Market Research and Analysis

Daily Market Analysis Report

Tue, 24 Jan 2017 08:40 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7637
    R2: 0.7597
    R1: 0.7572
    Pivot Point: 0.7533
    S1: 0.7493
    S2: 0.7468
    S3: 0.7429
  • Trading Recommendation:
  • Sell Below: 0.7565
    Take Profit:
    1st @ 0.7530
    Stop Loss @ 0.7585

AUDUSD

AUDUSD pair finished the third back to back week with strong additions, having achieved 0.7588, it’s most noteworthy since early November last Friday. Backing the Aussie were Chinese development figures, as the annualized final quarter GDP came about at 6.8%, marginally above accord gauges. The figure has a drawback as it affirmed that amid 2016, Chinese economy recorded its most minimal pace of development in 26 years. By the by, bobbing items toward the finish of the week, on trusts China’s log jam is starting to invert, supported the Aussie. Amid the up and coming days, Australian Q4 swelling next Wednesday will become the dominant focal point.

24 Jan AUD
Fundamental Overview

Sales of new homes in Australia rebounded sharply in November in a sign the boom in residential construction has a while to run yet, an industry survey reported on Friday. The Housing Industry Association (HIA) said its survey of large-volume builders showed new home sales rose a seasonally adjusted 6.1 percent in November. Sales of houses increased by 5.2 percent, while apartment sales jumped 9.3 percent. “At this stage of the new home building cycle that’s a very impressive result – this is already the largest and longest national new home construction cycle in history,” said HIA chief economist, Harley Dale.

AUD

  • CB Leading Index m/m
  • MI Leading Index m/m

USD

  • Flash Manufacturing PMI
  • Existing Home Sales
  • Richmond Manufacturing Index

Technical Overview

Technically, the AUDUSD has a strong resistance at 0.7580, holding above a double top resistance come support level of 0.7565, formation on daily time-frame. Besides, the breakage below 0.7520 is likely to lead the market towards next target level of 0.7460 and above this level, market is likely to target 0.7610. The RSI value has shifted to at 61 from 68. Today, the AUDUSD can find a resistance at 0.7590 and 0.7625, further, the supports remains at 0.7525 and 0.7475.

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