Market Research and Analysis

Daily Market Analysis Report

Wed, 08 Mar 2017 09:56 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 0. 7750 – 0.7375
  • 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:
  • Sell Below 0.7575
    Take Profit:
    1st @ 0.7550
    Stop Loss @ 0.7595

AUDUSD

AUDUSD trades lower at 0.7561, down -0.0027 points and -0.36% on Wednesday. The pair appears to have hit a solid boundary close to the 0.7600 locales after today’s Chinese exchange adjust information demonstrated an unexpected shortfall for February. The drop in exchange adjusts information was basically driven by a sharp spurt in imports, rising 44.7% y-o-y and lower-than-anticipated ascent in fares. In spite of the disillusioning feature number, hop in imports appears to loan some support to the China-intermediary Australian Dollar.

8 March AUD
Fundamental Overview

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Conditions in the global economy have continued to improve over recent months. Business and consumer confidence have both picked up. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth is being supported by higher spending on infrastructure and property construction. This composition of growth and the rapid increase in borrowing mean that the medium-term risks to Chinese growth remain. The improvement in the global economy has contributed to higher commodity prices.

AUD

  • No Economic Event Expected

USD

  • ADP Non-Farm Employment Change
  • Revised Nonfarm Productivity q/q
  • Revised Unit Labor Costs q/q
  • Final Wholesale Inventories m/m
  • Crude Oil Inventories
  • 10-y Bond Auction

Technical Overview

AUDUSD trades dramatically bearish below a resistance level of 0.7570 and has also formed test bar candlestick in the 30 Mins timeframe. Moreover, it has also violated a previously mention support levels of 0.7575. The RSI value has shifted to at 31 from 44 with the sharp shift. Today, the AUDUSD can find a resistance at 7575 and 0.7610, further, the supports remains at 0.7550 and 0.7520.

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