Market Analysis Monday 17th of June

ANALYSIS 17-06-2013

Negative sentiment Marak; Nikkei Hit Back

Japanese stocks in trading today seems to have decreased significantly (17/06). Nikkei index is still in negative territory after opening fell 1 percent this morning. Investors looked again attacked negative sentiment following the decline in trading on Wall Street last weekend.

Technically, the index in the trading session today, Monday (17/06) likely to weaken, test negative trends, the impact of Wall Street. On the bearish engulfing formation M15 chart gives an opportunity for the index to move downside. However, the volume is likely to increase, 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 support level ie 11397 and 10716. If it fails at 12 435, then the next index is expected to tend to retest the resistance level of 13113 and continued up to the possibility of being in the 13770 area.

USD / JPY: Dollar Yen Down Limited, Support 93.97 | Focus G8 Meetings

In trading on Friday, the opening price of USD / JPY at 95.59. The movement of this currency pair experienced a sharp decline in the range, preceded strengthening to peak at 95.75 level and then pulled back up to the basic level of 93.97. Closing price at 94.14, marked with a bearish candle.

Technically, the trading session today, Monday (17/06), the dollar yen pair has a chance to move in a negative trend.

Weakening Yen primarily expected soon reexamine the minimum support at 92.14 and 90.80 maximum. Meanwhile, if the Yen is able to break and hold above 94.56, then another alternative scenario the chance to test Resistance Yen’s in the area of ​​96.17 and 97.67.

Prediction Gold Prices Up or Down?

Gold futures rose as a government report showed wholesale prices rose in May for the first three months, driving up the demand for the precious metal as a means of hedging tackle inflation.

Technically, gold at today’s trading session, Monday (17/06) potential reversal, tested positive trend, but prone to profit taking. Indicator RSI resistance likely to re-test the bullish channel and into the area, but the Bollinger Bands are starting to shrink, thus giving impetus to gold to the downside.

Estimated gold price immediately prior to test resistance at least in the area of ​​1418.43 and re-test the maximum level of 1435.23. However, if the gold price could not break and stays below 1390.05 then estimated the price of gold has the potential to test Support the 1369.26 and 1350.06.