Market Research and Analysis

Daily Market Analysis Report

Fri, 16 Dec 2016 03:46 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7468
    R2: 0.7432
    R1: 0.7411
    Pivot Point: 0.7375
    S1: 0.7339
    S2: 0.7318
    S3: 0.7282
  • Trading Recommendation:
  • Sell Below: 0.7380
    Take Profit:
    1st @ 0.7340
    Stop Loss @ 0.7405

AUDUSD

AUDUSD is trading at 0.7358, up 0.03% on the day, having posted a daily high at 0.7363 and low at 0.7353. On Thursday, the US Dollar got stronger on the exceptionally strong economic releases. The Philadelphia Manufacturing Business came out as 21.5 up beating the expectation of 9.1. The pair has extended the downside overnight with another strong performance in the greenback on the back of inflationary risks in the US economy and a hawkish Fed scrambling to get ahead of the curve.

16-dec-aud
Fundamental Overview

Employment increased 3,100 to 11,949,300. Unemployment decreased 700 to 714,000. Unemployment rate remained steady at 5.6%. Participation rate remained steady at 64.5%. Monthly hours worked in all jobs increased 0.8 million hours to 1665.4 million hours. Seasonally adjusted estimates (monthly change) Employment increased 39,100 to 11,973,200. Full-time employment increased 39,300 to 8,166,200 and part-time employment decreased 200 to 3,807,000. Unemployment increased 17,000 to 725,200.

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

AUD

  • No Economic Release Expected

USD

  • Building Permits
  • Housing Starts
  • TIC Long-Term Purchases

Technical Overview

AUDUSD trades around 0.7366, Trading below 50 EMA after breaking a descending triangle. Further, it also broke below a strong support level of 0.7395. The RSI value is slightly changed at 32, representing a sell crossover in a pair. Today, the AUDUSD can find a resistance at 0.7390 and 0.7420, further the supports remains at 0.7335 and 0.7280.

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