Trader Daily Market Update

7 March 2016, 11:46
soubra2003
soubra2003
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07 March 2016, Time of Writing: 09:00 am

Trader Daily Market Update

  
Major Calendar News
Time (GMT)NameCountryVol.Prev.        Cons.        Sentiment
09:10MPC Member Haldane SpeechGBPMed.--Dovish
All DayEurogroup MeetingsEURMed.--Neutral
18:00FOMC Member Brainard SpeechUSDMed.--Dovish
18:00FOMC Member Fischer SpeechUSDMed.--Neutral
23:50Final GDP q/qJPYMed.-0.4%-0.4%Neutral
Tentative (08/03)Chinese Trade BalanceAUDHigh406B329BNegative
Vol.: Volatility; Prev.: Previous; Cons.: Consensus
Key Support/Resistance Levels
H4R2R1PivotS1S2
EURUSD1.11231.10621.09821.09241.0843
GBPUSD1.43341.42771.41931.41391.4052
USDJPY114.84114.29113.72113.16112.57
AUDUSD0.75080.74730.74060.73690.7303
USDCAD1.35241.34181.33641.32601.3206
Latest News

The Aussie opened with a small gap lower this morning, following China’s economic announcements over the weekend which included lowered growth forecast of 6.5-7% and new reforms in order to stimulate the slowing economy. Elsewhere, Friday’s large NFP beat was not enough to save the USD, as a surprise contraction in wage growth for the first time since late 2014 damped investors’ expectations over when the next interest-rate hike from the FED will occur.

Today’s economic calendar is fairly slim, with only the US scheduled to publish labour market conditions later this afternoon. Besides this, Eurogroup meetings will be held throughout the day, in addition to the BOE’s MPC member Haldane’s speech and finally the FED’s Brainard and Fisher talking later this evening.

Daily Technical Analysis
 Summary:Trend:Momentum:Daily Target:Volatility (14D):
EURUSDNEUTRALSIDEWAYSNEUTRAL1.0900 - 1.106593 Pips
GBPUSDBUYSIDEWAYSSELL1.4100141 Pips
USDJPYNEUTRALSIDEWAYSNEUTRAL112.55 - 114.85122 Pips
AUDUSDNEUTRALBUYOVERBOUGHT0.7325- 0.750089 Pips
USDCADSELLSELLSELL1.3255125 Pips
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
 Spot Price*Last Update1 Day1 Week1 Month
EURUSD1.099007/03/20161.09001.091.08
GBPUSD1.421007/03/20161.41051.401.40
USDJPY113.7407/03/2016114.50114115
AUDUSD0.741307/03/20160.73400.710.70
USDCAD1.334607/03/20161.32601.331.34

*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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