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Daily Report: Markets to Stay in Consolidation in a Quiet DayThe forex markets are rather steady as the week opens. Yen is mildly lower against the greenback as Asian stocks recovered. Japanese Nikkei is up 132 pts, or 0.88% while Hong Kong HSI is up 107 pts, or 0.46%. It looks like the yen is having some difficulty to extend last week's rally for the moment and we'd probably see some consolidations. Elsewhere, European majors are also mixed against the greenback as recent consolidations continue. The economic calendar is rather light today. Japanese industrial production was revised to 0.7% mom in May. Eurozone will release industrial production later today and is expected to show 0.3% mom growth in May. ECB president Draghi will speak. With the lack of important events, we'd likely see some more consolidation ahead. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9373; (P) 0.9391; (R1) 0.9406; More... Intraday bias in AUD/USD remains neutral for the moment. The corrective trading from 0.9504 is expected to extend in near term with risk of another decline. Below 0.9328 will turn bias to the downside for 0.9211 support and below. In that case, we'd expect strong support from 38.2% retracement of 0.8659 to 0.9504 at 0.9181 and bring rebound. On the upside, break of 0.9504 is needed to confirm rally resumption or we won't turn bullish in case of strong rebound. |
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Remark: Due to holiday next week, next Candlestick and Ichimoku Trade Idea update will be made on 21 July (Monday). Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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