Market Research and Analysis

Daily Market Analysis Report

Thu, 08 Dec 2016 03:45 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7527
  • R2: 0.7501
  • R1: 0.7486
  • Pivot Point: 0.746
  • S1: 0.7434
  • S2: 0.7419
  • S3: 0.7393
  • Trading Recommendation:
  • Buy Above: 0.7470
  • Take Profit:
  • 1st @ 0.7525
  • Stop Loss @ 0.7450

AUDUSD

AUDUSD is trading at 0.7479, down -0.01% on the day, having posted a daily high at 0.7482 and low at 0.7478. But on Thursday, the pair is trading bullish despite having worse than expected Trade Balance figures. The stability in Gold and Oil market is also playing its role in underpinning the AUD. On Wednesday, the low to high movement remained 62 pips.

8-dec-aud
Fundamental Overview

In trend terms, the balance on goods and services was a deficit of $1,565m in October 2016, a decrease of $154m (9%) on the deficit in September 2016. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,541m in October 2016, an increase of $269m (21%) on the deficit in September 2016. In seasonally adjusted terms, goods and services credits rose $389m (1%) to $27,631m. Non-rural goods rose $223m (1%) and non-monetary gold rose $198m (13%).

Today on Thursday, the investors are recommended to monitor the following events:

AUD

  • Trade Balance

USD

  • Consumer Credit m/m
  • Unemployment Claims
  • Natural Gas Storage

Technical Overview

AUDUSD is trades at 0.7483 after breaking above a strong triple top resistance in H4 at bullish trend line support level of 0.7480. The RSI value has shifted higher to 63 and it is demonstrating a signal of further buying in the pair. Today, the AUDUSD can find a resistance at 0.7510 and 0.7530, further the supports remains at 0.7460 and 0.7435.

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Read our General Risk Disclosure.