Asian stocks are displaying mixed signs despite fading hawkish Fed bets. (Pivot Orderbook analysis)

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• Asian stocks are displaying mixed signs despite fading hawkish Fed bets.
• Chinese equities are displaying decent losses as the impact of weak Caixin Manufacturing PMI data has not faded yet.
• The oil price is expected to accelerate to $100.00 after OPEC+ announced additional production cuts.

The pair currently trades last at 28279.67.

The previous day high was 28347.46 while the previous day low was 28112.26. The daily 38.2% Fib levels comes at 28202.11, expected to provide support. Similarly, the daily 61.8% fib level is at 28257.61, expected to provide support.

Markets in the Asian domain have failed to capitalize on rising expectations for a steady monetary policy by the Federal Reserve (Fed) for its May policy meeting. The fifth straight United States ISM Manufacturing PMI figure below 50.0 has deepened fears of a recession and anticipation of a rise in the Unemployment Rate.

Fears of recession in the US economy are likely to be tackled by a steady interest rate decision from the Fed. The US Dollar index (DXY) is facing hurdles in extending its recovery above 102.20. Meanwhile, S&P500 futures are showing nominal losses in the early European session, however, the market mood is quite positive.

At the press time, Japan’s Nikkei225 gained 0.31%, ChinaA50 dropped 0.46%, Hang Seng tumbled almost 1%, KOSPI jumped 0.31%. Nifty50 is closed on account of Mahavir Jayanti.

Chinese equities are displaying decent losses as the impact of weak Caixin Manufacturing PMI data has not faded yet. The economic data has landed at 50.0, lower than the consensus of 51.7 and the former release of 51.5. The Chinese economy is struggling in reviving growth despite dismantling pandemic controls and favoring monetary and non-monetary measures.

On the oil front, oil prices continued to remain sideways above $80.00 on Tuesday. An announcement of further production cuts by OPEC+ to provide balance to oil has stemmed expectations for the oil price at $100.00 in the coming quarter.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 28279.67 at the time of writing. Pair opened at 28279.67 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 27633.65, 50 SMA 27592.45, 100 SMA @ 27343.87 and 200 SMA @ 27399.19.

The previous day high was 28347.46 while the previous day low was 28112.26. The daily 38.2% Fib levels comes at 28202.11, expected to provide support. Similarly, the daily 61.8% fib level is at 28257.61, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 28145.47, 28011.26, 27910.27
• Pivot resistance is noted at 28380.67, 28481.66, 28615.87

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