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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 29-Mar-2016

Option Banque Technical Analysis Report: 29-Mar-2016

Posted by Option_Banque in Latest News - March 29th, 2016 2:50 pm GMT

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Read full technical analysis report here

On Monday, economic data from the Commerce Department’s report shows that the goods trade deficit in February is expanding, indicating that the US’s inflation is still under a sluggish situation. As the report was released, consumer spending, which accounts for more than two-thirds of U.S. economic activity, just rose 0.1% last month, compared to 0.5% gain in January. After which, many economists lowered their forecasts on the US’s first-quarter growth to 1.5%, instead of 2.3% as the previous goal.

The interest rate hike will come across difficulties to be continued at the Fed’s meeting in April as there are negative signals from the economic growth. Today, the market is waiting for Chairman Yellen’s speech. Fed watchers are discussing if Yellen will re-emphasize about the April meeting to be a “live meeting,” indicating that the central bank could raise rates or not.

Yesterday, China announced its services and merchandise trade surplus was at $9.9 billion in February, a significant fall from $35 billion in January. Whereas, Japan’s consumer spending in February rose for the first time in six months, a positive signal for the country’s growth.

In Asian trade on Tuesday, oil prices continued dropping slightly from the two-month peak. The US oil and Brent was down to $39.53 and $40.55 per barrel, respectively, expected to slide a little before bouncing back.

Technicals

USDJPY

After the strong drop from the resistance at 121.729 created on January 29, USDJPY moved in wide ranges between 110.622 and 114.952. The dots moving below the price movement signal that the pair is in the bullish market. The price is expected to continue going up and retest the resistance at 114.952, formed on February 16.Trade suggestion
Buy Digital Call Option at 114.520, Buy Digital Put Option at 113.050.

EURGBP

EURGBP current price is 0.78617. The pair is now in strong uptrend with the support of the two EMAs, both in short-term and long-term. RSI is 55.6154, heading to the overbought territory, indicating strong buying power. The bullish market is anticipated to last more with the pair hitting the resistance at 0.79477, formed on March 24.Trade suggestion
Buy Digital Call Option at 0.79261, Buy Digital Put Option at 0.78291.

NZDUSD
NZDUSD extended the recover at 0.67491 from the support at 0.66641, the lowest level in more than 10 days, after the consecutive drop from the strong resistance at 0.68751 formed on March 18. The ADX hovering around 39 as well as DI+ moving above DI- suggests strong bullish trend. The pair is supposed to hit the resistance at 0.67931 created on March 21.Trade suggestion
Buy Digital Call Option at 0.67700, Buy Digital Put Option at 0.67375.

GOLD
GOLD fell consecutively from the resistance at 1271.51, formed on March 17 and now is traded at 1217.68. The commodity is in downtrend, which is anticipated to last more as RSI 39 points to oversold territory. The price is expected to continue falling from the current price of 1217, hitting the support at 1207.87, created on March 28 before pulling back.Trade suggestion
Buy Digital Put Option at 1211.72, Buy Digital Call Option at 1223.00.

BRENT
BRENT is in strong uptrend created from the support at 27.39, the lowest level of the year. RSI hovers above level 50, showing strong buying power. Though the price inched down at 40.56 currently, the bullish market seems to continue. The commodity is expected to witness a slight drop then go up and retest the resistance at 42.97, formed on March 18.Trade suggestion
Buy Digital Put Option at 38.92, Buy Digital Call Option at 40.66.

FTSE
FTSE is now traded at 6145.80, extending the recover from the support at 6089.70. ADX staying above level 25, DI+ heading up to above DI-, as long with RSI hovering around 46 indicates strong buying trend. The index is anticipated to continue the bullish market, hitting the resistance at 6236.00, formed on March 18.

Trade suggestion
Buy Digital Put Option at 6105.85, Buy Digital Call Option at 6148.53.

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