Market Research and Analysis

Daily Market Analysis Report

Mon, 09 Jan 2017 02:16 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7407
    R2: 0.7375
    R1: 0.7355
    Pivot Point: 0.7323
    S1: 0.7291
    S2: 0.7271
    S3: 0.7239
  • Trading Recommendation:
  • Buy Above: 0.7280
    Take Profit:
    1st @ 0.7355
    Stop Loss @ 0.7260


AUDUSD plunged to trade at 0.7302, falling 29 pips, having posted a daily high at 0.7354 and low at 0.7287. The overall high to low fluctuation of the AUDUSD remained around 67 pips. Whereas, the bearish movement in the pair was caused by the stronger dollar despite of worse than expected U.S Labor market figures. Lastly, the strength in China’s Yuan is doing little to help the Aussie dollar as well.

Fundamental Overview

Australia’s trade balance jumped back in the black in November, logging the first surplus seen since March 2014. According to the ABS, a surplus of $1.243 billion was reported in seasonally adjusted terms, well above the $500 million deficit that had been expected by economists. It was the largest surplus recorded since February 2014, and followed a run of 31 consecutive monthly deficit. The ABS said that the value of exports jumped by 8% to $30.083 billion while import values were flat, coming in at $28.84 billion. On the export side of the ledger, the value of non-rural goods surged by $2.322 billion.


  • AIG Construction Index


  • Labor Market Conditions Index
  • Consumer Credit m/m

Technical Overview

AUDUSD broke above a 50 period EMA at 0.7302 opposing a well maintained a bullish momentum. It is likely to target the previously violated level of level of 0.7490 from the previous week. The RSI value has also shifted higher to 69 slightly up from 59, representing a crossover in a pair. Today, the AUDUSD can find a resistance at 0.7340 and 0.7485, further the supports remains at 0.7280 and 0.7245.

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