Technical Analysis, August 8th, 2012

CURRENCY	RANGE	TREND	RESISTANCE	SUPPORT	BUY	SELL	OBJ	CUT
EUR/USD	1.2280-1.2490	Up	1.2490	1.2280	1.2350		1.2490	1.2280
			1.2420	1.2210
USD/JPY	77.80-79.60	Up	79.60	77.80	78.40		79.60	77.80
			79.00	77.20
GBP/USD	1.5510-1.5720	Up	1.5720	1.5510	1.5580		1.5720	1.5510
			1.5650	1.5440
USD/CHF	0.9590-0.9800	Down	0.9870	0.9660		0.9730	0.9590	0.9800
			0.9800	0.9590
AUD/USD	1.0460-1.0670	Up	1.0670	1.0460	1.0530		1.0670	1.0460
			1.0600	1.0390
NIKKEI	8800-9040	Up	9040	8800	8880		9040	8800
			8960	8720
HANGSENG	19820-20180	Up	20180	19820	19940		20180	19820
			20060	19700
KOSPI	248.70-252.00	Up	252.00	248.70	249.80		252.00	248.70
			250.90	247.60
GOLD	1600.50-1625.20	Up	1625.20	1600.50	1608.70		1625.20	1600.50
			1616.90	1592.30

Aussie Lewati Level Resistance

Secara umum, bias intraday untuk AUD/USD masih bullish. Harga tengah menguji resistance di 1.0591 seiring indikasi jenuh beli yang diperlihatkan oleh stochastic dan CCI 1 jam. Preferensi hari adalah bullish terutama jika resistance tersebut pecah, dengan sasaran hingga kisaran 1.0628 – 1.0669.

Selain itu, waspadai kemungkinan koreksi hingga ke area support di kisaran 1.0532 – 1.0495. Bias intraday masih akan tetap bullish selama area support tersebut bertahan. Dengan demikian, perhatikan apabila ada sinyal/pola bullish yang muncul di kisaran tersebut karena sinyal/pola tersebut bisa dijadikan referensi bagi posisi beli.

Waspadalah jika support di 1.0495 tembus, karena hal tersebut akan mengubah bias intraday menjadi bearish dengan sasaran hingga ke kisaran 1.0473 – 1.0436. Jika itu terjadi, skenario bearish yang disebutkan di atas kemungkinan besar tidak akan valid lagi.

Produksi Manufaktur Inggris Turun

Berlarutnya resesi ekonomi Inggris telah mengurangi aktivitas dunia usaha di bulan Juli. Produksi manufaktur dan industri masing-masing turun sebesar 2,9% dan 2,5% lebih buruk dari publikasi Juni yang meningkat 1,2% dan 1%. Meski demikian, ini masih lebih baik dari estimasi analis yang memperkirakan penurunan produksi manufaktur sebesar 4% dan produksi industri sebanyak 3,3%. Sterling terlihat mencoba mempertahankan penguatan setelah data dirilis. GBP/USD kini diperdagangkan 1.5624, tidak begitu jauh dari level tinggi harian 1.5631

Euro Unjuk Performa Harapkan Stimulus

Memasuki sesi perdagangan Eropa (Selasa, 07/08), mata uang tunggal Euro terus menunjukkan performanya bahkan kembali mencatat level tinggi $1.2432 yang merupakan level terbaiknya dalam 9 bulan terakhir.

Rally Euro terutama lantaran para investor terus menaruh harap bahwa pihak Eropa akan mengambil langkah selanjutnya guna menanggulangi krisis utang bersama-sama dengan Amerika Serikat serta China yang juga akan mengadopsi langkah stimulus dalam mendukung pemulihan.

Secara umum terkait rally Euro yang tajam baru-baru ini, menyebabkan sejumlah indikator tehnikal juga turut mengalami perubahan tren. Setelah mengalami penguatan cukup tajam, secara teknikal hal itu membuat indikator Stochastic dan MACD harian ikut bermanuver bullish.

