Market Research and Analysis

Daily Market Analysis Report

Thu, 08 Jun 2017 08:53 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:
  • Still Active
  • Buy Above 0.7520
  • Take Profit:
    1st @ 0.7555
    Stop Loss @ 0.7500

AUDUSD

The AUD/USD is trading at 0.7550, up -0.0001 points  in the Asian session. AUD/USD kept on progressing on Wednesday, quickly touching a five-week high preceding withdrawing. The pair posted a main part of today’s additions taking after superior to expected Australian information and is seen endeavoring to scale over the 200-period day by day moving normal.

5 June AUD
Fundamental Overview

Australia’s trade surplus narrowed much more than expected in April, as exports declined much faster than imports at the start of the second quarter. After seasonal adjustments, Canberra’s trade surplus stood at A$555 million in March, down from a revised $3.17 billion surplus the prior month, the Australian Bureau of Statistics reported Thursday. Economists in a median forecast called for the surplus to narrow to $1.9 billion. Exports fell at a seasonally adjusted 8% in April, after rising 2% the previous month. On the opposite side of the ledger, declined just 0.1%, following a 5% rise in March.

AUD

  • Trade Balance

USD

  • Unemployment Claims
    Natural Gas Storage

Technical Overview

Technically, the AUDUSD is trading at 0.7550, up -0.0001 points  in the Asian session. 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.

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