Market Analysis Wednesday 8th of May

ANALYSIS 08-05-2013

Nikkei Index Highest Since June 2008

Japanese shares for trading on Tuesday closed up. Once the shares are compact based exporters increased post-discharge prediction that first-quarter earnings from Sony Corp. and Toyota Motor will be encouraging. Certainty regarding the report to be released today.

Technically, the index in the trading session today, Wednesday (08/05) is likely to strengthen, test positive trend. On the M15 chart bullish hammer berformasi provide opportunities for the index to move upside. However, the volume is likely to increase, as well as an early indication of a bullish index. In addition, RSI, on the M15 chart, is in the oversold area, cue upside.

Expected, the index tested the first resistance level of 14321 and 14114. If it fails in 14240, we then estimated the index tends to retest the support level of 14172 and continued up to the possibility of being in the 14114 area.

Still the market consolidation, Dollar Gains, Aussie Down

Not too wide trading range after the market opened fully. Market conditions still showed consolidation. Australian dollar down on U.S. dollar, still the belle of the trading in the U.S. session after Australia’s central bank cut its key interest rate.

Technically, the trading session today, Wednesday (08/05), the Aussie dollar pair has a chance to move in a negative trend.

Weakening Aussie primarily expected soon reexamine the minimum support at 1.0038 and 0.9942 maximum. Meanwhile, if the Aussie able to break and hold above 1.0174, then another alternative scenario the chance to test Resistance Aussie’s in the area of ​​1.0288 and 1.0388.

Expanding Gold Down, Cannot Help from Aussie Interest Rate Decrease

Decline for gold is building momentum on Tuesday, with the precious metal more than eliminating a moderate price increase recorded in the previous session and did not get any change out of the news another round of easing, this time from Australia.

Technically, gold at today’s trading session on Wednesday (08/05) potentially bearish, test returned negative trend, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Band which began to widen, thus giving impetus to gold to the upside.

Estimated gold price immediately prior to test support at least in the area of ​​1414.38 and re-test the maximum level of 1396.19. However, if the price of gold is able to break and hold above 1449.30 then estimated the price of gold could potentially test the Resistance 1476.87 and 1501.40.