Market Research and Analysis

Daily Market Analysis Report

Wed, 07 Jun 2017 05:05 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 0.7520
  • Take Profit:
    1st @ 0.7555
    Stop Loss @ 0.7500

AUDUSD

The AUD/USD is trading at 0.7556, up +0.0049 points and  +0.65% in the European. AUD/USD is on the right track to post a third consecutive day of gains today and briefly traded at a one-month high prior to pulling back. The pair is seen attempting to take out resistance at the psychological 0.7500 handle that had previously triggered a notable turn in late May.

5 June AUD
Fundamental Overview

The trend estimate for inventories rose 0.6% in the March quarter 2017. The seasonally adjusted estimate rose 1.2% this quarter. The trend estimate for Manufacturing sales of goods and services fell 1.0% this quarter. The seasonally adjusted estimate fell 1.4% this quarter. The trend estimate for Wholesale trade sales of goods and services rose 1.9% this quarter. The seasonally adjusted estimate rose 1.5%. The seasonally adjusted estimate for company gross operating profits rose 6.0% in the March quarter 2017. The seasonally adjusted estimate for wages and salaries rose 0.3% in the March quarter 2017.

AUD

  • GDP q/q

USD

  • Crude Oil Inventories
  • Consumer Credit m/m

Technical Overview

AUDUSD is trading at 0.7522, up +0.0010  points and +0.13% in the Asian trading session. Today, the break below 0.7422 would open up downside towards 0.7368. A daily close below the same could yield a re-test of 0.7328 – 0.7300. On the flip side, a break above 0.7445 would expose resistance at 0.7489 and 0.7531. Despite Friday’s sharp rally to 0.7447, the daily RSI remains bearish below 50.00.

Risk Warning:

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