Asian equities finished higher after better than expected trade data from China. China’s exports fell 6.6% in March from the same period a year earlier, beating the expectations of -15%. The Imports eased 0.9% also above the expectations for a 9.5% drop. China Trade Balance in US Dollar came in at $19.9B, topping the expectations of $18B in March.
Major oil-producing nations managed to reach an agreement to reduce oil output by 10 million barrel per day for the next two months. This is about 10% of the pre-crisis global oil demand.
Nikkei 225 finished 2.78% higher at 19588 as the government will allow Japanese companies to extend the deadline for submission of securities report to September. The Singapore Straits Times is 3.03% higher at 2646. The Shanghai Composite is 1.02% higher at 2811, while the Hang Seng Index is 0.95% higher at 24534. ASX 200 trading 0.50% higher at 5414.
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AUDUSD Breaks Above the 50-Day Moving Average
AUDUSD trades higher for the seventh consecutive trading session boosted by the crude oil production cuts, and despite the monthly Australian business confidence slumped to the lowest read on record, down to -66 in March from -2 in February. The Business conditions fell from 0pts to -21pts making fresh record lows.
On the technical side, AUDUSD managed to break today above the 50-day moving average as the rebound from recent lows gains momentum. AUDUSD is 0.40% higher at 0.6408, making fresh monthly highs. The first resistance stands at 0.6494 the high from March 12. Above0.6494, the next resistance will be met at 0.6538 the high from March 11. More selling pressure might emerge at 0.6614 the 100-day moving average.
On the other side, immediate support for AUDUSD pair stands at 0.6375 the daily low. Next support will be met at 0.6326 the low from yesterday’s trading session. A break below might test 0.6196 the low from April 9.
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