Sehingga dengan kondisi demikian, peluang rally untuk Euro nampak akan berlanjut setidaknya berpotensi ke resisten 1.2445 kemudian 1.2470, atau bahkan mencapai 1.2500. Sedangkan bila terjadi koreksi, Euro kemungkinan akan melemah ke level-level tahanan yang terbentuk dari proyeksi retracement Fibonacci berdurasi 1 jam, yang ditarik dari titik terendah 2 Agustus pada 1.2133 hingga tertinggi 1.2445.Sehingga dari proyeksi tersebut di dapat beberapa tahanan support seperti 1.2370 (Fibo 23.6%) kemudian 1.2325 (Fibo 38.2%) dan tahanan support ke III pada 1.2290 (Fibo 50%).

Italia Masih Terpuruk di Jurang Resesi

Berlarutnya Krisis hutang zona-eropa membuat Italia masih terpuruk di dalam jurang resesi. GDP masih catatkan kontraksi 0,7% di kuartal kedua setelah alami penurunan 0,8% di kuartal sebelumnya. Meski demikian, ini masih lebih baik dari prediksi analis yang memperkirakan kontraksi ekonomi sebesar 0,6%. Euro tidak banyak berubah setelah data dirilis. EUR/USD kini diperdagangkan 1.2410, tidak begitu jauh dari level tinggi harian 1.2432

Italia Masih Terpuruk di Jurang Resesi

Berlarutnya Krisis hutang zona-eropa membuat Italia masih terpuruk di dalam jurang resesi. GDP masih catatkan kontraksi 0,7% di kuartal kedua setelah alami penurunan 0,8% di kuartal sebelumnya. Meski demikian, ini masih lebih baik dari prediksi analis yang memperkirakan kontraksi ekonomi sebesar 0,6%. Euro tidak banyak berubah setelah data dirilis. EUR/USD kini diperdagangkan 1.2410, tidak begitu jauh dari level tinggi harian 1.2432

Optimisme Masih Naungi Pasar Dunia

Memasuki hari ke dua pekan ini (Selasa, 07/08) pasar dunia masih nampak bertengger kokoh di kisaran positif lantaran para pelaku pasar masih diliputi sikap optimis pasca rilis data ekonomi Amerika yang jauh lebih baik dari ekspektasi. Sehingga data tersebut mampu meredakan kekhawatiran pasar terhadap masalah perlambatan ekonomi global. Selain itu investor juga terus menaruh harap bahwa Eropa akan mengambil langkah selanjutnya guna menangani krisis utangnya bersama dengan Amerika serta China yang akan mengadopsi langkah stimulus demi mendorong pertumbuhan.

Intinya pesimisme investor terhadap situasi zona Euro nampak mulai berkurang. Dan muncul sebuah harapan bahwa sesuatu yang positif akan dilakukan pihak ECB, sehingga sampai saat ini investor masih nampak memburu aset-aset beresiko.Hari ini para investor juga tengah menantikan hasil meeting bank sentral Australia dimana kali ini pasar tidak memperkirakan bakal ada kebijakan pelonggaran moneter terkait data-data ekonomi lokal yang masih terbilang membaik.

Bullish Euro Masih Terlihat

Melihat dari indikator stochastic dn MACD, jelas terlihat mata uang euro masih memiliki peluang untuk menguat. Level resistance 1.2445 akan menjadi level resistance kuat berikutnya. Jika euro berhasil menembus level 1.2500 maka target selanjutnya di kisaran 1.2520. 

Saat ini euro di 1.2395 dengan level support di 1.2280, 1.2250 dan 1.2135 sementara level resistance di 1.2445, 1.2520, 1.2550. 

UBS: Sekarang Outlook Fed Stabil

Menurut UBS, ketakutan akan QE tidak mungkin memberatkan dolar dalam menuju ke Q3."Ketika langkah ECB kedepannya tidak diketahui, dampak marjinal dari ukuran kuantitatif pada kinerja euro hanya dapat meningkat, tetapi kami percaya bahwa Fed akan terus menghindar dari penyamaan dari rekan-rekan mereka di Frankfurt," kata UBS.

