Hang Seng Ends With Weakening
At the close of trading Tuesday, the Hang Seng index in Hong Kong Stock Exchange closed down -138.40 points, or 0.65 percent, at 21,188.72. The weakening of the Hang Seng index distressed poor performance of stocks is still affected by continued weakness fears after yesterday’s slump in the Chinese stock exchange
At the close of stock trading, shares the Hang Seng index is weighted shares of China Merchants Holdings International Co Ltd which fell -3.18%, China Mobile Ltd shares fell -2.59%, shares of Bank of Communications Co Ltd fell -2 , 08%, China Resources Land Ltd. shares fell -1.86%, shares of BOC Hong Kong Holdings Ltd. fell -1.73%.
Meanwhile movement observed Hang Seng index futures gained 59 points or 0.28% at 21,182.00, up from the previous closing at 21,123.00.
Technically,
Resistance: 21200 21270 21350 Prev. High / Low: 21408/21036
Support: Closed 20800 21100 21010 Price: 21140
Comment: To intraday trade today suggest Sell at level 21 281 21 235 stop loss at the level of the target at the level of 20912.
Yen Trying To Revive From Pressure
The movement of the currency market on Wednesday (6/1), monitored natural attenuation yen against the US dollar as the greenback closed lower overshadowed by the pressure against the Japanese currency in the previous session.
Ongoing trade in the Asian session, the pair USDJPY monitored rose 12:04% to trade at 119.12. As against other major currencies, rose 00:09 EURJPY% observed at the level of 128.05 and GBPJPY rallied 0:06% to 174.79.
Yen seen weakened against the US dollar this morning after the greenback overshadowed by the pressure to a natural weakness in the previous session due to the impact of slowing US economic growth conditions, especially in the manufacturing sector and construction spending.
Meanwhile, the tight schedule of fundamental reports on today’s world economy has the potential to provide movement to the market turmoil. In the Asian session, a report China Services PMI will be the focus of the markets in which a survey of economists had forecast would be an increase in the seasonally adjusted 52.3 in December.
Economic fundamental data that is no less significant other will be present on the territory of Europe, including a British Services PMI data and euro zone producer inflation. On the US economic reports, the market will be faced with an ADP Nonfarm Payrolls, the balance of trade, Services PMI and factory orders.
Technically,
Resistance: 119.60 120.10 120.60 High / Low: 119.16 / 119.07
Support: 118.60 118.00 117.50 Running Price: 119.10
Comment: To intraday trade today suggest at level 119.28 Sell 119.55 stop loss at the level of the target at the level of 118.37.
Gold In The Positive Zone
Gold rose two-session losing streak on Tuesday, a wave of risk aversion due to the turmoil in China and tensions in the Middle East still support the strengthening of this precious metal. Strengthening of the dollar has not been able to push back the gold.
Gold is seen as an investment alternative in case of political or financial uncertainty. Together with the Japanese yen and US Treasuries gold is also regarded as a safe asset.
Rally in safe-haven assets tend to be short-lived, and gold is now focusing the monetary policy of the US, the Federal Reserve meeting minutes when raising interest rates will be released on Wednesday local time. If the release is seen more hawkish, gold is likely to weaken. Rising interest rates put pressure on gold that did not yield.
The Fed raised interest rates after mid-December, said it would raise interest rates gradually in 2016, with a target interest rate of 1.25% – 1.50% at the end of the year.
Technically,
Resistance: 1079.50 1081.80 1083.20 High / Low: 1078.00 / 1076.80
Support: 1073.00 1070.40 1068.80 Running Price: 1077.10
Comment: To intraday trade today suggest Sell at level 1080.50 1082.80 stop loss at the level of the target at the level of 1070.60.
