Market Research and Analysis

Daily Market Analysis Report

Tue, 02 May 2017 05:33 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7650 – 0.7445
  • Support & Resistance Levels:
  • R3: 0.7838
    R2: 0.7765
    R1: 0.7721
    Pivot Point: 0.7649
    S1: 0.7576
    S2: 0.7532
    S3: 0.7460
  • Trading Recommendation:
  • Buy Above: 0.7510
    Take Profit:
    1st @ 0.7535
    Stop Loss @ 0.7490

AUDUSD

AUD/USD pushed forcefully higher to begin the new week, scaling over the 0.7500 level and deleting around 60% of a week ago’s losses in a solitary day recovery. The pair is close imperative resistance that will remain to affect the close term incline. AUD/USD fell beneath the 0.7500 handle a week ago, flagging the potential for a break from a range that has played out since the center of January.

2 May AUD
Fundamental Overview

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. There has been a broad-based pick-up in the global economy since last year. Labour markets have tightened further in many countries and forecasts for global growth have been revised up. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth is being supported by increased spending on infrastructure and property construction, with the high level of debt continuing to present a medium-term risk.

AUD

  • Cash Rate
  • RBA Rate Statement

USD

  • Total Vehicle Sales

Technical Overview

AUD/USD has the downside support at the 0.7500 which will remain pivotal for a near-term directional bias. While above the level, the pair is signaling the potential for a recovery. In the event of a break of the 50 period moving average, further resistance is found at 0.7589. Investors are waiting for the big day. Yup, the NFP day ahead before placing any major trade.

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