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Sep 25, 2016

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Market Analysis

Home » Latest News » Option Banque Technical Analysis Report: 31-Mar-2016

Option Banque Technical Analysis Report: 31-Mar-2016

Posted by Option_Banque in Latest News - March 31st, 2016 12:33 pm GMT

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Read full technical analysis report here

On Wednesday, the ADP announced that the private sector employment gained 200,000 jobs in March, down slightly from the level 205,000 in previous month but closed with Wall Street’s prediction. The release contributes towards some consolidations to the expectation on the nonfarm payrolls report to be released on April 01.
The U.S. Energy Information Administration (EIA) also reported oil inventories for the week which ended on March 23. The stockpiles follow a seven-consecutive-week increase. According to EIA, the oil supplies climbed 2.3 million barrels last week, under the 2.6 million-barrel rise announced by the American Petroleum Institute. The WTI oil prices surged up immediately to $39.79 per barrel and then dropped back, paring the gains.
Today, Bank of Japan Governor Haruhiko Kuroda stated that there is no “quantitative limit” to his easing policy, the yen seems to be depreciated continuously to protect the economic growth.
In China, the central bank settled the reference rate of USDCHY at 6.4612, the yuan inched up 0.35% against the green currency.

Technicals

EURUSD

EURUSD is currently in uptrend from the support at 1.08229, formed on March 2. With RSI pointing down to 70, the pair is in the overbought territory and preparing for a strong reverse. After hitting the resistance at 1.13641, the highest level of the year on March 30, the pair is supposed to drop further, retesting the support at 1.12063 soon.

Trade suggestion
Buy Digital Put Option at 1.12315, Buy Digital Call Option at 1.13805.

USDCHF

USDCHF extended the recovery at 0.96547 after hitting the support at 0.95886 yesterday. RSI is hovering around 34, pointing to level 50 along with ADX 23.1777, indicating that the buying power is stronger and stronger. Though the two moving averages are putting pressure on the pair, the price is expected to go up and test the resistance at 0.97960, formed on March 11.
Trade suggestion
Buy Digital Call Option at 0.97858, Buy Digital Put Option at 0.95874.

GBPJPY

GBPJPY fell consecutively from the resistance at 188.837, the highest level since August 2015. ADX is now above level 25, along with DI+ heading down towards DI-, suggesting a strong bearish market. The pair takes pressure from the EMAs above, both in long-term and short-term, anticipated to hit the support level at 154.754 before bouncing back.

Trade suggestion
Buy Digital Put Option at 158.354, Buy Digital Call Option at 162.845

GOLD

GOLD witnesses a strong downtrend from the resistance at 1284.09 created on March 11. The commodity current price is 1227.69, taking pressure from the upper dot band and the two moving averages. The bearish market is expected to last more with the price hitting the support level at 1223.40, formed on March 29.

Trade suggestion
Buy Digital Call Option at 1238.20, Buy Digital Put Option at 1224.92.

NASDAQ

Fig: NASDAQ D1 Technical Chart
The current price of NASDAQ is 4478.01. The index is in uptrend with the continuous gain from the support level at 3867.67, formed on February 11. RSI hovering around 66 and heading down, signals that the price has just retreated from the overbought territory. The index is anticipated to have witness a reversal, testing the support level at 4410.54.
Trade suggestion
Buy Digital Put Option at 4451.25, Buy Digital Call Option at 4495.46.

WTI

WTI is now traded at 38.49 after falling from the resistance at 42.53, formed on March 18. With RSI hovering around 37, there is an indication of the selling power being strong. Besides, ADX is staying at 24, along with DI- above DI+, suggesting that the bearish position is dominant. The commodity is supposed to test the support at 37.57, formed on March 15 before pulling back.

Trade suggestion
Buy Digital Put Option at 36.660, Buy Digital Call Option at 38.302.

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