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Daily Report: Aussie Weakens after RBA Minutes Aussie drops sharply in Asian session today after release of the minutes of RBA meeting on May 6. The minutes noted that growth in the coming quarters down under would be "below trend" due to slow export growth, declining mining investment and the fiscal consolidation. And, "with growth in activity expected to pick up only gradually, and spare capacity in the labor market consequently remaining for some time, growth in domestic costs was forecast to remain contained." Also, "the demand for labour remains subdued and was likely to remain so for some time". And it reiterated the stance that accommodative policy would be in place for "some time yet". Technically, AUD/USD's break of 0.9137 minor support suggests that recent rebound is already over and bias is turned back to the downside for retesting 0.9201 support. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.9312; (P) 0.9342; (R1) 0.9360; More... The break of 0.9317 suggests that recovery from 0.9201 has already finished at 0.9408. Consolidation pattern from 0.9460 is now in the third leg. Intraday bias is back on the downside for 0.9201 and possibly below. But downside should be contained by 38.2% retracement of 0.8659 to 0.9460 at 0.9154 and bring rally resumption. On the upside, above 0.9408 will argue that rise from 0.8659 is finally resuming for 0.9460 and above. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
0:00	AUD	Conference Board Leading Index Mar	0.00%		0.30%	0.20%
1:30	AUD	RBA Minutes
4:30	JPY	All Industry Activity Index M/M Mar		1.60%	-1.10%
6:00	EUR	German PPI M/M Apr		0.00%	-0.30%
6:00	EUR	German PPI Y/Y Apr		-0.90%	-0.90%
8:30	GBP	DCLG UK House Prices Y/Y Mar		9.60%	9.10%
8:30	GBP	CPI M/M Apr		0.30%	0.20%
8:30	GBP	CPI Y/Y Apr		1.70%	1.60%
8:30	GBP	Core CPI Y/Y Apr		1.80%	1.60%
8:30	GBP	RPI M/M Apr		0.50%	0.20%
8:30	GBP	RPI Y/Y Apr		2.60%	2.50%
8:30	GBP	PPI Input M/M Apr		-0.20%	-0.60%
8:30	GBP	PPI Input Y/Y Apr		-4.90%	-6.50%
8:30	GBP	PPI Output M/M Apr		0.20%	0.20%
8:30	GBP	PPI Output Y/Y Apr		0.70%	0.50%
8:30	GBP	PPI Output Core M/M Apr		0.10%	0.10%
8:30	GBP	PPI Output Core Y/Y Apr		1.00%	1.00%
12:30	CAD	Wholesale Sales M/M Mar		0.40%	1.10%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to trade narrowly and further sideways trading is in store, offers are still seen at 1.3730-55 area, 1.3770 and 1.3780-85 (stops above), selling interest in good size is located at 1.3800-05 (stops above), 1.3825-35 and further out at 1.3850. On the downside, bids remain at 1.3690-00 and 1.3675-80, more buy orders are located at 1.3650-60 (stops below 1.3640-45) and 1.3625, mixture of bids and stops is tipped at 1.3600-10.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Sell at 0.8210

Euro's near term sideways trading is likely to continue and as long as this week's low at 0.8127 holds, initial upside risk remains for another corrective rebound, above resistance at 0.8184 would bring retracement of recent decline to 0.8210-20, however, resistance at 0.8249 should cap upside and bring another decline later. A break of said support at 0.8127 would signal recent decline is still in progress and this (a)-(b)-(c)-(x)-(a)-(b)-(c)

Trade Idea: USD/CAD - Sell at 1.0980

Despite intra-day marginal fall to 1.0850, lack of follow through selling has retained our view that further consolidation would be seen and another corrective bounce to resistance at 1.0926 is likely, above there would bring retracement to 1.0950-60, however, reckon upside would be limited to 1.0985-90 and resistance at 1.1006 should cap upside, bring another decline later. A break of support at 1.0814 would extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40