Rise of World Oil Supports Hang Seng
Hong Kong shares trading Wednesday morning (10/6), the Hang Seng index opened successfully rebounded from weakness earlier trade by bargain hunting stocks in great distress traded before. Besides the strengthening of the index, it was also supported by the strengthening of world crude oil prices.
The stock market this morning, Hang Seng Bank, Henderson Land Development, Kunlun Energy stocks, Bank of East Asia, Galaxy Entertainment, Cathay Pacific Airways, Sino Land stock, CNOOC, and China Mobile shares are experienced in gaining 3 percent.
The Hang Seng Index opened higher by 63.27 points or 0:23% that became 27052.79 points from the previous closing position at 26989.52 points and reached the highest position previously traded at 27322.14 and the lowest point at 26971.57 points previously.
Similar to the movement of the Hang Seng Index futures traded on this morning, yampak successfully opened higher by 20 points or 0:07% to become 26 708 points from the previous closing position at 26 688 points and reached the highest position previously traded at 27 104 points and the previous low at 26 658 points.
Based on the results of the previous closing, the analyst estimated that the movement of the Hang Seng Index today seem to be trying to turn towards strengthened by penetrating the first resistance at 26 830 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 27 030 poinn the middle MA5 BB10 daily.
If the movement of the index resumed weaken, the Analyst Vibiz Research Center estimates that the movement of the index will try to penetrate the first support at 26 570 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 26 325 points with bottom MA5 BB10 daily.
Technically, the index on the trading session today, Wednesday (10/06) 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 26900 and 26970. If it fails at 26 843, then the next index is expected to tend to retest the support level that is 26 810 and continued until the possibilities are in the area of 26 750.
US Session Turned Pounds Depressed
Pound exchange trading in the European session on Tuesday moved lower against the US dollar, where the opening price is at position 1.5348 (0000 GMT), and is currently in the range of 1.5311.
Although the positive fundamentals coming from the UK Office for National Statistics, but the movement of GBPUSD pair is unable to withstand the pressure of an increasingly strong dollar ahead of a report from the Labor Department on the latest jobs data expected in April and became 5.1M from previous releases at 4.994M.
British national statistics office (ONC) announced the April trade balance data released by the Commerce Department in April last UK indicated positive. Positive developments in the UK trade balance report indicated a reduction of trade deficit to 1.2 trillion pounds from 3.09 billion pounds deficit.
Technically, today’s trading session on Wednesday (10/06), 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 1.5440 and maximum 1.5500. Meanwhile, if the Pound was unable to break below 1.5384 and then survive another alternative scenario that is Pound chance to test support in 1.5350 area and 1.5300.
Gold Streak Towards Strengthening
Back weakening global stock markets and stronger commodity prices helped gold towards strengthening two-day losing streak on Tuesday. Yet investors are still cautious ahead of the waiting signal on time interest rate hikes in the US.
The weakening dollar on Monday made of gold rose after noting weakness in three consecutive weeks. Dollar finally able to rise from a weaker though still burdened with worries over whether the US government is still comfortable with the strengthening of the dollar earlier.
The increasing speculation over a rate hike by the US Federal Reserve quickly put pressure on Asian and European exchanges, but the dollar failed to strengthen significantly despite speculation continues to increase. The Fed will hold a monetary policy meeting next week.
Gold is trading around $ 1178.09 per troy ounce at 1:11 pm, with daily lows $ 1,172.46, $ 1,182.88 and the highest level.
Technically, gold on the trading session today, Wednesday (10/06) potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands began to shrink, thus 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 1181.25 and re-test the maximum level of 1186.90. But if the gold price could not break and survive below 1176.50 then predicted gold prices could potentially test the Support 1173.10 and 1168.50.
