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Daily Report: Dollar Dips ahead of Yellen's Testimony to HouseDollar dips further against other major currencies as markets are awaiting Fed chairman Yellen's testimony to the House Financial Services Committee today at 1500 GMT. The prepared speech will be released at 1330 GMT so there would be some food for thoughts in early US session. A number of topics would catch most attention from the markets. A key message that market would look for is for Yellen to reiterate FOMC's stance to continue measured tapering unless economic outlook deviates from Fed's forecast. Fed is expected to continue to cut back the monthly asset purchase by USD 10b over each FOMC meeting and end the program this year. We'd don't expect Yellen to indicate deviation from this plan but if she doesn't, it could be a huge market mover. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8917; (P) 0.8937; (R1) 0.8969; More... AUD/USD's rebound from 0.8659 short term bottom resumes after brief consolidations and reaches as high as 0.9014 so far today. Intraday bias is back on the upside and further rise should be seen to 0.9085 resistance next. Considering bullish convergence condition in daily MACD, the near term trend might be reversing. Decisive break of 0.9085 will be an early sign of trend reversal and should target 38.2% retracement of 1.1079 to 0.8659 at 0.9583. Nonetheless, we'll stay cautious before break of 0.9085 resistance. Below 0.8873 minor support will dampen the bullish case and turn bias neutral first. |
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US Session: Orders and Options WatchEUR: The single currency edged higher in European morning but sell orders are still noted at 1.3675-85, buy stops are building up above 1.3700, fresh selling interest should emerge around 1.3620-30 and 1.3650 (stops above). On the downside, bids are raised to 1.3600-10, 1.3550 and 1.3535, more buy orders in good size are tipped at 1.3515, 1.3490-00 and 1.3475, mixture of bids and stops is located at 1.3450-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.8240Euro's retreat from 0.8350 suggests minor consolidation would bee seen and pullback to 0.8265-70 cannot be ruled out, however, if our view that a temporary low possibly formed at 0.8168 is correct, downside should be limited to 0.8240-50 and bring another rise later. A break of said resistance at 0.8350 would extend the rebound from 0.8168 temporary low for retracement of recent decline towards next resistance at 0.8393 later Trade Idea: USD/CAD - Sell at 1.1120As the greenback has rebounded after falling to 1.0968 late last week, suggesting consolidation would be seen, however, if our view that a temporary top is possibly formed at 1.1224 is correct, reckon upside would be limited to 1.1120-30 and bring another decline, below said support would extend the fall from 1.1224 top for a retracement of recent upmove to support at 1.0950-55 but a drop below there is needed to signal the wave v has ended there Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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