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Daily report on July 29, 2016 -

Jul, 29th 07:49

Asian shares hit the highest level in a year on Friday, while the yen reached a two-week peak as investors are waiting to see if the Bank of Japan (BOJ) will implement an economic stimulus program as per the market’s expectation. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped to the highest level since August 11 before pulling back to trade down 0.2 percent.

The BOJ is widely expected to expand its stimulus further by intensifying its asset purchase program, and may cut interest rates further. The Japanese government has strongly urged the BOJ to ease monetary policy further and prepared a statement to publish in case the central bank decides to ease.

The yen was up 0.7% percent at 104.449 per dollar in comparison with the last settlement, with all eyes on the BOJ’s policy decision.

The European shares tumbled on Thursday, as markets stayed cautious ahead of the release of the stress test results of European banks on Friday night. The euro showed little change at $1.1085, up almost 1% this week, but headed for a monthly loss of 0.2 percent in July.

In the US, the greenback is weighed down by yesterday’s economic data. The number of individuals who filed for unemployment insurance for the first time during last week was reported at 266,000, surprising investors as they had expected the figure of 261,000 – creating downward pressure on the USD.

Investors are waiting for the U.S. government’s initial reading on second quarter gross domestic product later today for more clues on the health of the world’s largest economy.

Technicals

USDCHF

USDCHF

Fig. USDCHF H4 Technical Chart

The Swissie is on course to strengthen against the dollar, leading the pair USDCHF to fall further from the resistance of 0.99489, which was created two days earlier. RSI (14) currently is hovering near the oversold threshold, indicating that the bear is overwhelming. Shorts on this currency pair seem attractive as suggested by the trend indicator.

Trade suggestion

Buy Digital Put Option from 0.97855 to 0.97617 valid until 20:00 July 29, 2016

EURGBP

EURGBP

Fig. EURGBP H4 Technical Chart

Since hitting a low of 0.82478 on July 14th, EURGBP has been forming a gradual up channel on the price chart. For now, the price is falling back from the upper channel line, and the lower line is likely to be tested. The pair may bounce back to climb higher if the support at the lower channel line holds. The trend indicator has appeared under the price action since Monday, signaling a long position on the pair.

Trade suggestion

Buy Digital Call Option from 0.83903 to 0.84202 valid until 20:00 July 29, 2016

NZDUSD

NZDUSD

Fig. NZDUSD H4 Technical Chart

After failing to break through the firm support of 0.69505 early this week, the Kiwi is on track to edge up significantly versus the USD. Up untill now, the weekly gains seem to be confirmed as the price is anticipated to extend its uptick till the end of day today. The bull flag is rising high as seen on the RSI (14) indicator chart.

Trade suggestion

Buy Digital Call Option from 0.71159 to 0.71347 valid until 20:00 July 29, 2016

SILVER

SILVER

Fig. SILVER H4 Technical Chart

SILVER has been consolidating for some time, after reaching a two-week high of 20.490 on the back of the indecisive FOMC meeting, and the uncertainty ahead of the BOJ meeting. RSI (14) is at 59.3620, indicating that the buying power is still strong. The metal may benefit from the two moving averages below to climb higher, and retest the current resistance.

Trade suggestion

Buy Digital Call Option from 20.256 to 20.350 valid until 20:00 July 29, 2016

WTI

WTI

Fig. WTI H4 Technical Chart

The stochastic chart shows that %K line and %D line have been struggling in oversold territory for a short period of time, after the market has marked a big move-down of 45 pips. The descending trend from the resistance of 46.88 may be about to die down and a reversal into an uptrend may come about soon.

Trade suggestion

Buy Digital Call Option from 40.96 to 41.43 valid until 20:00 July 29, 2016

NASDAQ

NASDAQ

Fig. NASDAQ H4 Technical Chart

The trend indicator highlights that since the last working day of June, NASDAQ has followed an up move  from the four-month low of 4173.46. From then to now, the index has accumulated a substantial gain of 3562 pips. Currently, the price is lingering around the reading of 4719.15, implying that the two sides – buyers and sellers – are acting indecisively. A pull back is likely to happen, after a brief time sideways.

Trade suggestion

Buy Digital Put Option from 4705.32 to 4683.29 valid until 20:00 July 29, 2016

 

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