Morning Report 4th January

Fearing protectionism, Canada's Trudeau reaches out to U.S. Congress

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The first day of trading in the US was marked by an increase in volatility with a sharp rally on the Dow Jones up to 19940 on the back of strong Manufacturing data.  The rally was sold off to 19780 with a swing of over 150 points.  The Dow recovered later in the session and finished the day trading around 19881.

AUD/USD

AUD/USD posted strong gains Tuesday after more solid manufacturing data out of China to finish the day up 35 pips at 0.7216.  After a pull back on the USD overnight the Aussie is off to a strong start this morning with traders targeting 0.7245 & 0.726 in extension.

USD/JPY

USD/JPY opened the day at 117.48 before climbing to a high of 118.58, testing resistance at 118.6. The pair then reversed directions and dropped to a close of 117.73. A break of 117.25 or 118 will give the pair direction from here.

EUR/USD 

EUR/USD broke to new lows Tuesday on a fresh bout of USD strength.  The pair reached as low as 1.034 before bouncing 65 pips to finish the day just above 1.04. Momentum remains to the downside however with targets at 1.0375 & 1.034 in extension.

SUGAR

Sugar Outlook for Q1 2017: Soft commodities were the second-worst performing commodity sector in Q4, but still managed a double-digit gain in 2016, thanks to sugar and frozen concentrated orange juice futures. A big rebound in the oil market will likely cause more sugar processing into ethanol in Brazil. We expect sugar to trade in a range between 18 cents and 22 cents for the first quarter of 2017. Technical support is at 17.84 cents; the December 15 lows and resistance remains at the 24.10 cents higher established on September 29. 

ECONOMIC ANNOUNCEMENTS
21:00 (AEST) - Eurozone CPI 
06:00 (AEST) - FOMC Minutes

Chart of the Day

SUGAR - SUGAR 28/02/2017

Pivot: 20.00


Our preference: long positions above 20.00 with targets at 20.77 & 21.00 in extension.

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Posted: 1/4/2017 7:20:38 AM