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Asian stocks dropped early on Friday, pulling back from the highest level in 8 months after some weak US corporate earnings results, while the yen witnessed a large gain after the Bank of Japan governor indicated a reduced need for stimulus expansion.
The MSCI Asia Pacific Index lost 0.1% but still headed for a 0.4% gain on the week. South Korea’s Kospi lost 0.4 percent and Australian shares dropped 0.2 percent. The Yen gained the most in four weeks during the last session as central bank Governor Haruhiko Kuroda downplayed the need for “helicopter money” monetary policies.
Japan’s Nikkei lost 1 percent, under downward pressure from the yen’s rally on Thursday. The index is still heading for a weekly rise of 0.9 percent, during which it reached an eight-week peak thanks to an initially weaker yen and hopes for further stimulus expansion.
The Euro has seen little change against the US dollar, surrendering most of its gains following European Central Bank President Mario Draghi’s comments that the central bank would take time to reassess any changes in the economic outlook. The European Central Bank (ECB) has held off on further easing of monetary policy as markets had expected.
The New Zealand dropped 0.8% to as low as $0.6968, hitting the lowest level in six weeks after the Reserve Bank of New Zealand unusual meeting’s result. The bank has signaled a likely cut in the official cash rate next month and raised the possibility of another reduction further down the track, due to a lower-than-expected 0.4 per cent increase in the CPI in June. Currently, analysts expect the bank to cut the cash rate – which stands at 2.25 per cent – by a quarter of a percentage point at its next opportunity on August 11.
Gold rebounded from a three-week low after the European Central Bank said it would consider expanding the economic stimulus as needed once it had a clearer assessment of the Brexit vote’s economic impact.
Fig: EURUSD H4 Technical Chart
EURUSD has been tiptoeing between the range of 1.09750 and 1.11657, under the downward pressure of the two moving averages above. RSI is lingering around the 46.58 level and pointing down, suggesting a bearish trend is about to be formed. The trend indicator is encouraging short positions. The price is anticipated to continue the current trend for the rest of the day, and may test the support level at 1.09750 soon.
Buy Digital Put Option from 1.10231 to 1.09750 valid until 20:00 July 22, 2016
Fig: AUDNZD H4 Technical Chart
AUDNZD has dropped from the resistance of 1.07678 to around 1.06833. RSI is standing at 53.77 and heading down, forming a bearish pattern for the pair. The DI- (red line) has crossed the DI+ (green line), suggesting that the bear is stronger than the bull. It is anticipated that the price will continue going down and may hit the support area of 1.06041.
Buy Digital Put Option from 1.06794 to 1.06041 valid until 20:00 July 22, 2016
Fig: USDCADH4 Technical Chart
The US dollar is on track to gain against the Canadian dollar with the support of the parabolics sar band below. RSI is heading straight to the overbought territory. The ADX has soared to 44.10, along with +DI (green line) pointing up and getting far away from –DI (green line), signalling strong bullish momentum for the pair USDCAD. The resistance of 1.31411 is expected to be tested soon.
Buy Digital Call Option from 1.31042 to 1.31411 valid until 20:00 July 22, 2016
Fig: SILVER H4 Technical Chart
The Silver price is lingering around 19.725, under the pressure of the parabolics sar band above. The price is moving languidly at the area of Fibonacci 38.2%. RSI has crossed over level 50 and turning down, which may create a downtrend in the market. The commodity is likely to plunge further, headed straight to the Fibonacci 50.0%.
Buy Digital Put Option from 19.717 to 19.080 valid until 20:00 July 22, 2016
Fig: BRENT H4 Technical Chart
Brent price has rebounded slightly from the support level of 46.15, and the RSI has just bounced from the oversold territory to around 40.53. The price is still under downward pressure from the 50-day moving average and the parabolics sar, signaling that a reversal may occur after the price hits the resistance level of 47.66.
Buy Digital Call Option from 46.61 to 47.66 valid until 20:00 July 22, 2016
Fig: DOW JONES H4 Technical Chart
Dow Jones is inching up slightly, trimming a part of its losses after falling from an all-time high of 18636.30. However, the index is anticipated to fall back soon after some brief correction as can be seen on the ADX (14) indicator chart. The price has just broken through the two MAs from above. This is expected to lead the index lower. The trend indicator shows that since the last day of June, the index has accumulated a very substantial move of 7950-pips up to now.
Buy Digital Put Option from 15513.00 to 18412.20 valid until 20:00 July 22, 2016