UBS melanjutkan: "Kami tidak mengesampingkan kemungkinan beberapa langkah-langkah tambahan untuk diperkenalkannya FOMC di bulan September, meskipun bentuknya mungkin akan menyerupai skema FLS Bank of England daripada mereka beralih pada pembelian aset konvensional."

Bergerak Sempit, Emas Siap Uji Level Resistance

Emas terjebak di range sempit, harga emas bergerak keluar masuk wilayah positif. Pekan ini harga emas berpeluang untuk menguji level resistance di $1,630/ons," menurut laporan MKS Finance. Pelaku pasar memilih untuk mengambil keuntungan dari stagnasi pergerakan harga emas untuk menyimpan posisi lebih lama (sebagian juga dikarenakan menjelang peluncuran QE di akhir musim panas)," tambahnya. Harga emas di $1,610.30/ons, turun $1.30 dari level penutupan.

Fundamental Analysis, August 7th, 2012

Hong Kong shares to hold steady; StanChart in focus

Hong Kong shares are likely to start marginally weaker to flat on Tuesday as investors hope for further global stimulus measures, with attention on local earnings and Standard Chartered Plc after a row over dealings with Iran.
    

New York's top bank regulator said Standard Chartered was a "rogue institution" that hid $250 billion in transactions tied to Iran, and threatened to strip its New York banking licence.  Companies expected to post corporate earnings later in the day include MSM China, i-CABLE Communications and Hong Kong Aircraft Engineering.
    

Chinese property developers could come into focus after China Vanke Co Ltd, mainland China's largest property developer by sales, reported a 25.1 percent rise in first-half net profits on Monday. But profit margins narrowed for the housebuilder as it cut prices to win business during a market slowdown.

Seoul shares seen in range; this week's Chinese data eyed

Seoul shares are expected to tread in a tight range on Tuesday after hitting a seven-week closing high in the previous session, as investors await a string of economic data from China due later this week. Chinese data ranging from trade and bank loans to investments will be closely watched a s investors seek to gauge the health of the world's second-largest economy.

Stocks may be overheating as they rapidly approach the 1,900-point territory, but with the economic recovery in the U.S. and China and action by global central banks looking to slowly gain traction, the outlook for the long term looks good," said Hanyang Securities in a note to its clients.

Nikkei seen consolidating near resistance at 25-day MA

The Nikkei share average is expected to consolidate on Tuesday after a solid rally and ahead of this week's Bank of Japan policy meeting and a slew of economic data from China, Japan's largest export market.The Nikkei <.N225> was likely to trade between 8,700 and 8,800, strategists said, after rising 2 percent to 8,726.29 on Monday. 

Nikkei futures in Chicago <0#NIY:> closed at 8,740 on Monday, up 0.1 percent from the Osaka <JNIc1> close of 8,730."This week we will have the BOJ meeting which will end on Thursday. There are a lot of statistics from China on Thursday. The market is cautious," said Takashi Hiroki, chief strategist at Monex Inc. The BOJ is expected to keep monetary policy steady at its two-day meeting, but may escalate its warnings over slowing global demand and renewed gains in the yen, signalling its readiness to ease again if the economy's recovery comes under threat. Hiroki said the Nikkei was likely to face resistance at its 25-day moving average of 8,742.03.

Gold up, volume thin on uncertainty over cenbanks

Gold rose on Monday on gains in U.S. equities and crude oil, but daily volume looked set to be one of this year's lowest, reflecting bullion investors' fickle sentiment toward further monetary easing by central banks. The metal extended gains from last Friday, when data showing a rising U.S. unemployment rate fed investor hopes for more aggressive stimulus by the Federal Reserve. Short-covering also helped prices to rebound from last week's weekly drop.

