South Korean Stock Exchange Closed Negative
At the close of trading on the stock exchange yesterday South Korea, the Kospi index slipped -3.91 points or -0.20% at 1993.36.
South Korea’s Kospi are in the trade rangebound after the Bank of Korea (BOK) kept interest rates unchanged on Thursday for the fifth consecutive month, in line with expectations, amid growing possibility rate of increase in the US in December.
Seed stock exchanges such as the South Korean Posco shares fell nearly 3 percent after news that South Korean prosecutors indicted the former head of the steel company on Wednesday, accused of creating a slush fund and alleged involvement in the suspicious group offers.
While the components of other heavyweight stocks such as Samsung Electronics and Hyundai Motor fell respectively 0.8 percent and 1.2 percent.
While the movement of moving Kospi index futures flat at 246.00 the same position from the closing position at the end of the previous stock exchange trading on the position of 246.00.
For further trade, today there is no direction, because there is no data indicators that will be released. However, it should continue to watch out for movement of world oil prices and global bourses.
Technically, the index on the trading session today, Friday (13/11) likely to weaken, 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 tends to increase, an early indication of bullish index. In addition, RSI, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first support level 243.00 and 242.40. If it fails at 243.40, then the next index is expected to tend to retest the 243.70 resistance level and continued up to the possibility of being in the 244.25 area.
USDJPY Gains
The movement of the currency market yesterday, observed US dollar weakened against the yen ahead of the release of a report on the Japanese industry.
Ongoing trade in the Asian session, the pair USDJPY monitored rose a 0.01% trading at 122.60. As against other major currencies, the pair GBPJPY EURJPY gained a 0.01% observed at the level of 186.70 and EURJPY fell 0.15% The level 132.42.
US Dollar observed increased slightly against the yen ahead of the release of Japanese fundamental reports this afternoon. The report includes a data of industrial production and industrial activity in the territory of Japan.
Meanwhile, in the previous session request greenback also came under pressure after comments made by Federal Reserve Bank President Janet Yellen. Yellen said that policy makers should consider the new channel for the transmission of monetary policy might have emerged from the economic and financial relations are complicated in the post-crisis global economy.
Another case the comments that have been expressed by the IMF last night, which suggested that the Fed refrained prior to the invisibility of the growth of inflation experienced strong gains as happened in the US labor market conditions before raising their interest rates.
Technically, the trading session today, Friday (13/11), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 122.19 and 121.75 maximum. Meanwhile, if the Yen is able to break and hold above 122.67, then another alternative scenario the Yen chance to test the resistance at 122.97 and 123.32 area.
Under Pressure Fed, Gold Toward Lowest Level
Gold through technical support at the same time the lowest level in July at around $ 1,077 / oz and fell to the lowest level since early 2010 on Thursday, pressured by expectations that the US Federal Reserve has been on track to raise interest rates the first time in nearly a decade.
Bullion recorded has lost more than 5% since the beginning of November, when a solid US employment report boosted hopes Fed rate hike this year. Which will erode the appeal of non-yielding assets such as gold, and vice versa catapulted Greenback.
While in a conference opening on Thursday, Fed Chairman Janet Yellen did not provide comments regarding a rise in interest rates or the US economy. But separately, the New York Fed President William Dudley said that the rise in inflation to wait before tightening monetary policy quickly will heighten the risk of a “hard landing” of the economy.
Technically, gold in today’s trading session on Friday (13/11) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1077.10 and re-test the maximum level of 1072.50. However, if the price of gold is able to break and hold above 1082.60, the predicted gold prices could potentially test Resistance ie, 1085.40 and 1090.72.
