Market Research and Analysis

Daily Market Analysis Report

Mon, 12 Jun 2017 09:14 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 AUDUSD is trading at 0.7539, up +0.0009 points and +.12% in the Asian session. AUD/USD rally slowed in the second half of the week as the pair is on track to post a second consecutive day of declines following a prior four-day winning streak. Losses in the pair over the past two sessions have been minimal, suggesting the recovery from May lows remains intact.

12 June AUD
Fundamental Overview

The Commerce Department said on Friday that wholesale inventories fell 0.5 percent in April after increasing 0.1 percent in March. The department reported last month that wholesale inventories slipped 0.3 percent in April. Automotive inventories fell 1.4 percent while petroleum inventories dropped 5.0 percent, their biggest fall since December 2015. Paper inventories fell 1.8 percent in the category’s biggest drop since January 2013. Wholesale stocks of electrical goods also slipped 0.1 percent while machinery inventories were flat. Sales at wholesalers fell 0.4 percent in April after falling 0.2 percent in March.

AUD

  • RBA Assist Gov Debelle Speaks

USD

  • 10-y Bond Auction
  • Federal Budget Balance

Technical Overview

The AUDUSD is trading at 0.7535, with an immediate resistance at 0.7556, if broken, it would open up new room to upside towards 0.7586 and 0.7600. On the downside, sustained weakness below 0.7520 level is likely to accelerate the slide further towards the 0.75 handle before the pair eventually drops to testing 0.7465 horizontal support.

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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.