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Will US Consumer Confidence Data Extend Asia Stocks Recovery?

Will US Consumer Confidence Data Extend Asia Stocks Recovery?

Daniel Dubrovsky, Strategist

Asia Pacific Markets Wrap Talking Points

  • Asia stocks mostly rise, market calm ensues
  • US consumer confidence, Brexit news eyed
  • Nikkei 225 has more room to go to recover

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

Asia Pacific benchmark stock indexes aimed mostly higher towards the transition into European trading hours. Growing fears about a US recession took a breather after a closely-watched section of the yield curve inverted last week. The S&P 500 also dropped bearish reversal warnings, but those need confirmation.

Japan’s Nikkei 225 rose about two percent during afternoon trade as it sought to trim losses from Friday, but additional progress is needed. Australia’s ASX 200 and South Korea’s KOSPI had more restrained gains. China’s Shanghai Composite fared much worse, dropping as much as one percent.

Taking a look at the major currencies, the British Pound trimmed gains after UK’s Parliament seized control of the Brexit progress from Prime Minister Theresa May, initiating votes on alternative outcomes. The anti-risk Japanese Yen weakened across the board as the sentiment-linked Australian Dollar rose.

Looking ahead, S&P 500 futures are pointing little higher which indicates that the risk-on mood in markets may continue. This will then be tested later in the day when US consumer confidence data crosses the wires. Optimism seems to be picking up after the government shutdown ended, Brexit updates remain a wildcard.

Nikkei 225 Technical Analysis

Using futures to show afterhours trade, the Nikkei 225 is attempting to overturn the break under a well-defined rising support line from the beginning of this year. This places resistance at just under 21520. The index may struggle to push higher if the relatively-new falling resistance line from the beginning of March (blue line below) tames upside progress. Near-term support appears to be a range between 20680 – 20973.

Nikkei 225 Daily Chart

Will US Consumer Confidence Data Extend Asia Stocks Recovery?

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

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

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