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Morning Dealing Room Technical Report

September 22, 2015

Market Comment

Australia
The S&P/ASX 200 index was down 2.02% or 104.258pts to 5066.24 (day range: 5170.5 – 5027.4) on Monday. The index is below its 20d MA (@ 5121) and below its 50d MA (@ 5362). 31% of the index constituents are above their 20D MA (vs 61% the previous session) and 24% of the shares are above their 50D MA (vs 33%). Trading volume on the index was high, 52.6% above the 3 months average.

Foreign Exchange
The US dollar was higher against all its major counterparts on Monday. On the economic data front, US existing home sales lowered to 5.31M in August from 5.59M in July (5.50M estimate).

The Euro was under pressure against its major counterparts. In Europe, German PPI index fell by 0.5% in August after being flat in July. It was expected to slid by 0.3%. According to Rightmove, UK house prices increased 0.9% in September after a 0.8% drop a month earlier.

The Australian dollar was lower against its major pairs with the exception of the EUR and NZD.
Last %1D %YTD
EUR/USD 1,1191 -0.95 -7.50
GBP/USD 1,5506 -0.19 -0.46
USD/JPY 120,52 0.46 0.70
EUR/CHF 1,0875 -0.66 -9.47
EUR/JPY 134,8800 -0.52 -6.77
EUR/GBP 0,7218 -0.69 -7.07
AUD/NZD 1,1284 -0.41 7.67
AUD/JPY 85,9620 -0.28 -12.07
EUR/AUD 1,5689 0.05 5.95
USD/CAD 1,3252 0.20 14.03
USD/CHF 0,9718 0.33 -2.27
AUD/USD 0,7133 -0.78 -12.75
NZD/USD 0,6321 -1.22 -18.93

Medium Term Strategy: Forex Pair of the day

USD/JPY – under pressure
The pair has broken below the lower boundary of the triangle pattern and then faced a pull back ahead of further weakness below the moving averages. Moreover, the daily RSI stands below its neutrality area. Then, further weakness is likely with 115.50 as a first target (December bottom) and 113.40 in extension (horizontal support). A third target is set at 110 (strong horizontal support and overlap). Only a rebound above 126 (June top)à would call for a bullish trend reversal with 127.70 as a first alternative target and 132 in extension.

 

Intraday Technical Strategy

AUD/USD Intraday: the downside prevails.
Pivot 0.7200
Our preference Short positions below 0.72 with targets @ 0.7105 & 0.708 in extension.
Alternative scenario Above 0.72 look for further upside with 0.723 & 0.7275 as targets.
Comment The RSI is mixed with a bearish bias.

 

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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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