South Korean Stock Exchange Mixed
The number of positive sentiment in the country that was released this morning appeared to be not able to generate the movement of Kospi Friday morning (30/10), where the spot index and Kospi index futures should open in opposite directions.
Overall good to release the results of the performance of the industrial production and manufacturing, retail sales data seta Data Business Confidence managed to show any statistically significant increase from the previous release, and managed to ward expectations of increased growth, according to economists.
Stock markets carousel this morning charged by Hyundai Motor -1.30%, -5.75% LG Electronics, Hyundai Securities -2.25%, LG Chem shares -1.11%, S-Oil Corporation -1.15%, shares of Samsung Heavy Industries -3.02 %, Daewoo Shipbuilding & Marine Engineering -2.49%, but able to be supported by Samsung Electronics at 3:02%, and shares of Samsung Securities amounted to 0.74%.
The movement of spot Kospi index opened this morning should be decreased by at 2032.95 points from the closing position at the end of the previous stock exchange trading on the position of 2034.16 points, as well as successfully recorded the biggest gain in the position at the end of the previous trading 2064.72 points and the largest decrease was traded earlier on the position of 2032.56 points.
But unlike the movement of the index futures Kospi this morning, which opened higher by by being 249.04 points, from closing proceeds closure at the end of trading the stock exchange prior to the position of 248.93 points and managed to record the highest increase at the end of the previous trading at position 253.51 points and the lowest was traded earlier at the position 248.85 points.
Based on the results of the closure at the end of trading the stock market before, then Analyst estimates that the movement’s Kospi index will try to reverse direction rose to penetrate the first resistance at position 250.60 points with MA5 middle BB10 H4, if the movement of the index broke through the first resistance then expected to try to penetrate the second resistance the position of the middle MA5 251.75poin with BB10 H4.
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 248.70 points with MA5 position under BB10 H4, if the movement broke through the first support is expected to try to penetrate the second support at 247.35 points with MA5 position under BB10 H4.
Technically, the index on the trading session today, Friday (30/10) 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 249.75 and 249.00. If it fails at 250.25, then the next index is expected to tend to retest the 250.60 resistance level and continued up to the possibility of being in the 251.10 area.
GBP / USD: Pound Sterling Soar; Resistance 1.5361 | Data Focus US
In trading Thursday, open price GBP / USD at 1.5269. The movement of this currency pair experienced a reversal to the upside, started weakening to a low level at 1.5245 and then rebounded to 1.5324 high level. Close price at 1.5315, marked by the bullish engulfing pattern lines.
According to analysts, in the Asian session this morning the movement of GBP / USD has the potential to rise to the level of 1.5361 – 1.5409. If a decline in the potential range to a level of 1.5243 – 1.5197. 1.5497,1.5511,1.5531,1.5555 resistance to the expansion and extension of support to 1.5110,1.5090,1.5056,1.5008.
Furthermore, today the market focused on the US economic calendar Employment Cost Index q / q [19.30] will be released today.
Technically, today’s trading session on Friday (30/10), 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 1.5370 and maximum 1.5425. Meanwhile, if the pound sterling was able to break and stays below 1.5318 then another alternative scenario, ie the pound sterling likely to test support in 1.5270 area and 1.5220.
Gold Still Haunted by Interest Rate Increase Opportunity
Gold extended post weakness contradictory macroeconomic data and the weakening of the US dollar failed to shift the focus of investors’ fears of potential interest rate hikes. SPDR Gold Trust reported deposits of gold fell 0.17% to 694.34 tonnes on Wednesday. The price of gold ended down $ 11.2 or -0.97% at the level of $ 1145.10 per troy ounce.
Data on Thursday showed US economic growth was cut in the third quarter and forcing the US dollar to withdraw from the huge profits achieved in the previous session. However, domestic demand was solid and unemployment claims are still at their lowest level several decades could be the reason for the Fed to raise interest rates in December.
The market is still depressed by the Fed statement in the previous session, which signaled may raise interest rates in December, depending on developments in the labor market and inflation.
Technically, gold in today’s trading session on Friday (30/10) 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 1140.33 and re-test the maximum level of 1135.73. However, if the price of gold is able to break and hold above 1146.20, the predicted gold prices could potentially test Resistance ie, 1150.40 and 1155.72.
