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Mid-Day Report: Aussie Steady ahead of RBA Rate DecisionThe Australian dollar is steadily in range as markets are awaiting RBA rate decision in the coming Asian session. The central bank is expected to keep rate unchanged at 2.50% and maintain the neutral stance. It would likely continue to pledge that "the most prudent course is likely to be a period of stability in interest rates". Markets are generally expecting the central bank to stand pat at least for the rest of 2014. Overall, the statement would deliver little new information. Note also that the Quarterly Monetary Policy Statement to be released on Friday should give some revisions to the economic outlook. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6794; (P) 1.6843; (R1) 1.6878; More... Intraday bias in GBP/USD remains on the downside with 1.6894 minor resistance intact. Current developments indicated medium term topping at 1.7190 and the trend is possibly reversing. Further fall should be seen to 1.6692 key support level next. On the upside, above 1.6894 minor resistance will turn bias neutral and bring consolidation before staging another fall. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly and further sideways trading is in store, mixture of offers and stops remains at 1.3445-50, more stops are placed above 1.3460, but sell orders are still seen at 1.3470-80, followed by combination of offers and stops at 1.3490-10 area, selling interest is tipped at 1.3520-30. On the downside, bids remain at 1.3400, 1.3385-90 and in good size at 1.3365-75, stops are building up below 1.3350 barrier, fresh demand should emerge around 1.3325 and further out at 1.3300-10 with stops placed below another barrier at figure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.6920As the British pound has recovered after holding above Friday's low of 1.6812, suggesting minor consolidation would be seen and corrective bounce to 1.6880-90 cannot be ruled out, however, reckon 1.6920-25 would limit upside and bring another decline later, break of said support would add credence to our bearishness for recent decline from 1.7192 top to bring further weakness to 1.6800 Trade Idea Update: USD/CHF - Buy at 0.9010Friday's selloff suggests a temporary top was formed last week at 0.9107 and this move also retained our view that further consolidation below this level would be seen and correction to 0.9035 is likely, however, reckon downside would be limited to 0.9004-08 support and bring another upmove later, above said resistance would extend the erratic rise from 0.8699 low towards resistance at 0.9157 but upside should be limited to 0.9175-80 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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