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Daily Report: Euro Extends Rally ahead of ECB Press ConferenceAfter being bounded in range for a while, Euro finally edged higher against dollar today as markets await ECB rate decision. It's widely expected that ECB would keep rates unchanged after the surprise rate cut to 0.25% historical low last month. The main focus will be on the press conference as well as the updated economic projections. This will be the first time ECB publish forecast for 2015. Most importantly, the figures would give markets insights into inflation outlook in Eurozone over the medium term. A key question is when ECB expects inflation would climb back to the 2% target and could have impact on whether the central bank would do more over the coming months. BoE will also announce rate decision and it's widely expected to stand pat with interest rates and asset purchase target. BoE announce would likely be a non-event. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0644; (P) 1.0675; (R1) 1.0713; More... USD/CAD is struggling to get rid of upper channel resistance for the moment. But with 1.0630 minor support intact, further rally is still expected in the pair. Whole rise from 0.9633 could extend towards 1.0803 key long term retracement level. But we'd expect strong resistance below there to bring medium term reversal. On the downside, below 1.0630 will turn bias back to the downside for a test on lower channel support first (now at 1.0505). |
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US Session: Orders and Options WatchEUR: The single currency tumbled again on dollar's broad-based rebound in part due to the release of better-than-expected ADP job data, bids at 1.3550-60 together with stops below there were cleared, however, buy orders in good size remain at 1.3520-25, more buy orders are located from 1.3510 down to 1.3480, fresh demand should emerge at 1.3450-60, 1.3420 and further out at 1.3400. On the upside, offers are lowered to 1.3570-75 and in good size at indicated level of 1.3600-10 as well as 1.3625 (stops above). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0535Current firmness after breaking above previous resistance at 1.0609 adds credence to our bullish view for early upmove from 1.0182 low (wave (c) bottom) to extend further gain (indicated upside target at 1.0670-75 - 100% projection of 1.0271-1.0526 measuring from 1.0415 had been met) to 1.0730 (1.236 times projection) would be seen, however, overbought condition should prevent sharp move beyond 1.0750-60 Trade Idea: EUR/GBP - Sell at 0.8340Euro's rebound after falling to 0.8252 (Monday's low) has retained our view that minor consolidation above this level would be seen and corrective bounce to 0.8340 cannot be ruled out, however, renewed selling interest should emerge there and bring another decline. A break of said support at 0.8252 would add credence to our view that recent decline from 0.8815 (wave iii top) is still in progress and may bring a stronger correction of early upmove in wave iv towards 0.8230 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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