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Nikkei 225 Eyes Key Resistance After Rally in S&P 500 as USD Fell

Nikkei 225 Eyes Key Resistance After Rally in S&P 500 as USD Fell

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • British Pound outperforms amidst weakness in the US Dollar as S&P 500 rose
  • Latest US-China trade news, government avoiding shutdown bolstered sentiment
  • Asia stocks may rise Monday, Nikkei 225 has chance to close above key resistance

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

The British Pound outperformed against its major counterparts, benefiting amidst weakness in the US Dollar and better-than-expected UK retail sales data. Declines in the Greenback were largely thanks to a recovery in risk appetite which lead to the S&P 500 closing 1.09% higher. US government bond yields rose as prices fell, signaling fading demand for haven assets.

Upbeat mood in the markets occurred due to a couple of developments. First, reports crossed the wires that China and the US reached a consensus on topics related to trade negotiations such as intellectual property protection and non-tariff barriers. Meanwhile, US President Donald Trump signed an agreement to avert going back into a government shutdown. Albeit, he declared a national emergency to fund the border wall.

Pro-risk currencies such as the Australian and New Zeeland Dollars climbed. The Canadian Dollar also gained, rising alongside sentiment-sensitive crude oil prices. As the new trading week begins, the US markets are offline Monday for a holiday, reducing levels of liquidity. A lack of prominent economic event risk places the focus on risk trends. As such, Asia Pacific equities may follow Wall Street higher.

Nikkei 225 Technical Analysis

Should the Nikkei 225 climb higher Monday, the index may keep making progress above the falling trend line from October 2018. The recent break has not had much follow-through but that could change. With that in mind, a daily close above 21243.40 could be that bullish signal. Keep an eye on RSI though, negative divergence may emerge signaling fading upside momentum.

Nikkei 225 Daily Chart

Nikkei 225 Eyes Key Resistance After Rally in S&P 500 as USD Fell

US Trading Session Economic Events

Nikkei 225 Eyes Key Resistance After Rally in S&P 500 as USD Fell

Asia Pacific Trading Session Economic Events

Nikkei 225 Eyes Key Resistance After Rally in S&P 500 as USD Fell

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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