Asian stocks ended mostly lower as the coronavirus crisis uncertainty weigh on investors sentiment. Economic data from the USA continues to disappoint as the jobless claims yesterday an all-time high. The jobless claims for the previous week came in at 6.64 million well above the expectations of 3.50 million. Adding the previous week data, we have almost 10 million new Americans claiming unemployment benefits.
Nikkei 225 ended 0.01% higher at 17820; the Singapore Straits Times is 2.55% lower at 2390. The Hang Seng Index is 0.50% lower at 23159, and the Shanghai Composite ended 0.57% lower at 2764. ASX 200 also finished 1.68% lower at 5067 but managed to end the week with gains of 4.65%.
Download our Q2 Market Global Market Outlook
AUDUSD Fails to Capitalize The Stronger Retail Sales.
AUDUSD is 0.24% lower at 0.643 despite the fact that the Australia Retail Sales came in at 0.5% stronger than expectations of 0.4% in February. Retail sales helped by food stockpiling while demand for shoes and clothing was the weakest in eight and a half years. March was the worst month since 2009 for car purchases.
On the technical side, AUDUSD rebound from multiyear lows stalled at 0.62 and cancelled the short term positive momentum. Traders are looking south, where the first support stands at 0.6037 the daily low. A break below might test 0.5869 the low from March 26.
On the upside, first resistance for AUDUSD stands at 0.6075 the daily top. The next hurdle will be met at 0.6123 the high from yesterday’s trading session. What can cancel the negative momentum is a move above the 50-day moving average 0.6437.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.