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Daily Report: Dollar Jumped on Fed Yellen's Comment, Kiwi Tumbled on CPIDollar strengthened against most major currencies except the resilient Sterling overnight after Fed chair Yellen's speech. Yellen testified before Senate Banking Committee and noted that interest rate hike could come sooner if labor markets continue to surprise on the upside. She said that "if the labor market continues to improve more quickly than anticipated by the Federal Open Market Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned." Nonetheless, she still mentioned that "if economic performance is disappointing, then the future path of interest rates likely would be more accommodative than currently anticipated." Regarding the economy, she said that "recovery is not yet complete" and there was still "significant slack" in the labor markets. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9346; (P) 0.9373; (R1) 0.9399; More... AUD/USD drops sharply today but is staying above 0.9382 minor support. Intraday bias remains neutral first and outlook is unchanged. 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. |
| Economic Indicators Update |
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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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