Market Research and Analysis

Daily Market Analysis Report

Fri, 30 Dec 2016 04:36 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7450 – 0.7085
  • Support & Resistance Levels:
  • R3:     0.7258

    R2:     0.7237

    R1:     0.7224

    Pivot Point:     0.7203

    S1:     0.7182

    S2:     0.7169

    S3:     0.7148

  • Trading Recommendation:
  • Buy Above: 0.7210

    Take Profit:

    1st @ 0.7265

    Stop Loss @ 0.7195

AUDUSD

AUDUSD pair got crisp offers and was seen expanding on to its force back over 0.7200 handle. As of now exchanging around 0.7215 locale, the US Dollar shortcoming no matter how you look at it helped the pair to bounce back from more like 7-month lows. Additionally helping the pair’s recuperation on Thursday is bounce back in base metal costs, particularly Copper, and a sharp slide in the US Treasury security yields, which is seen loaning backing to higher-yielding monetary standards – like the Aussie.

30-dec-aud
Fundamental Overview

The US Dollar remained supported and dragged the exchanged rate lower as In the week ending December 24, the advance figure for seasonally adjusted initial claims was 265,000, a decrease of 10,000 from the previous week’s unrevised level of 275,000. The 4-week moving average was 263,000, a decrease of 750 from the previous week’s unrevised average of 263,750. There were no special factors impacting this week’s initial claims. This marks 95 consecutive weeks of initial claims below 300,000, the longest streak since 1970. The advance seasonally adjusted insured unemployment rate was 1.5 percent for the week ending December 17, unchanged from the previous week’s unrevised rate.

Today on Friday, the investors are recommended to monitor the following events:

AUD

  • Private Sector Credit m/m

USD

  • Chicago PMI

Technical Overview

Technically, the AUDUSD remained sharply bullish, as the pair trades around 0.7295, pushing back up from a support of 0.7165. Further, it also broker below a bullish trend line support level of 0.7490. The RSI value is unchanged at 33, representing a crossover in a pair. Today, the AUDUSD can find a resistance at 0.7240 and 0.7285, further the supports remains at 0.7140 and 0.7090.

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