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20180309 -

Mar, 09th 07:42

DAILY REPORT ON MARCH 9, 2018

The three major U.S. stock indexes closed higher on Thursday after President Donald Trump appeared to soften his stance on trade tariffs, easing trade war fears that had had the market on edge for a week.

Trump announced import tariffs on steel and aluminum but said Canada and Mexico would be exempt and that other countries could apply for exemptions, although details of when they would be granted were thin.

“This is something that bites less than what the rhetoric was last week,” said Chuck Carlson, Chief Executive Officer at Horizon Investment Services in Hammond, Indiana.

The Dow Jones Industrial Average rose 93.85 points, or 0.38 percent, to close at 24,895.21, the S&P 500 gained 12.17 points, or 0.45 percent, to 2,738.97 and the Nasdaq Composite added 31.30 points, or 0.42 percent, to 7,427.95.

Major Asian nations reacted sharply to U.S. President Donald Trump’s decision to impose tariffs on steel and aluminum imports on Friday, warning of damage to relations amid industry calls for retaliation.

Japan said the move would have a “big impact” on the countries’ close bilateral ties, while China said it was “resolutely opposed” to the decision and South Korea said it may file a complaint to the World Trade Organization.

The Bank of Japan stayed the course with its monetary stimulus at Governor Haruhiko Kuroda’s final policy meeting before his new term begins next month.

The BOJ kept its yield-curve control settings and asset purchases unchanged, a result forecast by all economists surveyed by Bloomberg.

With inflation still far from the BOJ’s 2 percent target, Kuroda made it clear during parliamentary confirmation hearings this week that “powerful monetary easing” is here for a while. The two new deputy governors who are set to join the board later this month also endorsed continued monetary easing.

Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with U.S. President Donald Trump.

Brent crude futures were at $63.77 per barrel at 0423 GMT, up 16 cents, or 0.25 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $60.23 a barrel, up 11 cents, or 0.2 percent.

Gold was 0.22 percent down at $1,318.80 an ounce. Silver earned 0.27% to $16.450 an ounce. Copper prices were 0.23% lower to $3.073 a pound. U.S. cotton is at $84.61, 0.40% higher.

Bitcoin is currently trading at 8,361.7, 14.34% lower on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $641.61, 13.83% lower on the Bitfinex exchange on Friday.  Ripple’s XRP token was 13.34% down on the Poloniex exchange, for the day. Litecoin was trading at $159.49, down by 12.84%.

Technicals:

USDNOK

Fig: USDNOK D1 Technical chart

USDNOK is trading in the positive zone on the daily charts. The market is trading above the 9 day and the 20 day moving averages, but below the 50 day, 100 day, and the 200 day moving averages. The RSI is at 49.87. The MACD is above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 7.84036, and 7.86014, valid until 23:00 GMT March 9, 2018

AUDUSD

Fig: AUDUSD D1 Technical charts

AUDUSD is trading sideways on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, and 100 day). The RSI is at 45.55. The MACD has made a positive crossover above the signal line. The positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 0.77959, and 0.78140, valid until 23:00 GMT March 9, 2018

GBPUSD

Fig: GBPUSD D1 Technical charts

GBPUSD is trading in the negative zone on the daily chart. Currently, the price action is trading above the 100 day, and the 200 day moving averages, but below the 9 day, 20 day and the 50 day. The RSI is at 44.06. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 1.37935, and 1.37760, valid until 23:00 GMT March 9, 2018

BITCOIN CASH

Fig: BITCOIN CASH D1Technical chart

BCH/USD is trading in the negative zone and is testing the lower band of the Bollinger bands on the daily chart. The RSI is nicely placed at 32.20. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is below the signal line. The market is expected to trade in the negative territory.

Trade suggestion:

Buy digital Put options between 910.00, and 875.25, valid until 23:00 GMT March 9, 2018

SILVER

Fig: SILVER D1 Technical chart

Silver is trading in the negative zone on the daily charts. The market is trading below all the moving average (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 45.30. The MACD is above the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 16.334, and 16.250, valid until 23:00 GMT March 9, 2018

COFFEE

Fig: COFFEE D1 Technical charts

Coffee is trading in the negative zone 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 45.46. The MACD is ready to make a negative crossover below the signal line. The market is expected to trade in the negative zone for the day.

Trade suggestion:

Buy digital Put options between 120.00, and 119.30, valid until 23:00 GMT March 9, 2018

RUSSELL 2000

Fig: RUSSELL 2000 Technical charts

RUSSELL 2000 is trading sideways testing the upper band of the Bollinger bands on the daily charts. Currently, the market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 58.16. The MACD is above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy digital Call options between 1571, and 1585, valid until 23:00 GMT March 9, 2018