Asian indices are facing immense pressure following the footprints of the S&P500. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Asian indices are facing immense pressure following the footprints of the S&P500.
• Global volatility is escalating on expectations of fresh rate hikes by Western central banks.
• Oil prices have rebounded on the fresh supply crisis in the United States.

The pair currently trades last at 27824.18.

The previous day high was 28012.34 while the previous day low was 27756.84. The daily 38.2% Fib levels comes at 27914.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 27854.44, expected to provide resistance.

Markets in the Asian domain have turned risk averse as investors are experiencing sheer anxiety ahead of the interest rate decision from various central banks. Indices are following the footprints of the S&P500 and are likely to remain on tenterhooks as the fresh rate hike cycle will escalate recession fears. The US Dollar index (DXY) is aiming to overstep the day’s high around 105.20 amid an upbeat market mood. Meanwhile, the US Treasury yields have surrendered their gains and have shifted into a negative trajectory.

At the press time, Japan’s Nikkei225 eased 0.20%, ChinaA50 plunged 1.23%, Hang Seng plummeted 1.93% while Nifty50 added 0.07%.

This week, the Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BOE), and the Swiss National Bank (SNB) will announce their last monetary policies of CY2022. All western central banks are expected to hike their interest rates, which will accelerate the risk of recession in the global economy. Also, their guidance on interest rates will be keenly watched.

Meanwhile, Chinese equities are facing immense pressure as Covid restrictions easing-inspired optimism is fading away. No doubt, the institutional investors are hiking their guidance for economic projections but the impact of recent carnage will stay for a while.

On the oil front, oil prices have rebounded after dropping to near the critical support of $70.00. The oil price has managed to defend the critical support and has resurfaced firmly as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports, reported Reuters.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 27824.18 at the time of writing. Pair opened at 27824.18 and is trading with a change of 0.0 % .

The pair is trading below its 20 Daily moving average @ 28007.5, above its 50 Daily moving average @ 27542.19 , above its 100 Daily moving average @ 27700.84 and above its 200 Daily moving average @ 27256.08

The previous day high was 28012.34 while the previous day low was 27756.84. The daily 38.2% Fib levels comes at 27914.74, expected to provide resistance. Similarly, the daily 61.8% fib level is at 27854.44, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 27716.57, 27608.95, 27461.07
• Pivot resistance is noted at 27972.07, 28119.95, 28227.57

[/s2If]
Join Our Telegram Group