Trading volume in U.S. gold futures, however, was poised to finish at less than half its 30-day average, as some investors questioned whether central banks would come through with more gold-supportive monetary action.  Spot gold <XAU=> was up 0.6 percent at $1,612.56 an ounce by 3 p.m. EDT (1900 GMT). U.S. gold futures for December delivery <GCZ2> settled up $6.90 an ounce at $1,616.20. Volume was at around 77,000 lots by 3 p.m., versus its 30-day average of about 169,000 lots, preliminary Reuters data showed. A combination of gains in crude oil futures, the euro and U.S. equities also lifted gold prices.

Wall St closes at 3-month high on hopes for Europe

U.S. stocks closed at three-month highs for the second day in a row on Monday, extending last week's rally on the hope for more assistance for the troubled euro zone. The S&P 500 rose to its highest point since early May, but pared its gains going into the close. The benchmark index also failed to breach 1,400, a level that could spur further buying if convincingly broken. The S&P 500 hasn't closed above the 1,400 level since May 2.

Sentiment in Spanish and Italian bond markets - the forefront of the three-year debt crisis - improved, with two-year Spanish yields falling to 3.42 percent on Monday, less than half of a late July high of over 7 percent. European Central Bank President Mario Draghi has said the ECB may buy short-dated bonds to lower borrowing costs to help Europe, which has been mired in a debt disaster. European shares closed at four-month highs.

Wall Street rallied on Friday with the S&P 500 marking its fourth straight week of gains on a strong U.S. jobs report and renewed hope that European authorities would act to contain the euro zone's debt crisis through ECB purchases of Italian and Spanish bonds. The Dow Jones industrial average <.DJI> rose 21.34 points, or 0.16 percent, to 13,117.51 at the close. The Standard & Poor's 500 Index <.SPX> gained 3.24 points, or 0.23 percent, to 1,394.23. The Nasdaq Composite Index <.IXIC> advanced 22.01 points, or 0.74 percent, to end at 2,989.91.

Euro extends prior session's gains on ECB optimism

The euro edged higher against the dollar on Monday, extending the previous session's gains on hopes the European Central Bank will take action to lower borrowing costs for Spain and Italy. With little news to drive markets, investors continued to focus on comments from ECB President Mario Draghi last week, when he said the bank will draw up plans for bond buying in the coming weeks. Gains in the equity market sparked by Friday's data showing surprisingly strong U.S. jobs growth in July also boosted the euro, prompting investors to pare hefty bets against the currency.

The euro <EUR=> last traded 0.1 percent higher at $1.2400, below a one-month peak of $1.2443 hit in Asian trade. Gains in the euro over the last two sessions totaled nearly 2 percent, its best two-day showing since late October. Near-term resistance for the euro was seen around $1.2478, the 61.8 percent retracement of its drop from a mid-June peak to a two-year low of $1.2042 touched in late July. The common currency was down 0.2 percent against the yen at 96.99 <EURJPY=>, having earlier risen to 97.79 yen, its strongest since mid-July. The euro was also slightly lower against the Swiss franc <EURCHF=> and 0.3 percent weaker against the Norwegian crown <EURNOK=>.

Oil Rises With U.S. Equities as Germany Backs ECB Plan

Oil advanced to a two-week high as U.S. stocks gained and as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan, adding to optimism that the region’s debt crisis will ease. Prices climbed 0.9 percent after the Standard & Poor’s 500 Index rose to a three-month high amid better-than-forecast earnings. The euro strengthened against the dollar after Merkel’s deputy spokesman, Georg Streiter, said the government backed the ECB’s plan to help bring down borrowing costs in Spain and Italy.

Oil for September delivery increased 80 cents to $92.20 a barrel on the New York Mercantile Exchange, the highest settlement since July 19. Prices have climbed 19 percent since June 28, when they closed at the 2012 low of $77.69. Brent crude for September increased 61 cents, or 0.6 percent, to settle at $109.55 a barrel on the London-based ICE Futures Europe exchange.

