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Morning Dealing Room Technical Report

November 6, 2015

Market Comment

Australia
The S&P/ASX 200 index fell 0.94% or 49.322pts to 5192.97 (day range: 5247.6 – 5167.4) on Thursday. The index is below its 20d MA (@ 5258) and above its 50d MA (@ 5164). 62% of the index constituents are above their 20D MA (vs 69% the previous session) and 74% of the shares are above their 50D MA (vs 76%).

Foreign Exchange
The US dollar was higher against all of its major counterparts except for the NZD and EUR on Thursday. On the economic data front, U.S. Jobless Claims rebounded to a 5 week high reaching 276K for the week ending Oct 31 from 260K the week before. (262K estimate). Continuing claims reached 2163K for the week ending Oct 24 from a revised 2146L the week before (2140K estimate). Finally, the Bloomberg US weekly consumer comfort index declined to 41.1, the lowest level in 7 weeks compared to 42.8 the week before.

The Euro was higher against most of its major pairs except for the NZD. In Europe, euro zone retail sales fell 0.1% in September after being flat in August. Economists expected a 0.2% increase. German factory orders decreased 1.7% in September after a 1.8% drop a month earlier. Consensus was a 1% gain. BoE kept its main benchmark interest rate at 0.5% and stuck to its asset purchase target of £375B. BoE governor signaled that rate would stay low for a while longer.

The Australian dollar was mixed against all its major pairs.
Last %1D %YTD
EUR/USD 1,0881 0.14 -10.06
GBP/USD 1,5206 -1.17 -2.38
USD/JPY 121,74 0.16 1.72
EUR/CHF 1,0830 0.34 -9.85
EUR/JPY 132,4600 0.30 -8.43
EUR/GBP 0,7156 1.32 -7.86
AUD/NZD 1,0813 -0.22 3.18
AUD/JPY 86,9830 0.14 -11.02
EUR/AUD 1,5228 0.17 2.83
USD/CAD 1,3169 0.14 13.31
USD/CHF 0,9952 0.19 0.09
AUD/USD 0,7145 -0.06 -12.60
NZD/USD 0,6608 0.21 -15.25

Currency Updates:

Intraday Technical Strategy

AUD/USD Intraday: the downside prevails.
Pivot 0.7175
Our preference Short positions below 0.7175 with targets @ 0.712 & 0.709 in extension.
Alternative scenario Above 0.7175 look for further upside with 0.72 & 0.7225 as targets.
Comment As long as the resistance at 0.7175 is not surpassed, the risk of the break below 0.712 remains high.

Intraday Technical Strategy

AUD/USD Intraday: the downside prevails.
Pivot 0.7175
Our preference Short positions below 0.7175 with targets @ 0.712 & 0.709 in extension.
Alternative scenario Above 0.7175 look for further upside with 0.72 & 0.7225 as targets.
Comment As long as the resistance at 0.7175 is not surpassed, the risk of the break below 0.712 remains high.

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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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