Daily Market Analysis Report
Fri, 23 Dec 2016 04:10 AM GMT
Author: Senior Forex Analyst, Arslan Ali Butt
- Daily Trading Range:
- 0. 07450 – 0.7085
- Support & Resistance Levels:
- R3: 0.7284
Pivot Point: 0.7224
- Trading Recommendation:
- Sell Below: 0.7225
1st @ 0.7165
Stop Loss @ 0.7245
AUDUSD pair tumbled to a crisp 6-month low of 0.7194 this Thursday, with a sharp intraday decrease in construct metal saying something light of the Aussie. Copper tumbled to its most reduced in over a month this Thursday, in spite of the fact that it trimmed its every day misfortunes in front of the nearby. Press mineral costs likewise fell, down to $76 per ton. There are no monetary discharges booked in Australia for this forthcoming Asian session, and with Japan on siestas, the AUDUSD pair will probably stay restricted to a tight range. From a specialized perspective, the cost is drifting around the 61.8% retracement of the current year’s initial rally, a noteworthy Fibonacci resistance.
The six month annualized development rate in the Westpac-Melbourne Institute Leading Index, which shows the presumable pace of financial action with respect to pattern three to nine months into the future, tumbled from 0.51% in October to 0.11% in November. Westpac’s Chief Economist, Bill Evans, remarked, “This denote the fourth back to back month where the development rate in the Index is above pattern. That took after a time of fifteen successive months where the development rate had been underneath pattern. That supported time of beneath pattern development in the arrangement had been indicating the shortcoming we have found in the economy.
Today on Friday, the investors are recommended to monitor the following events:
No Economic Release Expected
- New Home Sales
- Revised UoM Consumer Sentiment
- Revised UoM Inflation Expectations
Technically, the AUDUSD dipped again to maintain its bearish trend in the market to trade around 0.7208, and keep trading just below 50 EMA as the stronger Dollar keeping the pair bearish. The RSI value is slightly shifted further lower to 35, representing a potential sell in a pair. Today, the AUDUSD can find a resistance at 0.7255 and 0.7285, further the supports remains at 0.7180 and 0.7140.