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Daily Report: RBA on Hold, Fed Yellen Lifted SentimentsThe Australian dollar edges mildly higher after RBA left the cash rate unchanged at 2.50% as widely expected. Most importantly, the central bank reiterated that "the most prudent course is likely to be a period of stability in interest rates". Overall, the statement was like a carbon copy of the March statement and didn't offer any new information. Aussie quickly settles back into familiar range after some knee jerk reactions and would likely stay consolidative before other main events of the week. |
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| Featured Technical Report | |
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.4822; (P) 1.4889; (R1) 1.4931; More... A temporary low is formed at 1.4778 in EUR/AUD and intraday bias is turned neutral first. Some consolidations could be seen for a while. But we'd expect upside to be limited by 1.5086 minor resistance and bring fall resumption. Below 1.4778 will extend the whole decline from 1.5831 to 100% projection of 1.5831 to 1.4987 from 1.5536 at 1.4692 next. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Euro jumped today in European session, offers at 1.3775-85 and 1.3800 were filled, however, sell orders are still noted from 1.3810 all the way up to 1.3850, mixtures of offers and stops are located at 1.3870 and 1.3900. On the downside, bids are raised to 1.3750-60 and in good size at 1.3725-35, more buy orders are reported at 1.3695-10, buying interest is tipped at 1.3660-70 with bigger stops placed below 1.3650. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Sell at 1.1170As the greenback has remained under pressure, suggesting near term downside risk remains for the fall from 1.1279 top (wave (v) of iii ) to bring correction of recent upmove in wave iv, below 1.1000 would extend weakness to 1.0950 but near term oversold condition should prevent sharp fall below 1.0900 and reckon 1.0850-60 would hold from here, bring eventual upmove in wave v Trade Idea: EUR/GBP - Hold long entered at 0.8280As the single currency has rebounded after holding above last week's low of 0.8246, retaining our near term bullishness and consolidation with mild upside bias remains, above previous support at 0.8325-30 would suggest low is possibly formed and bring rebound to 0.8370 but only break of resistance at 0.8400 (last week's high) would signal another leg of rise from 0.8158 low is underway for at least a strong retracement of recent decline to 0.8425-30 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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