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FxGrow Fundamental Analysis – 16th Feb, 2017
By FxGrow Investment Research Desk
Australian Dollar touches new year highs after strong local data, US Data Eyed
AUD/USD extended bullish momentum on Asian trading sessions taking advantage of two elements. First by positive Australian unemployment rate at 5.7%, second by collapsing US dollar as US index plunged today at 100.72 low. The pair clocked 2017-fresh-highs at 0.7731, tripped shortly with 0.7692 low and currently fighting to reclaim the 0.7700 level as the cable is trading at 0.7698 intraday. Markets are anticipating US data today with Unemployment rate and Building Permits in focus, both scheduled at 1:30 PM GMT.
Trend : Bullish Sideways
Key levels to watch : Daily Pp 0.7687
Resistance levels : R1 0.7725 , R2 0.7773, R3 0.7850
Support levels : S1 0.7680, S2 0.7608, S3 0.7526
Remark : look forward for US data release today which will bring high volatility in the market. Closing above R1 will fuel fresh buying and further attacks to R2 & R3 level. Stalling below S1 is an alarm for further selloffs and wash towards S2, then S3. Below S3 level is an indication that the pair has ended the jet ride and the momentum has turned bearish.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Investment Research Desk
Australian Dollar touches new year highs after strong local data, US Data Eyed
AUD/USD extended bullish momentum on Asian trading sessions taking advantage of two elements. First by positive Australian unemployment rate at 5.7%, second by collapsing US dollar as US index plunged today at 100.72 low. The pair clocked 2017-fresh-highs at 0.7731, tripped shortly with 0.7692 low and currently fighting to reclaim the 0.7700 level as the cable is trading at 0.7698 intraday. Markets are anticipating US data today with Unemployment rate and Building Permits in focus, both scheduled at 1:30 PM GMT.
Trend : Bullish Sideways
Key levels to watch : Daily Pp 0.7687
Resistance levels : R1 0.7725 , R2 0.7773, R3 0.7850
Support levels : S1 0.7680, S2 0.7608, S3 0.7526
Remark : look forward for US data release today which will bring high volatility in the market. Closing above R1 will fuel fresh buying and further attacks to R2 & R3 level. Stalling below S1 is an alarm for further selloffs and wash towards S2, then S3. Below S3 level is an indication that the pair has ended the jet ride and the momentum has turned bearish.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.