Forex Market: AUD/USD daily trading outlook

Yesterday’s trade saw AUD/USD within the range of 0.6924-0.7037. The pair closed at 0.6987, rising 0.70% on a daily basis, or the most since December 14th, when a daily rate of increase of 0.79% was registered. It has been the first gain in the past eight trading days. In addition, the daily low has been the lowest level since September 8th 2015, when a low of 0.6917 was reached.

At 10:42 GMT today AUD/USD was losing 0.06% for the day to trade at 0.6993. The pair touched a daily low at 0.6940 at 8:10 GMT and a daily high at 0.7005 during the early hours of the Asian trading session. Support may be received within the 0.6955-0.6970 area, then – at the low from January 11th (0.6924) and finally – in the area around the low from September 8th 2015 (0.6917). Resistance, on the other hand, may be encountered at the hourly 55-period EMA (0.6995), then – at the current daily high (0.7005), and finally – in the area around the high from January 11th (0.7037).

On Tuesday AUD/USD trading may be influenced by the macroeconomic reports and other events listed below.

Fundamentals

United States

Feds Fischer statement

At 10:30 GMT the Vice Chairman of the Board of Governors of the Federal Reserve, Stanley Fischer, is expected to take a statement. Limited-to-moderate volatility of the currency pairs containing the US dollar is usually present during his speeches.

Job Openings

The number of job openings in the United States probably increased to 5.410 million in November from a month ago, according to the median forecast by experts. In October 5.383 million job openings were reported, or the lowest number since August. This indicator refers to all job positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. Higher-than-projected number of openings will usually have a limited bullish effect on the US dollar. The Bureau of Labor Statistics is to release the official data at 15:00 GMT.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the daily pivot levels for AUD/USD are presented as follows:

R1 – 0.6997
R2 – 0.7008
R3 (range resistance) – 0.7019
R4 (range breakout) – 0.7049

S1 – 0.6977
S2 – 0.6965
S3 (range support) – 0.6956
S4 (range breakout) – 0.6925

By using the traditional method of calculation, the weekly pivot levels for AUD/USD are presented as follows:

Central Pivot Point – 0.7068
R1 – 0.7187
R2 – 0.7421
R3 – 0.7540

S1 – 0.6834
S2 – 0.6715
S3 – 0.6481