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Daily Report: China Stimulus Talks Boosted Sentiments, Aussie and Kiwi Taken HigherAsian equities are boosted by talk of China stimulus again and risk appetite took commodity currencies generally higher. It's reported that Chinese premier Li Keqiang is hinting that the country is ready to roll out targeted measures to help the economy for growth at a "reasonable pace". Meanwhile, Li also expressed his confidence that the economy has "great resilience and room" China has the " capability, confidence and condition to maintain the economic growth in a reasonable range." Nonetheless, many economists are doubtful on whether China could reach its 7.5% growth target this year without additional stimulus. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.1143; (P) 1.1176; (R1) 1.1199; More... The fall from 1.1278 accelerated to as low as 1.1005 so far today and the strong break of 1.1024 support argues that a medium term top is already formed. Intraday bias is back on the downside ad deeper fall would now be see to 1.0909 key support level. On the upside, above 1.1103 minor resistance will turn bias neutral and bring recovery. But risk will now stay more on the downside as long as 1.1278 resistance holds. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound surged again after finding renewed buying interest at 1.6555 in London, offers at 1.6575-85, 1.6600-10 and 1.6625 were filled but sell orders are still noted at 1.6645-55, mixtures of offers and stops remain at 1.6670-75 and further out at 1.6700. On the downside, bids are raised to 1.6600, 1.6570 and in good size at 1.6550-55 (stops below), more buy orders are located at 1.6535 and 1.6515, fresh demand should emerge around 1.6500, 1.6485 and 1.6465, combination of bids and stops is tipped at 1.6450. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.8280Although this week's sharp retreat has continued to pressure euro and marginal weakness from here cannot be ruled out, reckon 0.8250 would limit downside and bring another rebound later, 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 Trade Idea: USD/CAD - Sell at 1.1170As the decline from 1.1279 has kept price under pressure, adding credence to our count that the minor wave (v) of iii has possibly ended there and consolidation below this level would be seen with downside bias for correction in wave iv to 1.1026 (wave (iv) trough), then 1.1000, however, oversold condition should limit downside to 1.0950 and price should stay well above 1.0900 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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