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Nikkei 225 Higher Mirroring Wall Street

Japan USDJPY Nikkei 225

Asian markets and Nikkei ended higher today as traders await the developments in trade negotiations between China and US which are scheduled to start in early October. Wall Street indices ended higher despite the weaker US macro data and news that the Democrats start an inquiry to impeach President Trump add pressure to stock indices. The Hang Seng trading 0.17 per cent higher at 25,992, the Singapore Straits Times index finished 0.19 per cent higher at 3,130, and the Shanghai composite ended 0,89 per cent lower at 2,929. Aussie stocks also finished lower; the ASX 200 ended 0.49% lower at 6,677.

Nikkei 225 finished 0.13% higher at 22,048 after Japan August machine tools orders y/y came in at -37% while the previous reading was -37.1%.

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The Nikkei consolidates near 4-month highs as the RSI index hovering at overbought levels. The RSI (14) still trading at 71, leaving room for correction. On the downside immediate support stands at 21,986, today’s low and then at 21,213 the 100-day moving average. A break below that level might accelerate the selloff down to 21,164 and the 200-day moving average. On the upside resistance for the Nikkei 225 stands at 22,184 today’s high, a break above, perhaps will set the stage for a move up to 22,180 the high from May 7th, which will open the way for a move up to yearly highs.

In Asian forex markets USDJPY trading 0.08% lower at 107.68, the Aussie dollar trades 0,09% higher at 0.6757, while NZDUSD trades 0.5% higher at 0.6301 versus USD. Gold trades lower today at 1,508, while WTI crude oil is 0.30% lower at $56.32 per barrel.Download our latest quarterly market outlook for our longer-term trade ideas.

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