Tuesday 14th July 2015
| Market Comment |
| Australia |
|
The S&P/ASX 200 index fell 0.34% or 18.868pts to 5473.17 (day range: 5543.3 – 5451.1) on Monday. The index is below its 20d MA (@ 5546) and below its 50d MA (@ 5609). 21% of the index constituents are above their 20D MA (vs 24% the previous session) and 20% of the shares are above their 50D MA (vs 18%).
|
| Foreign Exchange |
| The US dollar was higher against its U.S. counterparts on Monday. On the economic data front, U.S. June budget surplus was at $51.5B from $70.5B in May. ($50.5B estimate).The euro was under pressure against its major pairs. There was no major economic data released in Europe on Monday.The Australian dollar was mixed against its major Pairs. |
|
Last |
%1D |
%YTD |
| EUR/USD |
1,1004 |
-1.42 |
-9.04 |
| GBP/USD |
1,5488 |
-0.19 |
-0.57 |
| USD/JPY |
123,43 |
0.52 |
3.12 |
| EUR/CHF |
1,0451 |
-0.21 |
-13.01 |
| EUR/JPY |
135,8200 |
-0.87 |
-6.12 |
| EUR/GBP |
0,7105 |
-1.26 |
-8.51 |
| AUD/NZD |
1,1064 |
-0.25 |
5.58 |
| AUD/JPY |
91,4680 |
0.05 |
-6.44 |
| EUR/AUD |
1,4849 |
-0.92 |
0.27 |
| USD/CAD |
1,2738 |
0.64 |
9.62 |
| USD/CHF |
0,9498 |
1.15 |
-4.48 |
| AUD/USD |
0,7411 |
-0.47 |
-9.35 |
| NZD/USD |
0,6697 |
-0.43 |
-14.11 |
|
|
Currency Updates:
Medium Term Strategy: Forex Pair of the day
USD/JPY – further advance
The pair completed a pullback towards the upper boundary of an Ascending Triangle. Moreover, the ascending 200-day moving average is coming in support and the daily RSI has reversed up above its oversold area. Therefore, as long as 120 holds as a support (former horizontal resistance now acting as a support and rising trend line in place since late 2014), targets on the upside are set at 126 (horizontal resistance) and 127.7 (theoretical target of the triangle). A third target is set at 132. Only a break below 120 would turn the outlook to bearish with a first alternative target at 118 (horizontal support) and 115.50 (December bottom) in extension.
Intraday Technical Strategy
AUD/USD Intraday: under pressure.
| Pivot |
0.7460 |
| Our preference |
Short positions below 0.746 with targets @ 0.737 & 0.735 in extension. |
| Alternative scenario |
Above 0.746 look for further upside with 0.75 & 0.7535 as targets. |
| Comment |
The RSI is badly directed. |
