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Daily Report: Aussie Recovers as RBA Softened Intervention TalkAustralian dollar recovers mildly today after RBA's comment on intervention. The aussie weakened since RBA governor Steven said he's "open-minded" on intervention. RBA deputy governor Lowe reiterated that the central bank doesn't rule intervention in or out. But he also noted that it "has been a long-standard practice". Also, Lowe emphasized that the threshold for intervention is "fairly high". The comments were seen as aiming at playing down the impact of Steven's talk on intervention and indicates RBA isn't close to intervening to curb Aussie's strength. Regarding the economy, Lowe noted that Australia can "no longer depend on a rising terms of trade and favorable demographics". And he warned that if the lift in productivity growth does not take place, Australian would need to "adjust to some combination of slower growth in real wages, slower growth in profits, smaller gains in asset prices and slower growth in government revenues and services". |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9124; (P) 0.9155; (R1) 0.9192; More... AUD/USD drew some support from lower channel line and recovered. With 4 hours MACD crossed above signal line, a temporary bottom is formed at 0.9119 and intraday bias is turned neutral first. Some consolidations could be seen. But with 0.9267 minor resistance intact, deeper decline is still expected in AUD/USD. Below 0.9119 will target 100% projection of 0.9757 to 0.9267 from 0.9447 at 0.8957. Though, break of 0.9267 will argue that AUD/USD might be reversing and will turn bias back to the upside for 0.9447 resistance for confirmation. |
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US Session: Orders and Options WatchEUR: The single currency retreated in European session and bids at 1.3510-15 were filled, however, buy orders are still noted at 1.3500-05 and 1.3485-90, more buying interest in good size is tipped at 1.3450-60 (stops below 1.3440), fresh demand should emerge around 1.3430 and 1.3400 (more stops below). On the upside, offers are still noted at 1.3550-60 (stops above) and further out at 1.3580, mixture of offers and stops is located at 1.3600 (option barrier), fresh offers should emerge around 1.3625 and 1.3640-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0505As the greenback has maintained a firm undertone after last week's rally above indicated resistance at 1.0526, adding credence to our bullish view for recent upmove to extend further subsequent retest of recent high of 1.0609, however, above there is needed to retain bullishness and extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0650-60 and later towards 1.0700-10 Trade Idea Wrap-up: GBP/USD - Buy at 1.6095As the British pound has retreated after intra-day initial rise to 1.6240, suggesting minor top is formed and consolidation below this level is seen with mild downside bias for correction to the lower Kumo (now at 1.6145), however, reckon 1.6092-95 (38.2% Fibonacci retracement of 1.5854-1.6240) would limit downside and bring another rise later, above 1.6205-10 would signal the retreat from 1.6240 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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