Market Research and Analysis

Daily Market Analysis Report

Fri, 24 Mar 2017 05:55 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7850 – 0.7445
  • Support & Resistance Levels:
  • R3: 0.7838
    R2: 0.7765
    R1: 0.7721
    Pivot Point: 0.7649
    S1: 0.7576
    S2: 0.7532
    S3: 0.7460
  • Trading Recommendation:
  • Sell Below: 0.7610
    Take Profit:
    1st @ 0.7645
    Stop Loss @ 0.7580

AUDUSD

AUDUSD is trading at 0.7621, down -0.08% on the day. Presently exchanging around 0.7610 districts, the pair has now slipped beneath the 50-day SMA support to 1-1/2 week lows in the midst of wide based greenback recuperation. Rising US treasury security yields stays strong of the recuperation move saw around the key US Dollar Index and has been one of the elements weighing on higher-yielding monetary forms – like the Aussie. In addition, the continuous bearish conclusion in the item space, particularly copper, is further marking interest for were connected monetary forms and worked together to the pair’s remedial slide.

24 March AUD
Fundamental Overview

Filings for U.S. unemployment benefits rose to a seven-week high, representing a departure from other data showing a solid labor market. Jobless claims increased by 15,000 to 258,000 in the week ended March 18, a Labor Department report showed Thursday. The median forecast in a Bloomberg survey called for 240,000. On an unadjusted basis, applications jumped in Ohio and Kansas. Even with the pickup in claims last week, hiring managers have been slow to dismiss workers as the labor market tightens and job vacancies become harder to fill with skilled and experienced employees.

AUD

  • No Economic Event Expected

USD

  • FOMC Member Kaplan Speaks
  • FOMC Member Evans Speaks
  • Core Durable Goods Orders m/m
  • Durable Goods Orders m/m
  • Flash Manufacturing PMI
  • Flash Services PMI

Technical Overview

Today on Friday, the AUDUSD conitues to trade bearish at 0.7621, above a double bottom support level of 0.7610.  Previously, the pair fell on the weaker Gold prices and stronger dollar from the resistance level of 0.7640. For now, the pair is holding below the same resistance level of 0.7665. The RSI is failed to cross over above 50 and holding at 39 for now. Currently, the pair can find a resistance at 0.7660 and 0.7690. While, the supports remains at 0.7610 and 0.7580.

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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.