Market Research and Analysis

Daily Market Analysis Report

Fri, 09 Dec 2016 03:37 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7550 – 0.7275
  • Support & Resistance Levels:
  • R3: 0.7527
  • R2: 0.7501
  • R1: 0.7486
  • Pivot Point: 0.746
  • S1: 0.7434
  • S2: 0.7419
  • S3: 0.7393
  • Trading Recommendation:
  • Buy Above: 0.7420
  • Take Profit:
  • 1st @ 0.7385
  • Stop Loss @ 0.7450

AUDUSD

AUDUSD is trading at 0.7452, down -0.36% on the day, having posted a daily high at 0.7510 and low at 0.7429. The pair remains to consolidate in the Asian session after dropping massively in yesterday on a bullish Greenback. The strength in Greenback was underpinned by the ECB, as they left rates unchanged along with extending the QE program by nine months.

9-dec-aud
Fundamental Overview

Fundamentally, there was a slight change in the Home Loans m/m. Trend estimate for the total value of dwelling finance commitments excluding alterations and additions rose 0.3%. Investment housing commitments rose 1.5%, while owner occupied housing commitments fell 0.5%. In seasonally adjusted terms, the total value of dwelling finance commitments, excluding alterations and additions fell 0.2%.

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

AUD

  • Home Loans m/m

USD

  • Prelim UoM Consumer Sentiment
  • Final Wholesale Inventories m/m
  • Prelim UoM Inflation Expectations

Technical Overview

AUDUSD trades at 0.7453 holding below a strong triple top resistance in H4 as well as above a bullish trend line support level of 0.7480. The RSI value has shifted lower to 49 from 63. Today, the AUDUSD can find a resistance at 0.7480 and 0.7530, further the supports remains at 0.7430 and 0.7385.

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