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Morning Dealing Room Technical Report

August 31, 2015

Market Comment

Australia
The S&P/ASX 200 index gained 0.58% or 30.235pts to 5263.56 (day range: 5305 – 5228.6) on Friday. The index is below its 20d MA (@ 5380) and below its 50d MA (@ 5503). 37% of the index constituents are above their 20D MA (vs 28% the previous session) and 31% of the shares are above their 50D MA (vs 27%).

Foreign Exchange
The US dollar was mixed against its major counterparts on Friday. On the US economic data front, Personal Income increased 0.4% in July. Personal Spending increased 0.3% in July compared to 0.2% in June. The University of Michigan Consumer Sentiment Index declined to a 3 month low to 91.9 in August. (93 estimate).The Euro was under pressure against all its major counterparts . In Europe, euro zone consumer confidence index was -6.9 in August in final estimation vs -6.8 in prior one. It was -7.1 in July. German consumer prices were flat in August (-0.1% expected) after a 0.2% increase the month before. UK GDP growth was +0.7% in 2Q in second estimation, after +0.4% in 1Q.

The Australian dollar was mixed against its major pairs.
Last %1D %YTD
EUR/USD 1,1185 -0.54 -7.55
GBP/USD 1,5396 -0.05 -1.16
USD/JPY 121,47 0.34 1.47
EUR/CHF 1,0768 -0.92 -10.36
EUR/JPY 135,8600 -0.16 -6.08
EUR/GBP 0,7267 -0.47 -6.44
AUD/NZD 1,1096 0.16 5.88
AUD/JPY 87,0330 0.35 -10.98
EUR/AUD 1,5611 -0.55 5.42
USD/CAD 1,3225 0.20 13.79
USD/CHF 0,9628 -0.39 -3.18
AUD/USD 0,7165 -0.01 -12.35
NZD/USD 0,6457 -0.17 -17.19

Medium Term Strategy: Forex Pair of the day

NZD/USD – under pressure
The pair remains in a long-term down trend. The declining 20-day moving average is actively capping the pair and is offering strong resistance. The daily RSI stands below its neutrality area. As a consequence, further weakness is expected with 0.62 as a first target (2009 overlap area) and 0.5840 in extension. A third target is set at April 2009 bottom at 0.55. Only a break above the horizontal resistance at 0.6980 would invalidate this scenario and allow a limited recovery towards the strong horizontal resistance and overlap at 0.72 and towards the resistance at 0.7570 in extension.
 

Intraday Technical Strategy

AUD/USD Intraday: under pressure.
Pivot 0.7180
Our preference Short positions below 0.718 with targets @ 0.7095 & 0.7065 in extension.
Alternative scenario Above 0.718 look for further upside with 0.7205 & 0.725 as targets.
Comment The RSI is badly directed.

 

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Easy Forex Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Easy-Forex recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning Easy-Forex’s products.

 

 
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