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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 15-Apr-2016

Option Banque Technical Analysis Report: 15-Apr-2016

Posted by Option_Banque in Latest News - April 15th, 2016 10:54 am GMT

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Read full technical analysis report here

At its meeting on Thursday, the Bank of England announced that the bank rate will be remained unchanged at 0.5%, its lowest level for seven years. The central bank also referred to a 2% inflation target. In comparison, the UK CPI inflation in the year to March 2016, just stood at 0.5%.
In the euro area, the annual inflation, which registered at -0.2% in February, was up to 0.0% in March, according to Eurostat, the statistical office of the European Union. Inflation excluding energy for March was at 1.0% on a yearly basis, compared with a reading of 0.6% in the same period last year.
The US core consumer price index (CPI) index, excluding food and fuel, inched up a little further by 0.1% in March, after consecutive gains of 0.3%, in the two preceding months. This reading dit not meet the forecast for a 0.2% increase. In the labour market, The Labor Department reported that the applications for unemployment benefits declined to 253,000 last week, down 13,000 versus the prior week, marking the lowest level since November 1973. The strong labor market helped firm up investors’ optimistic expectations at a time when the economy is not offering many clear and bright signals.
Statistics Canada released its new housing price index (NHPI) for February. It registered an increase of 0.2%, following an advance of 0.1% in January. On a yearly basis, the index has climbed 1.8%, showing positive growth.
In Asia, according to a calculation by the Wall Street, the China central bank sold 144.8 billion yuan of foreign exchange last month, raise the foreign-exchange reserves to $3.213 trillion, rising $10.26 billion from the end of February, thanks to the recent recovery of renminbi. Meanwhile, the Bank of Japan Governor Kuroda stated that the yen has been strengthening excessively recently, market is eyeing for the central bank’s next intervention, although it is not expected until after G20 meeting held this weekend.

Technicals
GBPCAD
The sterling has been falling continuously from the beginning of the year, especially after the two moving averages cut each other and contributed to a steep fall for the pair $GBPCAD. RSI is hovering around level 30, indicating that the pair is in the oversold territory. The price is anticipated to continue the downtrend for 1-2 days then witness a bound back.
Trade suggestion
Buy Digital Call Option at 1.86430, Buy Digital Put Option at 1.80370.

USDCHF
USDCHF extended the recovery from the support level 0.94912 and is now traded at 0.96808. ADX is staying above level 45, along with the DI+ moving above DI- and heading up, indicating a strengthening bull market. With the support of the short-term moving average below, the pair is expected to continue gaining and hit the resistance at 0.97854, formed on March 25.
Trade suggestion
Buy Digital Call Option at 0.97854, Buy Digital Put Option at 0.96544.

EURJPY
EURJPY has been under strong downward pressure after the two moving averages met each other. The pair is now moving sideways with the RSI staying below level 45 and heading down, indicating strong selling power. The Euro is anticipated to continue the bearish trend against the Japanese Yen. The pair EURJPY may reach the oversold zone soon.
Trade suggestion
Buy Digital Put Option at 122.046, Buy Digital Call Option at 123.309.

WTI
WTI has been gaining momentum from the around 35.44 and now is traded at 42.76, supported by the short-term moving average below. RSI is now at 67.70 and seems to be heading into overbought territory. The commodity is anticipated to continue going up and retest the resistance level at 49.81, created on August 31, 2015.
Trade suggestion
Buy Digital Call Option at 43.81, Buy Digital Put Option at 41.07

DAX
DAX is now traded at 10034.44. The index has just escaped from the oversold territory with RSI hovering below 70 and heading down currently, suggesting pared buying power. Though the moving average is staying below the price movement, the price is expected to cover the gap formed on April 13, hitting the support level at 9746.49 soon.
Trade suggestion
Buy Digital Put Option at 97746.49, Buy Digital Call Option at 10076.96.

COPPER
COPPER seems to be preparing for a strong downward move as the short-term EMA begins to creep above the price. ADX is now 25.96. And DI- is beginning to head up and move away from DI+, signaling that a strong bear market may be coming. The commodity is expected to go down and hit the support level at 2.0562, created on February 25.
Trade suggestion
Buy Digital Put Option at 2.0731, Buy Digital Put Option at 2.1724.

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