Source : Reuters

Technical Analysis, August 7th, 2012

CURRENCY	RANGE	TREND	RESISTANCE	SUPPORT	BUY	SELL	OBJ	CUT
EUR/USD	1.2280-1.2490	Up	1.2490	1.2280	1.2350		1.2490	1.2280
			1.2420	1.2210
USD/JPY	77.20-79.00	Down	79.60	77.80		78.40	77.20	79.00
			79.00	77.20
GBP/USD	1.5490-1.5700	Up	1.5700	1.5630	1.5560		1.5700	1.5490
			1.5630	1.5700
USD/CHF	0.9590-0.9800	Down	0.9870	0.9660		0.9730	0.9590	0.9800
			0.9800	0.9590
AUD/USD	1.0460-1.0670	Up	1.0670	1.0460	1.0530		1.0670	1.0460
			1.0600	1.0390
NIKKEI	8650-8890	Up	8890	8650	8730		8890	8650
			8810	8570
HANGSENG	19800-20160	Up	20160	19800	19920		20160	19800
			20040	19680
KOSPI	249.40-252.70	Up	252.70	249.40	250.50		252.70	249.40
			251.60	248.30
GOLD	1599.80-1624.50	Up	1624.50	1599.80	1608.00		1624.50	1599.80
			1616.30	1591.50

Emas Perpanjang Gain Pasca Data Jobs AS

Emas naik tipis pada hari Senin, memperpanjang kenaikan dari sesi sebelumnya ketika data tenaga kerja AS mengalahkan ekspektasi pasar, mendorong risk appetite dan membebani dolar AS. Spot emas naik tipis 0.1 persen menjadi $1,604.54, setelah jatuh lebih dari 1 persen pekan lalu karena bank sentral di kedua sisi Atlantik memupus harapan untuk pelonggaran moneter dalam waktu dekat.

Kontrak emas berjangka AS untuk pengiriman Desember sedikit berubah pada harga $1,607.80. Indeks dolar turun ke posisi terendah satu bulan, mendukung sentimen dalam aset berdenominasi dollar AS. Pengusaha AS mempekerjakan pekerja paling banyak dalam lima bulan pada bulan Juli, tetapi kenaikan tingkat pengangguran menjadi 8.3 persen menyimpan prospek stimulus moneter lebih lanjut dari Federal Reserve.

Emas Perpanjang Gain Pasca Data Jobs AS

Emas naik tipis pada hari Senin, memperpanjang kenaikan dari sesi sebelumnya ketika data tenaga kerja AS mengalahkan ekspektasi pasar, mendorong risk appetite dan membebani dolar AS. Spot emas naik tipis 0.1 persen menjadi $1,604.54, setelah jatuh lebih dari 1 persen pekan lalu karena bank sentral di kedua sisi Atlantik memupus harapan untuk pelonggaran moneter dalam waktu dekat.

Kontrak emas berjangka AS untuk pengiriman Desember sedikit berubah pada harga $1,607.80. Indeks dolar turun ke posisi terendah satu bulan, mendukung sentimen dalam aset berdenominasi dollar AS. Pengusaha AS mempekerjakan pekerja paling banyak dalam lima bulan pada bulan Juli, tetapi kenaikan tingkat pengangguran menjadi 8.3 persen menyimpan prospek stimulus moneter lebih lanjut dari Federal Reserve.

Pengangguran AS Lambungkan Emas

Emas naik sekitar 1% pada hari Jumat seiring dollar melemah dan bursa saham rally setelah data menunjukkan tingkat pekerjaan AS bertambah lebih dari perkiraan di bulan Juli, meski kenaikan tingkat pengangguran meninggikan harapan investor atas stimulus tambahan dari Federal Reserve. Kendati ditutup naik hari ini, Emas masih mencetak penurunan mingguan terbesar dalam 6 pekan.

