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20180209 -

Feb, 09th 08:43

DAILY REPORT ON FEB 9TH 2018

U.S. stocks edged lower around 4 percent on Thursday and the sell-off pressure is confirming a correction that has thrown the market’s nearly nine-year bull run off course.

The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.

With Thursday’s drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10 percent from Jan. 26 record highs. The S&P 500 slumped 3.8 percent on Thursday, while the Dow dropped 4.2 percent as losses accelerated late in the trading day. It was the second time in history that the Dow has lost more than 1,000 points in a single day. The other time was Monday.

The dollar index was flat at 90.241 after touching a two-week high of 90.567 overnight.

Asian stocks fell on Friday, with Chinese shares slipping to multi-month lows after Wall Street shares dropped again in the face of rapidly-rising bond yields, while perceived havens such as the yen and Swiss franc were in demand.

China’s consumer prices rose by 1.5 percent year-on-year in January of 2018, after a 1.8 percent rise in the prior month and matching market consensus. In China, consumer prices rose 0.6%, compared with a 0.7% gain seen on month in January. The producer price index in China increased by 4.3 percent from a year earlier in January of 2018, compared to a 4.9 percent rise in the prior month.

The Shanghai Composite fell 4.67%. Japan’s Nikkei sunk 2.27 percent or 496.32 points, at 21,394. Australian shares lost 0.89 percent and Hong Kong’s Hang Seng shed 3.46 percent.

U.S. crude futures were down 098 percent at $60.55 per barrel after hitting a seven-week trough of $60.27 on Thursday amid fears of rising global supplies after Iran announced plans to increase production and U.S. crude output hit record highs. Brent crude fell 0.65 percent to $64.39 per barrel.

Gold price edged 2.60 points or 0.20% higher to 1321.50. Silver earned 0.12% to $16.360 an ounce. Copper prices slipped by 0.26% to $3.066 a pound. U.S. cotton is 0.52% lower at $76.57 while sugar gained 2.58% to $13.62.

Bitcoin has made some recovery from the lower levels, currently trading at 7.938, 0.30% higher on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $798.22, up 0.23% on the Bitfinex exchange on Friday.  Ripple’s XRP token was 1.21% higher on the Poloniex exchange, for the day. Litecoin was trading at $144.31, up by 1.84%.

Technicals:

EURJPY

 

Fig: EURJPY D1 Technical chart

EURJPY is trading in the positive zone, above the lower band of the Bollinger bands and is testing the 100 day EMA on the daily charts. The market is trading above the 9 day, 20 day and the 50 day moving averages. The RSI is at 42.42. The MACD has made a negative crossover below the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 133.636, and 134, valid until 23:00 GMT February 9th 2018

GBPUSD

Fig: GBPUSD D1 Technical charts

GBPUSD is trading in the positive zone and is testing the 20 day EMA on the daily charts. The market is trading above the 50 day, 100 day and the 200 day moving averages, but below the 9 day and the 20 day EMA. The RSI is at 5.03. The MACD has made a negative crossover below the signal line, but the positive bias is dominating the market sentiments.

Trade suggestion:

Buy digital Call options between 1.39725, and 1.39943, valid until 23:00 GMT February 9th 2018

USDCHF

Fig: USDCHF D1 Technical charts

USDCHF is trading above the 9 day EMA on the daily chart. Currently, the price action is trading below the 20 day, 50 day, 100 day and the 200 day moving averages. The RSI is at 40.6. The MACD has made a positive crossover above the signal line the signal line. The market is trading in the red zone and some more correction is expected for the day.

Trade suggestion:

Buy digital Put options between 0.93678, and 0.91838, valid until 23:00 GMT February 9th 2018

ZCASH

Fig: ZCASH D1Technical chart

ZEC/USD has made higher highs and higher lows on the daily chart. The RSI is nicely placed at 47.78 The MACD has made a positive crossover above the signal line, The market is trading between the moving averages, above the  9 day and the 200 day, but below the 20 day, 50 day and 100 day moving averages. The market is expected to trade positive for the day.

Trade suggestion:

Buy digital Call options between 410, and 440, valid until 23:00 GMT February 9th 2018

COPPER

Fig: COPPER Technical chart

Copper is trading sideways, below the lower band of the Bollinger bands on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 36.09. The MACD is ready to make a negative crossover below the signal line.

Trade suggestion:

Buy digital Call options between 3.0660, and 3.0804, valid until 23:00 GMT February 9th 2018

NATURAL GAS

Fig: NATURAL GAS D1 Technical charts

Natural Gas continues to make lower lows and lower highs on the daily charts. The market is also trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 34.62. The MACD is below the signal line. The market is sinking to test the lower band of the Bollinger bands.

Trade suggestion:

Buy digital Put options between 2.650, and 2.600, valid until 23:00 GMT February 9th 2018

EURO STOXX 50

Fig: EURO STOXX 50 Technical charts

EURO STOXX 50 is testing the lower band of the Bollinger bands on the daily charts. Currently, the market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 31.48. The MACD has made a negative crossover below the signal line. The market is expected to trade positive for the day.

Trade suggestion:

Buy digital Call options between 3345, and 3370, valid until 23:00 GMT February 9th 2018