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Daily Report: Dollar Tumbled on Dovish FOMC Minutes, Sentiments Weak after China Trade DataUS stock markets staged a strong rebound overnight after the dovish FOMC minutes suggested that rate hike is not imminent. Both DOW and S&P 500 drew strong support from 55 days EMAs and closed higher by 1.11% and 1.09% respectively. However, positive sentiments didn't carry through to Asian session and markets initial gains follower weak China trader. Dollar extended recent broad based decline while the Japanese yen retreated sharply on risk appetite. Dollar's break of near term support against Euro and Swiss franc aligned the outlook with other dollar pairs and we'll likely see some more weakness in the greenback ahead. Meanwhile, we're still waiting for the trigger for downside breakout in yen crosses. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9349; (P) 0.9373; (R1) 0.9413; More... AUD/USD's rally continues to as high as 0.9439 so far today and the break of channel resistance suggests upside acceleration. Intraday bias remains on the upside. Current rally from 0.8659 is still in progress for 161.8% projection of 0.8659 to 0.9080 from 0.8890 at 0.9571, which is close to a larger retracement level at 0.9583. On the downside, below 0.9347 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 0.9205 support and bring another rise. |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency found renewed buying interest at 1.3780 and has traded with a firm undertone, however, offers are still noted at 1.3820 with stops above, some selling interest is still seen at 1.3840-50 with more stops building up above there. On the downside, bids are raised to 1.3780, 1.3735-50 and 1.3730, mixture of bids and stops is located at 1.3700-10, more buy orders are located at 1.3685, 1.3665 and 1.3650 (stops below), buying interest is reported at 1.3625. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0890As the greenback has remained under pressure, near term downside risk remains for the fall from 1.1279 top (wave (v) of iii ) to extend weakness towards 1.0880-90, however, as this move is viewed as the final phase of either the first leg or the entire wave iv from 1.1279, downside should be limited and reckon 1.0850-60 would hold, bring rebound later Trade Idea: EUR/GBP - Buy at 0.8200Although yesterday's breach of previous support at 0.8246 signals recent decline from 0.8400 has resumed and weakness to 0.8210 is likely, reckon downside would be limited to previous support at 0.8191 and bring rebound later due to loss of downward momentum. Above 0.8285 would suggest low is possibly formed and bring rebound towards resistance at 0.8315 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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