Market Research and Analysis

Daily Market Analysis Report

Tue, 07 Feb 2017 05:46 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7637
    R2: 0.7597
    R1: 0.7572
    Pivot Point: 0.7533
    S1: 0.7493
    S2: 0.7468
    S3: 0.7429
  • Trading Recommendation:
  • Buy Above: 0.7660
    Take Profit:
    1st @ 0.7690
    Stop Loss @ 0.7640

AUDUSD

AUDUSD has recovered from the session low of 0.7635, but remains on the back foot near 0.7650 ahead of the RBA rate decision. Currently, the AUD/USD pair drops -0.25% to 0.7661, extending retreat from near 0.77 handle. The Aussie is back on the offers following the release of poor Aus retail sales as well as Chinese services PMI data. China’s Jan 2017 Caixin services PMI came at 53.1 vs 53.6 expected and 53.4 last. While Australia’s retail sales for the month of December came at -0.1% vs +0.3% expected and -1.9% previous.

7 Feb AUD
Fundamental Overview

Australian retail turnover fell 0.1 per cent in December 2016, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a rise of 0.1 per cent in November 2016. In seasonally adjusted terms, there were falls in household goods retailing (-2.3 per cent), and other retailing (-0.2 per cent). These falls were offset by rises in food retailing (0.5 per cent), clothing, footwear and personal accessory retailing (1.4 per cent), cafes, restaurants and takeaway food services (0.2 per cent), and department stores (0.3 per cent).

AUD

  • Cash Rate
  • RBA Rate Statement

USD

  • Trade Balance
  • JOLTS Job Openings
  • Consumer Credit m/m

Technical Overview

On Tuesday, the AUDUSD is trading slightly bearish in the early Asian sessions, at 0.7665. The pair is holding below a strong resistance at 0.7690. Besides, below this level, it is likely to lead the market towards next target level of 0.7605 and above this level, market is likely to target 0.7675. The RSI value has shifted to at 61 from 70. Today, the AUDUSD can find a resistance at 0.7660 and 0.7725, further, the supports remains at 0.7595 and 0.7545.

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