Morning Report 6th January 2017

USD Can't Catch a Bid, FOMC Fuelling Dollar Weakness

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The AUDUSD pair advanced for a third consecutive day, trading as high as 0.7356 before settling at 0.7331. The Aussie's latest advance was underpinned by stronger than expected Chinese data. Traders look to long positions with a profit target of 0.7355 and 0.737 in extension.
USD/JPY plunged to 115.21, it's lowest since mid December. The pair plunged once it broke below 117.00 following the release of the FED's soft minutes, accelerating further lower after US employment data disappointed overnight. Support Levels: 115.20, 114.80 and 114.40. Resistance Levels: 116.10, 116.60 and 117.00

The EURO has rallied vs Dollar weakness, in part by FOMC minutes, but the Euro has so far been unable to move in a positive direction on its own merit. Traders look to near-term Long Positions with profit targets of 1.0625 and 1.0655 in extension. 

Gold has risen to a four-week high on dollar weakness and safe haven demand ahead of Trump's inauguration increases appetite for the yellow metal. Traders look to Long position with profit targets of 1187 and 1191 in extension. 
Oil paired losses, after data showed OPEC's crude production fell by 310,000 barrels a day. The drop in production was not due to enthusiastic implementation of the production cut deal, which is due to start this month, but rather production problems in Nigeria. 

11:30 (AEST) - Australian Trade Balance
00:30 (AEST) - US Non-Farm Payrolls
00:30 (AEST) - US Unemployment Rate
00:30 (AEST) - US Trade Balance

Chart of the Day

Pivot: 1175

Our preference: long positions above 1175.00 with targets at 1187.00 & 1191.00 in extension.

Risk: USD strength following from a better than expected Non-Farm Payroll tonight

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Posted: 1/6/2017 6:41:31 AM