"Meski nonfarm payrolls mematahkan estimasi, tingkat pengangguran juga ikut naik, sehingga peluang QE hampir tidak berubah," ucap Nicolas Berge, trader hedge fund pada Absolute Capital Group di Jenewa. "Meningkatnya ekspektasi langkah dari bank sentral nampaknya akan membantu emas untuk menembus range trading belakangan ini," ucap Berge.

Fundamental Analysis, August 3rd, 2012

Euro tumbles as ECB comes up short; U.S. jobs eyed

The euro slid for a second straight day against the dollar in volatile trade on Thursday after European Central Bank President Mario Draghi quashed expectations of immediate action to remedy the region's debt crisis. Investors had high hopes headed into the ECB meeting after Draghi last week fueled speculation of further bank purchases of Italian and Spanish bonds when he said he would do "whatever it takes to preserve the euro."

But Draghi sent no signal of near-term action. Instead, he said the ECB will draw up plans in the coming weeks to make outright purchases to stabilize euro zone borrowing costs.Investors will now focus on Friday's U.S. non-farm payrolls report, which could create another day of volatile trading.

At a press conference after the ECB's decision to keep interest rates at 0.75 percent, Draghi said the ECB would only act after euro zone governments have activated bailout funds to do the same and any intervention would depend on troubled countries making a request and accepting strict conditions and supervision.
The euro <EUR=> last traded at $1.2154, down 0.6 percent. Against the yen, the euro slid as low as 94.90 and last traded down 0.8 percent at 95.12 yen <EURJPY=>. It also hit a record low against the Australian dollar around A$1.1600.

Wall St takes a hit from ECB disappointment

U.S. stocks fell for a fourth day on Thursday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the euro zone debt crisis. One of Wall Street's top market makers, Knight Capital Group <KCG.N>, was fighting for its survival after a trading glitch that roiled markets on Wednesday wiped out $440 million of the firm's capital.  However, the market focused mostly on the ECB, though  traders were also looking ahead to Friday's closely watched U.S. jobs report which could bring a volatile end to an eventful week.

Draghi said the ECB would gear up to buy Italian and Spanish bonds on the open market but would only act after euro zone governments have activated bailout funds to do the same, disappointing traders after his pledge last week to do "whatever it takes" to save the euro left many thinking action was imminent. Markets rallied late last week in part on hopes for stimulus from the Federal Reserve but mostly as expectations grew the ECB would take action to protect the euro. Friday's jobs report could give a stronger indication whether the Fed, which has a freer hand than the ECB, will act shortly.

Data showed the number of Americans filing new claims for jobless benefits rose last week and manufacturers suffered an unexpected drop in orders in June, suggesting the economy is struggling to break out of a soft patch. The Dow Jones industrial average <.DJI> fell 92.18 points, or 0.71 percent, to 12,878.88. The S&P 500 Index <.SPX> dropped 10.14 points, or 0.74 percent, to 1,365.00. The Nasdaq Composite <.IXIC> lost 10.44 points, or 0.36 percent, to 2,909.77.  Major indexes fell for a fourth day running, totaling weekly losses so far of more than 1.5 percent.

Oil Drops as Draghi Stops Short of Detailing Bond Plan

Crude fell in New York after European Central Bank President Mario Draghi failed to give details of a plan designed to shore up the euro by curbing rising government borrowing costs in the region.Futures tumbled 2 percent after Draghi signaled that the ECB will join forces with governments to buy sovereign bonds in sufficient quantities to remove all doubts about the future of the euro. Draghi said last week he would do whatever it takes to protect the currency, stoking speculation he would outline plans following a central bank meeting today.

Oil for September delivery fell $1.78 to settle at $87.13 a barrel on the New York Mercantile Exchange. Prices have declined 12 percent this year.Brent crude for September settlement slipped 13 cents to $105.83 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract traded at a premium of $18.70 to New York-traded West Texas Intermediate, the steepest since May.

ECB bond purchases would probably focus on shorter-term maturities, would be conducted in a way to soothe investors’ concerns about seniority, and wouldn’t breach European Union rules prohibiting the financing of government deficits, Draghi told reporters in Frankfurt.ECB officials are working on the plan and details will be fleshed out in coming weeks, he said. The central bank earlier kept the benchmark interest rate on hold at 0.75 percent.

