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Daily Report for September 29, 2017
European shares advanced on Friday, on course for their best monthly gains this year after U.S. stock benchmark indices were at or near record highs in the previous session. In Asian trading session, MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4 percent, paring weekly losses to a 1.7 percent decline after falling for six days in a row.
The index recorded a gain of around 4.7 percent for the quarter, completing its third quarterly gain, the best run since the end of the first quarter 2013. Likewise, the pan-European STOXX 600 steadied at a two-month high while the Eurostoxx 50 index at a three-month top. Germany’s DAX 30 index and U.K.’s FTSE 100 Index both added 0.2 percent.
Among biggest movers on Friday, shares of Volkswagen AG led markets with shares shedding more than 3 percent after the German carmaker warned that its third-quarter operating result would be affected by a charge of around €2.5 billion ($2.94 billion) as a result of recalls in North America. Volkswagen is scheduled to publish third-quarter results on October 27.
Data released by the Japan’s Statistics Bureau, the country’s core inflation accelerated in August and extended the upward rally to an eighth straight month. Indeed, nationwide core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, was reported to advance 0.7 percent, in line with forecast following a 0.5 percent rise in July.
Meanwhile, Japan’s industrial production climbed 2.1 percent last month, beating an estimate of 1. 8 percent thanks to the fact that manufacturers of construction equipment, autos, and electronic parts produced more goods.
Fig: AUDCAD H4 Technical Chart
As can be seen from the price chart, the pair AUDCAD has been under downward pressure exerted by two moving averages hanging above the price action. The pair has breached a firm support at 0.97500 and is heading downwards in an attempt to retest another strong support at 0.97000. While RSI index is edging lower, ADX index is on a rise, signaling further declines.
Buy Digital Put Option from 0.97400 to 0.97000 valid until 20:00 GMT September 29, 2017
Fig: GBPUSD H4 Technical Chart
The pair GBPUSD has been depressed by two moving averages which are lingering above the price action, especially the short-term MA20. The pair once again surpassed a strong support at 1.33800 and is edging lower to attempt a level at 1.33000. While ADX index is rising with a widening gap between the –DI and +DI lines, RSI index is ticking down, indicating a strengthening bearish force.
Buy Digital Put Option from 1.33600 to 1.33000 valid until 20:00 GMT September 29, 2017
Fig: AUDUSD H4 Technical Chart
AUDUSD reversed lower after having hit a strong resistance at 38.2% Fibonacci retracement. The price is expected to trade lower under downward pressure from a couple of moving averages. The pair is anticipated to test a support at 0.77900 with the market dominated by sellers, as indicated by RSI index that has plunged to as low as 36.77.
Buy Digital Put Option from 0.78300 to 0.77900 valid until 20:00 GMT September 29, 2017
Fig: GOLD H4 Technical Chart
As can be seen from the chart, the price action has been depressed by a couple of moving averages, especially the short-term MA20. The RSI index reversed lower, remaining in the bearish zone, indicating a recovering bearish force in the market. The precious metal is expected to trade lower, likely to test a significant level at 61.8% Fibonacci retracement.
Buy Digital Put Option from 1286.00 to 1278.00 valid until 20:00 GMT September 29, 2017
Fig: USDCAD H4 Technical Chart
USDCAD rebounded from a dynamic support at the short-term MA20 after a period of moving sideways. The pair is anticipated to trade higher due to the fact the buyers are dominating in the market, as indicated by the RSI index that has edged up to as high as 62.00. A resistance at 1.25150 is anticipated to be tested.
Buy Digital Call Option from 1.24700 to 1.25150 valid until 20:00 GMT September 29, 2017
Fig: DAX 30 Index H4 Technical Chart
Germany’s DAX 30 Index has been tracing an uptrend that has sent the stock benchmark index to the highest level since late June. The index is facing a strong resistance at 12750.00 but is expected to head higher. With both RSI and ADX index surging strongly which indicates a strengthening bullish force in the market, a resistance at 12830.00 is anticipated to be tested.
Buy Digital Call Option from 12750.00 to 12830.00 valid until 20:00 GMT September 29, 2017