The Nikkei 225 Index has seen a substantial rally of 7.24%, since the US presidential election, as a result of the weakening of the yen, boosting Japanese exports. The price has been trading above the downside uptrend line support post the election date, indicating strong bullish momentum. The trend remains bullish, yet the current price is nearing the long term major resistance level at 18,550, the selling pressure above the level will get heavier. The bullish momentum is likely to be restrained at the level. The daily Stochastic Oscillator is above 90, suggesting a retracement and test the uptrend line support. Keep an eye on the Japan CPI and Core CPI figures (YoY) for October, to be released today at 23:50 GMT. It will likely influence the trend of the Nikkei index. The resistance level is at 18,550, followed by 18,750 and 19,000. The support line is at 18,300, followed by 18,150 and 18,000. The AUS200 Index has seen a substantial rally of 2.87%, since the US presidential election date, as a result of the weakening of the Aussie, boosting Australian exports. The price has been trading above the downside uptrend line support post the election date, indicating strong bullish momentum. The trend remains bullish, yet the current price is nearing the mid-term major resistance level at 5,500, the selling pressure above the level will get heavier. The bullish momentum is likely to be restrained at the level. The daily Stochastic Oscillator is above 90, suggesting a retracement and test the uptrend line support. The resistance level is at 5,500, followed by 5,520 and 5,550. The support line is at 5,470, followed by 5,450 and 5,430. Source: FX Pro Market Snapshot
The Nikkei 225 Index has seen a substantial rally of 7.24%, since the US presidential election, as a result of the weakening of the yen, boosting Japanese exports. The price has been trading above the downside uptrend line support post the election date, indicating strong bullish momentum. The trend remains bullish, yet the current price is nearing the long term major resistance level at 18,550, the selling pressure above the level will get heavier. The bullish momentum is likely to be restrained at the level. The daily Stochastic Oscillator is above 90, suggesting a retracement and test the uptrend line support. Keep an eye on the Japan CPI and Core CPI figures (YoY) for October, to be released today at 23:50 GMT. It will likely influence the trend of the Nikkei index. The resistance level is at 18,550, followed by 18,750 and 19,000. The support line is at 18,300, followed by 18,150 and 18,000. The AUS200 Index has seen a substantial rally of 2.87%, since the US presidential election date, as a result of the weakening of the Aussie, boosting Australian exports. The price has been trading above the downside uptrend line support post the election date, indicating strong bullish momentum. The trend remains bullish, yet the current price is nearing the mid-term major resistance level at 5,500, the selling pressure above the level will get heavier. The bullish momentum is likely to be restrained at the level. The daily Stochastic Oscillator is above 90, suggesting a retracement and test the uptrend line support. The resistance level is at 5,500, followed by 5,520 and 5,550. The support line is at 5,470, followed by 5,450 and 5,430.
Source: FX Pro Market Snapshot
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