Market Research and Analysis

Daily Market Analysis Report

Wed, 04 Jan 2017 10:04 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7368
  • R2: 0.731
  • R1: 0.7273
  • Pivot Point: 0.7215
  • S1: 0.7157
  • S2: 0.712
  • S3: 0.7062
  • Trading Recommendation:
  • Buy Above: 0.7250
  • Take Profit
  • 1st @ 0.7300
  • Stop Loss @ 0.7230


On Wednesday, the AUDUSD is trading at 0.7229, up 0.09% on the day, having posted a daily high at 0.7233 and low at 0.7214. The pair represented a strong propel this Tuesday, ascending to 0.7240 and shutting the day scarcely beneath this last. Amid the past Asian session, superior to anything expected Chinese information pushed the Aussie higher, as China’s Caixin fabricating PMI for December, came about at 51.9, beating desires of 50.7 and past 50.9, enhancing at its quickest pace in three years.

Fundamental Overview

A private measure of Australia’s manufacturing sector expanded for the third consecutive month in December, as factory output continued to regain momentum after succumbing to volatility in the third quarter. The Australia Industry Group (AiG) performance of manufacturing index (PMI) rose to 55.4 in December, following a 1.3 point increase the previous month. A PMI reading above 50 signals expansion, while a reading below that level points to contraction. December was the third consecutive month manufacturing activity expanded. Output contracted unexpectedly in August, ending 13 straight months of gains.


  • No Economic Event Expected


  • Total Vehicle Sales

Technical Overview

Technically, the AUDUSD consolidates below a double top resistance level of 0.7240 with a slightly bullish momentum. It is likely to target the previously violated level of level of 0.7490 from the previous week. The RSI value is shifted higher to 56 slightly up from 50, representing a crossover in a pair. Today, the AUDUSD can find a resistance at 0.7240 and 0.7285, further the supports remains at 0.7180 and 0.7135.

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