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Old 16-11-2016, 07:59 PM
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Default Daily Technical Analysis by Option Banque

Daily Report on November 16, 2016

Asian shares advanced for the first time in the last four trading days, led by energy stocks. The MSCI Asia Pacific added 0.8% with energy sectors jumping 1.4%. Shares of energy companies surged high as crude oil has experienced the best daily gain in seven months, which was driven by OPEC efforts to agree output cuts.

Meanwhile, Japan’s Topix index rallied toa nine-month high thanks to gains in banking shares which have been powered by earnings reports and the recent surge in bond yields.

The dollar fell versus the euro and the yen in Asian morning session after extending its rally yesterday. However, investors are still betting on a high chance that the Federal Reserve will hike rates by the year’s end. Fed Governor Daniel Tarullo on Tuesday said that an interest-rate rise next month was more likely than before. Fed funds futures imply a 94 percent probability of an increase.

Other Fed Presidents including James Bullard, Neel Kashkari and Patrick Harker are scheduled to speak on Wednesday and may shed more light on the likely trajectory of borrowing costs.

Oil futures pared some of their gains nearly 6 percent from the session before, sliding on Wednesday after an industry report showed an unexpected build in U.S. crude stocks last week. According to the weekly report by the American Petroleum Institute, crude inventories climbed by 3.6 million barrels to 488.8 million barrels in the week to November 11. Analyst had expected for an increase of 1.5 million barrels. Official figures on stockpiles from the U.S. Energy Information Administration are due later today.



Fig: USDJPY H4 Technical Chart

USDJPY has been moving sideways under a major resistance at 109.200 after breaking above the 38.2% level at 108.320. As can be observed from the Stochastic chart, the market has penetrated the overbought zone, however, the ADX index is soaring, which implies that the pair may surge higher.

Trade suggestion

Buy Digital Call Option from 109.200 to 110.000 valid until 20:00 GMT November 16, 2016


Fig: AUDUSD H4 Technical Chart

AUDUSD has been moving in a thin range under the resistance at 0.75600. The pair had to give up its strength as the price action failed to cross over short-term MA20. A sliding ADX indicates unclear trend on the market but a RSI index remaining in the bearish zone suggests that the Aussie may fall further.

Trade suggestion

Buy Digital Put Option from 0.75400 to 0.75100 valid until 20:00 GMT November 16, 2016


Fig: Sugar H4 Technical Chart

Sugar has broken below a shrinking trading range yesterday and even breached the support at 21.10 – the lowest level in two weeks. The commodity pulled back as it hit the 23.6% retracement and closed the trading session at the 21.10 level. As investors have already jumped in and bought the dips, sugar may fall lower as the market has still been in a favor of sellers, as indicated by RSI chart.

Trade suggestion

Buy Digital Put Option from 21.05 to 20.80 valid until 20:00 GMT November 16, 2016


Fig: S&P500 H4 Technical Chart

S&P 500 index extended gains in yesterday session from the support at 2155.00. The U.S. benchmark has been powered by the short-term MA20 and may soar higher to attempt the record high at 2193.03 recorded three months ago. The last two candles with no shadows indicate a strong rally. RSI index which is pointing upwards also consolidates further up moves.

Trade suggestion

Buy Digital Call Option from 2180.00 to 2190.00 valid until 20:00 GMT November 16, 2016
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