Asian equities are displaying a mixed performance due to individual factors. (Pivot Orderbook analysis)

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• Asian equities are displaying a mixed performance due to individual factors.
• Chinese investors are having anxiety ahead of PBOC’s monetary policy.
• Oil prices have printed a fresh two-week low amid escalating recession fears.

The pair currently trades last at 27098.62.

The previous day high was 27390.55 while the previous day low was 26978.05. The daily 38.2% Fib levels comes at 27135.62, expected to provide resistance. Similarly, the daily 61.8% fib level is at 27232.98, expected to provide resistance.

Markets in the Asian domain are displaying a mixed response despite the strengthening of the risk-on mood in global markets. S&P500 futures have raised intermittent highs after two-consecutive bullish trading sessions. Rally in US markets is backed by a bumper start of the quarterly result season despite the headwinds of higher interest rates and soaring price pressures.

At the press time, Japan’s Nikkei225 gained 0.63% and Nifty50 added 0.48% while ChinaA50 tumbled more than 1% and Hang Seng dived 1.20%.

The US dollar index (DXY) has attempted a rebound move after sensing buying interest around the immediate cushion of 112.00. The rebound move seems less confident amid the absence of a risk-aversion theme. Further, investors are awaiting the release of the US Housing Starts data. The real estate catalyst could get impacted by soaring interest rates by the Federal Reserve (Fed).

Meanwhile, Chinese investors have shifted their focus toward the People’s Bank of China (PBOC) monetary policy, which will be announced on Thursday. The central bank could adopt a dovish tone as economic prospects are deteriorating. The continuation of the zero Covid-19 policy by the Chinese administration to contain the epidemic and weak property sector needs monetary easing to get back on the growth track.

On the oil front, oil prices have rebounded after printing a fresh two-week low at around $81.20. The rebound move could derail amid headwinds of the central bank’s monetary policy tightening and escalating recession fears in the US. Rising US Treasury yields have bolstered the case of a recession situation in the coming months.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 27098.62 at the time of writing. Pair opened at 27098.62 and is trading with a change of 0.0 % .

The pair is trading above its 20 Daily moving average @ 26819.66, below its 50 Daily moving average @ 27621.8 , below its 100 Daily moving average @ 27362.18 and below its 200 Daily moving average @ 27170.47

The previous day high was 27390.55 while the previous day low was 26978.05. The daily 38.2% Fib levels comes at 27135.62, expected to provide resistance. Similarly, the daily 61.8% fib level is at 27232.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 26920.93, 26743.24, 26508.43
• Pivot resistance is noted at 27333.43, 27568.24, 27745.93

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