Market Research and Analysis

Daily Market Analysis Report

Tue, 30 May 2017 02:29 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: 0.7496
    S2: 0.7435
    S3: 0.7340
  • Trading Recommendation:
  • Still Active
  • Sell Below  0.7465
    Take Profit:
    1st @ 0.7405
    Stop Loss @ 0.7485

AUDUSD

The AUD/USD was a weaker opener in this week but with little follow through the pair is seen falling into a range. Volatility has slowed across the majors as US banks are on holiday in observance of Memorial day. Early losses saw Asia bring the Aud down to 0.7422 on Friday, despite the fact that these were later turned around through Europe/US exchange, and a press to 0.7460 was seen in front of a nearby at 0.7445.

30 May AUD
Fundamental Overview

The trend estimate for total dwellings approved rose 0.1% in April and has risen for three months. The seasonally adjusted estimate for total dwellings approved rose 4.4% in April following a fall of 10.3% in the previous month. PRIVATE SECTOR HOUSES The trend estimate for private sector houses approved fell 0.2% in April and has fallen for 13 months. The seasonally adjusted estimate for private sector houses rose 0.5% in April following a fall of 2.7% in the previous month. The trend estimate for private sector dwellings excluding houses rose 0.5% in April.

AUD

  • Building Approvals m/m

USD

  • Core PCE Price Index m/m
  • Personal Spending m/m
  • Personal Income m/m
  • S&P/CS Composite-20 HPI y/y
  • CB Consumer Confidence

Technical Overview

AUD/USD has a resistance at 0.7448 capped a recovery following the initial gap lower and the pair is seen retesting the level at the European close. An early day drop was bought up at support found at 0.7426 which had acted as resistance earlier this month. Moreover, AUD/USD made two attempts to take out resistance at the psychological 0.7500 handle last week, both resulting in a failure.

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