FxGrow Fundamental Analysis – 06th Feb, 2017
By FxGrow Investment Research Desk
Australian Dollar Slips on Disappointing Local Data, Awaiting RBA Move
Aussie opened trading session with disappointing local data with retails sales -0.1% compared 0.1% on previous sessions. AUD/USD had the chance to continue withstrong tone facing collapsing US dollar, as US index sank last week to 15-Nov-2017-fresh-lows at 99.23. AUD/USD, last Thursday, clocked a high 0.7696 11-Nov-2017 fresh highs, but faded away from 0.77 handle after negative retail sales.
Eyes now are focused on RBA move, awaiting interest rates decision whether to keep it at current 1.5% or change it with a hike at less expectations. Although forecasts are to leave interest rates at current 1.5% due to strong Australian and growing economy, but the cable could witness some volatility due to the event itself. Also, the interest rate decision will be followed by RBA rate statement or speech and hints of strong economy and positive growing might add some boosters for the AUD level.
Trend : Bullish sideways
Key levels to watch : Daily Pp 0.7677
Resistance levels : R1 0.7691, R2 0.7732, R3 0.7853
Support levels : S1 0.7586, S2 0.7510, S3 0.7450
Remark : Look forward for RBA interest rate statement tomorrow scheduled at 3:30 AM GMT. AUD/USD volatility are expected shortly before the decision and especially during the RBA statement or press release as the content will have a major impact on the pair levels.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-education/fxgrow-academia/fxgrow-blog
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 Slips on Disappointing Local Data, Awaiting RBA Move
Aussie opened trading session with disappointing local data with retails sales -0.1% compared 0.1% on previous sessions. AUD/USD had the chance to continue withstrong tone facing collapsing US dollar, as US index sank last week to 15-Nov-2017-fresh-lows at 99.23. AUD/USD, last Thursday, clocked a high 0.7696 11-Nov-2017 fresh highs, but faded away from 0.77 handle after negative retail sales.
Eyes now are focused on RBA move, awaiting interest rates decision whether to keep it at current 1.5% or change it with a hike at less expectations. Although forecasts are to leave interest rates at current 1.5% due to strong Australian and growing economy, but the cable could witness some volatility due to the event itself. Also, the interest rate decision will be followed by RBA rate statement or speech and hints of strong economy and positive growing might add some boosters for the AUD level.
Trend : Bullish sideways
Key levels to watch : Daily Pp 0.7677
Resistance levels : R1 0.7691, R2 0.7732, R3 0.7853
Support levels : S1 0.7586, S2 0.7510, S3 0.7450
Remark : Look forward for RBA interest rate statement tomorrow scheduled at 3:30 AM GMT. AUD/USD volatility are expected shortly before the decision and especially during the RBA statement or press release as the content will have a major impact on the pair levels.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-education/fxgrow-academia/fxgrow-blog
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.