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On Friday, Asian shares extended their rally to the highest level in 8 months thanks to better-than-expected economic data from China. In particular, the world’s second largest economy grew 6.7% in the second quarter compared with the same period last year, slightly beating investors’ expectations, as the government has been intensifying its efforts to stabilize the economy.
MSCI’s broadest gauge of Asia-Pacific shares outside Japan inched up 0.9 percent, heading for a 5% weekly gain. Japan’s Nikkei was up 1.2%, also on track for a weekly gain of 9% on a weaker yen, after Japanese Prime Minister Shinzo Abe had hinted at stimulus expansion following his coalition’s victory last week.
The sterling gained momentum today, adding 0.5% to around $1.3415, after the Bank of England’s decision to keep the interest rate on hold at 0.5%, which surprised many investors who had expected a rate cut following the Brexit referendum.
According to data from the Labor Department, the number of Americans filling for unemployment benefits remained unchanged at 254,000 for the week ended July 9, holding near the 43-year low. The positive figure indicates continuing improvement and stability in the labor market after the blowout performance in the June jobs number.
Fig. USDJPY H4 Technical Chart
Thanks to a weakening yen, USDJPY continues to extend its uptrend from the support of 99.929 that was tested immediately after the Brexit vote, and is currently placed significantly higher than the important psychological barrier at 100. RSI (14) hovers around the overbought threshold, proving that the bullish momentum is still holding. More advances are expected if the price can break through the firm resistance area of 106.24.
Buy Digital Call Option from 106.454 to 107.530 valid until 20:00 July 15, 2016
Fig. GBPUSD H4 Technical Chart
In response to the BoE decision of holding the UK benchmark rate unchanged, the British sterling has ticked up strongly, leading the pair GBPUSD higher, after having hit an all-time low of 1.27928. This current up-move is likely to continue as indicated by a pretty high reading of ADX (14). Longs on the currency pair are encouraged via the green trend indicator arrow under the price action.
Buy Digital Call Option from 1.34836 to 1.36969 valid until 20:00 July 15, 2016
Fig. AUDNZD H4 Technical Chart
After testing a record low of 1.03094, a week earlier, the Aussie has bounced higher, quick and hard against the Kiwi. A large gain of 256 pips on the pair AUDNZD has been noted by the trend indicator. A reversal into a downtrend is expected to occur soon due to the excessive strength of the AUD. Besides, the stochastics chart shows that this pair is struggling in the overbought zone, attempting to pull back. The resistance of 1.07308 is expected to be tested.
Buy Digital Put Option from 1.07212 to 1.06834 valid until 20:00 July 15, 2016
Fig. SILVER H4 Technical Chart
Early in July, SILVER hit a resistance of 21.088 post the results of the Brexit referendum. Since then, it has been moving languidly in a narrow range of 19.863 to 20.642. Both the RSI (14) and ADX (14) indicators are signalling that the two opposite sites – buyers and sellers – are in an indecisive state. The metal is anticipated to move sideways for some time, before creating a new market trend.
Buy Digital Put Option from 20.045 to 19.741 valid until 20:00 July 15, 2016
Fig. BRENT H4 Technical Chart
The two moving averages have already been pierced by from above by the last candle. The short-term SMA 14 also lies under the long-term SMA 21. This indicates that the commodity may fall further to the support of 45.87. The trend indicator has suggested a short position on BRENT since yesterday
Buy Digital Put Option from 46.93 to 46.27 valid until 20:00 July 15, 2016
Fig. CAC40 H4 Technical Chart
CAC40 has contracted slightly after reaching the resistance of 4401.06, matching the signals of a pull back on the Stochastics chart. The index is currently in overbought territory. RSI (14) also shows that the index is hovering around the threshold of 70. Further declines are expected during the rest of the day today.
Buy Digital Put Option from 4365.66 to 4320.47 valid until 20:00 July 15, 2016