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Asia Pacific Markets Wrap Talking Points

  • Asia Pacific equities mixed in relatively quiet trading session after weakness on Wall Street
  • The near-term uptrend in the Nikkei 225 may be over after prices stalled on key resistance
  • Sentiment may sour over the remainder of the day if BoE underscores global growth fears

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

Asia Pacific benchmark stock indexes traded mixed on Thursday with a closure in Chinese markets still contributing to lower levels of liquidity this week. This followed a pessimistic day on Wall Street which saw the S&P 500 close lower for the first time in just over one week.

The Nikkei 225 traded 0.65% to the downside while the ASX 200 remained upbeat with prices seeking gains of about 1.10%. Relatively dovish comments from RBA’s Governor Philip Loweyesterday continued to permeate into local exchanges given a lack of new breaking headlines.

Fed Chair Jerome Powell hosted a speech during the session but didn’t comment on the economy or policy outlook. Foreign exchange markets seemed to focus on the weak performance in Japanese equities with the anti-risk JPY aiming cautiously higher. The pro-risk Australian and New Zealand Dollars declined.

As markets await the European and US sessions, S&P 500 futures are pointing lower. This may foreshadow pessimism from investors to come and add declines to equities. Bank of England’s ‘Super Thursday’ could be that catalyst if their updated forecasts underscore increasing concerns of a global slowdown.

Nikkei 225 Technical Analysis

The Nikkei 225’s near-term uptrend appears to be stalling after immediate resistance held. That is defined by a descending trend line from October 2018 and a horizontal range between 20,950 – 21,035. Prices have also fallen under a rising support line from the end of December. The next area of interest should prices keep falling appears to be the March 2018 low at 20,347.

Nikkei 225 Daily Chart

Asia Stocks Mixed as Nikkei 225 Stalled at Resistance Before BoE

Chart created in TradingView

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