move down early to respond to these developments.
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 1.0808 and resistance level at 1.0955.
Technically, the trading session today, Monday (3/30), the Euro-dollar pair a chance to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0800 and 1.0750 maximum. Meanwhile, if the Euro is able to break and hold above 1.0868, then the other alternative scenario that Euro chance to test resistance in 1.0900 and 1.0950 area.
Gold Back Depressed in Monday
The movement of the precious metal commodity exchanges on Monday (30/3), gold and silver futures tracked down by trading lower as concerns over tensions in the Middle East could push the metal prices rose last week.
Ongoing trade in the Asian session, gold futures for April delivery was trading lower 0:26% at $ 1.197.60 per troy ounce on the Comex division of the New York Mercantile Exchange. Since this morning the price movement of gold has moved touched a $ 1.196.00 to session lows at $ 1.199.50 daily and daily highs for the session.
On May delivery silver futures movements have been tracked down by 0.70% at the level of $ 16,958 per troy ounce which has moved touched a session low $ 16,892 to $ 16,990 level daily and daily highs for the session.
Gold and silver prices have seen a decline in natural back started trading this week, after gaining a strong enough amid rising tensions in the Middle East region, a slight slowdown in US economic growth and decline over the forecast rise in US interest rates in the short term.
While market participants are currently being monitored dollar price movements are useful for monitoring the movement of the price of gold, since both tend to move in opposite.
Meanwhile, the volatility of gold and silver price action today will also be influenced by US economic reports including a US consumer spending report and followed by a report on pending home sales.
If the results of the report showed the US economy strengthened, the potential weakness experienced by the metal futures prices could occur. But on the contrary, if the US economy slowed, the price of the precious metal natural opportunity reinforcement.
Technically, gold in today’s trading session on Monday (03/30) 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 1189.33 and re-test the maximum level of 1185.73. However, if the price of gold is able to break and hold above 1194.30, the estimated price of gold could potentially test the 1196.40 and 1200.72 resistance.
