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Morning Dealing Room Technical Report

August 26, 2015

Market Comment
Australia
The S&P/ASX 200 index jumped 2.72% or 135.972pts to 5137.25 (day range: 5151.7 – 4928.3) on Tuesday. The index is below its 20d MA (@ 5447) and below its 50d MA (@ 5524). 14% of the index constituents are above their 20D MA (vs 10% the previous session) and 21% of the shares are above their 50D MA (vs 16%). Trading volume on the index was high, 69.9% above the 3 months average.

Foreign Exchange
The US dollar rose against its major counterparts with the exception of the NZD and AUD on Tuesday. On the US economic data front, New Home Sales rose to 507K in July from 482K in June and the Consumer Confidence Index was up to 101.5 in August from a revised July reading of 91.The Euro fell against its major counterparts with the exception of the CHF. German GDP was confirmed at +0.4% for 2Q, as expected, vs +0.3% in the previous quarter. German IFO business climate index was up to 108.3 in August from 108 in July. It was anticipated at 107.6.

The Australian dollar was up against its major pairs.
Last %1D %YTD
EUR/USD 1,1494 -1.08 -4.99
GBP/USD 1,5694 -0.52 0.75
USD/JPY 118,98 0.45 -0.61
EUR/CHF 1,0816 0.06 -9.96
EUR/JPY 136,7600 -0.60 -5.45
EUR/GBP 0,7326 -0.56 -5.68
AUD/NZD 1,1012 -0.26 5.09
AUD/JPY 85,0010 0.31 -13.04
EUR/AUD 1,6089 -0.93 8.64
USD/CAD 1,3341 0.41 14.79
USD/CHF 0,9409 1.14 -5.38
AUD/USD 0,7144 -0.17 -12.61
NZD/USD 0,6488 0.06 -16.79

Medium Term Strategy: Forex Pair of the day

GBP/JPY – rebound expected
The pair has posted a pull back on the strong horizontal support at 185 and has rebounded. Further rebound is likely as the 200-days moving averages holds as a support. Next targets are set at 196.70 at first (horizontal resistance and Fibonacci projection of the previous up move) and at 201.60 in extension (same Fibonacci projection). A third target is set at 209 (horizontal resistance). Only a break below the horizontal support and overlap at 185 would turn the outlook to bearish with a first alternative target set at 179.40 (horizontal support) and a second one set at the horizontal support at 175.
  

Intraday Technical Strategy

AUD/USD Intraday: turning down.
Pivot 0.7250
Our preference Short positions below 0.725 with targets @ 0.711 & 0.704 in extension.
Alternative scenario Above 0.725 look for further upside with 0.728 & 0.732 as targets.
Comment The RSI is mixed with a bearish bias.

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