South Korean Kospi Rebound
South Korean stock market trading Thursday morning (4/6) opened with the Kospi rebounded from weakness earlier traded ten week by the release of Q1 GDP in the country.
The release of Q1 GDP data showed growth in South Korea significantly to 0.8% from the previous release at 0.3%, but the GDP on an annual basis seemed to show any significant decline to 2.5% from the previous release at 2.7%.
Shares which became the backbone of reinforcement such as stocks Lock & Lock jumped sharply by 7:36%, shares of Korea Circuit surged 5.96%, shares of Dongbu HiTeck shot 5:45%, Daewoo Shipbuilding & Marine Enginering jump 4:49%, shares of Hyundai Enginering & Construction shot 4:19%, shares of Samsung SDI rose 0.82%, shares of Samsung Techwin surged 3:37%.
Likewise, the movement of Kospi index opened this morning which looked bolted 7:33 or 0:35% points the position of 2070.48 points from its previous close at 2063.15 points and reached the highest position previously traded at 2087.43 and the lowest point at 2060.65 previous points.
Similar to the movement of Kospi index futures opened this morning surged 1.89 points or 0.77% being 255.89 points from the previous closing position at 253.91 points and reached the highest position previously traded at 257.37 points and the previous low at 253.77 points.
Based on the results of the previous closing, the analyst estimated that today’s Kospi index movement seems to be rebounded by penetrating the first resistance at 255.30 points with MA5 under BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the next resistance at 256.85 MA5 points with under BB10 daily.
If the movement of the index return turned toward weakened, it is estimated that the movement of the index will try to penetrate the first support at 253.30 points with MA5 under BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the next support at 252.02 points with MA5 under BB10 daily.
Technically, the index on the trading session today, Thursday (04/06) 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 257.80 and 259.10. If it fails at 256.50, then the next index is expected to tend to retest the support level 255.80 and continued until the possibilities are in the 254.90 area.
USDJPY Still Continue to Increase
The movement of the currency market on Thursday (4/6), the US dollar strengthened against the yen observed after the release of mixed US economic reports the results of last night, while the main index of Japan itself has been opened and traded higher.
Ongoing trade in the Asian session, the USDJPY 0:07 monitored rose 124.34% at the level where the pair is seen moving hit a daily low of 124.22 for the session and 124.38 level to the highest sessions daily.
Meanwhile, for the Japanese equity market movements on this morning with the Nikkei Average index has traded 0.3% higher at 20.539.94 level and for the Topix index has traded higher by 0.2% in the level of 1.673.67.
In the previous session, the movement of the US dollar against the yen is seen fluctuated with swinging between gains and losses as diverse results of US economic reports last night. Fluctuations starts since the release of a report by ADP Non-Farm Payrolls US which states that the number of American jobs have increased by 201K in May, from earlier rose as much as 165K in April.
US labor market report has been pressing for natural pelamahan yen against the US dollar, but the hose 15 minutes later, another pressure that pushed the yen back fall occurred after an official report released by the Bureau of Economic analysts mention that the US trade deficit has narrowed, seasonally adjusted -40.9B in April, from -50.6B in March.
However, the strengthening of the US dollar against the yen appears to have been limited when an official report released by the Institute for Supply Management stated THAT Non-Manufacturing PMI US has experienced a decline, the seasonally adjusted 55.7 in May, from 57.8 in April.
While it is still in the Americas region, the movement of the US dollar against the yen will be back in the test back when the market will be faced with a jobless claims report at 19:30 Jakarta time.
In line with the report, when the jobless claims numbers increases then the US dollar will weaken against the yen. However, if the jobless claims numbers decreased, the natural potential strengthening greenback against the yen.
Technically, the trading session today, Thursday (04/06), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 122.25 and 120.50 maximum. Meanwhile, if the Yen were able to break and hold above 124.47, then another alternative scenario the Yen likely to test resistance in 125.80 and 127.10 area.
Greece Optimism Stopping Gold Prices
Gold prices tumbled on Wednesday after US private sector jobs data that exceeded forecasts in May triggered the strengthening of the stock. The precious metal was also pressured by the president of the European Central Bank’s commitment to maintain measures accommodative monetary policy.
While the rising prospect of Greek debt agreement makes a request for bullion as a safe haven also shrinking. International creditors on Tuesday reportedly has submitted a draft agreement to Athens, as an effort to complete the tough negotiations that have lasted four months and disburse loans before it ran out of money the Mediterranean countries.
However, the overall sentiment towards gold is still bearish. This was reflected in the outflow of gold ETF, indicating investors still doubt any increase in price. Referring to Tuesday’s data, gold ETF holdings in the top 8 are in the 5-year lows.
Technically, gold in today’s trading session on Thursday (04/06) 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 1180.10 and re-test the maximum level of 1175.25. However, if the price of gold is able to break and hold above 1183.80, the estimated price of gold could potentially test the Resistance 1185.10 and 1190.80.
