Hang Seng at Monthly Highs After Partial Trade Deal

Hang Seng and Asian indices ended higher on improved sentiment over the trade negotiations between officials from China and the USA in Washington. The Shanghai Composite ended 1.15% higher at 3,007, while the Singapore Straits Times is 0.25% higher at 3,121. Aussie stocks also finished higher; the ASX 200 ended 0.54% at 6,642.

The Hang Seng index finished 0.76% higher at 26,509 as President Donald Trump announced a partial trade deal, reaching agreement on intellectual property, financial services and big agricultural purchases.

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Hang Seng Technical Analysis

The Hang Seng index ended on positive foot for third day in a row at monthly highs, keeping the positive momentum as the index holds above the 50-day moving average that breached last Friday. The index started a rebound from seven-week lows last Thursday boosted by positive trade talks news. On the upside resistance for the Hang Seng stands at 26,636 today’s high, a break above, will set the stage for a move up to 27,069 the 100-day moving average.

On the downside, immediate support stands at 26,386, today’s low and then at 26,164 the 50-day moving average. A break below that level might open the way for a move down to 25,543 the low from October 10th.

In Asian forex markets USDJPY trading 0.20% lower at 108.22 the Aussie dollar trades 0.43% lower at 0.6760, while NZDUSD trades 0.62% lower at 0.6296 versus USD. Gold trades higher today at 1,489, while WTI crude oil is 0.95 lower at $54.18 per barrel.

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Gold price chart, four-hour

Hang Seng at Monthly Highs After Partial Trade Deal
Hang Seng at Monthly Highs After Partial Trade Deal

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