Market Research and Analysis

Daily Market Analysis Report

Wed, 08 Feb 2017 06:47 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7750 – 0.7375
  • 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:
  • Buy Above: 0.7606
    Take Profit:
    1st @ 0.7665
    Stop Loss @ 0.7585


AUDUSD pair blurred RBA-drove bullish spike and tumbled to three-day lows close to 0.7600 handle in the midst of resurgent greenback request. Right now exchanging around 0.7620 area, off session lows, bouncing back US Treasury security yields gave an extra lift to the US Dollar’s progressing recuperation move and pushing streams far from higher-yielding monetary standards – like the Aussie. Adding to this, downbeat feeling around ware space, particularly copper, is additionally weighing on ware connected monetary forms, including the Australian Dollar.

8 Feb AUD
Fundamental Overview

Reserve Bank of Australia has left its cash rate steady at 1.5 per cent for the fifth consecutive board meeting as it prepares to release forecasts showing economic growth picking up and inflation climbing from 1.5 per cent to more than 2 per cent. In a statement released after the board meeting, Governor Philip Lowe said economic growth was forecast to center around 3 per cent for the next couple of years, well up from the September-quarter figure of 1.8 per cent and the central forecast of 2.4 per cent in the Scope Business Day economists’ forecasting survey.


  • No Exonomic Event Expected


  • Crude Oil Inventories
  • 10-y Bond Auction

Technical Overview

Technically, the AUDUSD is traded bearish at 0.7635, as it was trading in the overbought area, fell towards a major support of 0.7606. The pair is holding below a strong resistance at 0.7690. Besides, below this level, it is likely to lead the market towards next target level of 0.7605 and above this level, market is likely to target 0.7675. The RSI value has shifted to at 50 from 61. Today, the AUDUSD can find a resistance at 7685 and 0.7715, further, the supports remains at 0.7605 and 0.7585.

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There is a substantial risk of loss in trading commodity futures, option and off-change foreign currency products.
Read our General Risk Disclosure.