Asian indices are showing mixed performance due to respective events. (Pivot Orderbook analysis)

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• Asian indices are showing mixed performance due to respective events.
• Japanese stocks have faced selling pressure after the release of the dovish BoJ minutes.
• Chinese equities are demonstrating strength ahead of Trade Balance and inflation data.

The pair currently trades last at 29091.71.

The previous day high was 29131.88 while the previous day low was 28621.92. The daily 38.2% Fib levels comes at 28937.08, expected to provide support. Similarly, the daily 61.8% fib level is at 28816.72, expected to provide support.

Markets in the Asian domain are showing mixed performance as Nikkei 225 has faced a sell-off while Chinese stocks are sky-rocketing ahead of respective economic events. S&P500 futures are showing some losses in the Asian session amid uncertainty over US President Joe Biden’s meeting with Republicans for US debt ceiling issues. However, US equities were on the seventh cloud on Friday after the release of a modest increment in Nonfarm Payrolls (NFP) data.

At the press time, Japan’s Nikkei225 dropped 0.68%, ChinaA50 jumped 0.90%, Hang Seng climbed 0.92%, and Nifty50 gained 0.74%.

An unimpressive US NFP report has strengthened the expression that the Federal Reserve (Fed) will keep the interest rate policy steady in its June monetary policy meeting.

Japanese stocks have faced selling pressure despite the upbeat market mood. Nikkei 225 has failed to ride along with broader strength amid the release of the Bank of Japan (BoJ) minutes of April’s monetary policy meeting. BoJ members supported the continuation of policy easing in order to achieve steady inflation. While discussing an exit from the ultra-dovish policy, BoJ members conveyed that the central bank should consider the weight of risk associated with the policy shift stance before consideration.

Meanwhile, Chinese stocks are showing strength ahead of Trade Balance and Consumer Price Index (CPI) data. Annual exports are expected to decline as Western nations are supporting the China+1 policy. Financial Times reported that the European Union is planning sanctions on Chinese firms for supporting Russia’s war on Ukraine

On the oil front, oil prices are eyeing a fresh rally above the immediate resistance of $71.80 on hopes that the Federal Reserve (Fed) will also pause its policy-tightening spell to avoid further damage to US economic outlook.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 29091.71 at the time of writing. Pair opened at 29091.71 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 28565.24, 50 SMA 28041.01, 100 SMA @ 27457.83 and 200 SMA @ 27580.73.

The previous day high was 29131.88 while the previous day low was 28621.92. The daily 38.2% Fib levels comes at 28937.08, expected to provide support. Similarly, the daily 61.8% fib level is at 28816.72, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 28765.13, 28438.54, 28255.17
• Pivot resistance is noted at 29275.09, 29458.46, 29785.05

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