Market Research and Analysis

Daily Market Analysis Report

Wed, 18 Jan 2017 03:54 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: 0.7520
    Take Profit:
    1st @ 0.7575
    Stop Loss @ 0.7490

AUDUSD

AUDUSD is trading at 0.7560, down -0.03% on the day, having posted a daily high at 0.7571 and low at 0.7559. The pair profited from the Trump reflation exchange being loosened up some more today after Trump’s remarks about the dollar and partnership charge with US markets coming back from their occasions and long end of the week. The DXY dropped after an underlying spike and exchanges in a touchy situation. Besides, the trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.6%. Investment housing commitments rose 1.7%, while owner occupied housing commitments was flat.

18 Jan AUD
Fundamental Overview

The December 2016 trend estimate (97,419) decreased by 0.4% when compared with November 2016. When comparing national trend estimates for December 2016 with November 2016, sales for Passenger and Sports utility vehicles decreased by 0.2% and 1.0% respectively. By contrast, sales for Other vehicles increased by 0.3%. The largest downward movement across all states and territories, on a trend basis, was in Western Australia (-1.4%), continuing a downward trend which commenced in January 2016. Whereas, the trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.6%. Investment housing commitments rose 1.7%, while owner occupied housing commitments was flat.

AUD

  • No Economic Event Expected

USD

  • CPI m/m
  • Core CPI m/m
  • Capacity Utilization Rate
  • Industrial Production m/m
  • NAHB Housing Market Index
  • FOMC Member Kashkari Speaks
  • Beige Book
  • Fed Chair Yellen Speaks
  • TIC Long-Term Purchases

Technical Overview

Technically, the AUDUSD has a strong resistance at 0.7520, double top formation on daily time-frame. Besides, the breakage of 0.7520 is likely to lead the market towards next target level of 0.7560 and below this level market is likely to target 0.7450. The RSI value has shifted to at 61 from 68. Today, the AUDUSD can find a resistance at 0.7590 and 0.7625, further, the supports remains at 0.7525 and 0.7475.

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