News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • #Silver extends losses over 3.1% heading into Thursday's Asia Pacific trading session
  • South Korean Vice Finance Minister Kim Yong-Beom: South Korean stock market volatility may expand. Recent Won gains may be due to Chinese Yuan's rise -BBG
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4zDmzLQZ3j
  • #EURUSD Selloff to Accelerate? Biden-Trump Race for Florida Tightens - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/23/EURUSD-Selloff-to-Accelerate-Biden-Trump-Race-for-Florida-Tightens.html
  • $AUDUSD has recorded 4 consecutive down-days for the first time since mid-June, with price collapsing below the 61.8% Fib to support at the June high (0.7064) The last time $AUDUSD recorded losses for five days in a row was during the #Coronavirus Crash in March $AUD https://t.co/RZZ5SGRMnJ
  • 🇳🇿 Balance of Trade (AUG) Actual: N$-353M Previous: N$447M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇳🇿 Balance of Trade (AUG) due at 22:45 GMT (15min) Previous: N$282M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Could #CrudeOil prices be readying to resume the former uptrend? Or will prices extend losses ahead? #WTI has lately been trading within a Symmetrical Triangle chart pattern Learn more about this formation here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/triangle-pattern.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/g9UlHCePF1
  • Australian Dollar has broken parallel support and remains at risk for further losses within the broader June uptrend. Get your $AUDUSD technical analysis from @MBForex here:https://t.co/gTmlLX5t06 https://t.co/GfEixh5aoP
  • Update on #Cryptocurrencies #BITCOIN +0.27% #BITCOINCASH +0.49% #ETHEREUM +0.21% #RIPPLE +0.49% #LITECOIN +0.38%
Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed

Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed

2020-08-17 02:00:00
Margaret Yang, CFA, Strategist
Share:

NASDAQ, NIKKEI 225, ASX 200 INDEX OUTLOOK:

  • Nasdaq composite retraced 0.21% from its all-time-high, consolidating at 11,160
  • Nikkei 225 index failed to break through 23,300 resistance, positioning to open lower
  • ASX 200 index fell to support at 6,100 support as Australia extended lockdown to mid-Sep

Nasdaq Index Outlook:

Nasdaq retraced slightly after hitting its all-time-high of 11,250 last Thursday. The index has surged 68% from its trough observed in late March, making it one of the best-performing major stock indices this year. Market participants are waiting for this Wednesday’s Federal Reserve meeting minutes for clues about the inflation outlook and any shift in policy tone.

The postponing of the review of the phase-one US-China trade deal adds uncertainty to the Chinese technology sector, as well as general trading sentiment across the Asia-Pacific region. Investors may remain cautious before trade talks deliver a clear message.

Technically, Nasdaq is trending up nicely in an ‘ascending channel’ as highlighted in the chart below. Upward momentum seems to show no sign of reversing soon. Immediate support level can be found at the 20-Day Simple Moving Average (SMA) line at 10,960.

Nasdaq IndexDaily Chart

Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed

Nikkei 225 Index Outlook:

The Nikkei 225 index is set to open 0.68% lower at 23,120, as suggested by the futures markets.Japan’s 2Q GDP reading came in at an annualized rate of -27.8%, slightly lower than the markets’ forecast of a -27.2% decline. On a QoQ basis, the economy shrank 7.8%, also missing consensus forecasts of a 7.6% decline. A weaker GDP reading may inhibit risk-taking in the stock market today.

Uncertainties surrounding US-China trade talks may also have some impact on investor confidence.

Technically, the Nikkei 225 index has broken above the 21,800 to 22,900 range and moved higher. Its immediate resistance level could be found at 23,300 – the previous high seen in early June. Its 20- and 50-Day Simple Moving Averages (SMAs) lines are likely becoming immediate support levels. Breaking above 23,300 will likely open the door for more upside towards resistance at 24,000.

Nikkei 225 IndexDaily Chart

Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed

ASX 200 Outlook:

Australia’s ASX 200 (ASX) index stock market benchmark is set to open lower at around 6,040, according to the futures markets. Victoria’s state of emergency declaration was extended to mid-September, despite falling daily cases recently (Chart below).

Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed

Source: health.gov.au

Technically, the ASX 200 index has fallen back to its ‘ascending triangle’ as shown in the chart below, failing to register a meaningful break above key resistance at 6,100. It’s overall trend, however, remains bullish as the 20-Day, 50-Day and 100-Day Simple Moving Averages (SMAs) are all moving upwards.

ASX 200 IndexDaily Chart

Nasdaq Leads Nikkei 225 and ASX 200 Lower, US-China Talks Postponed
Building Confidence in Trading
Building Confidence in Trading
Recommended by Margaret Yang, CFA
Don’t give into despair, make a game plan
Get My Guide

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

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

DISCLOSURES