Market Research and Analysis

Daily Market Analysis Report

Fri, 09 Jun 2017 07:32 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
  • Buy Above 0.7520
  • Take Profit:
    1st @ 0.7555
    Stop Loss @ 0.7500

AUDUSD

The AUDUSD is trading at 0.7540, up -0.0009 points and -0.12% in the Asian session. The rally in AUD/USD has taken a delay as the pair is seen combining beneath yesterday’s highs. Without a late day rally, the cash pair will snap an earlier four-day winning streak. While today’s value activity could be flagging a withdraw, the sharp pick up in the earlier four sessions consolidated with just a little misfortune today indicates a moderating of force in the pair while keeping up an upside predisposition.

9 June AUD
Fundamental Overview

Trade balance figures did not have a significant impact on the currency pair as the Australian Bureau of Statistics reported a staggering decline to $555 million in the Australian trade surplus for April from a surplus of $3.11 billion reported in the prior month. Unemployment claims from the US improved to 245,000 last week versus an expected 241,000 claims. However, There was an upward revision for the prior week to 255,000 from the originally reported 248,000.

AUD

  • Home Loans m/m

USD

  • Final Wholesale Inventories m/m

Technical Overview

Technically, the AUDUSD is trading at 0.7538, with an immediate resistance at 0.7556, if broken, it would open up new room to upside towards 0.7586 and 0.7600. On the flip side, a breakdown of support at 0.7531 could yield a pullback to 0.75  and 0.7478.

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