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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 24-Mar-2016

Option Banque Technical Analysis Report: 24-Mar-2016

Posted by Option_Banque in Latest News - March 24th, 2016 12:37 pm GMT

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Read full technical analysis report here

The US dollar witnessed a bright performance as James Bullard from Fed yesterday announced that the central bank may consider to raise the interest rate at the next meeting in April. The DXY index just surged up to around 96.0 and is expected to strengthen against the basket of major currencies.

Today, the Bank of Japan (BOJ) issued a summary of policy makers’ opinions, which emphasize the pressure on negative rate. BOJ Governor Kuroda said the possibility of continuing loose monetary policy is high and he was willing to reduce the interest rate to stimulate domestic economy. Japan’s Nikkei Stock Average dropped 0.4% this morning.

Meanwhile, the People’s Bank of China (PBOC) set the mid-point rate of USDCNY at 6.5150, declining 0.33% from the level of 6.4936 yesterday. After that, the Shanghai Composite Index was down 1% and Hong Kong’s Hang Seng Index slid 1.2%. The Yuan is predicted to depreciate 7% against the green currency over the next year, according to a report issued yesterday.

On Wednesday, the U.S. Energy Information Administration (EIA) released the number of crude stockpiles, which jumped 9.4 million barrels last week, three times above expectations. After the report, oil prices dived into the oversold territory, indicating that any reversal is not prevailed.

Technicals

USDJPY
USDJPY has witnessed a strong drop from the resistance at 121.770, the highest level in more than 2 months. Now the pair extended the recover from the support at 110.582 after consecutively moving in sideways due to the pressure of the solid downtrend before. It is expected to test the resistance at 115.023, formed on February 16.

Trade suggestion

Buy Digital Call Option at 114.300, Buy Digital Put Option at 111.780

AUDNZD
AUDNZD has escaped from the overbought territory with RSI heading down at 61, indicating that the buying power is weaker. According to the parabolic sar, the dots begin to appear above the price movement, suggesting the bearish market formed instead of the strong bullish market before. The pair is supposed to continue falling from the resistance at 1.13400, formed on March 23.

Trade suggestion

Buy Digital Put Option at 1.11225, Buy Digital Call Option at 1.12680.

USDCHF
USDCHF is now in downtrend, which began from March 10, with the current price 0.97521. The pair is moving in sideways, testing the resistance at 0.97674. RSI is 54, hovering around 50, signaling no clear direction for the pair. However, the downtrend is supposed to continue with the price hitting the support at 0.96514.

Trade suggestion

Buy Digital Put Option at 0.96990, Buy Digital Call Option at 0.97860.

SILVER
After hitting the resistance at 16.134 on March 18, SILVER fell down steeply as shown the range of red candles. The two EMAs start to move above the price movement, along with the ADX staying above 40, indicating strong bearish market. Though the price inched up at 15.243, the downtrend seems to last more, putting downward pressure on the commodity. The price is expected to hit the support at 15.127 soon.

Trade suggestion

Buy Digital Call Option at 15.425, Buy Digital Put Option at 15.025.

BRENT
Brent is in uptrend with the ADX hovering above level 30 and RSI staying at 60.36, indicating that the bull is strong. The commodity current price is 41.10, up 1.06% compared with the opening price. The bullish market is anticipated to last more. The price seems to heading up to the overbought zone, hitting the resistance at 43.05.

Trade suggestion

Buy Digital Put Option at 39.040, Buy Digital Call Option at 41.040.

SPX500
After hitting the support level at 1807.84, SP500 turns to uptrend with the current price at 2036.66. ADX is now above level 40 with DI+ moving above DI-, signaling a strong bullish market. Despite the last red candle, the index is expected to continue the uptrend. The price is supposed to have a slightly drop then bounce back and hit the resistance at 2082.17, formed on December 30, 2015.

Trade suggestion

Buy Digital Put Option at 2027.65, Buy Digital Call Option at 2037.30.

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