Technical Analysis

Support and Resistance for Mar 24, 2017 - US Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.0880 1.2590 12.00 0.7705 20800 1250.00
Resistance 2 1.0850 1.2550 111.70 0.7680 20760 1247.50
Resistance 1 1.0820 1.2510 111.50 0.7650 20720 1245.00
Market 1.0795 1.2490 111.20 0.7620 20695 1243.50
Support 1 1.0780 1.2480 110.70 0.7605 20660 1242.50
Support 2 1.0750 1.2450 110.50 0.7575 20600 1240.00
Support 3 1.0720 1.2410 110.10 0.7540
20550 1237.50
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Market review for for Mar 24, 2017

In Japan, Japan’s manufacturing sector expanded at a slower but steady pace in March, a sign that domestic producers were benefiting from improved global demand and a modest recovery at home.

Markit/Nikkei’s flash manufacturing purchasing managers’ index (PMI) came in at 52.6 in March, down from a final reading of 52.6 in February. The reading was below a median estimate of analysts calling for a slight uptick to 53.5.

Any PMI above 50 signals expansion in economic activity, whereas a reading below that level signals contraction. March was the seventh consecutive month manufacturing activity expanded.

“Although signaling a slower rate of expansion during March, the latest PMI data again point to a Japanese manufacturing economy expanding at a decent clip,” Amy Brownbill, economist at IHS Markit, said in a statement.

Output, new orders and new export orders increased at a slower rate in March. Future expectations remained positive, although optimism was more subdued than in previous months.

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Support and Resistance for Mar 24, 2017 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD USD/CHF
GOLD
Resistance 3 1.0820 1.2590 112.40 0.7705 1.0000 1250.00
Resistance 2 1.0805 1.2550 112.05 0.7780 0.9980 1247.50
Resistance 1 1.0780 1.2510 111.70 0.7650 0.9950 1245.00
Market 1.0765 1.2480 111.15 0.7620 0.9940 1243.50
Support 1 1.0750 1.2450 111.05 0.7610 0.9920 1242.50
Support 2 1.0720 1.2410 110.70 0.7570 0.9890 1240.00
Support 3 1.0700 1.23280 110.20 0.7540
0.9850 1237.50
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Support and Resistance for Mar 23, 2017 - US Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.0880 1.2590 12.00 0.7705 20720 1257.50
Resistance 2 1.0850 1.2550 111.70 0.7680 20690 1255.00
Resistance 1 1.0820 1.2510 111.50 0.7650 20660 1252.50
Market 1.0790 1.2502 110.80 0.7635 20632 1251.50
Support 1 1.0780 1.2480 110.70 0.7605 20600 1250.00
Support 2 1.0750 1.2450 110.50 0.7575 20550 1247.50
Support 3 1.0720 1.2410 110.10 0.7540
20510 1245.00
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Market review for for Mar 23, 2017

In New Zealand, The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.

Macroeconomic indicators in advanced economies have been positive over the past two months.  However, major challenges remain with on-going surplus capacity in the global economy and extensive geo-political uncertainty.

Global headline inflation has increased, partly due to a rise in commodity prices, although oil prices have fallen more recently. Core inflation has been low and stable. Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US.

The trade-weighted exchange rate has fallen 4 percent since February, partly in response to weaker dairy prices and reduced interest rate differentials. This is an encouraging move, but further depreciation is needed to achieve more balanced growth.

Quarterly GDP was weaker than expected in the December quarter, but some of this is considered to be due to temporary factors. The growth outlook remains positive, supported by on-going accommodative monetary policy, strong population growth, and high levels of household spending and construction activity. Dairy prices have been volatile in recent auctions and uncertainty remains around future outcomes.

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