Market Research and Analysis

Daily Market Analysis Report

Wed, 11 Jan 2017 05:00 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7407
    R2: 0.7375
    R1: 0.7355
    Pivot Point: 0.7323
    S1: 0.7291
    S2: 0.7271
    S3: 0.7239
  • Trading Recommendation:
  • Buy Above: 0.7400
    Take Profit:
    1st @ 0.7470
    Stop Loss @ 0.7365

AUDUSD

AUDUSD continued to trade bullish at 0.7375, maintaining bullish momentum for the 2nd day, despite having bad economic releases from Australia. On Monday, the pair soared to add 58 pips to the opening price of 0.7294, having posted a daily high at 0.7373 and low at 0. 7287. The overall high to a low fluctuation in AUDUSD remained around 85 pips. Whereas, the support in Australian Dollar is extended by the China’s Producer Price Index (PPI) that is released beating the expectation of 4.6%.

11-jan-aud
Fundamental Overview

On Tuesday, the Aussie underpinned by Chinese economic figures as the Chinese consumer inflation rose at a slower but steady pace, while a measure of factory-gate prices improved sharply, pointing to improved productivity and growth in the economy. The consumer price index (CPI) advanced 2.1% from a year ago, after climbing 2.3% in November, the National Bureau of Statistics said in a report on Tuesday. Australian retail turnover rose 0.2 per cent in November 2016, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a rise of 0.5 per cent in October 2016. In seasonally adjusted terms, there were rises in food retailing (0.4 per cent), clothing, footwear and personal accessory retailing (1.7 per cent) and household goods retailing (0.2 per cent).

AUD

  • No Economic Event Expected

USD

  • President-Elect Trump Speaks
  • 10-y Bond Auction
  • FOMC Member Dudley Speaks

Technical Overview

AUDUSD soared to complete the 61.8% retracement at 0.7385 in D1, staying above a 20 period EMA. It is likely to target the previously violated level of level of 0.7490 once it breaks above 0.7405. The RSI value has also stayed unchanged at 69, representing a crossover in a pair. Today, the AUDUSD can find a resistance at 0.7400 and 0.7485, further, the supports remains at 0.73450 and 0.7290.

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