Asian stocks have shown strength as uncertainty over the US debt ceiling has improved appeal for Asian markets. (Pivot Orderbook analysis)

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• Asian stocks have shown strength as uncertainty over the US debt ceiling has improved appeal for Asian markets.
• Chinese equities are accelerating after the release of better-than-anticipated Trade Balance data.
• Fears of bleak oil demand outlook could renew if US inflation continues to remain persistent.

The pair currently trades last at 29029.22.

The previous day high was 29116.77 while the previous day low was 28912.62. The daily 38.2% Fib levels comes at 28990.61, expected to provide support. Similarly, the daily 61.8% fib level is at 29038.78, expected to provide resistance.

Markets in the Asian domain are showing immense strength as uncertainty over the United States’ economic outlook due to the debt ceiling crisis has improved the outlook for the largest continent’s appeal. Uncertainty over the US debt-ceiling issues kept S&P500 choppy on Monday.

The US Dollar Index (DXY) has sensed capped upside after a sharp recovery to near 101.52. The USD Index could add more gains as the Federal Reserve (Fed) is expected to keep interest rates higher for a longer period as labor market conditions are showing resilience amid solid demand for manpower.

At the press time, Japan’s Nikkei225 jumped almost 1%, China50 climbed 0.77%, Nifty50 gained 0.43% and Hang Seng dropped 0.40%.

Japanese stocks are outperforming other Asian markets as annual Labor Cash Earnings (March) have soared sharply. The economic data landed at 0.8%, matched expectations but remained below the former pace of 1.1%. A slower earnings growth indicates that domestic demand will get spurted as households won’t shy from increasing spending for core goods.

Chinese equities are accelerating after the release of better-than-anticipated Trade Balance data. The Trade Balance report indicates that domestic demand is still shy of recovery despite monetary and fiscal support from the administration. Also, export figures have beaten expectations but a slower growth against the prior pace is indicating a challenging outlook for the economy.

On the oil front, oil prices have turned sideways below $73.00 ahead of the US inflation data. Fears of bleak oil demand outlook could renew if US inflation continues to remain persistent.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 29029.22 at the time of writing. Pair opened at 29029.22 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 28619.78, 50 SMA 28070.31, 100 SMA @ 27475.66 and 200 SMA @ 27586.54.

The previous day high was 29116.77 while the previous day low was 28912.62. The daily 38.2% Fib levels comes at 28990.61, expected to provide support. Similarly, the daily 61.8% fib level is at 29038.78, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 28922.3, 28815.39, 28718.15
• Pivot resistance is noted at 29126.45, 29223.69, 29330.6

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