Market Research and Analysis

Daily Market Analysis Report

Fri, 06 Jan 2017 04:49 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:
  • Sell Below: 0.7320

    Take Profit:

    1st @ 0.7285

    Stop Loss @ 0.7340


AUDUSD is trading at 0.7347, up 0.10% on the day, having posted a daily high at 0.7351 and low at 0.7335. The information discharged in Australia before today indicated exchange adjust swung to an excess of $1.2 billion in November. This was the principal surplus since mid-2014. Nonetheless, the energetic information neglected to reinforce the offer tone around the Aussie dollar. Besides, the quality in China’s Yuan today is doing little to help the Aussie dollar also. Later in the day, NFP Non-farm employment changed and Unemployment rates are releasing that seems to be already priced in the market.

Fundamental Overview

The Australian Industry Group Australian Performance of Services Index lifted by 6.6 points to 57.7 points in December. This was the highest monthly result for the services sectors since May 2007. This sustained the lift into growth seen in November, following three months of stability or contraction. (Results above 50 points indicate expansion, with higher numbers indicating a stronger rate of expansion). All five activity sub-indexes in the Australian PSI were above 50 points and indicate expansion in December. Sales jumped 14 points in December, up to 62.1 points from 48.1 in November.


  • Trade Balance


  • Average Hourly Earnings m/m
  • Non-Farm Employment Change
  • Unemployment Rate
  • Trade Balance
  • Factory Orders m/m
  • FOMC Member Evans Speaks

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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