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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 14-Apr-2016

Option Banque Technical Analysis Report: 14-Apr-2016

Posted by Option_Banque in Latest News - April 14th, 2016 4:24 pm GMT

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Read full technical analysis report here

Today, oil prices dropped significantly due to OPEC warning of low global demand, as well as speculation that there would be little concrete commitments at the producers’ meeting to be held Qatar on Sunday. As Russia hinted, the meeting is not likely to successfully freeze oil production at around 2 million barrels per day of crude in excess of demand.
With the expectation that the output freeze agreement between OPEC and Russia will not take effect, analysts are keeping track of the U.S. oil industry to figure out if a lower number of drillings will help control production and oversupply.
The dollar stayed firm on Thursday as the global sentiment improvement drove investors to pare bearish dollar positions. The dollar index, which measures the strength of the dollar against a basket of six major currencies, inched up 0.2 percent, after gaining around 1 percent yesterday. Whereas, the Euro went down about 0.1 percent from the six-month peak achieved on Tuesday.
Asian shares surged to the highest levels in more than four months. Also, regional currencies have been weakening against the US dollar after the Monetary Authority of Singapore said that it will set the Singapore Dollar to USD appreciation tolerance band at 0%.

Due to a recovery in the risk appetite of investors, the safe-haven assets like gold are weakening. On Wednesday, assets held by SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to the lowest level in a month at 810.09 tonnes.

Technicals

EURUSD

After spending time sideways, EURUSD tested the resistance of 1.14629 and tumbled into the oversold territory as RSI (14) reached 25.6326. ADX (14) has headed up and reached 53.7413, indicating that the downward pressure of the Parabolic SAR band is very strong. Selling positions are suggested as DI- is far higher than DI+.

Trade suggestion
Buy Digital Put Option at 1.12068, Buy Digital Call Option at 1.12297.

USDCAD

The short-term EMA (7) has headed up and is about to hit the long-term EMA (14). The two EMA lines are crossing the price chart. If these lines move under the price, the upbeat view is confirmed. ADX (14) reversed and DI+ crossed DI- successfully. Thus the bear market may be expected to end and an upmove may occur.

Trade suggestion
Buy Digital Call Option at 1.29381, Buy Digital Put Option at 1.29030.

AUDUSD

The Parabolic SAR band was separated from the price, after the resistance of 0.77149 was formed yesterday. However, RSI indicator is standing at 56.9386, implying that the downward pressure on the price from the SAR band above is rather weak. Aussie inched down against the buck for some correction and is currently heading back up. The pair is expected to retest the current resistance.

Trade suggestion
Buy Digital Call Option at 0.76934, Buy Digital Put Option at 0.76684.

SILVER

The Stochastics chart shows that SILVER escaped from the overbought territory after diving into this zone for a period of time. The ascending trend seems weaker as ADX points down, the readings of DI+ and DI- now is 11.8649 and 21.3095, respectively. The selling position is encouraged as the parabolic are starting to appear above the price movement.

Trade suggestion
Buy Digital Put Option at 15.735, Buy Digital Call Option at 15.846.

BRENT

After hitting the resistance of 44.91, the oil price is sliding and has escaped the overbought area. The SMAs met the price, and are preparing to hang over the price chart,implying that the bear is coming. However, RSI is currently at 57.6262, and thus the bull is still stronger than the bear. The commodity is anticipated to fall for some consolidation before bouncing back.

Trade suggestion
Buy Digital Put Option at 42.75, Buy Digital Call Option at 43.17.

FTSE
The index is supported strongly by the SMA lines below, and a big gap up move. The Stochastics chart shows that FTSE has dived into the overbought zone. The %K line (blue line) has already reversed and crossed the %D line (red line). Therefore, the price is expected to pull back.

Trade suggestion
Buy Digital Put Option at 6279.86, Buy Digital Call Option at 6318.30.

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