Nikkei Rise From Lowest
Japanese stocks, the Nikkei, trying to rise from six-week lows in early trading on Wednesday (04/06/2016). However Nikkei strengthening still looks limited due to the lack of motivation after Wall Street ended lower on Tuesday.
Oil prices rose to a positive sentiment to the stock exchange, while the yen in trading yesterday penetrate to the bottom 110, now turned to move above that level.
The decline in crude oil prices on Monday made a return triggered a broad sell off global stock markets, and safe haven assets such as the yen also strengthened. The impact is most felt by the Japanese exporting companies, automotive manufacturers fell more than 1%.
Technically,
Resistance: 15800 15870 15950 High / Low: 15790/15680
Support: 15660 15550 15430 Running Price: 15 745
Comment: For intraday trade today suggest Sell at the level of 15780 and stop loss at the level of 15835 targets at the level of 15510.
Aussie Strengthens Thin On US Dollar
Forex news on Wednesday (6/4), the Aussie dollar was observed to naturally strengthening against the US dollar as the global economic fundamental lack of reports this morning.
Ongoing trade in the Asian session, the pair observed AUDUSD rose 12:04% to trade at 0.7548 level. In US dollar index which shows the performance of the greenback against a basket of six other major currencies have moved up 0.03%, at the level of 94.64.
Aussie dollar natural observed strengthening against the US dollar, after posting AUDUSD pair back decline since the beginning of this week. While the FOMC meeting statement later Thursday morning has managed to steal the attention of the market. Nevertheless, the FOMC statement is the result of the complete minutes of the US central bank’s policy meeting in March.
Meanwhile, the Asian trading market will be faced with reports of service activities in the territory of China and German industrial production. Both reports are expected to have a major impact on the market is not so good for forex and commodity world.
Technically,
Resistance: 0.7600 0.7650 0.7700 High / Low: 0.7554 / 0.7539
Support: 0.7500 0.7460 0.7410 Running Price: 0.7554
Comment: For intraday trade today suggest Buy at the level of 0.7500 stop loss at the level of 0.7465 targets at the level of 0.7598.
Crude Oil Prices Rise Thin
Crude oil prices edged higher in choppy trading yesterday after Kuwait said freezing production by major oil producers will continue without Iran.
A meeting of oil-producing countries in Doha on April 17 will give a deal to freeze production, the statement said Kuwait’s OPEC governor and the two sources said.
Iran’s Deputy Oil Minister Marzieh Shahdaei had said earlier Tehran would opt out of the plan of freezing production to increase exports of crude oil at pre-sanctions level. Iran is the second largest exporter in the Organization of Petroleum Exporting Countries and the fourth largest oil producer in the world.
Last week, Saudi Arabia’s deputy prince reportedly said the kingdom would not participate in the production without the involvement of Iran.
US crude futures settled at $ 35.89 a barrel, up 19 cents, or 0.53 percent. Before sinking to $ 35.24, the lowest since March 4 amid concern preliminary data from the American Petroleum Institute that will show US crude inventories in the eighth week in a row to record highs.
Crude futures global benchmark Brent rose 35 cents to $ 38.04 a barrel, after hitting a one-month low at $ 37.27.
Crude oil prices remain nearly 40 percent above the 12-year lows that occurred in mid-February, although their recovery has been sluggish since last week with skepticism over plans freezing production.
US crude oil early in the session weighed down by government data on Monday showed the first monthly decline in US gasoline demand in 14 months. Gasoline demand has been one of the strongest pillars of US crude oil for months now.
US gasoline demand is still strong despite the bad weather in January. Only began to rise from mid-February and remained strong since then, according to weekly data.
Tonight will be released weekly crude inventory data by the US EIA, which is expected to decline from the previous results.
Technically,
Resistance: 37.00 37.39 37.90 High / Low: 36.76 / 36.42
Support: 36.40 36.00 35.50 Running Price: 36.75
Comment: For intraday trade today suggest Sell at the level of 37.00 stop and reversal during a break above the 37.42 level targets at the level of 35.65 and target of reversal at the level of 38.50.
