Asian indices and Nikkei 225 ended higher today ahead of Thursday’s trade negotiations between officials from China and USA. On Friday investors cheered the lowest unemployment rate in the US last 50 years. Aussie stocks finished higher the ASX 200, ended 0.71% higher at 6,563.
Nikkei 225 finished 0.99% higher at 21,587 after the Japan Household spending for August came in at +1.0% y/y beating expectations of -1.0%. China’s Caixin services PMI index for September came in at 51.3, below of 52.1 and down from 52.1 the previous month.
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Nikkei Support and Resistance
The Nikkei index managed to rebound, keeping the bullish momentum, as the index holds above all major daily moving averages. On the downside, immediate support stands at 21,483, today’s low and then at 21,224 the 100-day moving average. A break below that level might open the way for a move down to 20,800 the low from September 5th. On the upside resistance for the Nikkei 225 stands at 21,629 today’s high, a break above, will set the stage for a move up to 21,930 the high from October 1st.
In Asian forex markets USDJPY trading 0.03% lower at 107.21 the Aussie dollar trades 0.29% higher at 0.6751, while Kiwi trades 0.45% higher at 0.6317 versus USD. Gold trades lower today at 1,497, while WTI crude oil is 0.28 higher at $52.90 per barrel.Download our latest quarterly market outlook for our longer-term trade ideas.
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