Market Research and Analysis

Daily Market Analysis Report

Thu, 05 Jan 2017 05:03 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7368
  • R2: 0.731
  • R1: 0.7273
  • Pivot Point: 0.7215
  • S1: 0.7157
  • S2: 0.712
  • S3: 0.7062
  • Trading Recommendation:
  • Buy Above: 0.7280

    Take Profit:

    1st @ 0.7330

    Stop Loss @ 0.7265


On Thursday, the AUDUSD is trading at 0.7305, up 70 pips on the day, having posted a daily high at 0.7293 and low at 0.7224. The psychological level of 0.73 is also the 38.2% Fib retracement level of the drop from the Dec 14th high of 0.7525 to Dec 23th low of 0.7160. Aussie side of the story could become an integral factor taking after the arrival of China administrations PMI information. Later in the day, the month to month US ADP private part business report could impact the general interest for the US dollars.

Fundamental Overview

A private measure of Australia’s manufacturing sector expanded for the third consecutive month in December, as factory output continued to regain momentum after succumbing to volatility in the third quarter. The Australia Industry Group (AiG) performance of manufacturing index (PMI) rose to 55.4 in December, following a 1.3 point increase the previous month. A PMI reading above 50 signals expansion, while a reading below that level points to contraction. December was the third consecutive month manufacturing activity expanded. Output contracted unexpectedly in August, ending 13 straight months of gains.


  • AIG Services Index


  • ADP Non-Farm Employment Change
  • Unemployment Claims
  • Final Services PMI
  • ISM Non-Manufacturing PMI

Technical Overview

Technically, the AUDUSD broker above a double top resistance level of 0.7240 maintaining a bullish momentum. It is likely to target the previously violated level of level of 0.7490 from the previous week. The RSI value has also shifted higher to 69 slightly up from 59, representing a crossover in a pair. Today, the AUDUSD can find a resistance at 0.7340 and 0.7485, further the supports remains at 0.7280 and 0.7245.

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