South Korean Stock Exchange Bearish
Venturing South Korean stock market trading Tuesday morning (9/6), the Kospi index opened with a bearish trend is still continuing to reach its lowest level since the last three months. Attenuation is caused by the plague sentiment Mers worrying investors.
Shares seed that suppress the index as shares Posco Plantec opened fallen 11.95%, shares of Samsung C & T slumped 7:36%, shares Cheil Industries fell 6.85%, shares Iljin Display bowed 6:39%, shares of LG Corp shrank 0.66%, shares of Hyundai Motor, erosot 2:18 %, and Samsung Electronics shares slumped 2:01%.
The Kospi index opened Tuesday morning shrink by 1.79% points or 0:08 the position of 2063.40 points from its previous close at 2065.19 points and reached the highest position previously traded at 2068.51 and the lowest point at 2058.50 points previously.
Likewise, the movement of the index Kospi traded futures this morning, which opened shrinking 0:43 or 0:16% points to become 253.78 points from the previous closing position at 254.21 points and reached the highest position previously traded at 2 254.87 points and the previous low at 253.34 points.
Based on the closing position traded before, then Analyst estimates that today’s Kospi index movement seems to be trying 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 252.25 points with MA5 under BB10 daily.
If the movement of the index managed to turn toward stronger, it is expected to try to penetrate the first resistance at 255.75 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 points with MA5 under BB10 daily.
Technically, the index likely to weaken on the trading session today, Tuesday (09/06), test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume of which is likely to increase, early indications bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first support level 252.10 and 250.25. If it fails at 253.30, then the next index is expected to tend to retest the 254.00 resistance level and continued up to the possibility of being in the 255.90 area.
Yen Tends Depressed
The yen tends to be in a movement which weakened against the US dollar on Tuesday (9/6). Although the data from the country’s GDP has experienced a surge sunrise hike.
In the spot trading USDJPY rose 0.10% to 124.62. M2 money stock in Japan in June are projected at the same level of 3.6% from the previous month. But after it was released at the level monitored rose 4.0%. Red trade in Asia largely sustained-than-expected growth in the sun expected in the first quarter are needed to give a boost to the Japanese yen.
Japanese GDP growth was revised up in the first quarter of this year to 3.9% compared to the previous quarter forecast. Japan’s GDP rose 2.4% previously projected. While the fourth quarter of this year stood at 1.5%. On a quarterly basis, the Japanese economy grew 1%, higher than the previous projection of 0.6%, and up from the previous three months at 0.4%.
Technically, the trading session today, Tuesday (09/06), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 123.80 and 122.10 maximum. Meanwhile, if the Yen were able to break and hold above 124.40, then another alternative scenario the Yen likely to test resistance in 124.90 and 125.50 area.
Stronger Gold Support By Weakening Dollar
Gold prices rose slightly on Tuesday as the weakening dollar, but the precious metal remained near 11-week lows as investors are still anxious at the time of the rise in US interest rates.
Spot gold prices stabilized the range of $ 1.175 / onz at 9:24 pm, after rising at seblumnya session.
The precious metal has fallen to a level of $ 1,162.35 on Friday; it was the lowest level since March 19 after strong US payrolls data raised expectations that the Federal Reserve will raise interest rates from a record low in September.
US interest rates are higher may dampen demand for gold.
Technically, gold on the trading session today, Tuesday (09/06) the 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 1180.25 and re-test the maximum level of 1185.50. But if the gold price could not break and survive below 1175.80 then predicted gold prices could potentially test the Support 1173.60 and 1170.10.
