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Morning Dealing Room Technical Report

September 25, 2015

Market Comment

Australia
The S&P/ASX 200 index jumped 1.47% or 73.534pts to 5071.67 (day range: 5071.7 – 4998.1) on Thursday. The index is below its 20d MA (@ 5102) and below its 50d MA (@ 5328). 50% of the index constituents are above their 20D MA (vs 27% the previous session) and 30% of the shares are above their 50D MA (vs 24%).
Foreign Exchange
The US dollar was mixed against its major counterparts on Thursday. On the economic data front, US Initial Jobless Claims increased to 267K which was below the 272K forecast for the week ending Sept 19. Continuing Claims came in at 2242K for the week ending Sept 12 from a revised 2243K in the week prior. Durable goods orders decreased 2% in August compared to a revised 1.9% increase in July. New Home Sales surged in August to a new 7 year high reporting 552K from a revised 522K in July.

The Euro was higher against its major counterparts except for the NZD. In Europe, German IFO business climate index was up to 108.5 in September from 18.4 the month before. It was expected to be 107.9.

The Australian dollar was higher against its major pairs with the exception of the NZD.
Last %1D %YTD
EUR/USD 1,1224 0.34 -7.22
GBP/USD 1,5246 0.01 -2.12
USD/JPY 120,00 -0.23 0.26
EUR/CHF 1,0957 -0.03 -8.80
EUR/JPY 134,6900 0.12 -6.89
EUR/GBP 0,7362 0.33 -5.21
AUD/NZD 1,1063 -0.87 5.56
AUD/JPY 84,3420 0.12 -13.73
EUR/AUD 1,5970 -0.02 7.84
USD/CAD 1,3313 -0.05 14.57
USD/CHF 0,9761 -0.38 -1.83
AUD/USD 0,7028 0.36 -14.03
NZD/USD 0,6353 1.26 -18.52

Medium Term Strategy: Forex Pair of the day

EUR/GBP – rebound
The pair has broken above a falling wedge upper boundary and remains supported by he 50-days moving average. Moreover, the daily RSI is well directed above its neutrality area. Then, as long as 0.7110 holds as a support, further advance is likely with August 24 top at 0.7420 as a first target. A break above this threshold would call for further bounce towards the previous overlap at 0.76 and towards the strong horizontal resistance at 0.7740 in extension. Only a break below 0.7110 would call for a trend reversal with a first alternative target set at July 17 bottom at 0.6930 and a second one set at 0.6815.

 

Intraday Technical Strategy

AUD/USD Intraday: rebound.
Pivot 0.6980
Our preference Long positions above 0.698 with targets @ 0.706 & 0.709 in extension.
Alternative scenario Below 0.698 look for further downside with 0.6935 & 0.69 as targets.
Comment The RSI is mixed to bullish.

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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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