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Old 01-12-2016, 04:51 PM
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Default Daily Report on December 1, 2016 by Option Banque

Daily Report on December 1, 2016

Crude prices extended their gains on Thursday after soaring strongly on Wednesday as the Organization of the Petroleum Exporting Countries agreed to its first output cut since 2008. Energy shares were given a fresh boost, fueling global benchmark indexes to sweep higher. The MSCI Asia Pacific Index added 0.7 percent with a sub-gauge of energy stocks jumping 4.4 percent. Japan’s Topix index reached highest level since January, rallying 0.9 percent, while Hong Kong’s Hang Seng Index was up 0.6 percent.

OPEC finally took action to clear a glut that has reigned in the market for two years. West Texas Intermediate crude rose more than 1% to trade as high as $50.22 after surging 9.3 percent last session, the biggest one-day gain since Feb. 12. The commodity finished November up 5.5 percent. The OPEC-led deal was broader than expected, given that the output-cut agreement extended beyond the bloc with Russia also joining output reductions for the first time in 15 years.

Meanwhile, after less than a year rejoining the OPEC, Indonesia has suspended its membership of the cartel. The net oil importer said it could not agree to the group's production cuts level which was offered at 37,000 barrels per day (bpd), or about 5 percent of Indonesia’s output.

Elsewhere, Bank of Japan board member Makoto Sakurai on Thursday cleared doubts that the central banks’ bond-buying program was nearing a limit, saying the BOJ would continue to buy massive amounts of government bonds even under a new policy framework targeting interest rates. Speaking in a conference in the city of Otsu, western Japan, Sakurai also underlined supports and efforts of Japanese government and companies to help BOJ beat subdued inflation and growth in Japan by raising wages and promoting innovation.



Fig: USDJPY H4 Technical Chart

USDJPY has been struggling around the 61.8% Fibonacci retracement since yesterday. This is the highest level since early March. The pair reached the overbought market on Wednesday and had to retreat as investors took profit. However, with a market in favor of buyers, USDJPY may break above this level to test the resistance at 116.000.

Trade suggestion

Buy Digital Call Option from 114.500 to 116.000 valid until 20:00 GMT December 01, 2016


Fig: AUDUSD H4 Technical Chart

AUDUSD has given up its bullish strength to reverse lower after hitting the short-term MA20. The pair extended its down moves following a correction from one-week lows at 0.73734. As RSI is pointing to the oversold zone and two MAs are exerting downwards pressure on the price, AUDUSD may fall to as low as 50.0% level.

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Buy Digital Put Option from 0.73800 to 0.73300 valid until 20:00 GMT December 01, 2016


Fig: SILEVR H4 Technical Chart

SILVER has pulled back from 61.8% retracement. Under pressure from two MAs and the Fibonacci level, the metal is anticipated to extend its downside. RSI index has scaled back from the 50 line, suggesting an overwhelmingly dominant bearish force.

Trade suggestion

Buy Digital Put Option from 16.300 to 16.000 valid until 20:00 GMT December 01, 2016


Fig: BRENT H4 Technical Chart

Brent has been trading sideways under a solid resistance at 52.70. The commodity which soared vigorously from the 23.6% retracement has neared the overblown market. Therefore, a consolidation at this level is understandable. The short-term MA20 has converged with the long-term MA50 from below, supporting further advances.

Trade suggestion

Buy Digital Call Option from 52.70 to 53.80 valid until 20:00 GMT December 01, 2016
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