Filed Under:  Technical Analysis

Australia unemployment rate falls to 5.5%

19th October 2017   ·   0 Comments

 

Data from China showed that the GDP registered a 6.8% expansion in the third quarter. This was in line with estimates, and the data comes as the China party congress gets underway.

The US dollar was seen stalling after data released yesterday showed that building permits and housing starts rose less than expected.

Looking ahead, economic data includes the UK’s retail sales figures which are expected to show a decline of 0.1% on the month. The US trading session will see the weekly unemployment claims followed by the Philly Fed manufacturing index.

EURUSD intraday analysis

EURUSD

EURUSD (1.1798): The EURUSD managed to close on a bullish note as the common currency was seen pushing to make further gains in the early trading session today. Price action managed to recover most of the declines in the past days as the EURUSD approaches the key resistance level of 1.1822. However, as long as price action is subdued below this resistance level, the bias remains to the downside. Support at 1.1720 will be a key level for the EURUSD. A breakdown below this level could suggest further declines. However, we expect the sideways range to be maintained in the near term.

AUDUSD intraday analysis

AUDUSD

AUDUSD (0.7850): The AUDUSD was seen giving back the gains yesterday and today’s price action saw prices rallying briefly. With the breakout from the falling median line, we do expect AUDUSD to push higher. However, in the near term, the downside could see prices retesting the recently broken resistance level at 0.7800. Establishing support at this price level could potentially signal a correction to the upside with 0.7957 as the eventual target. In the event that the support fails to hold near 0.7800, the bias will shift to the downside with AUDUSD likely to post further declines.

XAUUSD intraday analysis

XAUUSD

XAUUSD (1287.14): Gold prices were seen extending the declines yesterday as price approaches the support level of 1275 – 1274. The declines come following the breakdown from the rising wedge pattern and the test of support will complete the measured move. From the support level, gold prices could be seen establishing support which could see an upside bounce in prices. Resistance at 1296 will be in focus as a result, and a breakout above this resistance level is required to post further gains.

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