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Morning Dealing Room Technical Report

November 20, 2015

Market Comment

Australia
The S&P/ASX 200 index surged 2.13% or 109.453pts to 5242.57 (day range: 5242.6 – 5133.1) on Thursday. The index is above its 20d MA (@ 5198) and above its 50d MA (@ 5164). 70% of the index constituents are above their 20D MA (vs 46% the previous session) and 71% of the shares are above their 50D MA (vs 62%).
Foreign Exchange
The US dollar was under pressure against all its major counterparts on Thursday. On the economic data front, US Initial jobless claims lowered to 271K for the week ending Nov 14 compared to 276K the week before. Continuing claims fell 2K to 2175K and remain down 8% relative to levels a year-ago. The Philadelphia fed business outlook index rose to 1.9 this month, above the (-0.5) estimate and above the (-4.5) back in Oct. Finally, the conference board US leading index rose 0.6% in Oct, above the 0.5% estimate compared to a decrease of 0.2% last month.

The Euro was higher against most of its major pairs except for the NZD and AUD. In Europe, UK retail sales fell 0.6% in October vs a 1.7% rise a month ago. Economists anticipated a 0.5% decline.

The Australian dollar pushed higher against all of its major pairs except for the NZD.
Last %1D %YTD
EUR/USD 1,0734 0.69 -11.27
GBP/USD 1,5289 0.34 -1.85
USD/JPY 122,89 -0.61 2.67
EUR/CHF 1,0876 0.03 -9.47
EUR/JPY 131,9100 0.10 -8.81
EUR/GBP 0,7021 0.35 -9.60
AUD/NZD 1,0971 -0.15 4.67
AUD/JPY 88,3790 0.52 -9.60
EUR/AUD 1,4924 -0.43 0.79
USD/CAD 1,3296 -0.05 14.41
USD/CHF 1,0132 -0.66 1.89
AUD/USD 0,7192 1.14 -12.02
NZD/USD 0,6556 1.30 -15.92

Currency Updates:

Medium Term Strategy: Forex Pair of the day

AUD/USD – under pressure
The pair is posting a rebound but stands below the strong horizontal resistance at 0.7530 and remains capped by the 200-days moving average. As a consequence, further weakness is expected with a first target at 0.69 (September bottom) and a second one set at 0.6650. A third target is set at 0.6350 (horizontal support). Only a rebound above the strong horizontal resistance at 0.7530 would turn the outlook to bullish with a first alternative target set at the previous overlap at 0.7805 and a second one set at May top at 0.8165.

Intraday Technical Strategy

AUD/USD Intraday: further advance.
Pivot 0.7150
Our preference Long positions above 0.715 with targets @ 0.722 & 0.725 in extension.
Alternative scenario Below 0.715 look for further downside with 0.7115 & 0.707 as targets.
Comment The RSI is well 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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