Kospi Traded Upwards
In the South Korean stock market trading yesterday, the Kospi closed edged up 0.92 points, or 0.05 percent, at 1967.91. The Kospi index depressed investor concerns will be a rate hike, but offset by higher crude oil prices.
Retail sales in the US grew 1.3 percent in April, the steepest rate increase of more than one year. Real indicators of the US economic recovery, however, raises new concerns over rising US interest rates.
Crude oil prices jumped more than 1 percent in the Asian trading session yesterday after the revelation that Goldman Sachs said the market had ended nearly two years of oversupply which provides global oil disruption and turned into a deficit.
At the end of trading yesterday, shares of big capital closed mixed, with shares with market leader Samsung Electronics dropped 0.4 percent, Hyundai Motor auto stocks rose 0.37 percent, but Kia Motors lost 1.06 percent. Shares in Hyundai Mobis, also an affiliate of Hyundai Motor, fell 1.93 percent.
The local currency closed at 1,179.70 won against the US greenback, down 8.3 won from the previous closing session.
As for the Kospi index was observed futures rose 0.80 points, or 0.33% at 241.20, up from its previous close at 240.40.
Technically,
Resistance: 241.75 242.25 242.80 High / Low: 241.70 / 239.55
Support: 240.00 240.50 241.00 Closed Price: 241.25
Comment: For intraday trade today suggest Sell at the level of 241.80; stop and reversal during a break above the 242.00; targets at the level of 240.40 and target of reversal at the level of 243.10.
AUD / USD Get Back Highest Sessions – 0.7300
The Aussie dollar is now rising further, lift the AUD / USD to the area around .730, the highest daily.
AUD / USD rose for selling USD
After bottoming out in mid 0,7200an in early trade, the pair has now returned to a key barrier at 0.7300, steady demeanor around the greenback and the recovery of crude oil prices, all sustain the optimistic tone in risk-related space.
AUD quickly leaving the initial weakness in responding to the Chinese economy is weaker than expected, released over the weekend and the consequent rise in risk aversion early today.
Look at the calendar today in Oz, RBA minutes will be released, followed by a speech RBA Debelle and Wage Price Index Q1 (Wednesday morning) and labor market figures on Thursday (the day after).
Technically,
Resistance: 0.7320 0.7360 0.7400 High / Low: 0.7286 / 0.7282
Support: 0.7240 0.7200 0.7160 Running Price: 0.7285
Comment: For intraday trade today suggest Buy at the level of 0.7235; stop loss at the level of 0.7200; targets at the level of 0.7330.
Crude Oil Rises Sharply
Crude oil prices rose rapidly yesterday to near 6-month high level due to several contributing factors including supply penguarangan and optimistic projections. The closure of several refineries in a state of tension make Nigerian oil production reached a two-decade lows. In the US, crude oil production itself has been reduced to 8.8 million barrels per day, away from the high level in 2015.
Goldman Sachs optimistically predicted oil prices could remain well above $ 50 per barrel until the end of the line decreased supply and increased demand. However, oil production Organization of the Petroleum Exporting Countries (OPEC), which remained at a high level is a potential risk in the crude oil price recovery.
Crude oil prices closed at $ 47.89 per barrel in yesterday’s trading higher $ 1.52 per barrel compared to the closing price of the previous session. Potentially weakening crude trading for the short term with immediate support seen in the nearby area 47.25 while immediate resistance is in the range of 48.50.
Technically,
Resistance: 48.42 48.90 49.50 High / Low: 47.88 / 47.83
Support: 47.35 46.80 46.30 Running Price: 47.85
Comment: For intraday trade today suggest Sell at the level of 48.40; stop and reversal during a break above the 48.70; targets at the level of 46.90 and target of reversal at the level of 49.80.
