Market Research and Analysis

Daily Market Analysis Report

Wed, 31 May 2017 05:24 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7650 – 0.7445
  • Support & Resistance Levels:
  • R3: 0.7838
    R2: 0.7765
    R1: 0.7721
    Pivot Point: 0.7649
    S1: 0.7496
    S2: 0.7435
    S3: 0.7340
  • Trading Recommendation:
  • Buy Above 0.7445
  • Take Profit:
    1st @ 0.7470
    Stop Loss @ 0.7415

AUDUSD

AUD/USD was under weight taking after the current week’s open however the pair discovered purchaser’s in the Asian session and has revitalized about a large portion of a penny since, eradicating early day misfortunes and demonstrating a pick up. Today’s pick up will snap an earlier three-day losing streak albeit a week ago’s specialized improvements propose the pair is endeavoring to turn lower, in accordance with the transcendent downtrend from the late March top.

31 May AUD
Fundamental Overview

All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the notes to the tables listed below. Data for the levels of financial aggregates are not adjusted for series breaks. Historical levels and growth rates for the financial aggregates have been revised owing to the resubmission of data by some financial intermediaries, the re-estimation of seasonal factors and the incorporation of securitisation data. The RBA credit aggregates measure credit provided by financial institutions operating domestically.

AUD

  • Private Sector Credit m/m
  • AIG Manufacturing Index

USD

  • FOMC Member Kaplan Speaks
  • Chicago PMI
  • Pending Home Sales m/m
  • Beige Book

Technical Overview

AUD/USD has a resistance at 0.7448 capped a recovery following the initial gap lower and the pair is seen retesting the level at the European close. An early day drop was bought up at support found at 0.7426 which had acted as resistance earlier this month. Moreover, AUD/USD made two attempts to take out resistance at the psychological 0.7500 handle last week, both resulting in a failure.

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