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Video:
https://www.youtube.com/watch?v=9FSkpduOFo4
Script:
Good morning, and Welcome to our March 24 market review. As you can see from the calendar there are various retail sales data for the UK, durable goods and jobless claims in the US and various inflation data in Japan, later tonight. The long term refinancing operation from the ECB is also expected today, which could prove to be the most volatile release in the case of an unexpected number.
Looking at the euro dollar we see price has been falling consistently for the past 4 trading sessions, it now may find support at current levels, around 11 50. We think this area may be a could opportunity to buy calls, especially if refinancing from the ecb is not larger than expected. The next support level is on the bottom side of the ichimoku cloud at 10 49, and there is a strong resistance level, which it has been touched twice, at 13 33.
The Aussie has been in a strong rally over the past weeks, and looks like it may be running out of steam. The stochastic oscillator, here, showing overbought levels and momentum to the downside, while the maccadee, here, has crossed below the signal line, indicating more downward momentum may be about to occur.
We see this as a good level to buy puts, as we expect price to retrace to the support line. And that sums up our view on the March 24 trading session.