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Asian shares reached their 2016 peak on Wednesday on the prospects of sustainable growth in the US economy, and accommodative monetary policy from central banks around the world, which curbed investors’ risk aversion after that had spiked sharply after the British vote to leave the European Union. MSCI’s broadest gauge of Asia-Pacific shares outside Japan inched 0.2% higher in early trade to 426.62.
The SP500 and Dow industrials were also lifted to record highs on Tuesday due to the sharp rebound in crude prices, which helped boost energy shares. The Dow Jones Industrial Average gained 0.66% to 18,347.67, the SP500 rose 0.7% to 2,152.14, and the Nasdaq Composite added 0.69 points to 5,022.82.
On Tuesday, the Energy Information Administration (EIA) cut its global oil demand estimates for this year, while increasing the demand growth estimates for 2017. However, crude futures dropped slightly in early trading today as traders locked in profits, after the market soared nearly 5% in yesterday’s session following the forecast.
The Bank of England (BOE) is scheduled to make its monetary policy announcement on Thursday. The market expects a rate cut to stabilize and soothe the UK economy from the immediate shock of the Brexit vote.
Australian employment numbers for during June will be released tomorrow, and are expected to fall back to 10,100 after reaching 17,900 in May. This figure is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity, and is an important piece of data given the RBA’s current monetary policy hangs in the balance going forward, and could be swayed by a number that is very different from expectations.
Fig. EURUSD H4 Technical Chart
The US dollar witnessed a slight fall against the Euro and is currently trading around $1.10645. The +DI (green line) has turned upwards, signaling the bullish trend is stronger than the bearish one. The trend indicator is suggesting long positions. It is anticipated that the price will continue going up cautiously, and may test the resistance level at around 1.11304.
Buy Digital Call Option from 1.10645 to 1.11304 valid until 20:00 July 15, 2016
Fig. AUDNZD H4 Technical Chart
AUDNZD has gained continuously for nearly a week now. It has climbed sharply from 1.03101 levels with the support of the parabolics band below. RSI is heading to the overbought territory, currently reading at 59.99, suggesting a continuous up-move for the pair. The DI+ (green line) has refused to cross DI- (green line) and is pointing upwards, encouraging long positions. The surge is expected to last longer.
Buy Digital Call Option from 1.04624 to 1.04965 valid until 20:00 July 15, 2016
Fig. USDCAD H4 Technical Chart
USDCAD has surged significantly due to the plunge in oil prices. RSI is above level 50 and moving towards the overbought zone, suggesting that the price may climb further. The –DI (red line) is about to be pierced from below by the +DI (red line), signaling a strong bull market for the pair in the making. With the encouragement of the 50-day EMA and the trend indicator below, the price is likely to test the resistance level at 1.31429 soon.
Buy Digital Call Option from 1.30585 to 1.31429 valid until 20:00 July 15, 2016
Fig. WTI H4 Technical Chart
WTI prices recovered slightly to $47.17 per barrel after dropping from around 47.21 per barrel at the early session. The +DI (green line) has turned its head down towards –DI (red line), suggesting trimmed strong bullish market for the pair. The signal trend indicator is encouraging a downward trend to come for the commodity. The price is likely to hit the resistance level at around 47.61, then a reversal will happen.
Buy Digital Put Option from 47.61 to 46.65 valid until 20:00 July 15, 2016
Fig. DOW JONES H4 Technical Chart
Dow Jones have soared to a record high of 18346.00, lingering in the overbought territory with RSI of 73.09. This suggests that a reversal may come soon. The buying trend seems to be paring its strength as indicated by the +DI (green line) turning its head lower towards the –DI (red line). With the support of the two moving averages, the price is likely to continue the up-move for the rest of the day. After that, a pullback is expected to occur.
Buy Digital Put Option from 18447.90 to 18283.31 valid until 20:00 July 15, 2016
Fig. PLATINUM H4 Technical Chart
Platinum has retreated slightly from 1107.59, the highest level in more than a year, trading at around 1091.48. RSI is hovering at 54.80 and pointing upwards, suggesting a strong bullish trend for the commodity. The selling power has become weaker as seen in the –DI (red line) pointing down towards the +DI (green line). The DI+ line may soon pierce through the DI- line from below adding further bullishness to the market. The trend indicator has been hinting at buy orders for a long time. With the assistance of the 50-day moving average, the price is expected to move up to retest the 1-year high of 1107.59.
Buy Digital Call Option from 1091.48 to 1107.59 valid until 20:00 July 15, 2016