Nikkei Index Opened Down
Japan’s Nikkei Stock Index at the beginning of the opening of trading on Wednesday (30/03) negative opened, when it was observed down -89.28 points or -0.52 percent at 17014.25. A weaker Nikkei index triggered a strong yen and poor results Japanese industrial production in February
In trading this morning, observed exchange rate Yen strengthened. The Japanese yen strengthened against the dollar, with the pair dollar / yen traded down 0.2 percent at 112.46, compared with levels above 113 earlier this week. A stronger yen is a negative for exporters because it lowers the value of their profits when converted and makes their products less competitive abroad.
This morning observed a major exporter shares traded down. Toyota shares fell 1.64 percent, Nissan shares fell 2.27 per cent and Honda shares fell 1.48 percent.
Meanwhile, the Japanese economic news, Japan’s industrial production fell the lowest since February 2011, triggered the decline in exports weakened demand and steel plant blast stop domestic car production at Toyota Motor Corp.
Industrial production slumped 6.2 percent after rising 3.7 percent in January, the Trade Ministry said on Wednesday (30/03). Economists surveyed by Bloomberg forecast a decline of 5.9 percent.
As for the Nikkei index futures tracked down -100 points or -0.58% at 17,000, lower than the previous closing at 17,100.
Technically,
Resistance: 17050 17130 17200 High / Low: 17075/16970
Support: 16900 16810 16670 Running Price: 16985
Comment: For intraday trade today suggest Sell at 17020 and stop loss at level 17070, target at level 16750.
Aussie Successfully Advance Ahead Greenback
The statement from the Fed Governor Janet Yellen on US interest rate outlook sustains assets such as stocks including air-yield currencies higher at Aussie.
The Australian dollar jumped as much as 1 cent against the US dollar after Yellen asserted that he was not in a hurry to raise interest rates. In his speech on Tuesday, Yellen said she thought quite appropriate policy committee to be cautious in adjusting policies.
Today, the focus of traders will be focused on the release of the US ADP employment data ahead of non-farm payrolls report on Friday.
In New Zealand, the data building approvals in February and regional economic sentiment survey by Westpac McDermott Miller for March is scheduled to be released. Elsewhere, Australia and China will also release data on consumer sentiment.
Technically,
Resistance: 0.7660 0.7700 0.7750 Prev. High / Low: 0.7646 / 0.7626
Support: 0.7580 0.7540 0.7500 Running Price: 0.7629
Comment: For intraday trade today suggest Sell at 0.7670 stop loss at 0.7705 and target at the level of 0.7575.
Oil Still Depressed
Oil prices fell at the end of trading session on Tuesday as worries about global oversupply back into the line ahead of US oil inventory report. US benchmark crude West Texas Intermediate (WTI) for May delivery lost 1.11 dollars and ended at the level of $ 38.28 a barrel on the New York Mercantile Exchange. The European benchmark, Brent North Sea crude for May delivery, fell 1.13 dollars to settle at the level of $ 39.14 a barrel in London trade.
The losses came ahead of US oil inventory report on Wednesday, which many analysts believe will show another increase in supply. The analysts also cited growing doubts about a potential deal major oil producers to restrict production, with the questions was confirmed by an agreement on Tuesday between Saudi Arabia and Kuwait to resume oil production in the field of offshore Khafji.
Production at Khafji, which produces more than 300,000 barrels per day and is operated jointly by the two countries, was halted in October 2014. Riyadh citing environmental issues for the closure. But the two sides plan to increase production “gradually,” said Acting Kuwaiti Oil Minister Anas al-Saleh. However, analysts questioned how the deal Khafji in line with a promise by Saudi Arabia and Kuwait to abide by the agreement potentially major producers to restrict production. Major producers set to convene in Qatar in April.
Technically,
Resistance: 38.90 39.40 39.80 High / Low: 38.66 / 38.55
Support: 38.20 37.80 37.30 Running Price: 38.63
Comment: For intraday trade today suggest Buy at 38.00 stop loss at the level of 37.70 and target at the level of 39.60.
