9 January 2016, Time of Writing: 09:00 am | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trader Daily Market Update | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Calendar News | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Vol.: Volatility; Prev.: Previous; Cons.: Consensus | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Support/Resistance Levels | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Latest News | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overnight price action was dictated primarily by the release of economic data out of China, which came in below forecasts – including fourth quarter GDP reaching its lowest mark since 1990, industrial production, fixed assets and retail sales figures. This resulted in a strong knee-jerk reaction in AUDUSD, initially falling to 0.6835, followed by a robust move up which currently sees the pair trading above 0.69 as reports began surfacing regarding further easing from the PBOC. Meanwhile, the Yen had a similar knee-jerk reaction during the overnight session, initially strengthening then weakening, with USDJPY currently trading around the 118 handle following comments from Bank of Japan’s Kuroda stating that the central bank will continue easing until their 2% inflation target is stable. Lastly, the CAD is seeing a relief rally, after reaching extreme overbought conditions in addition to oil prices trading slightly higher this morning, with USDCAD currently trading around 1.4450. Volatility should spill over into the European session, as the UK gets set to release inflation date, which is expected to remain unchanged, while Germany is expected to show that economic sentiment fell last month. NZD traders should be on the lookout for the bi-weekly dairy auction which begins at 12:00GMT and is expected to remain under pressure, in addition to tonight’s release of inflation figures which are expected to have dipped back into deflation territory. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daily Technical Analysis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Daily Technical Analysis is conducted using proprietary technology based on advanced methods of time-series analysis and custom build technical indicators. Detailed quantitative analysis of the market state on different timeframes let us accurately evaluate current Trend and Momentum. Going further we deduce the daily target from the multiple factors such as long and short term momentum, different volatility measures, mode of market behaviour and other characteristics. For a ranged market we will show a range instead of a single number. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daily Forecasts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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*spot prices as of 07:00GMT Daily Forecasts consists of both technical and fundamental analysis as well as a review of open sources from major FX contributors. |
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