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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 16-Mar-2016

Option Banque Technical Analysis Report: 16-Mar-2016

Posted by Option_Banque in Latest News - March 16th, 2016 12:04 pm GMT

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Read full technical analysis report here
European stocks advanced on Tuesday thanks to the strengthening in both U.S dollar and oil price.

The FOMC is set to announce its policy review at 6 P.M GMT. Despite being widely expected to keep its federal fund rate unchanged at 0.5 percent, the Federal Reserve officials, especially President Janet Yellen may deliver an optimistic speech about U.S economy outlook. Last meeting in January, Yellen expressed confidence on the solid recovery of the largest economy and the prospect of inflation to reach the 2 percent goal target, even oil price was in the middle of turbulence.

From that moment, crude price has rocketed almost 50 percent to trade around $40 per barrel on the hope of cooperation between producers to peg the output at January level. Sources at the Organization of the Petroleum Exporting Countries said that the next meeting between OPEC and non-OPEC members will take place on April 17, even without Iran.

U.S Energy Information Administration will publish the change in the number of barrels of crude oil held in inventory by commercial firms during the week ending on March 11, which is expected to show the decrease in U.S production due to financial distress.
Technicals

EURJPY
The pair retreated after advancing 0.56 percent from 23.6 Fibonacci retracement at 125.300. Euro failed to break through the 38.2 resistance though it soared above this level twice in the last two candles. It seems like the bear has come in and refrained the price from hiking further, despite of the fact that, the RSI (14)) indicator keeps inching up and surpassed the 50 level.

Trade suggestion

Buy Digital Put Option at 125.300, Buy Digital Call Option at 126.100.

AUDUSD
The Aussie has moved sideways lately around 0.74501 per U.S dollar. The pair cannot break the 23.6 Fibonacci resistance as the market is quite neutral. The favor appears to be on the bear as the RSI (14) is lower than 50. The last candles almost have no upper shadow, indicating a strong underlying bearish momentum.

Trade suggestion

Buy Digital Put Option at 0.74050, Buy Digital Call Option at 0.74816

USDCHF
U.S dollar snapped the almost-one-percent gains against Swiss franc to fall back below 38.2 Fibonacci retracement at 0.98833. The pair has been locked under the 38.2 resistance of 0.98957 for almost a week but may surge beyond this threshold soon, as the rally is quite strong, with the ADX (14) is at 32.95.

Trade suggestion

Buy Digital Call Option at 09930, Buy Digital Put Option at 0.98600.

GOLD
It seems like both the bear and the bull are losing their momentum as gold has moved sideways in the last two trading days, with the price settled close to the opening level. The precious metal trading around 61.8 Fibonacci retracement but has never closed above this bar since the sharp slide on Monday.

The RSI (14) still lingers at low level of 35.14, showing a bearish market.

Trade suggestion

Buy Digital Put Option at 1225.57, Buy Digital Call Option at 1235.00

BRENT
The Brent crude curbed the retreat today, taking off from the low of $38.75 per barrel. The price has cut the Parabolic SAR with a dot stayed below the price, confirming the current rally. The +DI cut the –DI from below, which supports the price to edge up.

Trade suggestion

Buy Digital Call Option at 40.80, Buy Digital Call Option at 39.15.

FTSE
The FTSE is extending the length of its familiar range today. The gauge of 100 U.K blue chips has consistently been trapped between 6110.6 and 6206.3 for more than 2 months. The ADX (14) has lowered to 27.36, indicating that the current trend is not clear. However, the –DI has just crossed over the +DI, a signal for an implied downward direction.

Trade suggestion

Buy Digital Put Option at 6122.8, Buy Digital Call Option at 6176.0.

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