AUD/USD, ASX 200, HANG SENG INDEX OUTLOOK:The AUD/USD is regular at 0.729 on Monday. China import/export information could doubtl
AUD/USD, ASX 200, HANG SENG INDEX OUTLOOK:
- The AUD/USD is regular at 0.729 on Monday. China import/export information could doubtlessly spike volatility
- Australia’s ASX 200 index could lengthen losses for a 3rd day, testing help at 5,820
- Hong Kong’s Cling Seng makes an attempt to seek out help at 24,500. US markets are shut for the Labor Day.
AUD/USD Outlook:
The Australian Greenback merchants will eye carefully the China Stability of Commerce information to be launched at 11am Singapore time for clues of the demand for items from the world’s second largest financial system. The info will probably have an effect on the Australian Greenback, which reveals historic correlation with Chinese language information because of the financial hyperlink between the 2 nations.
Market forecasts a 7.5% development in exports and a 0.2% enhance in imports from a yr in the past. A greater-than-expected studying will probably enhance the commodity-linked foreign money, whereas disappointing figures will probably do the reverse.
Because the US markets are shut for the Labor Day vacation, Asia Pacific currencies could expertise a decrease liquidity buying and selling session, which renders the currencies susceptible to surprises and occasions. Market volatilityand actions could also be exacerbated attributable to lack of individuals.
China Export vs. Import Commerce USD YoY – September (Forecast)
Supply: Bloomberg, DailyFX
Technically,the AUD/USD has retraced again to its 20-Day Easy Shifting Common (SMA) line after hitting the higher certain of its Bollinger Band final week. The 20-Day SMA, which is now at 0.7253, could function a direct help degree for now. The general development stays bullish as prompt by the opposite two SMAs – the 50-day and 100-Day. A robust resistance degree may be noticed at 0.7390 – the 200% Fibonacci extension degree. It might require quite a lot of optimistic catalyst and upward momentum to interrupt above the 0.7390 resistance.
AUD/USD – Every day Chart
ASX 200 Index Outlook:
Australia’s ASX 200 index is about to open mildly decrease following final Friday’s 3% decline. The US inventory futures are falling at Asia opening hours and thus could weigh on the broad sentiment. Nonetheless, the discharge of China August commerce stability figures later will assist to color clearer image for the remainder of the day.
Technically, the ASX 200 index has discovered a direct help degree at 5,820 – having it examined twice final week. Nevertheless, the index has probably damaged down an “Ascending Triangle” final week and thus has opened room for extra downsides in direction of the subsequent key help degree at 5,770 – the 23.6% Fibonacci retracement. The MACD indicator has turned sharply decrease, suggesting that bear aspect is having management.
ASX 200 Index – Every day Chart
Cling Seng Index Outlook:
Hong Kong’s Cling Seng Index could try to seek out some help at round 24,500 after two massacre buying and selling periods final week. Alibaba (9988 HK) and Xiaomi (1810 HK) are added into the Cling Seng Index with impact from ninth Sep. It will considerably enhance the ‘tech’ weight of the inventory benchmark.
Technically, the Cling Seng Index has probably damaged down an “Ascending Triangle” shaped since early August. The MACD indicator has turned firmly bearish regardless of that it might consolidate at round 24,500 first earlier than discovering a transparent path. How US inventory markets behave this week could have a major influence on Asian inventory indices.
Cling Seng Index – Every day Chart
Beneficial by Margaret Yang, CFA
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— Written by Margaret Yang, Strategist for DailyFX.com
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