Gold down, hopes for imminent central bank actions fade

Gold prices fell for a fourth straight session on Thursday as bullion investors continued to unwind bullish bets due to a lack of more aggressive actions by the European Central Bank and U.S. Federal Reserve to boost growth.

ECB President Mario Draghi said any government bond buying would not come before September - and only if governments activated the euro zone's bailout funds to join the ECB in buying bonds. Gold fell in tandem with losses on Wall Street and U.S. crude futures, as markets across the board looking for monetary stimulus were less than impressed. Just last week, Draghi said the ECB would do whatever it takes to preserve the euro.

The bullion market was already under pressure a day after the Federal Reserve issued a policy statement that dashed investor hopes for new monetary stimulus, even though it acknowledged that the U.S. economy has lost momentum. Spot gold <XAU=> fell 0.8 percent to $1,585.75 an ounce by 2:29 p.m. EDT (1829 GMT), having earlier hit a one-week low of $1,587.80. U.S. COMEX gold futures <GCZ2> for December delivery settled down $16.60 an ounce at $1,590.70, with trading volume around 10 percent below 30-day average, preliminary Reuters data showed.

Nikkei set to fall on ECB disappointment

Japan's Nikkei share average is set to open lower on Friday as investors were disappointed that European Central Bank chief Mario Draghi did not match his last week's pledge to do whatever it takes to defend the euro with immediate action.

Draghi indicated after the ECB policy meeting that any intervention would not come before September - and only if governments activated the euro zone's bail-out funds to join the ECB in buying bonds. The Nikkei <.N225> was likely to trade between 8,500 and 8,600, strategists said. The benchmark inched up 0.1 percent on Thursday to 8,653.18, meeting resistance at 8,687.93, the 50 percent retracement of its rally from June 4 to July 4.

Nikkei futures in Chicago <0#NIY:> closed at 8,565 on Thursday, down 0.8 percent from the Osaka <JNIc1> close of 8,630. On Thursday, the broader Topix <.TOPX> index added 0.4 percent to 732.98. The index has fallen 6.3 percent since hitting a two-month high on July 4 due to concerns over a deepening euro zone debt crisis, spluttering growth in the United States and China, and weaker company earnings. Fifty-five percent of the 111 Nikkei companies that have so far reported quarterly earnings missed market expectations, according to Thomson Reuters StarMine. That compared with 40 percent in the previous quarterly earnings season.

Seoul shares seen posting steep decline as ECB disappoints

Seoul shares may fall sharply when the market opens on Friday after the European Central Bank disappointed investors who were hoping for immediate measures to fight the euro zone debt crisis. ECB chief Mario Draghi said the bank was drawing up plans to ease surging borrowing costs in Spain and other indebted countries through direct bond purchases but the move, likely a few weeks away, underwhelmed market participants who were hoping for more immediate action. The Korea Composite Stock Price Index (KOSPI) <.KS11> fell 0.6 percent to close at 1,869.40 points.

Hong Kong shares set for second straight loss, 200-day MA in focus

Hong Kong shares are set for a second straight loss on Friday after European Central Bank chief Mario Draghi failed to match his pledge last week to do "whatever it takes" to defend the euro with any immediate action.

Draghi indicated after the ECB policy meeting that any intervention would not come before September - and only if governments activated the euro zone's bail-out funds to join the ECB in buying bonds. The Hang Seng Index <.HSI> is likely to dip back below its 200-day moving average on Friday, currently at about 19,677.2, a technical level it has struggled to stay above since mid-May.

The benchmark index closed down 0.7 percent on Thursday, but is still up 2.1 percent for the week.Elsewhere in Asia, Japan's Nikkei <.N225> was down 1.3 percent, while South Korea's KOSPI <.KS11> was down 0.9 percent at 0055 GMT.

Source : Reuters